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REDUCING TIME-TO-AUDIT FINDINGS BY 60% WITH BLACKLINE

Incorporated in 1935, Globe started as a wireless long-distance message service
provider in the Philippines. Now known as Globe Telecom, the company has
transformed to keep up with innovations and the changing needs of every
Filipino. In 2019, the company won the Industry Champion of the Year award and
was recognized for the third time in a row as a Top Workplace in Asia.

THE CHALLENGE

Since 2011, Globe’s Collection Advisory & Audit Department had relied on the
Audit, Reconciliation & Monitoring System (ARMS) for daily audit and
reconciliation. Yet by 2018, ARMS couldn’t keep up with the sheer volume of data
moving through the system.

According to Shiela Jimenez, head of collections assurance and advisory, Globe
ARMS had “reached its end of life,” resulting in a continuous decline in
efficiency. “It couldn’t handle one-to-many or many-to-one reconciliation rules.
It had limited matching criteria and latency on processing multiple data. And
creating new matching rules required extensive programming.”

As a result, staff had to rely increasingly on manual processes, including the
generation of multi-source reports. According to Ivy Victorio, head of external
collections assurance and advisory at Globe, “with different data as the basis
of reconciled collections per department and multiple data sources from
different internal or external systems, our timeliness of reconciliation and
reporting was compromised.”

As ARMS grew less efficient, it also became more costly to maintain. The system
required ongoing support from a third party, and support costs increased 5%
every year.

“We realized that if the system broke down, daily auditing would also have to be
performed manually,” says Norman Evangelista, Technical Support, Globe. “This
would require a significant—and costly— increase in staff.”

WHY BLACKLINE

Globe invited several vendors to participate in an RFP and system walkthrough
process. BlackLine was the only vendor who provided a demo. “During the demo,
the team realized how BlackLine aligned to Globe,” says Suzy Urbano, head of
enterprise support, Globe. “It’s cloud-based, fast, and flexible. BlackLine can
also adapt any changes in data sources from continuous internal or external
systems enhancements or optimization.”

The team was especially interested in BlackLine Transaction Matching.
“Transaction Matching would greatly reduce the time we spent on daily audit and
reconciliation of collections, deposits, and settlement from our various
collection channels and partners,” says Urbano. “We could define multiple match
sets and pass rules, set up thresholds for variance, and convert and merge
different file formats.”

BlackLine worked closely with Globe during implementation to address all audit
and reconciliation challenges. “The implementation team from BlackLine was very
knowledgeable and supportive,” says Menchit Briones, vice president for
financial control division at Globe. “They provided useful recommendations and
suggestions on how we could improve our reconciliation logic and approach.”

THE RESULTS

“BlackLine’s matching rules are flexible enough to maximize available
information in our data sources and convert it into useful matching criteria,”
says Constantino.

“As a result, we’ve greatly increased the accuracy of matching results and
reports. The best thing is that it doesn’t require additional costs to modify
rules. Changes to the rules are handled in house.”

Transaction Matching’s flexibility also allows Globe to match more than just
bank transactions.

“BlackLine can be used for other database matching functions as long as there is
an identified match key,” says Ronald Andes, BlackLine project lead at Globe.

“With Transaction Matching, we can use any available common values or records of
data sources as criteria or pass rules for auto matching. That’s just one of the
reasons we highly recommend BlackLine for dynamic, evolving businesses.”

Reduced time to audit findings by 60%. BlackLine has helped Globe ensure greater
compliance and lower risk by reducing the time to audit findings.

“BlackLine’s real-time reporting of matched and unmatched items has helped us
meet a demand for faster reporting,” says Sheryl Hernandez, Globe’s collections
auditor.

“Our reporting of audit findings improved from 30 days to 8 to 12 days, with an
auto-matched rate of 90%. This is a critical control in mitigating fraud
incidents so prevalent in collection activities.”

Increased confidence in accounting operations. With BlackLine, Globe has reduced
the use of manual processes and enabled greater transparency. As a result, the
team has greater confidence in accounting operations overall.

“The BlackLine dashboard enables managers to quickly see which accounts require
more attention. They can immediately resolve any reconciliation issues,” says
Victorio. “BlackLine has also made it possible for users to access the same
source of data. As a result, during discussion of variances, we are aligned and
referring to one and the same transaction.”

Improved efficiency. With BlackLine, the team is saving tremendous time across
the close.

“In just one click, we have a cash validation report ready to be shared and
escalated to responsible individuals, which triggers investigation and timely
resolution,” says Constantino. “With BlackLine, we’ve saved six hours every
month alone.”

Victorio adds, “There are so many ways in which BlackLine has made us more
efficient. The platform offers easy, fast navigation, as well as search and
filter functionalities. Both save time during analysis and audits. And as
reporting is automated, we have more timely tracking of bank statement uploads.”


Industry

Telecommunications


ERP

SAP


Region

APAC


Company Size

Enterprise


Business Impact

Increased transaction matching accuracy and speed

Reduced time to audit findings reporting by 60%

Increased confidence in accounting operations

Improved efficiency.

--------------------------------------------------------------------------------

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