Business
BlackLine Sets New Standard with Addition of Trade Management Capabilities to its Intercompany Financial Management Solutions
An industry first, BlackLine Intercompany now addresses both trade and non-trade transactions, maximizing tax defensibility and increasing regulatory
About this update from Blackline, Inc.
[{"type":"text","content":"An industry first, BlackLine Intercompany now addresses both trade and non-trade transactions, maximizing tax defensibility and increasing regulatory compliance \nLOS ANGELES, Nov. 29, 2023 /PRNewswire/ -- Digital finance transformation leader BlackLine, Inc. (Nasdaq: BL) continues to solve complex intercompany accounting challenges, delivering new trade management capabilities for enterprise and midsize customers.\n\n \n \n \n \n \n \n\n \nIntercompany is one of the most complex areas of finance, with audit and tax advisory firm Grant Thornton estimating intercompany transfers at 30 to 40 percent of the global economy or $40 to $60 trillion annually. For large enterprises, transactions can have a value of up to 10 times a company's reported revenue. Lack of visibility over vital transactional details - such as price, quantity, and legal entity information - results in issues downstream, such as closing delays, tax filing challenges, increased talent turnover, and potential write-offs and restatements.\nBlackLine Intercompany solves these problems by harmonizing and unifying data across multiple ERPs, reducing tax filing time and effort and overall close cycles. As global regulatory issues, such as global minimum taxes and e-invoicing take center stage, BlackLine Intercompany provides a line of sight into all transactions, helping to ensure correct taxes are applied across entities and geographies for both the buyer and seller. To date, BlackLine Intercompany has helped numerous Fortune 100 organizations maximize tax reporting efficiency while enhancing regulatory compliance.\n\"Case studies show that our customers have reduced tax leakage by as much as $500 million and direct taxes by up to 25%, with some cutting their overall close cycle in half,\" said Kivanc Pakel, head of intercompany operations at BlackLine.\nThis new product enhancement makes BlackLine Intercompany the first and only solution to handle both trade (goods sold as part of a company's usual line of business) and non-trade (services such as allocations, chargebacks, BPO and shared services center billing) transactions, optimized for multi-ERP environments. The new functionality provides multinational organizations with greater tax defensibility and improved transfer pricing policy adherence. \n\"BlackLine's first-of-its-kind functionality tackles the costly ch...