EY and BlackLine have expanded their global strategic alliance to India primarily to offer finance process automation to businesses across a variety of sectors. The alliance will also help expand EY’s process automation capabilities and finance transformation services. These services are offered to Indian enterprises to improve their Finance and Accounting operations and help them govern and automate their risk processes better. Also, as part of the alliance, EY and BlackLine will help businesses automate previously manual processes and support digital finance transformations.
Arguably, the pedigree of both the stakeholders in the alliance can hardly be doubted. EY is a big name globally in the assurance, tax, transaction and advisory services. Many large entities in the financial world and capital markets trust EY insights. On the other hand, Blackline’s cloud-based solutions transform Finance and Accounting by automating, centralizing and streamlining financial close operations, intercompany accounting processes and other key F&A processes for large and midsize organizations. It enables its 2,800 + customers worldwide to move beyond outdated processes and point solutions to a Continuous Accounting model, in which real-time automation, controls and period-end tasks are embedded within day-to-day activities.
So what is the modus operandi of this strategic alliance? Apparently EY will help businesses streamline their enterprise business processes using BlackLine’s Continuous Accounting capabilities. The offering leverages emerging robotic process automation tools, traditional enterprise resource planning systems and the capabilities of BlackLine’s cloud platform to help businesses. As part of the alliance, EY will also provide its experience in data integration, finance and ERP technology and experience in tax and finance advisory to develop an end-to-end solution and a sustainable foundation for continuous improvement backed by BlackLine’s portfolio.
Under the terms of the agreement, EY will provide its experience in data integration, finance and ERP technology and experience in audit, framework-as-a-service, tax, and finance advisory to develop an end-to-end solution and a sustainable foundation for continuous improvement. EY will also provide insights into product enhancements, alignment with EY digital transformation and intelligent automation initiatives and systems, integration, implementation and deployment support for BlackLine’s cloud-based portfolio.
Commenting on the alliance, Kamalanand Nithianandan, Partner, Advisory Services, EY India said: “We live in the age of the digital organization wherein it is become a necessity for the finance function to automate error-prone manual processes. Together with BlackLine, EY will enable businesses to stay adaptable, insightful and cost effective offering a unique set of tools and modules including BlackLine’s ‘Smart Close’, that will help improve governance and transparency both within an organization and externally.”
Added Sibjyoti Basu, National Leader – Alliance and Ecosystem at EY “Today, CFOs are at the center of driving performance improvement across businesses of all sizes. The EY and BlackLine alliance will help address CFOs’ challenges in the Indian market by increasing efficiency and performance in the finance function through the improvement and automation of critical finance operations like accounting, financial close, intercompany processing, reconciliations and tax management. The alliance will further help CFOs reduce cost and risk and free up resources to spend more time on financial planning and analysis, providing higher levels of insight to business decision-makers.”
The offering from the alliance leverages emerging robotic process automation tools, traditional ERP systems and the capabilities of BlackLine’s cloud platform to help clients:
- Automate manual-intensive finance and accounting processes for increased efficiency and a more predictable workload for finance professionals.
- Continuously improve the quality and accuracy of reported financial information, and increase visibility and control over critical finance and accounting data.
- Govern and automate the management of intercompany transactions and respond to increased regulatory scrutiny in this area.