BlackLine, Inc., a leader in accounting automation software, announced that it has completed the acquisition of Rimilia, an AI-powered cloud-based platform that enables accounts receivable (AR) automation and digital transformation. With Rimilia, BlackLine strengthens its position with the Office of the Controller by driving end-to-end automation of the cash lifecycle and ensuring greater data integrity. The acquisition expands BlackLine's capabilities into an adjacent area, adding AR automation to financial close automation and accelerating BlackLine's larger, long-term plan for transforming and modernizing Finance & Accounting. Headquartered in the United Kingdom, Rimilia is a leading provider of accounts receivable automation solutions that enable organizations to control cash flow and cash collection in real time. Same-day cash allocation results in an unrivaled reduction in the number of days of sales outstanding, improves working capital and drives significant cost savings.

BlackLine, Inc. (Nasdaq: BL) announced today that Sophia Velastegui of Microsoft has joined the accounting automation software leader's board of directors, effective March 16th, 2020, bringing the number of female directors on BlackLine's board to three. A widely recognized technology industry leader and artificial intelligence (AI) expert, Ms. Velastegui will draw on her more than 20 years of experience at global technology trailblazers Microsoft, Google and Apple to help BlackLine maintain its leadership position and guide the company through its next phase of growth. "Sophia has an incredible technology background and is recognized as one of the foremost engineers in the field," said BlackLine CEO Therese Tucker. "She'll bring that experience and knowledge to our board and will help ensure that BlackLine utilizes the latest AI, machine learning and other predictive and emerging technologies to continue to innovate and serve our customers. And, she shares my passion, advocating for diversity in technology and leadership."

Go to wherever you listen to your podcasts. But, while podcasters, software creators, journalists, meme-creators, etc., postulate on the potential ramifications – robot takeovers and the like – we hardly ever stop to talk about what a future with AI could look like on a more reasonable scale. Broadly speaking, artificial intelligence is the application of computer algorithms to task automation, often in a way that mimics how a human might respond to or manage a process. Of these categories, machine learning (ML) has the broadest available applications and is most likely to impact an accountant's day-to-day. Some vendors/providers will tout the availability of ML technology, but their solutions may be little more than applied automation to repetitive tasks and workflows.

Research conducted by Censuswide on behalf of BlackLine, Inc., a leading provider of financial controls and automation software that enables Continuous Accounting, showed Officials said the survey incorporated the responses of 300 CFOs, finance directors and accountants in American companies with annual revenues of more than $150 million. Nearly half of the respondents indicated AI already plays a role in their organization today, while 30 percent are currently investigating its use. Further analysis revealed more than half of respondents said the technology should enable them to complete accounts payable and receivable functions without the need for human intervention. Almost half of the respondents said AI would further facilitate the automation of reconciliations and nearly one-third said the tools would assist the financial close. "The responses underscore the growing power and use of AI tools and the implications for the finance organization," Therese Tucker, founder and CEO of BlackLine, said.