Nucleus calculates Oracle ERP users achieve payback in under a year, generate $2.58 for every dollar invested, and cut closing times up to 90% with leading accounting automation platform
A recent report from Nucleus Research says Oracle ERP (enterprise resource planning) users achieve payback in less than a year (on average) and generate $2.58 for every dollar invested in BlackLine, Inc.’s (Nasdaq: BL) cloud-based platform for finance controls and automation, with interviewed users reporting increased employee productivity, decreased accounting workload and improved organizational visibility. Nucleus went on to say that BlackLine’s Oracle ERP connector complements an organization’s existing tech stack by automating data formatting to consolidate and streamline financial close activities.
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Analyzing BlackLine ROI case studies it had conducted in the last five years, Nucleus Research identified synergistic advantages of using BlackLine’s flagship financial closing platform alongside Oracle ERP systems. Key benefits they discovered include:
- Improved User Productivity. Users can consolidate and format the necessary information for the monthly closing period in a fraction of the time of manual processes through a unified platform. Pre-built accounting templates and other task management solutions empower users to streamline workflows, such as transaction matching, creating journal entries and variance analysis checks. Nucleus observed that most BlackLine customers cut monthly closing times between 50% and 90%.
- Reduced Audit Costs. BlackLine enables customers to standardize compliance guidelines across the entire organization by adopting pre-built industry standard templates that can be incorporated in daily, monthly, quarterly and yearly closing processes. For example, accounting teams can leverage the SOX audit compliance templates and set the automated validation rules that fulfill SOX 302 and SOX 404 requirements. BlackLine’s automation and standardization solutions can reduce the risk of compliance breaches and shorten auditing time on average by 400 personnel hours.
- Enhanced Organizational Visibility. BlackLine can be customized to integrate with virtually any ERP solution and is well suited for companies with multiple ERP systems. Financial data is consolidated through integrations and out-of-the-box connectors to establish a single version of the truth, regardless of sales channels, billing methods and accounting structures. This enables management to track the status in real-time of each financial close and drill down into the underlying data points to evaluate trends and irregularities.
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“BlackLine unifies customer data and processes, automates repetitive work and drives accountability through visibility. Using BlackLine and Oracle together can be a very powerful combination providing greater control and visibility throughout the entire financial close process and shifting finance and accounting team responsibilities away from mundane, manual tasks to purposeful functions that focus on the future,” says Martin Naydenov, analyst at Nucleus Research. “BlackLine’s augmentation of an organization’s existing ERP system introduces a cultural shift in the accounting department as users embrace modern accounting practices.”