Despite best intentions, most businesses are inefficient in their financial closure — a necessary business process that is still often manually managed and subject to costly errors, delays and inefficiencies.
These problems may seem manageable, but left unchecked over time, they directly impact resources, staff morale and long-term profitability.Operational Close Management (OCM), enabled by BlackLine, is designed to help organizations combat all of this and realize the value of truly optimized financial close processes as they scale and grow.
OCM streamlines, standardizes and automates the most time-consuming financial close activities across every organization, cutting close and reporting times. With OCM, complex manual journal entries that can take three to four hours can now be processed in less than 60 minutes. Thanks to a custom suite of products within BlackLine’s Financial Close Management solution, OCM helps EY clients, BlackLine customers and other organizations find new efficiencies within daily financial processes, from reconciliation to document clearing and easy automation of journal entries. By optimizing these financial procedures, companies can effectively transition to a continuous close model, pulling month-end activities into daily business processes to eliminate the challenges associated with high demand for resources at month-end close.
The five benefits of OCM
- Automation: removal of repetitive tasks such as journal entries and reconciliations from manual workflows, reducing manual errors and saving time.
- Centralization: coordinated collation of data and financial close activities into one repository, enhancing control and visibility over the entire process.
- Integration and agility: secure and flexible integration of all data sources, enabling more simple scaling and adaptation to growth and changes in business environments.
- Streamlined audit process: a single, unique and unified source for all audit requests and deliverables, enhancing transparency and eliminating delays.
- Insight generation: utilization of business rules, intelligent workflows and role-based reporting to deliver timely insights, key performance indicators and alerts.