finance transformation: automating the financial …€¦ · implementing blackline at uc health...
TRANSCRIPT
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FINANCE TRANSFORMATION:AUTOMATING THE FINANCIAL CLOSE PROCESS
September 12, 2019
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Agenda
• Course Objectives• Introductions• Overview of Panel Organizations• The Financial Close Process• What is BlackLine?• Discussion with UC Health and St. Jude Children’s Research Hospital• Q&A with Audience
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COURSE OBJECTIVES
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Course Objectives
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The financial close is a complex process which continues to grow in importance as chief financial officers (CFOs) face increasing pressure to deliver timely information to the market and critical information to the internal organization.
A key catalyst to modernizing the financial close is emerging automation capabilities which leverage state of the art technologies and enhanced business processes to drive efficiency into all activities. This panel discussion will highlight implementing Blackline at UC Health and St. Jude Children’s Research Hospital.
Learning Objectives:
• the value of automation tools during the financial close / to the Healthcare industry
• what implementation looks like (what can you expect)
• what are some results of an implementation. Financial and non-financial returns/results
© 2019 RSM US LLP. All Rights Reserved. © 2019 RSM US LLP. All Rights Reserved.
INTRODUCTIONS
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Chris Burke is a Business Development, Director for RSM US LLP. Chris has been with RSM for six years and leads the business development efforts for the firm in the Great Lakes with a focus on healthcare, specifically on hospitals and health systems. Prior to joining RSM, Chris spent seven years with Healthcare Financial Management Association as Director of Sales and has over 20 years of experience in business development. Chris is a graduate of Northern Illinois University in DeKalb, Illinois and has a Master of Business Administration degree from North Central College in Naperville, Illinois. He is a Certified Revenue Cycle Representative.
With You Today
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Julie Meyer is the Director of General Accounting and Financial Reporting at St. Jude Children’s Research Hospital. Julie’s team handles treasury, property accounting, general accounting and financial reporting. After a successful start to her career at PricewaterhouseCoopers, gaining experience in a variety of industries, Julie served in a technical accounting role at Caterpillar’s global headquarters where she worked with domestic and international teams on topics including: US GAAP and IFRS matters, SEC reporting, pension accounting, acquisitions and divestitures. Julie holds a Master’s of Professional Accountancy from Illinois State University and is a licensed CPA.
Ana Minter is a Management Consulting Director for RSM and leads the Firm’s Close & Reporting practice. With over 13 years of both consulting and industry experience, Ana is a proven leader in a diverse set of business environments specializing in finance and technology transformation, large-scale implementations, and back office automation and process optimization. Prior to joining RSM, Ana was the VP of IT and Shared Services at a $3B+ global provider of contingent workforce solutions. During her tenure, she led a multi-year IT transformation initiative as well as headed the integration office of a $120M acquisition. She also spent six years at a Big Four firm as a Manager in the IT enabled transformation practice.
Deanna Osborne is the Director of Accounting Services at UC Health in Cincinnati, Ohio and a Certified Public Accountant. She is responsible for the financial accounting close process and production of accurate & timely financial statements. Previous work experience includes KPMG, LLP, Standard Textile Company, Inc. & The E.W. Scripps Company in various roles. She currently leads & manages a team of ten accountants, researches and documents complex accounting transactions, coordinates the annual audit, implements financial controls & process improvements. Deanna recently implemented Blackline reconciliation software at UC Health and has several years of experience as an administrator. Past experience includes utilizing Blackline as a reconciliation tool with an off shore accounting team.
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PARTICIPATING ORGANIZATION OVERVIEW
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RSM Overview
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• More than 90
years of quality
service
• $2.4 billion in U.S.
revenues
• More than 11,000
professionals, 220
in Ohio
• 92 offices
nationally,
including South
Bend, Elkhart,
Indianapolis,
Columbus,
Dayton, Troy and
Cincinnati
Local service model, with national strength
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UC Health Overview
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IN SCIENCE LIVES HOPE
As an academic health system, UC Health combines clinical care with education and research to deliver the best possible experience for our patients. Our specialty and sub-specialty physicians, nurses and specialized staff work together to focus on you and your health needs. We not only lead the region in breakthroughs, we embrace a spirit of purpose – allowing us to offer our patients and their families something that surpasses traditional healthcare providers. At UC Health, we offer hope.
