End-to-end accounting and payments with Kyriba and BlackLine
Project overview and objectives
A financial services organization came to us as manual processes and technology gaps hindered scalability and made for inefficient workflows. Creating cash worksheets was difficult and time consuming, inadequate payment controls meant high-risk, and antiquated industry-specific systems had limited approval and extract functions.
That left a big gap between where they wanted to be—with a vision for a best-in-class accounting function that:
- Maintained visibility into reconciliations and the close processes
- Relied on standardized account reconciliations, approvals, and controls
- Automated workflows and kept clean data
- Swiftly monitored and assessed against risk
That’s where we stepped in.
What we did
When it comes to an end-to-end intercompany accounting solution, there’s one duo that does it best: BlackLine and Kyriba. Both technologies transmit both ways between banks and ERPs to leave manual labor in the dust.
Bank statements flow through Kyriba, forward to BlackLine, and automatically match and reconcile to the general ledger. Then, your ERP general ledger data and invoices pass through BlackLine’s intercompany solution to seamlessly net and settle transactions—while reconciling your accounts and sending payment instructions to banks.
We implemented both technologies with a mind for lasting change:
- Forming a close relationship between teams to generate space for constructive and meaningful feedback among unique requirements
- Performing rigorous testing and incorporating stakeholders for transformation across hundreds of business entities
- Leading bi-weekly working sessions to maximize user adoption
- Incorporating a “train-as-you-go” mindset with customized guides, UAT scripts, and go-live checklists
Impact
Where are they now? Post-integration, their processes are night and day. They:
- Automated 75 monthly payment batches, 29,000+ monthly journal entries, and 80% of transaction reconciliations
- Reduced reliance on Excel-based bank reconciliations for in-scope accounts by 100%
- Created 100% transparency of reconciling items and aged items
- Enabled 100% auditable payments, journals, and reconciliations
Want to see how BlackLine and Kyriba look in action? Read our eBook.