Connect with us

Business

BLACKLINE AND KYRIBA PARTNER TO STREAMLINE DIGITALIZATION OF THE OFFICE OF THE CFO

Published

on

Joint solution accelerates bank connectivity, enabling greater financial close and accounts receivable process automation for customers

 

Accounting automation software leader BlackLine, Inc. (NASDAQ: BL) and Kyriba, a global leader of cloud-based finance and IT solutions, today announced that they are joining forces to streamline the digitalization of the Office of the CFO and improve collaboration between Finance and Treasury departments.  The partnership offers enhanced capabilities for mutual customers through their integrated solutions to accelerate bank connectivity, increasing cash visibility and enabling greater automation within the financial close and accounts receivable processes. 

At a time when organizational resilience is more important than ever, Finance and Treasury leaders need their technology solutions to work more efficiently together across both the Finance and Accounting organizations, including Treasury and Risk.  BlackLine and Kyriba help companies adapt and respond to the changing landscape by streamlining processes, enhancing data integrity, optimizing cash and liquidity management, and automating repetitive work to transform traditional close processes.

“Bank reconciliations are a time-consuming process and one of the top challenges BlackLine helps organizations address.  With our new partnership, BlackLine provides Kyriba customers with market-leading solutions that fuel treasury teams with real-time, reliable and data-backed analytics to automate bank reconciliation and other key financial close and accounts receivable processes.  At the same time, BlackLine customers can now leverage Kyriba’s extensive network of global banking relationships to streamline bank connectivity,” said Mel Zeledon, senior vice president of Channels & Alliances at BlackLine.  “The digitalization of the finance and accounting tech-suite is accelerating and our partnership with Kyriba is an exciting example of how best-of-breed solutions can deliver immediate strategic benefits.”

Customers that implement BlackLine alongside Kyriba are expected to see reduced business-process costs and increased organizational efficiencies.  Kyriba’s preconfigured bank connectors simplify bank reporting, accelerating time-to-value for BlackLine customers.  BlackLine’s transaction matching solution can automate up to 95% of bank reconciliations and match millions of transactions in minutes.  Coupled with Kyriba’s robust and pre-built inventory of bank connectors, Blackline customers can streamline bank statement reporting from thousands of banks around the world, achieving unsurpassed efficiency in their finance and accounting operations.

“Kyriba unlocks rapid integration capabilities with its innovation in connectivity and has created new ecosystems of value through global partnerships,” said Joe Marcin, chief revenue officer at Kyriba. “Coupling Kyriba’s innovative treasury capabilities with BlackLine’s market-leading financial close and accounts receivable automation solutions is a natural evolution in financial close, analysis and reporting. We are excited to bring Finance and Treasury closer through our partnership with BlackLine and drive strategic value for the Office of the CFO.”

Mutual customers of Kyriba and BlackLine now have access to complementary solutions for bank connectivity, payments automation and intercompany accounting, ensuring value across three primary use cases:

1. Accelerated Bank Connections and Increased Cash Visibility: Delivers faster connections to BlackLine customers through an extensive network of pre-connected, pre-configured banks; time to onboard customers for automated reporting is drastically reduced while providing Finance and Accounting with timely, valuable information for accounts receivable and close processes.

2. Accounts Receivable Automation: Reduce manual activity and collect more cash using AI-powered automation across order-to-cash processes.  With intelligent automation, customer payments are automatically matched to invoices, reducing the need for costly lockbox services, decreasing days sales outstanding (DSO), and freeing AR team capacity to focus on value-added activities.

3. Financial Close Management: Automates data exchange with financial close technologies that continuously reconcile and verify daily and period-end cash and balance reporting.

 

Business

FOUR REASONS WHY FINANCE LEADERS ARE ADOPTING CLOUD-BASED ACCOUNTING

Published

on

Warwick Haycock, Accounting Software Specialist at The Access Group

 

As providers of leading financial management software, The Access Group recently conducted a survey of 1,000 finance professionals in UK businesses, including CFOs, finance directors and managers, to understand their pain points for the year ahead and what technology they are considering to resolve their challenges.

64 per cent of respondents have an expectation that their business will adopt new technologies this year, with 24 per cent suggesting cloud accounting software was likely to be the technology they invest in.

Warwick Haycock

Cloud-based accounting software is moving the financial data of your business from traditional on-premise systems to SaaS (Software as a Service) based accounting software. There is no requirements of software in-house as businesses can access and use it remotely via cloud applications.

Below are four reasons why cloud-based accounting software is at the forefront of their minds for almost one in four finance teams:

 

  1. Real-time, accurate data

The pandemic has taught us a few things, but especially how quick the world of business can change.

It’s crucial now more than ever, that any data and insights from the finance team are as up-to-date as possible, leaders will call upon their finance colleagues to pull together and present on business performance.

Gathering data from multiple and disparate systems are time consuming for any finance lead not to mention the risk of manual errors in the data.

Cloud-based solutions hold all your data in one place and offer a real-time view so that up-to-date reports can be compiled within minutes.

