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The upgrade will improve the company’s efficiency and effectiveness, says group finance manager.
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Eightcap selects BlackLine to increase automation
21 July 2022
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Melbourne CFD platform Eightcap has chosen to install BlackLine’s Modern Accounting Playbook (MAP) after outgrowing its manual systems.
Group finance manager at Eightcap, Kon Hara, said the system would help the company become more efficient.
“With BlackLine MAP, we’ll be able to accelerate our ability to streamline and simplify our reconciliation processes, simplify and improve internal controls, remove potential risks, bring visibility across the business and boost productivity, all through removing manual and repetitive processes,” said Mr Hara.
The business realised it needed to increase automation as its finance team was losing productive time in manual reconciliations and data analysis.
“As our business has grown in recent years, we concluded that we needed a solution such as MAP to guide us in implementing new template functionality without the need to rip and replace to a new financial operations management every few years,” said Mr Hara.
“We had been impressed with the calibre of BlackLine’s Australian client base and our own market evaluation suggested the company could customise its solution for our specific requirements, provide a clear cost model and deliver outcomes in a defined timeframe.”
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Mr Hara said that the BlackLine MAP was chosen as it was clear it would underwrite the functions needed to back Eightcap’s success.
“BlackLine MAP will now provide us with all the support we need for effective day-to-day cloud-based financial operations, including replacing the manual management of payment providers based on spreadsheet reconciliation,” said Mr Hara.
“It will scale to meet our requirements, manage volume, drastically reduce implementation times and accelerate time-to-value.
“Ultimately, we’ve taken a platform and enhanced it for a better experience with the broader MAP methodology we’re putting in place.”
Eightcap was established in 2009 and has grown to five offices worldwide with a headquarters in Melbourne.
It is a global CFD platform and forex brokerage that offers clients the ability to trade on a range of markets across FX, indices, commodities and shares.
Founded in 2001, BlackLine is a cloud-based financial operations management platform with more than 3,800 customers across global business centres including Los Angeles, New York and London.
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