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SOURCE BlackLine Systems
Enterprise-class SaaS offering from BlackLine Systems integrates with finance solutions from SAP to help clients optimize and automate account reconciliation and financial close processes
LOS ANGELES and LONDON, Nov. 4, 2013 /PRNewswire/ -- The BlackLine Financial Close Suite for SAP® Solutions, from enterprise-class financial software company BlackLine Systems, has become an SAP-endorsed business solution. By achieving this status, the BlackLine Financial Close Suite joins the ranks of fewer than 40 solutions that have been endorsed by enterprise application software leader SAP AG (NYSE:SAP).
By automating traditionally manual accounting processes such as the often spreadsheet-driven account reconciliation process, BlackLine's flagship SaaS (Software-as-a-Service) offering is designed to help finance, accounting, audit and compliance managers in mid- to large-sized organizations and across all industries optimize their financial close process. The solution covers important business requirements and adds value for users of SAP solutions.
Solutions endorsed by SAP AG are complementary to SAP software offerings, have been specifically integrated with SAP solutions and tested by SAP, and provide additional choices and flexibility for businesses running SAP applications. SAP-endorsed business solutions are offered by SAP partners.
"SAP's endorsement further validates what BlackLine sees as a massive demand for solutions to help automate processes for corporate finance and accounting departments, and we anticipate it will open the door to additional world-class organizations that can benefit from our solutions," said Mario Spanicciati, executive vice president of Operations and executive director of EMEA for BlackLine Systems. "We're focused on helping the office of the CFO achieve greater ROI from their finance and accounting functions globally. We expect to continue to work closely with SAP so that future generations of our solutions are closely aligned and deliver even greater results."
Clients already using the BlackLine Financial Close Suite alongside solutions from SAP include worldwide e-commerce leader eBay, defense industry giant Northrop Grumman, global aluminum manufacturing leader Novelis and global insurance industry giant Zurich, among many others.
"Using BlackLine software alongside SAP applications has greatly increased the visibility, efficiency and accuracy surrounding our account reconciliation process. We now have a completely electronic and paperless process for how we review reconciliations," Laura Darbro, Zurich's vice president of Close Operations and General Accounting, said. "In the approval process, all the data is sourced and available within the BlackLine tool. BlackLine has increased visibility, improved levels of monitoring and reporting on the reconciliation status across all the areas within finance, and created complete audit trails and controls around those account reconciliations, as well."
The Finance team at Novelis has instant visibility globally into the status of the reconciliation process for all of the company's balance sheet accounts.
"Before we implemented BlackLine, people around the world would analyze similar accounts for their locations in very different ways," said Josh Morris, director, Accounting and Financial Reporting, Novelis. "With BlackLine's standard templates, each reconciliation is in the same format whether it is performed in Sao Paulo, Brazil or Seoul, South Korea. We have a depth of visibility into the details that was never possible before adding the BlackLine OnDemand solution. And, because it's offered in a SaaS model, I can now see the detail of reconciliations performed worldwide from my desk in Atlanta, or wherever I may happen to be with my laptop or other mobile device."
For more than three years, BlackLine has been an SAP software solution and technology partner in the SAP PartnerEdge®program. BlackLine is also a participant in SAP Store, the online e-commerce channel or "e-channel" for enterprise solutions and services from SAP and its partners.
"By endorsing the market-leading BlackLine Financial Close Suite, SAP continues to support our customers' businesses and build its ecosystem around SAP accounting and financial close solutions," said Kai Finck, senior vice president, Office of the CFO solutions, SAP. "The use of BlackLine software will enable customers to reduce risk and achieve compliance in their account reconciliation and financial close processes, gain efficiencies and increase employee productivity, thus freeing-up resources for value-adding activities and supporting the business. It complements the innovations SAP is delivering to these customers leveraging the SAP HANA platform."
In 2011, BlackLine was named an SAP Pinnacle award finalist in the "Software Solution Newcomer of the Year" category. SAP Pinnacle awards are presented annually to the "best and brightest" of the SAP partner ecosystem, recognizing partners that have excelled in developing and growing their partnership with SAP and driving customer success.
About BlackLine Systems
BlackLine Systems was the first to develop and offer a commercially available Balance Sheet Account Reconciliation solution. An experienced provider of software to companies from the Fortune 100 to beyond the Fortune 1,000, BlackLine provides quick-to-implement, scalable and easy-to-use applications that automate the entire financial close process to help improve financial controls for companies of all sizes. With more than 75,000 users in over 100 countries, BlackLine software applications complement existing Enterprise Performance Management (EPM), Governance Risk and Compliance (GRC) and Enterprise Resource Planning (ERP) systems.
BlackLine offers clients its enterprise-class software in a simple and secure OnDemand/SaaS platform. With a proven track record and a commitment to customer success, BlackLine seeks to reduce the burden the financial close places on accounting and finance professionals.
BlackLine headquarters are in Los Angeles, with offices in Atlanta, Chicago, London, Melbourne, New York City and Sydney to serve the company's growing global client base. For more information, please visit www.blackline.com.
SAP, PartnerEdge and all SAP logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries.
All other product and service names mentioned are the trademarks of their respective companies.
SAP Forward-looking Statement
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.
Director of Corporate Communications
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