|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.|
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.
Nancy Wu, Head of Client Service, SkyStem
Let’s face it. Compliance activities can burden the Close, especially when the clock is ticking away. Approving journal entries, routing sign-offs and collecting documentation all add bulk to the financial reporting process and can slow us down. While we certainly don’t want to abandon internal controls all together, a critical evaluation of existing controls using the following strategies can help streamline your control set so that fewer resources are expended on the compliance effort during the Close.
Enterprise technology and risk mitigation techniques are evolving faster than ever today, creating terrific opportunities for us to refine the Close process.
- Reduce the total amount of work. Generally, more control points = more work. So in order to reduce the amount of work, consider reducing the number of controls. The key to doing so without compromising governance is to favor process level controls and discard transaction level controls. For example: Approving individual journal entries is a transaction level control. A possible process control replacement would be to approve a master journal entry listing. Often, one process control can replace multiple transaction level controls.
- Reduce the effort to execute each control. Steer clear of manual controls and opt for automation as much as possible, so that the work is not driven solely by brute force. That means redesigning controls to leverage new application features, or exploring a combination of system controls to replace a manual activity. As an added bonus, the more automated the control activity, the more data will be captured by the system. And that translates to readily available information for the auditors and less time wasted on data gathering and photocopying.
ART Helps Manage the Cost of Compliance
ART’s complete set of system controls continuously safeguard the integrity of the balance sheet account reconciliation and certification process. System wide rules, change management and audit trail capabilities in ART deliver an automated internal control process and an entirely transparent balance sheet – without over consuming precious human resources.
ART's electronic balance sheet certification feature eliminates paper and off-line compilation of account data. Instantly generate information in ART and utilize its dedicated workflow to monitor and manage certification.
User Screenshot -- ART's Certification Dashboard
|Schedule a Private Demo to see if automating the balance sheet account reconciliation and certification process is right for you.|
Here's to an Awesome Close!