Truck Maintenance & Inspection key Element

  5 Key Elements To A Vehicle Maintenance Program

1. Operational planning
2. Compliance management
3. Parts management
4. Record keeping
5. Preventative maintenance

• Operational planning :-

1. Have a business plan of what are the major objectives of the department.
2. Include what are the major tasks that need to be completed.
3. Set goals that are specific, measurable, achievable, and realistic within a time frame.
4. What gets measured gets done.
5. Identify all who are responsible.
6. What is the financial impact (good or bad) that this dept. and operational plan will create for the company?
7. Use the FieldKonnect’s Safety Management Cycle or another lean principle model.

• Compliance management:-

1. Stay abreast of DOT, OSHA, and EPA regulation requirements and follow them.
2. Track every roadside violation and repair request. Watching these 2 data sets can indicate a problem with the maintenance program or a problem with specific equipment.
3. Post CSA Scores in multiple visible areas of the company.

• Parts management:-

1. Know sources for parts, new, used and rebuilt, re-manufactured, counterfeit parts, and warranties.
2. Track parts and supplies inventory, costs and reorder points.
3. Report cost by vehicle, work performed or cost per mile.
4. Compare repair expenses to revenues generated and use this information to establish replacement benchmarks for each piece of equipment.

• Record keeping:-

1. Have an electronic system in place to set up automatic preventative maintenance alerts, annual inspections, track repairs, inventory and costs.
2. Maintain DVIR records for all post-trip inspections, not just when a defect is found.
3. Consider eDVIRS for drivers with the use of an Electronic Logging Device.
4. Track mechanic hours.

• Preventative maintenance:-

1. Consider quarterly PM’s. It pays to have a qualified mechanic take a deeper look more than once a year. This will be an investment in ‘peace of mind” and provide lower overall operational expenses.
2. Based on the needs of the company, determine PMs by time, miles or engine hours.
3. Have an established a schedule for trailers, lift gates and other special equipment as well as power units.
4. Have “Inspection Lanes”; a designated lane or shop where vehicles entering or exiting the facility, drivers can bring up complaints and have them checked on the spot.
5. An Inspection Lane may be too expensive or cumbersome for every fleet so in place they may use Yard Checks. Have specified times throughout the day, have technicians that will “cruise” the yard and check the equipment that is newly arrived in the yard.
6. Conduct random “stakeouts” at customers, carrier’s lots, or fuel locations. Track how many drivers do the required inspections.
7. Conduct pre-service inspections to new equipment or equipment that has been inactive for a while.
8. Contact the OEM (Original Equipment Manufacturer) that built the vehicles. Most OEMs have an inspection and preventative maintenance (PM) schedule available for the vehicles they build.
9. Establish “pull points” or “cut off points”. This is a per-determined “wear and tear” threshold that when reached, is the trigger for the part or component to be removed and replaced.

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Roster Management System

1. Roster is a list of employees,and associated information

For example:

• Location
• Working times
• Responsibilities for a given time period.

     2. A schedule is necessary for the day to day operation for maximum organizations. The process of creating a schedule is called scheduling. An effective workplace schedule balances the needs of stakeholders such as management, employees and customers.
     3. A Roster is a human resources system. However, the term ROSTER points to one of the most important tools of this system,that is a database. Data maintenance is widely done with a database, which can either be an excel spreadsheet or software.

    Key Benefits:-

* Increase productivity

* Reduce administrative work

* Higher efficiency of employees

* Improve forecasting and budgeting of manpower needs

* Plan shift and schedule in advance

* No un-manned duties

* Manage work schedules, leave approval and attendance

                          FIELDKONNECT APPLICATION

Fieldkonnect helps technicians deliver flawless field service with the only fully configurable app designed for field service and the disconnected day. Regardless of location, technicians will be able to solve customers’ issues faster with critical service information and customer data at their fingertips. Enable your field service technicians and engineers with Fieldkonnect Mobile for Android to delight customers, drive service revenue, and be more efficient.

