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RECONCILIATIONS DONE RIGHT!
Susan Parcells, CPA, CGMA
Director, Finance Transformation
The world’s most trusted solution for Finance Controls and Automation
CPE credits and supplemental information
We are issu...
The world’s most trusted solution for Finance Controls and Automation
3
Today’s Speaker
Susan Parcells, CPA, CGMA
Director...
The world’s most trusted solution for Finance Controls and Automation
The world’s most trusted solution for Finance Contro...
BLACKLINE IS…
The world’s most trusted solution for Finance Controls and Automation
BLACKLINE CLIENTS GLOBAL
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 reconciliati...
The world’s most trusted solution for Finance Controls and Automation
AGENDA
Identify best practices around bank and credi...
The world’s most trusted solution for Finance Controls and Automation
ACCOUNT RECONCILIATIONS
What is it?:
The process of ...
The world’s most trusted solution for Finance Controls and Automation
BANK ACCOUNT RECONCILIATIONS
What is it?:
The proces...
The world’s most trusted solution for Finance Controls and Automation
ACCOUNT RECONCILIATION
REQUIREMENTS
CFOs / CEOs need...
The world’s most trusted solution for Finance Controls and Automation
ACCOUNT RECONCILIATION BEST
PRACTICES
Account reconc...
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...
The world’s most trusted solution for Finance Controls and Automation
AGENDA
Identify best practices around bank and credi...
The world’s most trusted solution for Finance Controls and Automation
What are some of the challenges or risks?
The proces...
Polling Question 3
a) Too manual/too many spreadsheets
b) Too time consuming
c) Little to no visibility into statuses and ...
The world’s most trusted solution for Finance Controls and Automation
AGENDA
Identify best practices around bank and credi...
DEMO
The world’s most trusted solution for Finance Controls and Automation
AGENDA
Identify best practices around bank and credi...
The world’s most trusted solution for Finance Controls and Automation
ISSUES WITH EXISTING PROCESSES RECAP
Human error
Ine...
The world’s most trusted solution for Finance Controls and Automation
BlackLine Transaction Matching
Accurately match and ...
The world’s most trusted solution for Finance Controls and Automation
The world’s most trusted solution for Finance Controls and Automation
BlackLine Account Reconciliations
Eliminate spreadsh...
Polling Question 4
a) BlackLine
b) Excel
c) Other third-party software
d) Internally developed tool/system
e) Doing manual...
FINAL THOUGHTS
The world’s most trusted solution for Finance Controls and Automation
Expectation
of Accuracy
Compliance
Creep
Shift to
Re...
The world’s most trusted solution for Finance Controls and Automation
Now is the time to automate
processes and provide in...
The world’s most trusted solution for Finance Controls and Automation
Decrease risk
and enforce
controls
Provide visibilit...
The world’s most trusted solution for Finance Controls and Automation
THE BLACKLINE PLATFORM
TECHNOLOGY
PRODUCTS
SOLUTIONS
The world’s most trusted solution for Finance Controls and Automation
REAL RESULTS. REAL ROI.
Strong ROI with an average 3...
The world’s most trusted solution for Finance Controls and Automation
THANK YOU
31
The world’s most trusted solution for Finance Controls and Automation
QUESTIONS?
32
Susan Parcells
818.223.9008
susan.parc...
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Reconciliations Done Right: Automate and scale your bank and credit card reconciliations

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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

Published in: Economy & Finance
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Reconciliations Done Right: Automate and scale your bank and credit card reconciliations

  1. 1. RECONCILIATIONS DONE RIGHT! Susan Parcells, CPA, CGMA Director, Finance Transformation
  2. 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. 3. The world’s most trusted solution for Finance Controls and Automation 3 Today’s Speaker Susan Parcells, CPA, CGMA Director, Finance Transformation & Product Expert BlackLine
  4. 4. The world’s most trusted solution for Finance Controls and Automation The world’s most trusted solution for Finance Controls and Automation
  5. 5. BLACKLINE IS…
  6. 6. The world’s most trusted solution for Finance Controls and Automation BLACKLINE CLIENTS GLOBAL
  7. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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.
  18. 18. DEMO
  19. 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. 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. 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. 22. The world’s most trusted solution for Finance Controls and Automation
  23. 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. 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?
  25. 25. FINAL THOUGHTS
  26. 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. 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
  28. 28. The world’s most trusted solution for Finance Controls and Automation Decrease risk and enforce controls Provide visibility into processes Increase efficiency MODERNIZING THE WAY FINANCE & ACCOUNTING WORK
  29. 29. The world’s most trusted solution for Finance Controls and Automation THE BLACKLINE PLATFORM TECHNOLOGY PRODUCTS SOLUTIONS
  30. 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. 31. The world’s most trusted solution for Finance Controls and Automation THANK YOU 31
  32. 32. The world’s most trusted solution for Finance Controls and Automation QUESTIONS? 32 Susan Parcells 818.223.9008 susan.parcells@blackline.com https://www.blackline.com

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