BlackLine reveals AI-powered journal analysis tool
The new offering will automate journal entry anomaly detection and trend and insight analysis to tackle “ever-increasing volumes” of journal entry postings.
Digital finance transformation company BlackLine has announced a new journal analysis tool designed to streamline auditing and risk management.
Relying on generative AI technology, the Journals Risk Analyser will identify key trends, insights, and anomalies in journal entries.
According to BlackLine, the tool will make it more easily ensure compliance with company policy while “making audits more efficient and less challenging.”
It added the tool can interpret journal entries across multiple ERPs and systems, and provides “dynamic user-friendly dashboards that provide one-click access to important metrics.”
It can identify potential fraud threats and compliance risks while highlighting improvement areas and is compatible with any ERP.
AI is ideal for identifying anomalies and patterns within very large data sets that are not easily recognisable with human scrutiny,” said founder and co-CEO Therese Tucker.
“The future of what AI can deliver to our customers is exciting, enabling them to make confident, informed decisions based on fast and accurate insights.”
The offering is part of a broader BlackLine strategy to implement AI across its entire platform – from financial close and intercompany accounting to invoice-to-cash, and consolidation solutions.
According to BlackLine, the analyser was developed with customers and will add “new and actionable visibility into companies’ journal entries and process and allows for dynamic KPI trending.”
The tool is expected to be available in the third quarter of 2024, but the firm will offer early adoption.
