Among the tactics likely to be used for B2B payments are cash application to simplify the order process through automation, account analysis to do away with risk, allowing for action plans to analyze transactions, a new user interface to help with a more streamlined user experience, and better application programming interface (API) integration, which could better bolster communication and workflows, per the release.
In addition, there are also new tools to integrate with SAP technology, helping to do away with manual processes and boosting confidence in data integrity and completeness, the release stated.
Marc Huffman, BlackLine's president, chief operating officer and incoming CEO, said the challenges of the pandemic would be enough to force businesses to focus on change.
"The global pandemic is bringing to the forefront what we've seen for years," he said, according to the release. "Traditional manual accounting processes are not sustainable. As a result, businesses are placing renewed focus on risk management, control environments and cash flow optimization. With our newest platform release and solution offerings, our customers have the opportunity to emerge from the pandemic stronger than ever with modernized F&A processes, improved working capital, greater data integrity and analysis, enhanced visibility and control, and reduced risk."
BlackLine also teamed with Capgemini in June to help boost financial advice and accounting capabilities, PYMNTS reported. This will help customers access more flexibility in things like account reconciliation, journal entry, task management and Smart Close technologies that BlackLine uses.
In October, PYMNTS reported that BlackLine acquired Rimilia, which works in account automation, to help boost the modernization of accounting. Rimilia works to help companies control cash flow and collection in real time, using machine learning (ML) and artificial intelligence (AI) to simplify the order-to-cash process.