How “Modern Finance” processes add efficiency, control and visibility to your reconciliations
Bank and credit card reconciliations are a key control that companies rely on to ensure that their financial data is accurate and appropriate. While many ERP systems, including NetSuite, offer basic functionality to manage these reconciliations, they do not allow a true reconciliation to be performed. In addition, many processes remain manual, time-consuming, and error-prone including the:
- comparison of ERP account and transactional data with bank and credit card statements
- identification of uncashed checks, undeposited funds, chargebacks, unmatched transactions, or other exceptions
- routing of exceptions to proper personnel for investigation
- preparation and execution of reconciliations with standardized templates, attaching of supporting documentation, and approval workflows
Our webinar will illustrate how strategic extensions like BlackLine can help NetSuite users improve traditional finance processes. In part 1 of the series, Finance Transformation expert Susan Parcells, CPA, discusses how to add efficiency, control, and visibility to the bank and credit card reconciliation process. This webinar will also discuss reconciliation management in NetSuite, and will explore how Enhanced Finance Controls and Automation (EFCA) technology can be used to create a Modern Finance organization through broader automation of accounting and finance processes.
See how you can add immense value to your ERP system by turning the time consuming process of high-volume reconciliations into an automated and efficient process for your organization.
What You’ll Learn:
- Industry best practices for bank and credit card account reconciliations
- How EFCA technology can drastically reduce risk and fraud in the reconciliation process
- Solutions to persistent challenges with bank and credit card account reconciliations
2. The world’s most trusted solution for Finance Controls and Automation
CPE credits and supplemental information
We are issuing 1 CPE credit
To be eligible for CPE credit, please answer three (3) out of the four
(4) polling questions throughout the duration of this webinar.
An email with a link to the CPE Course Evaluation Form will be
emailed after the webinar.
3. The world’s most trusted solution for Finance Controls and Automation
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Today’s Speaker
Susan Parcells, CPA, CGMA
Director, Finance Transformation & Product Expert
BlackLine
4. The world’s most trusted solution for Finance Controls and Automation
The world’s most trusted solution for Finance Controls and Automation
6. The world’s most trusted solution for Finance Controls and Automation
BLACKLINE CLIENTS GLOBAL
7. Polling Question 1
a) 0 - 50
b) 51 - 100
c) 101 – 1,000
d) Over 1,000
e) Not sure/Don’t know
How many account reconciliations is your company
performing on a monthly basis?
8. The world’s most trusted solution for Finance Controls and Automation
AGENDA
Identify best practices around bank and credit card account
reconciliations
Discuss challenges around performing bank and credit card account
reconciliations
Explore different ways to perform these types of reconciliations
including using spreadsheets, using NetSuite and using BlackLine
Learn how BlackLine’s Transaction Matching and Reconciliation
Management solutions can help companies of all sizes can address
the challenges around not only the bank and credit card
reconciliations but all balance sheet accounts, helping to ensure
accurate financial data.
9. The world’s most trusted solution for Finance Controls and Automation
ACCOUNT RECONCILIATIONS
What is it?:
The process of verifying the integrity of data between independent
records (such as a bank statement, vendor statement, etc.) and a
company’s internal financial records.
Why perform account reconciliations?
To ensure the accuracy of the company’s internal financial data.
10. The world’s most trusted solution for Finance Controls and Automation
BANK ACCOUNT RECONCILIATIONS
What is it?:
The process of verifying the integrity of data between bank records and
a company’s internal financial records.
Why perform bank account reconciliations?
• Ensure the bank balances are correct and accurate along with the
company’s internal financial data.
• Protect against fraud
11. The world’s most trusted solution for Finance Controls and Automation
ACCOUNT RECONCILIATION
REQUIREMENTS
CFOs / CEOs need to attest the correctness of the financial statements and internal
control systems of their entities and corporate group.
The purpose of reconciliation management is to provide reasonable assurance as to
the accuracy of financial data at a specific point in time.
The focus of account reconciliation is on the correctness of account balances
because they directly roll-up into the financial statements.
It is the process of comparing account data (on balance or item level) that exist in
two systems or locations (outside of systems, e.g. on paper), analyzing variances,
and making required corrections, so that the information is accurate.
There is a significant qualitative nature of Account Reconciliation. The assessments
have to be documented by relevant calculations, clear and complete explanations,
and copies of supporting documents in compliance with company policy.
The process and results of reconciliations must be easy to track and verify, and may
be checked and signed-off by auditors.
12. The world’s most trusted solution for Finance Controls and Automation
ACCOUNT RECONCILIATION BEST
PRACTICES
Account reconciliations should be:
All inclusive
Accurate
Completed and reviewed in a timely manner
Support the appropriate accounting principles
Constantly reviewed and improved
A few extra tips:
Maintain a well documented policy that is up to date
Keep desktop procedures up to date
Provide adequate training
13. Polling Question 2
a) 1 - 4 hours
b) 4 - 8 hours
c) 2 - 3 days
d) More than 3 days
e) Not sure/Don’t know
How long does it take your accounting team to perform the
bank and/or credit card reconciliations?