Fieldkonnect Mobile for Android offers field-ready capabilities designed for technician success integrated seamlessly with native Android functions:

• Make mobile configuration easy with Fieldkonnect 's Infinity Framework—configure once, use anywhere
• Provide seamless offline access, so techs can remotely find information and capture service details
• Access an easy to use calendar for all important events and scheduled work orders
• See a detailed work order view and debrief actions with service workflows configured for your business
• Remotely request parts, capture time and material details with automated pricing rules
• Navigate easily with a native connection to Google Maps to get hands-free directions
• Quickly reach out with one-touch native link to call or text the customer contact for each work order
• View, edit, create, and delete records
• Stay up to date with Service Operations using robust offline data and configuration sync capabilities

Transportation management system

A transportation management system (TMS) is a subset of supply chain management concerning transportation operations and may be part of an enterprise resource planning system.
A TMS usually "sits" between an ERP or legacy order processing and warehouse/distribution module. A typical scenario would include both inbound (procurement) and outbound (shipping) orders to be evaluated by the TMS Planning Module offering the user various suggested routing solutions. These solutions are evaluated by the user for reasonableness and are passed along to the transportation provider analysis module to select the best mode and least cost provider. Once the best provider is selected, the solution typically generates electronic load tendering and track/trace to execute the optimized shipment with the selected carrier, and later to support freight audit and payment (settlement process). Links back to ERP systems (after orders turned into optimal shipments), and sometimes secondarily to WMS programs also linked to ERP are also common.

Functionalities

Transportation management systems manage four key processes of transportation management:

1. Planning and decision making – TMS will define the most efficient transport schemes according to given parameters, which have a lower or higher importance according to the user policy: transport cost, shorter lead-time, fewer stops possible to ensure quality, flows regrouping coefficient, etc.
2. Transportation Execution – TMS will allow for the execution of the transportation plan such as carrier rate acceptance, carrier dispatching, EDI etc..
3. Transport follow-up – TMS will allow following any physical or administrative operation regarding transportation: traceability of transport event by event (shipping from A, arrival at B, customs clearance, etc.), editing of reception, custom clearance, invoicing and booking documents, sending of transport alerts (delay, accident, non-forecast stops…)
4. Measurement – TMS have or need to have a logistics key performance indicator (KPI) reporting function for transport.

Various functions of a TMS include but not limited to:

• Planning and optimizing of terrestrial transport rounds
• Inbound and outbound transportation mode and transportation provider selection
• Management of motor carrier, rail, air and maritime transport
• Real time transportation tracking
• Service quality control in the form of KPI's (see below)
• Vehicle Load and Route optimization
• Transport costs and scheme simulation
• Shipment batching of orders
• Cost control, KPI (Key performance indicators) reporting and statistics
• Freight Audit
• Typical KPIs include but not limited to:

1. % of On Time Pick Up or Delivery Performance relative to requested
2. Cost Per Metric - mile; km; Weight; Cube; Pallet
3. Productivity in monetary terms, e.g. cost per unit weight or shipping unit
4. Productivity in operational terms, e.g. shipping units/order or weight/load

However, all the above logistical functions need to be scrutinized as to how each parameter functions.

 

Goals Of Financial Management

All businesses aim to maximize their profits, minimize their expenses and maximize their market share. Here is a look at each of these goals.
Maximize Profits A company's most important goal is to make money and keep it. Profit-margin ratios are one way to measure how much money a company squeezes from its total revenue or total sales.
There are three key profit-margin ratios: gross profit margin, operating profit margin and net profit margin

1. Gross Profit Margin

The gross profit margin tells us the profit a company makes on its cost of sales or cost of goods sold. In other words, it indicates how efficiently management uses labor and supplies in the production process.

Gross Profit Margin = (Sales - Cost of Goods Sold)/Sales

Suppose that a company has $1 million in sales and the cost of its labor and materials amounts to $600,000. Its gross margin rate would be 40% ($1 million - $600,000/$1 million).

The gross profit margin is used to analyze how efficiently a company is using its raw materials, labor and manufacturing-related fixed assets to generate profits. A higher margin percentage is a favorable profit indicator.

Gross profit margins can vary drastically from business to business and from industry to industry. For instance, the airline industry has a gross margin of about 5%, while the software industry has a gross margin of about 90%.

2. Operating Profit Margin

By comparing earnings before interest and taxes (EBIT) to sales, operating profit margins show how successful a company's management has been at generating income from the operation of the business:

Operating Profit Margin = EBIT/Sales

If EBIT amounted to $200,000 and sales equaled $1 million, the operating profit margin would be 20%. 

