BlackLine Unveils Industry’s First “Tax Hyperautomation” Capabilities for B2B Financial Management

Advanced automation and analytics to optimize intercompany tax flows for improved control and transparency

LOS ANGELES, September 27, 2022 /CNW/ — Leader in Accounting Automation Software BlackLine, Inc.. (Nasdaq: BL) has unveiled the industry’s first “tax hyperautomation” capabilities for B2B financial management, designed to help multinational corporations navigate the complexities of transactions across multiple legal entities, billing channels and jurisdictional boundaries.

The expansion of BlackLine’s market-leading intercompany solutions comes in response to organizations facing increasing intercompany tax oversight globally, including cross-border reporting agreements and increased calls from tax authorities for real-time reporting and electronic compliance. Designed to reduce financial compliance, tax and other risks associated with today’s complex and globally connected business environment, BlackLine’s new tax hyperautomation capabilities offer a range of features to help organizations multinationals to understand and automate intercompany tax workflows, including:

  • Predefined transaction flows: to automatically apply country and service specific tax treatments for increased accuracy without the need for additional resources.

  • Tax Compliant and Verifiable Invoicing: Automatically generated in all jurisdictions to ensure compliance, audit support and deductibility claims.

  • Identifying and Classifying BEAT and Exempt Expenses: To manage BEAT (Base Erosion and Anti-Abuse Tax) and BEPS (Base Erosion and Profit Shifting) exposure without manual intervention.

  • Pre-configured service types: to automatically inform the tax treatment applied depending on the nature of the service, which provides greater granularity while improving overall deductibility.

  • Open standards-based APIs: to enable interoperability between indirect tax engines that customers choose based on their needs.

In the recent reportTop Tech Trends for 2022‘* from the global industrial research company Gartner®, David GroombridgeVP Analyst, Gartner Infrastructure and Communication Services, said, “The increased focus on growth, digitalization and operational excellence has highlighted the need for better and more widespread automation. Hyperautomation is a business-driven approach to identifying, controlling and automating as many business processes as possible.”

Taking this approach, BlackLine defines tax hyperautomation as the holistic mapping and orchestrated use of tax-critical automation capabilities to break down financial silos in cross-company processes. Tax hyperautomation optimizes an organization’s total tax impact across multiple legal entities and billing channels.

“Tax considerations are critical to any business’ business-to-business transactions, but too often they are handled independently and related party processes and automation in this area fall far short of the scrutiny and care given to transactions. with third parties,” said Varun Tejpal, Managing Director, Intercompany, at BlackLine. “Intercompany financial management, on the other hand, is an approach that integrates tax considerations into how intercompany transactions are optimized. BlackLine’s new functionality gives the tax function a place at the table by providing core technology and business process optimization that will significantly improve control, transparency and overall business results for our clients.”

BlackLine’s enhanced tax functions to provide global tax control are part of the company’s broader strategy for intercompany financial management, an emerging category of intercompany solutions that aim to maximize staff efficiency and accounting accuracy, while simultaneously optimizing tax exposure, minimizing tax leakage and ensuring consistent tax and regulatory compliance.

“As the volume of regulations and transactions increase, multinational organizations may face challenges supporting their business-to-business activity and making tax reporting decisions,” said Tom Toppen, Deloitte BlackLine Alliance Leader and one Deloitte Risk and Managing Director of Financial Advisory, Deloitte & Touche LLP. “By automating business-to-business flows across the global transaction value chain, organizations can reduce manual effort and increase overall tax compliance while finding new ways to deliver value-added information that supports broader business strategy.

For more information on BlackLine’s business-to-business financial management solutions, please visit https://www.blackline.com/intercompany.

* Gartner eBook, Gartner Top Strategic Technology Trends for 2022, David Groombridge, https://www.gartner.com/en/information-technology/insights/top-technology-trends. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the United States and internationally and is used herein with permission. All rights reserved.

About BlackLine

companies come black line (Nasdaq: BL) because their traditional manual accounting processes are unsustainable. BlackLine’s cloud-based financial operations management platform and industry-leading customer service help businesses transition 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, accounts receivable, and intercompany accounting processes, helping large and midsize businesses in all industries do their accounting work better, faster, and with more control.

Over 4,000 clients trust BlackLine to help them close faster with complete and accurate results. The company is the pioneer of the cloud financial close market and recognized as the leader by customers on major end-user review sites including G2 and TrustRadius. BlackLine is a global company with operations in major business centers around the world, including Los Angeles, New Yorkthe San Francisco Bay Area, London, Paris, Frankfurt, Tokyo, Singapore and sydney. For more information, please visit blackline.com.

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 words such as “may”, “will”, “should”, “could”, ” “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “intend”, “potential”, “could”, “continue”, “ongoing ” or the negative of these terms or other comparable terminology. The forward-looking statements contained in this release include statements regarding our growth plans and opportunities.

Any forward-looking statements contained in this press release are based on BlackLine’s current plans, estimates and expectations and do not constitute a representation that such plans, estimates or expectations will be achieved. Forward-looking statements are based on information available at the time such statements are made and/or on the good faith beliefs and assumptions of management at that time regarding future events and are subject to risks and uncertainties. . Should any of these risks or uncertainties materialize, or should any assumptions prove incorrect, actual performance or results may differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the Company’s ability to execute its strategies, attract new customers, enter new geographies, and develop, release, and sell new features and solutions; and other risks and uncertainties described in other filings we make from time to time with the Securities and Exchange Commission, including the risks described under “Risk Factors” in our Annual Report on Form 10-K. Additional information will also be presented in our quarterly reports on Form 10-Q.

Forward-looking statements should not be construed as guarantees of future performance or results, and you should not place undue reliance on such statements. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

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Geraldine L. Melton