Download the PDF and take this resource with you.
Oil and Natural Gas Exploration and Production Client
Streamlining financial processes with BlackLine
Overview
An independent oil and natural gas company sought to enhance their financial processes through automation and improved compliance. They engaged Embark to implement BlackLine for balance sheet account reconciliations, task management, and compliance.
Our Solutions
Embark, as a Gold status BlackLine partner, implemented BlackLine's Financial Close Management (FCM) and Compliance tools. The team laid the foundation for concurrent workstreams to meet tight timelines and expanded the scope to include SQL script development when existing IT resources were insufficient.
Index
The Big Wins
1. Streamlined Processes: Implemented a robust system for tracking financial close and audit tasks, ensuring accuracy and compliance.
2. Enhanced Compliance: Strengthened internal controls and compliance capabilities, reducing risk and improving audit readiness.
Client challenges & objectives
An independent oil and natural gas exploration and production company sought to enhance their financial processes through automation and improved compliance.
The key challenges included:
- Needed a better system to track financial close and ensure accuracy in ending balances
- Sought to implement BlackLine for balance sheet account reconciliations, task management, and compliance
- Aimed to reduce repetitive work, automate account reconciliations (especially bank account reconciliations), enforce review processes, and document audit request completions
How Embark helped
Embark provided strategic solutions to address the client’s challenges, leveraging their expertise as a Gold status BlackLine partner.
- Implemented BlackLine’s Financial Close Management (FCM) tool and Compliance tool
- Utilized certified BlackLine implementation consultants to perform the work efficiently
- Laid the foundation for concurrent workstreams to meet tight timelines
- Expanded the scope to include SQL script development when existing IT resources were insufficient, ensuring timely data delivery and project schedule adherence
Results
The client now benefits from enhanced financial processes and compliance capabilities:
- Operates with successfully implemented BlackLine FCM and Compliance modules
- Enjoys automation of over 50 monthly account reconciliations, significantly reducing manual workload
- Gains visibility into the status of 75 close tasks required to close the books, ensuring accuracy and compliance
- Has a solid foundation for financial close process, ensuring correct books and records and completing all compliance-related activities
- Benefits from a rapid implementation timeline, having gone live in 12 weeks
Tell us what you need help with
All Embark solutions begin with a conversation. Fill out this form and one of our advisors will follow up with a call. We can then better understand your needs and craft the right solution for your organization.