This ratio is a rough measure of the operating leverage a company can achieve in the conduct of the operational part of its business. It indicates how much EBIT is generated per dollar of sales. High operating profits can mean the company has effective control of costs, or that sales are increasing faster than operating costs. Positive and negative trends in this ratio are, for the most part, directly attributable to management decisions.

Because the operating profit margin accounts for not only costs of materials and labor, but also administration and selling costs, it should be a much smaller figure than the gross margin.

3. Net Profit Margin

Net profit margins are those generated from all phases of a business, including taxes. In other words, this ratio compares net income with sales. It comes as close as possible to summing up in a single figure how effectively managers run the business:

Net Profit Margins = Net Profits after Taxes/Sales.

If a company generates after-tax earnings of $100,000 on its $1 million of sales, then its net margin amounts to 10%.
Often referred to simply as a company's profit margin, the so-called bottom line is the most often mentioned when discussing a company's profitability.

Again, just like gross and operating profit margins, net margins vary between industries. By comparing a company's gross and net margins, we can get a good sense of its non-production and non-direct costs like administration, finance and marketing costs.

For example, the international airline industry has a gross margin of just 5%. Its net margin is just a tad lower, at about 4%. On the other hand, discount airline companies have much higher gross and net margin numbers. These differences provide some insight into these industries' distinct cost structures: compared to its bigger, international cousins, the discount airline industry spends proportionately more on things like finance, administration and marketing, and proportionately less on items such as fuel and flight crew salaries.

In the software business, gross margins are very high, while net profit margins are considerably lower. This shows that marketing and administration costs in this industry are very high, while cost of sales and operating costs are relatively low.

When a company has a high profit margin, it usually means that it also has one or more advantages over its competition. Companies with high net profit margins have a bigger cushion to protect themselves during the hard times. Companies with low profit margins can get wiped out in a downturn. And companies with profit margins reflecting a competitive advantage are able to improve their market share during the hard times, leaving them even better positioned when things improve again.

Like all ratios, margin ratios never offer perfect information. They are only as good as the timeliness and accuracy of the financial data that gets fed into them, and analyzing them also depends on a consideration of the company's industry and its position in the business cycle. Margins tell us a lot about a company's prospects, but not the whole story.

Minimize Costs

Companies use cost controls to manage and/or reduce their business expenses. By identifying and evaluating all of the business's expenses, management can determine whether those costs are reasonable and affordable. Then, if necessary, they can look for ways to reduce costs through methods such as cutting back, moving to a less expensive plan or changing service providers. The cost-control process seeks to manage expenses ranging from phone, internet and utility bills to employee payroll and outside professional services.
To be profitable, companies must not only earn revenues, but also control costs. If costs are too high, profit margins will be too low, making it difficult for a company to succeed against its competitors. In the case of a public company, if costs are too high, the company may find that its share price is depressed and that it is difficult to attract investors.
When examining whether costs are reasonable or unreasonable, it's important to consider industry standards. Many firms examine their costs during the drafting of their annual budgets.

Maximize Market Share

Market share is calculated by taking a company's sales over a given period and dividing it by the total sales of its industry over the same period. This metric provides a general idea of a company's size relative to its market and its competitors. Companies are always looking to expand their share of the market, in addition to trying to grow the size of the total market by appealing to larger demographics, lowering prices or through advertising. Market share increases can allow a company to achieve greater scale in its operations and improve profitability.
The size of a market is always in flux, but the rate of change depends on whether the market is growing or mature. Market share increases and decreases can be a sign of the relative competitiveness of the company's products or services. As the total market for a product or service grows, a company that is maintaining its market share is growing revenues at the same rate as the total market. A company that is growing its market share will be growing its revenues faster than its competitors. Technology companies often operate in a growth market, while consumer goods companies generally operate in a mature market.
New companies that are starting from scratch can experience fast gains in market share. Once a company achieves a large market share, however, it will have a more difficult time growing its sales because there aren't as many potential customers available.
Next we'll take a look at the potential conflicts of interest that can arise in the management of a business's finances.

Account For Petty Cash

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How to Account For Petty Cash

Every business makes small purchases each day for items such as office supplies, stamps, shipping charges, and other miscellaneous items. Writing a check for such items is time-consuming and expensive. Establishing a petty cash fund allows a business owner to maintain control and account for the expenditures with minimal cost and administrative hassle. If you follow a few steps, it is possible to set up and manage a petty cash account with ease. 