Accuracy is a key world in finance – taking the wrong data could result in the business taking the wrong strategy, overseeing the right decision.

 

  1. Quality control

Mistakes can be made in any department including the finance team, factors such as heavy workloads, inefficient processes and the introduction of remote working, its understandable errors happen.

With many of us now working in a hybrid model, we are working on shared documents in the cloud. Data can be reviewed and amended immediately as everyone has sight of the updates. In an effort to prevent errors, strengthen the approvals process and audit trail, a cloud-based platform standardises formats for submitting data.

 

  1. Easing workloads

Speaking of workloads, 24 per cent of survey respondents said that an ever-increasing workload would be a challenge over the year, unsurprisingly because the role of the finance team has changed dramatically in the last 12-months and the impact of furloughed staff, team redundancies and increased sick leave.

For Chief Finance Officers, Finance Directors or Finance Managers, if the to do list is never ending and it matched with outdated processes it only makes matters worse.

Automation is the key to streamlining workloads. Whether helping to ease the time it takes to collate invoices or prepare financial statements, cloud-based accounting software can remove the pain of time-consuming tasks.

 

  1. Collaboration

In the office, on the road or working from home, communication and collaboration is key for any team to succeed.

Possibly, the most important advantage of cloud-based accounting software is having access to the data anytime. It will make teams work faster and smarter to have the insights at their fingertips.

A centralised platform allows teams in all divisions to collaborate, even from home. Specifically, for finance teams, they will have access to a company-wide overview, enabling them to see where the business may be overspending or lacking in productivity, all on one centralised platform.

It’s important that finance teams have the technology available to be agile, to deliver insights at critical times when decisions need to be made and to balance both those business-critical tasks with day-to-day jobs that keep the finance department – and business ticking.

Cloud-based accounting software can have many more befits such as automated backup, no on-premise software costs, data security and integration to other systems. Finance and accounting software can accelerate day to day accounting operations and allows finance leads to focus on core tasks.

For more information on our survey results, read The Access Group report in full ‘Financial Healthcheck: Alleviating Your Pain Points in 2021’.

 

Continue Reading

Business

OUTSOURCING YOUR IT SOLUTIONS CAN SAVE YOU FROM COSTLY DOWNTIME

Published

on

Cloud Services

Amir Hashmi, CEO and Founder of leading IT and Cloud services provider Zsah, discusses why you need full-time professionals if you want to avoid the money pits of IT downtime

 

A lot of wealthy business owners will uphold the following infamous statement – time is money. Many CEOs believe that it should be at the heart of your business strategy. They aren’t wrong, and it is no different when it comes to IT. Therefore, it is high-time that businesses consider the real risks and costs associated with IT downtime, and do all they can to avoid it

In the midst of a post-pandemic technological revolution, it’s now more important than ever to carefully consider who manages your technology. It is essentially the motor that drives productivity, efficiency and growth, and if therefore, if there isn’t a thorough and dedicated system in place, businesses risk system failure, which can risk everything.

Something so essential to a company deserves to be taken more seriously than just to deploy the services of an IT help desk when there’s a significant issue. The answer isn’t necessarily to consider ways in which you can fix a problem once it arises, but instead to ponder upon ways of preventing an issue from occurring in the first place. This is what leads us to managed IT support services: your personal, dedicated team of IT experts that not only fix issues when they occur, but that also constantly improve the software and hardware so there is less chance they ever take place.

 

The real cost of downtime

Whenever your IT isn’t functioning at its full capability, you are losing money. Even the shortest of gaps in service can severely impact the customers’ experience, your reputation, and the output and efficiency of your entire staff.

In 2017, ITIC sent out an independent survey to measure downtime costs. It found that 98% of organisations say that a single hour of downtime costs over USD $100,000, with 81% putting the figure at over $300,000. For 33% of businesses, 60 minutes of downtime would cost their firms between $1 million and £5 million.

Figures from Statista.com reveal 24% of organisations worldwide reporting average hourly downtime costs amounting to between USD 301,000 and USD 400,000, with 14% reporting greater than USD 5 million in costs.

Elsewhere, IHS Markit surveyed 400 companies and found downtime was costing them a collective USD 700 billion per year – 78% of which was from lost employee productivity during outages.

 

Managed IT solutions are the key

Though we may never know the full cost of downtime, it is evident that it costs individuals and businesses a large amount of money. Don’t wait until your next emergency to remedy a problem; get the professionals in now to prepare for the future, rather than just fix problems in the present.

When you work with a managed technology services provider, your network and infrastructure are supervised 24 hours a day, all year round. As with any IT service, this means that issues will be fixed – however the real advantage is more long-term. As technology service providers perform regular proactive upkeep, there will be a reduced chance of suffering from issues in the first instance, and when (or if) they do occur, it will be far simpler to recover data thanks to full cloud integration.

Continue Reading

Magazine

Trending

Business11 mins ago

FOUR REASONS WHY FINANCE LEADERS ARE ADOPTING CLOUD-BASED ACCOUNTING

Warwick Haycock, Accounting Software Specialist at The Access Group   As providers of leading financial management software, The Access Group...

