BlackLine Adds 1,000th Modern Accounting Playbook (MAP) Customer
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Insights
BlackLine's announcement of securing its 1,000th customer for the Modern Accounting Playbook (MAP) signals a significant milestone in the company's product adoption curve, reflecting robust market penetration and customer trust in their financial automation solutions. The rapid adoption of MAP, particularly its 5-Day Fast Track implementation, underscores a strong market demand for tools that expedite financial processes, such as financial close and invoice-to-cash operations.
Companies are increasingly seeking to modernize their accounting practices to remain competitive and BlackLine's bundling of software with services addresses this need directly. This strategy not only enhances customer value proposition but also potentially increases customer stickiness due to the integrated nature of the offerings. BlackLine's focus on reducing implementation time aligns with the broader industry trend towards agile and efficient financial operations, which can lead to a competitive advantage and potentially impact the company's future revenue streams and market share.
The attainment of the 1,000th MAP customer is a positive indicator for BlackLine's financial performance, particularly as it relates to recurring revenue streams. The bundled offerings are likely to contribute to a stable and predictable revenue model, which is favored by investors. Furthermore, the scalability of MAP suggests that BlackLine is well-positioned to capitalize on the growing demand for digital transformation in the finance sector.
BlackLine's stock price (Nasdaq: BL) may respond favorably to this news as investors often react to customer growth as a forward-looking indicator of financial health. It is important to monitor subsequent earnings reports for confirmation of the financial impact of MAP's adoption on BlackLine's bottom line, including any increases in average revenue per user (ARPU) and customer lifetime value (CLV).
The integration of BlackLine's solutions with existing ERP systems is critical for successful digital transformation in accounting operations. BlackLine's MAP offering, which includes ERP integration and data extraction capabilities, suggests that the company is addressing key technical challenges faced by organizations during such transformations. The ability to provide a seamless integration experience is a crucial factor in customer satisfaction and retention and it often requires sophisticated technology and expertise.
From a technical perspective, the success of MAP could be attributed to its comprehensive approach, which includes pre-configured templates and rules-based automation. This not only reduces the complexity of implementation but also minimizes the risk of errors during the financial close process. The long-term impact on business operations could be substantial, as streamlined and automated processes typically lead to improved accuracy and efficiency in financial reporting.
Bundled software and services offerings help companies get up and running and benefit quickly from market-leading financial close and invoice-to-cash solutions
BlackLine MAP makes the move to modern accounting achievable by helping organizations realize the greatest value in the shortest amount of time. By applying a combination of native cloud technology, a vast library of pre-configured leading-practices templates, and a highly optimized delivery model, BlackLine MAP can drastically reduce implementation time and accelerate time-to-value.
For many organizations, streamlining processes and optimizing operations in a dynamic business environment can be a daunting task. Yet, PwC estimates that
"We've created a playbook for rapid success, based on our extensive experience working with thousands of leading companies over the past 20 years. BlackLine MAP's continuing rise in popularity is a testament to its unique methodology and approach making it among the quickest ways to shave time off the close and free working capital, slashing workloads and bolstering financial statement integrity," said BlackLine Co-CEO Owen Ryan. "And when a customer needs to automate more financial close or invoice-to-cash processes as business volume and complexity increases or prepare for significant milestones like an IPO or acquisition, with MAP, they have the foundation in place to tackle any growth milestone they may encounter."
The MAP solution offerings bundle BlackLine's award-winning products, leading practices, and implementation services with comprehensive knowledge around ERP integration, data extraction, task checklists, ready-to-go process templates, rules-based automation, reports, dashboards, approval flows, and more to swiftly modernize and enhance accounting processes. BlackLine MAP initiates and accelerates the customer's accounting modernization journey and scales with optimization efforts for expansive growth and continuous enhancement.
Organizations embracing BlackLine MAP, such as digital healthcare leader GoodRx, quickly enjoy the resulting benefits. "It was highly organized. We had a project plan, a clear timeline, and regular meetings," Milton Massery, director of accounting at GoodRx, said in regard to the MAP implementation.
BlackLine MAP also enabled GoodRx to simplify and scale for growth. Massery added, "Even though we keep adding complexity, we still have to close the books on time. With BlackLine, we can keep up with the increased workload—and increased complexity—as the company grows."
Since first releasing MAP for Financial Close, BlackLine has added MAP for Cash Application to enable customers to rapidly optimize their invoice-to-cash processes and introduced the 5-Day Fast Track, the industry's first and only five-day implementation so organizations can be up and running on BlackLine in time for their next month-end close.
To learn more about BlackLine MAP or schedule a meeting with a BlackLine expert, go here.
About BlackLine
Companies come to BlackLine (Nasdaq: BL) because their traditional manual accounting and finance processes are not sustainable. BlackLine's market-leading cloud platform and customer service help companies move to modern accounting by unifying their data and processes, automating repetitive work, and driving accountability through visibility. BlackLine provides solutions to manage and automate financial close, intercompany accounting, invoice-to-cash, and consolidation processes – inspiring, powering, and guiding large enterprises and midsize businesses on their digital finance transformation journeys.
More than 4,300 customers trust BlackLine to help them close faster with complete and accurate results. The company is the pioneer of the cloud financial close market and is recognized as the leader by customers at leading end-user review sites including G2 and TrustRadius. BlackLine is a global company with operations in major business centers including
BlackLine Forward-looking Statements
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expect," "plan," anticipate," "believe," "estimate," "predict," "intend," "potential," "would," "continue," "ongoing" or the negative of these terms or other comparable terminology. Forward-looking statements in this release include statements regarding our growth plans and opportunities.
Any forward-looking statements contained in this press release are based upon BlackLine's current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith beliefs and assumptions as of that time with respect to future events and are subject to risks and uncertainties. If any of these risks or uncertainties materialize or if any assumptions prove incorrect, actual performance or results may differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the Company's ability to execute on its strategies, attract new customers, enter new geographies and develop, release and sell new features and solutions; and other risks and uncertainties described in the other filings we make with the Securities and Exchange Commission from time to time, including the risks described under the heading "Risk Factors" in our Annual Report on Form 10-K. Additional information will also be set forth in our Quarterly Reports on Form 10-Q.
Forward-looking statements should not be read as a guarantee of future performance or results, and you should not place undue reliance on such statements. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
*PwC Pulse Survey: Executive Views on Business in 2022
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SOURCE BlackLine
FAQ
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