Establishing the Petty Cash System

Purchase a lock box. When you are starting a petty cash fund, you need to buy a lock box that will hold the cash available for use and the receipts for what has been spent. You need a small, metal box that can easily fit within a desk drawer. This box can either have combination lock or have a key lock, depending on what is best for your particular office. Either way, it needs to be extremely secure to deter people from tampering with the box.

1. You need to have a box big enough to keep all the money and receipts in, but small enough to be inconspicuous and easily hid. Make sure you get one with a money tray so the bills and change can be easily organized.
2. These are available in most stationery or office supply stores.

Assign responsibility for the petty cash fund. Once you have a place to store the money, you need to assign an individual in charge of the petty cash box and account. The person you assign should be generally available to any employee who might have need of petty cash, such as an accounting clerk or an administrative assistant.

1. The custodian or cashier of the petty cash box is responsible for disbursing petty cash funds in return for written receipts, replenishing cash in the fund when needed, and recording items purchased or paid for with petty cash funds.

Store the petty cash box. Petty cash boxes should be kept out of sight in a closed drawer. The drawer needs to be in the custodian's desk or another drawer that is easy for the custodian to get to. The combination or key to open the box should be kept in a different drawer, possibly on the key chain of the custodian. It depends on who else needs access to the box and if you have more than one custodian.

1. To add an extra layer of protection, the drawer you keep the box in can also have a lock. This would provide additional security for the money that is kept there.
2. If you have more than one person who needs access to the cash box, think about having multiple keys made or finding a box that comes with additional keys.

Determine the withdrawal limit. Petty cash is not intended to replace or avoid accounting control of expenses. It is set up as a convenience for small purchases that do not warrant writing checks. You need to establish the maximum transaction amount to be handled through the petty cash system. This way, any transaction above that amount can be handled through the normal purchasing process.

1. For example, a company might restrict petty cash transactions to $50 or less. Any transaction above $50 would then be processed as a normal account payable.

Deposit cash into the petty cash fund. Once you have the basics covered, you need to put money into petty cash. You should write a check to the custodian to initially establish the fund. The check amount should be sufficient to handle most cash purchases for the time period you choose, but not so large as to encourage theft. Once the check is cashed, the money should be placed into the petty cash box.

1. A typical beginning amount is between $100-$500.
2. Make sure you keep all denominations of bills in the petty cash drawer. You should have a few $20, a few $10, a good number of $5, and a decent amount of $1. You should also have coins as well. This will make it easy to reimburse petty cash payments. 

Create a petty cash transaction log. With the first initial payment to petty cash, the custodian should start a log of the transactions that go through the petty cash box. This can be a simple hand written accounting log or an online spread sheet kept up with by the custodian. The petty cash custodian should keep up with each transaction by placing it in the log. There should be a line for the description of the transaction, such as office supplies or shipping charge. There also needs to be a column for the amount spent and the person who used the petty cash.

1. There should also be a column for deposits to the account to keep track of when the fund is replenished. The first payment to petty cash should be placed in the log as a petty cash deposit. Then all the transactions can be deducted from this amount.

Establish the petty cash fund on the accounting records of the company. Cash and petty cash accounts are both asset accounts. When initially opening the petty cash fund, cash is simply transferred from one asset account to another with no effect on the balance of the organization’s assets. Once the petty cash fund becomes its own entity, you should keep track of it as a separate account that can be tabulated just like any other account.

1. The transactions that are made to the company's account for opening the petty cash fund should be a credit from the cash account for the amount of the check given to petty cash. You can then transcribe the transaction to the petty cash fund as a debit of cash to the account, which will establish its initial balance from $0 to the amount you deposit into the fund.
2. In this stage, there has been no actual expense because the money has simply been transferred from one account of the company to another, so the total assets of the company are unchanged.

Start using the money. Once there is enough cash in the petty cash box, the business can start using it for small transactions. The custodian should require a receipt for each petty cash purchase. When presented with the receipt of purchase, the custodian should note the date and name of the purchaser on the receipt and deposit the receipt in the petty cash box 

1. The custodian should also reimburse the purchaser with exact change for the purchase.
2. The custodian can also give an advance on petty cash in order to buy something. The company can come up with a system where the person who is going to buy something comes to the custodian for a cash advance. The custodian can mark the purchase in a log to explain what the purchaser intends to buy with the cash advance and how much is needed. Once the purchaser buys the products he set out for, he should return to the custodian with the receipt and change.