Cloud Services Cloud Services
Business4 days ago

OUTSOURCING YOUR IT SOLUTIONS CAN SAVE YOU FROM COSTLY DOWNTIME

Amir Hashmi, CEO and Founder of leading IT and Cloud services provider Zsah, discusses why you need full-time professionals if...

Banking5 days ago

HOW TRADITIONAL INSURERS CAN USE TECHNOLOGY TO IMPROVE THEIR RELATIONSHIP WITH CUSTOMERS

The customer experience with insurance is anomalous, in that one is only required to engage with their insurer if things...

Business6 days ago

THE FUTURE OF CLOUD: HOW TO KEEP YOUR DATA SAFE

By Pete Braithwaite, COO of KIT Online Cloud services are inherently scalable, responsive and flexible. They offer huge flexibility –...

Business1 week ago

ETRADING SOFTWARE AND ARTIS HOLDINGS LOANS ELECTRONIC PLATFORM OPEN FOR BUSINESS

The Bids Wanted in Competition (BWIC) process completes on the WIC trading platform   Etrading Software, the independent, global provider...

Finance1 week ago

AIRBANK SELECTS YAPILY TO BUILD A FINANCIAL MANAGEMENT SOLUTION FOR SMBS

Airbank, a financial management solution for European startups and SMBs, has selected open banking infrastructure provider Yapily to help its...

Interviews1 week ago

COULD YOU PROVIDE US WITH SOME BACKGROUND ON YOUR CURRENT ROLE WITHIN THE FINANCIAL SERVICES SECTOR?

– Shanker Ramamurthy, Global Managing Partner – Banking at IBM, BIAN Executive Board Member   I lead the banking consulting...

Business1 week ago

IT COST MANAGEMENT: 10 STEPS BUSINESSES CAN’T IGNORE

By Matt Dando, Director, Strategic Business Value Consulting at Serviceware   In today’s ever-accelerating digital era, and as we recover...

Banking1 week ago

UNCHARTED TERRITORY: HOW OPEN BANKING CAN HELP BANKS NAVIGATE COVID CHALLENGES

Opinion from Rafa Plantier, Head of UK and Ireland at Tink The last year has propelled banks, businesses and consumers...

Finance1 week ago

AI AND HOW IT’S LEADING THE FIGHT AGAINST FRAUD IN THE FINANCIAL SECTOR

Geoff Clark, Managing Director, Aerospike EMEA Much like many other sectors financial institutions have accelerated their digital transformation projects since...

Banking1 week ago

HOW DIGITAL IS MAKING THE ‘IMPOSSIBLE’ POSSIBLE FOR FINANCIAL FIRMS

  By Lavanya Kaul, Head of Customer Success, BFSI, UK&I, LTI Article synopsis: Focused on the digital transformation of the...

News1 week ago

DANSKE BANK TO BRING DOMESTIC SCHEME, DANKORT, TO APPLE PAY

Danske Bank, Denmark’s leading bank, supported by Nets, will bring Dankort to Apple Pay Dankort is the preferred means of payment...

News1 week ago

TACKLING THE FORGOTTEN PLASTIC PANDEMIC: CLIMATE CHANGE

By Mark Taylor, Group CCO, Waterlogic   Last year the COVID-19 pandemic was, quite rightfully, at the forefront of all...

News1 week ago

CROWN AGENTS BANK ACCELERATES GLOBAL GROWTH AND EXPANDS INTO NEW MARKETS WITH MULESOFT

MuleSoft, provider of the world’s #1 integration and API platform, today announced that Crown Agents Bank (https://www.crownagentsbank.com)  is using MuleSoft to digitally...

Finance1 week ago

THE IMPORTANCE OF ACCURATE AND TRUSTED TIMESTAMPING IN FINANCIAL SERVICES

Richard Hoptroff, CTO, Hoptroff   Recent global financial regulations such as MiFID II require that all stock exchanges, credit institutions,...

Business1 week ago

HOW OPEN DATA CAN HELP FIGHT CLIMATE CHANGE

David Lais, Co-Founder and CPO at Ecolytiq – providing banks and financial institutions with the digital infrastructure for green finance....

Business1 week ago

NOW’S THE TIME FOR THE INFRASTRUCTURE SECTOR TO GET IR35 RIGHT

Matt Fryer, Head of Legal Services at Brookson Legal   The Government’s recently announced £650bn programme of infrastructure works is...

Business2 weeks ago

MAKING THE MOST OF RPA TO ENHANCE THE CUSTOMER EXPERIENCE

Standfirst: Capturing and analysing business processes should be a prerequisite for any implementation of robotic process automation, argues Dr Gero...

Banking2 weeks ago

FINTECHS AND BANKING POST-COVID

COVID-19 has forced businesses and society to adapt to new realities. From big-name Wall Street banks to up-and-coming financial technology...

Technology2 weeks ago

WHY AGILE TECHNOLOGY PLATFORMS ARE THE KEY TO EFFECTIVE INNOVATION

Sujit Unni,CTO, Paysafe   A main reason why platform technology can prove to be so effective for a business is...

Trending