Reconciliation and journals improvement 

Project overview and objectives

A large specialty staffing agency was looking to standardize and automate its account reconciliations and journal entry processes. The company engaged Clearsulting to redesign the account reconciliation and journal entry processes and policies. Leadership was also focused on increasing the efficiency and effectiveness of transaction matching and bank account reconciliations and re-engaged Clearsulting to implement the BlackLine Matching module.

The goals of the projects were to:

  • Define and implement leading practice account reconciliation and journal entry policies
  • Implement leading practice account reconciliation and journal entry processes using BlackLine Account Reconciliation and Journal Entry modules
  • Improve reconciliation process efficiency by implementing BlackLine Matching

What we did

Established scalable and leading practice reconciliation and journal entry processes and policies

Successfully implemented the BlackLine Account Reconciliation and Journal Entry modules. Results included:

  • Significantly decreasing the total time to perform close and reconciliations (increased analysis)
  • Creating visibility over the reconciliation and journal entry processes
  • Establishing and standardizing account reconciliation and journal entry controls
  • Reducing the number of manual account reconciliations to 10 percent

Streamlined the account reconciliation process by implementing BlackLine Matching. Results included:

  • Reducing time required for preparers to identify exceptions for account reconciliations
  • Introducing an automated workflow of data into the matching solution to quickly identify reconciling items
  • Developing matching solutions for payroll checking, AP checking, lockbox, intercompany AR, AR clearing, and payment card accounts

Project detail

Category
Financial close
Alliances
BlackLine
Industry
Staffing

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