UC Health employs over 10,000 employees and includes the following: University of Cincinnati Medical Center, a major tertiary health center, academic medical center and the only Level 1 Trauma Center in the Greater Cincinnati regionWest Chester Hospital, a community hospital in the northern suburbs of CincinnatiDaniel Drake Center for Post-Acute Care, a specialized medical and rehabilitative care hospital located in CincinnatiUniversity of Cincinnati Gardner Neuroscience Institute, a center for treatment, research and education for complex neurologicaland psychiatric conditionsUniversity of Cincinnati Physicians, our 800-plus physician group
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St. Jude Children’s Research Hospital Overview
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THERE ARE GREAT HOSPITALS, RESEARCH INSTITUTIONS, AND CHARITIES.
AT ST. JUDE, WE AREALL THREE.
• There are great hospitals, research institutions and charities. At St. Jude Children’s Research Hospital, we are all three:
1) St. Jude sees over 7,800 kids each year and provides hundreds of free consultations for doctors worldwide. 2) St. Jude conducts more clinical trials than any children’s hospital across the US and worldwide. 3) Because the majority of St. Jude funding comes from individual contributors, St. Jude has the freedom to focus on what matters most, finding cures and saving children
• St. Jude freely shares discoveries so every child saved at St. Jude means doctors and scientists worldwide can use that knowledge to save thousands more.
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THE FINANCIAL CLOSE PROCESS
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Financial Close Process
The close process is the bridge between business processes and the ability to report the financial results
The journey across the bridge is easier, shorter and higher quality with streamlined processes aligned to enabling
technologies
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Better The Close
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04Days less to
close
52%Lower costs
46%Lower audit
fees
24%Higher labor
rate / FTE
90%Greater
automation
63%Fewer FTEs
Source: The Hackett Group
Top-performing accounting organizations see dramatically improved metrics through automation
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WHAT IS BLACKLINE?
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What is BlackLine?
To put it simply…
BlackLine is a cloud-based solution designed to automate and control the entire financial close process
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BlackLine Platform and Solutions
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Account Recs
Task Management
Transaction Matching
Journal Entry
Consolidation Integrity Manager
Variance Analysis Compliance
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BlackLine Journey
1.0 Balance sheet reconciliationsStreamlined method to automate and verify the correctness and appropriateness of the balance sheet reconciliations
Strategy and visionExecution ofcorporate strategy
2.0 Task managementCentralized command center for tracking finance and accounting tasks, including the performance and measurement
3.0 Transaction managementRules based matching engine streamlining to automate heavy duty reconciliations (i.e. bank reconciliations)
4.0 Journal entry managementComplete journal entry management system that enables you to create, review and approval journals, then electronically certify and store them with all supporting documentation
5.0 Variance analysisAutomates the monitoring and analysis of account balance
fluctuations using customer defined rules
7.0 Consolidation integrity managerAutomates the system-to-system reconciliation process for companies with multiple
applications rolled up through a consolidation system
8.0 Intercompany hubEmpowers organizational entities to approve,
review and reconcile intercompany transactions and balances across currencies and geographies
in real-time
Business value optimizationExecution of strategy to increase shareholder value
Process unification
Efficiency
Visibility
Control
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6.0 ComplianceCentralized environment to provide visibility and consistency to any
controls or project framework
Transaction management
Journal entry management
Variance analysis
Consolidation integritymanager
Intercompany hub
BlackLine value
optimization
Strategy & vision
Account reconciliations
Task management
Compliance
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PANEL DISCUSSION TOPICS
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Discussion Topic #1
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What were your pain points and challenges that were the catalysts for exploring solutions and what ultimately was your primary reason for selecting BlackLine?
Did you look at other solutions?
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Discussion Topic #2
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Often investments in transformation require buy-in and the creation of a business
case. What was your experience in ultimately obtaining approval to implement
BlackLine?
What were the main benefits you were hoping to realize and did these have hard
dollar savings associated with the benefits?
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Discussion Topic #3
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How did BlackLine help you overcome your challenges?
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Discussion Topic #4
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Which solutions are you using for BlackLine?
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Discussion Topic #5
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What feedback have you received from your Accounting team regarding BlackLine?
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Discussion Topic #6
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How did your organization approach the implementation journey and resources required?
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Discussion Topic #7
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What does your roadmap look like for future plans and expansion?
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QUESTIONS?
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