|ART equips executives with striking insight into their balance sheet by transforming the account reconciliation process. Do away with spreadsheets, crazy emailing and manual distractions. Enjoy ART's powerful workflow management and reporting tools to automate account reconciliations and become more productive without ever installing software.|
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Redefining Management's Expectations on Quality, Productivity and Cost of Maintaining a Healthy Balance Sheet
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See if ART can drive productivity and automation into your monthly close by lightening workload, standardizing and creating total transparency.
Invest 15 Minutes a Day for 20/20 Insight into the Financial Close
Nancy Wu, Head of Client Service, SkyStem
As a former consultant to Fortune 1000 companies, one idea my team consistently suggested to clients was to hold a 15-min daily touch point during the close to address critical path issues. Daily group meetings may seem ludicrous in the heat of the close, when you’re already missing out a good night’s sleep.
(And you might add that it’s just what a consultant would recommend -- more meetings!)
But here is the thing: Teams that are serious about a streamlined close know that they can lose hours at a time waiting for an important issue to be resolved over email. Emails are easy to fire out. Unfortunately, once they are in someone else’s inbox, they become one of many other competing priorities that the person may or may not handle right away. Even a few hours’ delay becomes significant when the Close is measured in days and not weeks.
The trick of the daily 15-min touch point is to, well, keep it within 15 minutes and yet achieve results. Here is how you do it:
- Schedule late afternoon with about two hours left in the workday. Hold the meeting late in the afternoon after much of the daily work is done. Then, come up with action plans that the team can finish before everyone goes home.
- Only discuss activities on the critical path. Focus on two questions: Troubleshoot– How to salvage critical path activities that are falling behind on schedule and are delaying the team? Anticipate – What major activities are coming up in the next two days that may derail the close timeline? No need to go too far down the critical path. Remember, you’re reconvening tomorrow.
- Start on time. And don’t worry. The whole team will ensure it ends on time!
Everything else can be relegated to email.
X-Ray Vision is Now Possible!
No special glasses required. ART's unique Exception Scoreboard continuously tracks the impact of unexplained variances and write-offs as you reconcile accounts during the Close. That means you can see right through the reconciliation stack and:
- Instantly know how much of the balance sheet is not yet reconciled, at any time
- Manage total impact of write-offs by each financial statement caption: Cash, A/R, etc.
- Tackle individual exceptions and anomalies as they pop up, instead of in hindsight
- Enjoy total visibility into your balance sheet risk exposure – from the first day of the close to the last day.
Feeling like a Super Hero yet?
User Screenshot -- ART's Exception Scoreboard
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Here's to an Awesome Close!