14. The world’s most trusted solution for Finance Controls and Automation
AGENDA
Identify best practices around bank and credit card account
reconciliations
Discuss challenges around performing bank and credit card
account reconciliations
Explore different ways to perform these types of reconciliations
including using spreadsheets, using NetSuite and using BlackLine
Learn how BlackLine’s Transaction Matching and Reconciliation
Management solutions can help companies of all sizes can address
the challenges around not only the bank and credit card
reconciliations but all balance sheet accounts, helping to ensure
accurate financial data.
15. The world’s most trusted solution for Finance Controls and Automation
What are some of the challenges or risks?
The process is manual and time consuming
Often reliant on spreadsheets which may contain errors
Little to no standardization across the reconciliations, making it
difficult for reviewers, management and even auditors to quickly
understand the data.
Lack of visibility into statuses and risk
Unclear ownership and workflow
Lots of supporting documentation, binders, boxes which take up
space and can easily be misplaced.
Policies and procedures are often outdated or even non-existent
Accountants may know the steps to prepare the reconciliation but
not truly understand what is going on in the account
16. Polling Question 3
a) Too manual/too many spreadsheets
b) Too time consuming
c) Little to no visibility into statuses and risks
d) Ensuring all balance sheet accounts are reconciled
e) All of the above
What are the biggest challenges your company faces
around the reconciliation process?
17. The world’s most trusted solution for Finance Controls and Automation
AGENDA
Identify best practices around bank and credit card account
reconciliations
Discuss challenges around performing bank and credit card account
reconciliations
Explore different ways to perform these types of reconciliations
including using spreadsheets, using NetSuite and using
BlackLine
Learn how BlackLine’s Transaction Matching and Reconciliation
Management solutions can help companies of all sizes can address
the challenges around not only the bank and credit card
reconciliations but all balance sheet accounts, helping to ensure
accurate financial data.
19. The world’s most trusted solution for Finance Controls and Automation
AGENDA
Identify best practices around bank and credit card account
reconciliations
Discuss challenges around performing bank and credit card account
reconciliations
Explore different ways to perform these types of reconciliations
including using spreadsheets, using NetSuite and using BlackLine
Learn how BlackLine’s Transaction Matching and
Reconciliation Management solutions can help companies of
all sizes can address the challenges around not only the bank
and credit card reconciliations but all balance sheet accounts,
helping to ensure accurate financial data.
20. The world’s most trusted solution for Finance Controls and Automation
ISSUES WITH EXISTING PROCESSES RECAP
Human error
Inefficient process
Formula issues
Lack of Standardization
Lack of Visibility – Details
– Errors not identified and fixed on a timely basis
Lack of Visibility - Status
Searching for supporting documentation
Lost reconciliations
Printing costs
Storage costs
Difficulty managing cash
21. The world’s most trusted solution for Finance Controls and Automation
BlackLine Transaction Matching
Accurately match and reconcile millions of transactions in minutes.
User Configurable Matching Rules | Automatically Create Reconciling Items
Full Audit Trails | Data Import Wizard
22. The world’s most trusted solution for Finance Controls and Automation
23. The world’s most trusted solution for Finance Controls and Automation
BlackLine Account Reconciliations
Eliminate spreadsheets, and increase efficiency, control and visibility.
Rules Driven Automated Reconciliations | Templates for Every Account
Easy to Use Dashboards
24. Polling Question 4
a) BlackLine
b) Excel
c) Other third-party software
d) Internally developed tool/system
e) Doing manually
How is your company currently handling account
reconciliations?
26. The world’s most trusted solution for Finance Controls and Automation
Expectation
of Accuracy
Compliance
Creep
Shift to
Real-Time
Operational
Complexity
INCREASING DEMANDS
27. The world’s most trusted solution for Finance Controls and Automation
Now is the time to automate
processes and provide increased
control and visibility across the entire
Modern Finance organization
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Decrease risk
and enforce
controls
Provide visibility
into processes
Increase
efficiency
MODERNIZING THE WAY
FINANCE & ACCOUNTING WORK
29. The world’s most trusted solution for Finance Controls and Automation
THE BLACKLINE PLATFORM
TECHNOLOGY
PRODUCTS
SOLUTIONS
30. The world’s most trusted solution for Finance Controls and Automation
REAL RESULTS. REAL ROI.
Strong ROI with an average 3-6 month payback from labor savings
MeadWestvaco Corporation
ROI: 495% Payback: 2 Months
Cox Communications
ROI: 227% Payback: 6 Months
Education Management Corporation
ROI: 138% Payback: 10 Months
31. The world’s most trusted solution for Finance Controls and Automation
THANK YOU
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32. The world’s most trusted solution for Finance Controls and Automation
QUESTIONS?
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Susan Parcells
818.223.9008
susan.parcells@blackline.com
https://www.blackline.com