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Monthly Dose for the Monthly Close

Bite Sized Tips to Make Your Close Awesome

October 2011

About ART

You Call it Automation
We Call it ARTomation!


ART automates your month-end account reconciliation activities by doing away with spreadsheets, crazy emailing and printing.  Enjoy ART's powerful workflow management and reporting tools to manage account reconciliations and become more productive without ever installing software.


We Know That...

Adopting new technology is a big change.  That’s why we offer different ways to help you decide if ART is right for your accounting group. 

FREE TRIAL
Sign up for a free trial.  In just a few days, your accounting team can test drive ART for themselves.

LIVE DEMO
Schedule a private demo for your group to see how ART can transform your account reconciliation process without breaking the bank. 

TALK TO US
See if ART can drive productivity and automation into your monthly close by lightening workload, standardizing and creating total transparency.




Quick Tip for a Faster & Tighter Close

 Nancy Wu, Head of Client Service, SkyStem

According to Ventana Research, “cutting the time to complete the accounting cycle is rarely a matter of finding one or two bottlenecks…[I]t is almost always a matter of addressing a large number of small things, which in aggregate add up to days or weeks that can be saved.”  And where do you find these small things that add up to a long drawn out close?

Believe it or not, some of them are in your reconciliations (yes, those unglamorous, unexciting things).  When done correct
ly, month-end reconciliations uncover errors that require journal entry adjustments.  And because some accounts are not reconciled until weeks into the close, resulting adjustments are not identified until even later– thus unnecessarily drawing out the close.

If you must complete reconciliations manually and cannot start the reconciliation activity sooner, consider these techniques to fight the phenomenon:

  1. Leverage materiality.  That adjustment for $67 probably won’t affect management analysis.  Book it in the subsequent period so the financials for this month are not disturbed.  
  2. Reprioritize.  Leading practice recommends reconciling high risk accounts first.  But don’t be afraid to also prioritize a lower risk account if adjustments are coming out of it consistently. 
  3. Go upstream.  Frequent errors are indicative of a process or technology breakdown at the transaction point.  Pinpoint the pattern and perhaps you can fix the problem at its source.


Three Ways ART Saves You Time During the Close

  1. ART reconciles low-risk accounts on its own so your people can focus on higher priority tasks and get work done faster.
  2. ART matches transactions between ledger, subledgers and bank statements to auto-identify reconciling items, so adjustments are recorded timelier.
  3. ART refreshes account reconciliations as the balance sheet is updated during the close, so there is no rework when the ledger changes.


Schedule a Private Demo to see if ART is right for your group. 

Here's to an Awesome Close!



SkyStem, LLC
www.skystem.com



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