An industry first, BlackLine Intercompany now
addresses both trade and non-trade transactions, maximizing
tax defensibility and increasing regulatory
compliance
LOS
ANGELES, Nov. 29, 2023 /CNW/ -- Digital finance
transformation leader BlackLine, Inc. (Nasdaq: BL) continues to
solve complex intercompany accounting challenges, delivering new
trade management capabilities for enterprise and midsize
customers.
Intercompany is one of the most complex areas of finance,
with audit and tax advisory firm Grant Thornton estimating
intercompany transfers at 30 to 40 percent of the global economy or
$40 to $60
trillion annually. For large enterprises, transactions
can have a value of up to 10 times a company's reported
revenue. Lack of visibility over vital transactional details -
such as price, quantity, and legal entity information - results in
issues downstream, such as closing delays, tax filing challenges,
increased talent turnover, and potential write-offs and
restatements.
BlackLine Intercompany solves these problems by harmonizing and
unifying data across multiple ERPs, reducing tax filing time and
effort and overall close cycles. As global regulatory issues,
such as global minimum taxes and e-invoicing take center stage,
BlackLine Intercompany provides a line of sight into all
transactions, helping to ensure correct taxes are applied across
entities and geographies for both the buyer and seller. To date,
BlackLine Intercompany has helped numerous Fortune 100
organizations maximize tax reporting efficiency while enhancing
regulatory compliance.
"Case studies show that our customers have reduced tax leakage
by as much as $500 million and direct
taxes by up to 25%, with some cutting their overall close cycle in
half," said Kivanc Pakel, head of
intercompany operations at BlackLine.
This new product enhancement makes BlackLine Intercompany the
first and only solution to handle both trade (goods sold as part of
a company's usual line of business) and non-trade (services such as
allocations, chargebacks, BPO and shared services center billing)
transactions, optimized for multi-ERP environments. The new
functionality provides multinational organizations with greater tax
defensibility and improved transfer pricing policy
adherence.
"BlackLine's first-of-its-kind functionality tackles the costly
challenges associated with processing intercompany transactions in
larger organizations, which can represent tens of millions of
monthly transactions," said Robert
Kugel, executive director at ISG-Ventana Research.
"BlackLine is once again bringing industry-first technology and
expertise to complex intercompany operations to enable companies to
manage this complex business process proactively and
effectively."
Customers benefit from a range of new functionality,
including:
- Increased interdepartmental collaboration via centralized data
and workflow
- Increased transfer pricing visibility through billing route
configurations
- Enhanced tax defensibility via validation of sales orders and
invoices
- Informed, proactive decision-making through exception
reporting
"As one of the top causes of financial restatements, addressing
and minimizing intercompany transaction errors is critical for
organizations to ensure a sound control environment," added Pakel.
"The benefits for businesses are clear – less time reconciling
which enables a faster close; fewer write-offs for increased
profitability; less talent turnover; and improved transfer pricing
policy adherence and tax defensibility for regulatory
compliance."
The new trade management capabilities are included in
BlackLine's Intercompany Create solution, part of its portfolio of
Intercompany Financial Management offerings. Go here to learn more
about how BlackLine can help solve your intercompany issues.
About BlackLine
Companies come to BlackLine (Nasdaq: BL) because their
traditional manual accounting and finance processes are not
sustainable. BlackLine's market-leading cloud platform and 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 and consolidation,
accounts receivable, and intercompany accounting processes –
inspiring, powering, and guiding large enterprises and midsize
businesses on their digital finance transformation journeys.
More than 4,300 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 is recognized as
the leader by customers at leading end-user review sites including
G2 and TrustRadius. BlackLine is a global company with operations
in major business centers including Los
Angeles, New York, the San
Francisco Bay area, London,
Paris, Frankfurt, Tokyo, Singapore, and Sydney. For more information, visit
blackline.com.
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estimates, or expectations will be achieved. Forward-looking
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actual performance or results may differ materially from those
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risks and uncertainties include, but are not limited to, risks
related to the Company's ability to execute on its strategies,
attract new customers, enter new geographies and develop, release
and sell new features and solutions; and other risks and
uncertainties described in the other filings we make with the
Securities and Exchange Commission from time to time, including the
risks described under the heading "Risk Factors" in our Annual
Report on Form 10-K. Additional information will also be set
forth in our Quarterly Reports on Form 10-Q.
Forward-looking statements should not be read as a guarantee of
future performance or results, and you should not place undue
reliance on such statements. Except as required by law, we do not
undertake any obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future developments or otherwise.
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SOURCE BlackLine