Monday, July 18, 2022
BlackLine, Inc. (Nasdaq: BL) today announced that it is deploying its recently launched ‘Modern Accounting Playbook’ (MAP) at Eightcap, a Melbourne-headquartered, global CFD and provider of forex brokerage.
BlackLine MAP will provide Eightcap with a set of repeatable, pre-configured packaged processes complete with all the knowledge and leading practices needed around ERP integration, data extraction, close checklists, ready-to-go reconciliation templates, close task tracking, reports, dashboards and aproval flows to suport financial close.
Established in 2009 and now with five offices across the globe and regulation in multiple locations, Eightcap provide clients with the ability to trade on a broad range of markets across FX, Indices, Commodities and Shares. Eightcap provides MT4 & MT5 delivered on a reliable infrastructure enhanced with a transparent, personalised service.
The decision to deploy BlackLine follows Eightcap’s recent rapid exponential growth which up until now has been underpinned by existing manual finance processes which lack the desired level of automation, visibility and control to address the organisation’s growing volume of work. Increasingly, the company’s finance team was losing productive time in manual reconciliations and data analysis and needed a proven process to achieve its financial close requirements.
“As our business has grown in recent years, we concluded that we needed a solution such as MAP to guide us in implementing new template functionality without the need to ‘rip and replace’ to a new financial operations management solution every few years,” says Kon Hara, Group Finance Manager, Eightcap.
“We had been impressed with the calibre of BlackLine’s Australian client based and our own market evaluation suggested the company could customise its solution for our specific requirements, provide a clear cost model and deliver outcomes in a defined timeframe.”
As part of its process, Eightcap also employed BlackLine partner Tridant at the outset of the program to develop a solution roadmap to deploy MAP. Tridant has also provided advisory and consulting suport to suport and make Eightcap’s move to modern accounting achievable and help it achieve the greatest value in the shortest amount of time.
“BlackLine MAP will now provide us with all the suport we need for effective day-today cloud-based financial operations, including replacing the manual management of payment providers based on spreadsheet reconciliation,” says Hara.” It will scale to meet our requirements, manage volume, drastically reduce implementation times and accelerate time-to-value. Ultimately, we’ve taken a platform and enhanced it for a better experience with the broader MAP methodology we’re putting in place.
Initially, Eightcap will focus on using BlackLine MAP template processes to suport its adoption of BlackLine task management and account reconciliations before progressing to transaction matching during the second half of 2022.
“With BlackLine MAP, we’ll be able to accelerate our ability to streamline and simplify our reconciliation processes, simplify and improve internal controls, remove potential risks, bring visibility across the business and boost productivity, all through removing manual and repetitive processes,” says Hara.
About BlackLine
Companies come toBlackLine (Nasdaq: BL) because their traditional manual accounting processes are not sustainable. BlackLine’s cloud-based financial operations management platform and market-leading customer service help companies move to modern accounting by unifying their data and processes, automating repetitive work, and driving accountability through visibility. BlackLine provides solutions to manage and automate financial close, accounts receivable and intercompany accounting processes, helping large enterprises and midsize companies across all industries do accounting work better, faster and with more control.
More than 3,800 customers trust BlackLine to help them close faster with complete and accurate results. The company is the pioneer of the cloud financial close market and recognized as the leader by customers at leading end-user review sites including Gartner Peer Insights, G2 and TrustRadius. BlackLine is a global company with operations in major business centers around the world including Los Angeles, New York, the San Francisco Bay area, London, Paris, Frankfurt, Tokyo, Singapore and Sydney. For more information, please visit blackline.com.