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  • 22 October 2013 20:20

Compliance, Operational Cost Reductions and Productivity Drive Business Adoption of Reconciliation Software

90 per cent of finance executives are confident that account reconciliation can be used to drive operational execution and dynamic process change within their organisations.

Sydney, 22 October 2013 - Australian organisations are deploying reconciliation software alongside their financial systems to improve compliance, increase employee productivity and reduce operational costs, a survey of 75 finance executives conducted by BlackLine Systems has found.

Compliance, cost reductions and productivity are by far the most common reasons for deployment, nominated by almost half of the survey participants. Other objectives for deployment include the desire to obtain greater insight into the business, enhance business continuity, increase operational agility, improve security, and mobilise applications across the workforce.

“It's clear that users are satisfied that their deployments are achieving objectives, with two-thirds of finance executives reporting that their investment in account reconciliation software has helped with compliance and risk management,” said Ann Furlong, Director of Operations – APAC, BlackLine Systems.

The survey found that almost half of users credit their deployment with assisting in data security and one-third believe the software has assisted in the company's mobility activities. At the same time, 90 per cent of finance executives are confident that account reconciliation can be used to drive operational execution and dynamic process change within their organisations.

The critical importance of reliable and timely preparation of reconciliations is apparent in the list of criteria used to select reconciliation software vendors. Almost half of all organisations say they look for solid service and support, followed by data security, and the ability for vendor solutions to integrate with existing applications.

BlackLine Systems has more than 12,000 users across Asia-Pacific with more than 5,000 in Australia and New Zealand alone, including, Boral, Bunnings, Coles, CSL, Downer EDI, Evolution Mining, Kimberly-Clark, Linfox, Optus, Tabcorp, Qantas, QBE and Wesley Mission.

About the survey

The survey, which involved 75 finance executives representing a broad spread of industries and company sizes, was conducted by BlackLine Systems during September 2013. All participants were existing users of reconciliation software.

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

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