Financial Management - Meaning, Objectives and Functions

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Meaning of Financial Management

Financial Management means planning, organizing, directing and controlling the financial activities such as procurement and utilization of funds of the enterprise. It means applying general management principles to financial resources of the enterprise.

Scope/Elements

1. Investment decisions includes investment in fixed assets (called as capital budgeting). Investment in current assets are also a part of investment decisions called as working capital decisions.
2. Financial decisions - They relate to the raising of finance from various resources which will depend upon decision on type of source, period of financing, cost of financing and the returns thereby.
3. Dividend decision - The finance manager has to take decision with regards to the net profit distribution. Net profits are generally divided into two:
   
   1. Dividend for shareholders- Dividend and the rate of it has to be decided.
   2. Retained profits- Amount of retained profits has to be finalized which will depend upon expansion and diversification plans of the enterprise.

Objectives of Financial Management

The financial management is generally concerned with procurement, allocation and control of financial resources of a concern. The objectives can be-

1. To ensure regular and adequate supply of funds to the concern.
2. To ensure adequate returns to the shareholders which will depend upon the earning capacity, market price of the share, expectations of the shareholders.
3. To ensure optimum funds utilization. Once the funds are procured, they should be utilized in maximum possible way at least cost.
4. To ensure safety on investment, i.e, funds should be invested in safe ventures so that adequate rate of return can be achieved.
5. To plan a sound capital structure-There should be sound and fair composition of capital so that a balance is maintained between debt and equity capital.

Functions of Financial Management

1. Estimation of capital requirements: A finance manager has to make estimation with regards to capital requirements of the company. This will depend upon expected costs and profits and future programmes and policies of a concern. Estimations have to be made in an adequate manner which increases earning capacity of enterprise.
2. Determination of capital composition: Once the estimation have been made, the capital structure have to be decided. This involves short- term and long- term debt equity analysis. This will depend upon the proportion of equity capital a company is possessing and additional funds which have to be raised from outside parties.
3. Choice of sources of funds: For additional funds to be procured, a company has many choices like-
   
   1. Issue of shares and debentures
   2. Loans to be taken from banks and financial institutions
   3. Public deposits to be drawn like in form of bonds.
   Choice of factor will depend on relative merits and demerits of each source and period of financing.
4. Investment of funds: The finance manager has to decide to allocate funds into profitable ventures so that there is safety on investment and regular returns is possible.
5. Disposal of surplus: The net profits decision have to be made by the finance manager. This can be done in two ways:
   
   1. Dividend declaration - It includes identifying the rate of dividends and other benefits like bonus.
   2. Retained profits - The volume has to be decided which will depend upon expansional, innovational, diversification plans of the company.
6. Management of cash: Finance manager has to make decisions with regards to cash management. Cash is required for many purposes like payment of wages and salaries, payment of electricity and water bills, payment to creditors, meeting current liabilities, maintenance of enough stock, purchase of raw materials, etc.
7. Financial controls: The finance manager has not only to plan, procure and utilize the funds but he also has to exercise control over finances. This can be done through many techniques like ratio analysis, financial forecasting, cost and profit control, etc. 

Investment Decision

one of the most important finance functions is to intelligently allocate capital to long term assets. This activity is also known as capital budgeting. It is important to allocate capital in those long term assets so as to get maximum yield in future. Following are the two aspects of investment decision

1. Evaluation of new investment in terms of profitability
2. Comparison of cut off rate against new investment and prevailing investment.

Since the future is uncertain therefore there are difficulties in calculation of expected return. Along with uncertainty comes the risk factor which has to be taken into consideration. This risk factor plays a very significant role in calculating the expected return of the prospective investment. Therefore while considering investment proposal it is important to take into consideration both expected return and the risk involved.

Investment decision not only involves allocating capital to long term assets but also involves decisions of using funds which are obtained by selling those assets which become less profitable and less productive. It wise decisions to decompose depreciated assets which are not adding value and utilize those funds in securing other beneficial assets. An opportunity cost of capital needs to be calculating while dissolving such assets. The correct cut off rate is calculated by using this opportunity cost of the required rate of return (RRR).

Financial Decision

Financial decision is yet another important function which a financial manger must perform. It is important to make wise decisions about when, where and how should a business acquire funds. Funds can be acquired through many ways and channels. Broadly speaking a correct ratio of an equity and debt has to be maintained. This mix of equity capital and debt is known as a firm’s capital structure.

A firm tends to benefit most when the market value of a company’s share maximizes this not only is a sign of growth for the firm but also maximizes shareholders wealth. On the other hand the use of debt affects the risk and return of a shareholder. It is more risky though it may increase the return on equity funds.

A sound financial structure is said to be one which aims at maximizing shareholders return with minimum risk. In such a scenario the market value of the firm will maximize and hence an optimum capital structure would be achieved. Other than equity and debt there are several other tools which are used in deciding a firm capital structure. 

Dividend Decision

 

Earning profit or a positive return is a common aim of all the businesses. But the key function a financial manger performs in case of profitability is to decide whether to distribute all the profits to the shareholder or retain all the profits or distribute part of the profits to the shareholder and retain the other half in the business.

It’s the financial manager’s responsibility to decide a optimum dividend policy which maximizes the market value of the firm. Hence an optimum dividend payout ratio is calculated. It is a common practice to pay regular dividends in case of profitability Another way is to issue bonus shares to existing shareholders.

Petty Cash Management

What is Petty Cash Management?

Petty cash funds are used by companies to handle small one-off purchases that can come up periodically in the course of business operations. They should be stored in a secure location with controlled access, such as in a lock box. Petty cash management is the system of recordkeeping to track the usage of petty cash funds. 

What is Petty Cash Reconciliation? 

Petty cash reconciliation is the process of verifying transaction involving petty cash funds. Its purpose is to ensure that funds are being used appropriately. It is an important internal control for fraud prevention.

What is the Process for Petty Cash Reconciliation?

The petty cash reconciliation process starts by counting up the amount of cash on hand at the end of the financial period and using this as the ending balance for the petty cash account. Next, receipts are reviewed and verified as appropriate and complete. Each receipt is logged as a withdrawal from the petty cash fund. The ending balance should be equal to the beginning balance that was carried over from the previous period plus any additional cash deposits–less the sum of all withdrawals.

When discrepancies occur, investigation is required. This can involve examining who had access to funds, looking for missing receipts, and tracking down undocumented deposits. In cases where discrepancies are the result of fraud, additional internal controls are designed to prevent further occurrences.

How Does Petty Cash Management Software Work?

Petty cash management software provides an automated and controlled means for managing petty cash accounts, and reduces the risk associated with these funds. It provides standardized templates to ensure that petty cash funds are managed consistently across the organization.It also provides a centralized repository for storing all documentation associated with petty cash accounts, and allows for easy audit of these records by internal auditors.When a case of fraudulent use of funds is identified, the software automates the workflow process to ensure that additional internal controls are enacted. Such controls are necessary to prevent any further fraud from occurring.It also puts controls in place to ensure that petty cash reconciliations are being properly performed including:

1. automating the petty cash reconciliation workflow
2. ensuring that reconciliations are properly reviewed and approved
3. maintaining appropriate segregation of duties

What Solutions Does BlackLine Offer for Petty Cash Management and Petty Cash Reconciliation? 

BlackLine offers an Account Reconciliations product that allows all petty cash accounts to be managed and reconciled via a centralized system. Templates for recording account data with customizable checklists ensure standardized petty cash records across the organization. Integrated storage allows all records to be easily linked directly to the transaction details. This also allows for easy review of petty cash records by internal auditors.

With the BlackLine Account Reconciliation product, petty cash reconciliations follow an automated workflow that ensures proper review and approval of account data and maintains appropriate segregation of duties. When discrepancies are identified in petty cash funds, the product automates the workflow for their review by accounting staff.

When correcting journal entries are required to address discrepancies in petty cash funds, the BlackLine Journal Entry product integrates to automate this process. In addition to handling correcting journal entries, the Journal Entry product controls and automates the workflow for posting all journal entries associated with petty cash accounts. Controlling this process is necessary due to the high-risk associated with funds in these accounts. The BlackLine Journal Entry product ensures that journal entries are properly documented and follow required review and approval processes, eliminating their potential as a source of fraudulent activity.

When fraudulent activity is identified, the BlackLine Task Management product automates workflow tasks to ensure that proper internal controls are enacted to prevent any future fraud from occurring.