|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.
Three Signs of a Static Accounting Organization
Nancy Wu, Head of Client Service
Today’s CFOs are no longer confined to financial reporting, forecasting and budgeting. Rather, your CFO is increasingly being pulled in to shape corporate strategy and deliver revenue growth. So what does that mean for the Accounting and Finance department? For one, the department that continues to operate “business as usual” will struggle to meet the expectations of the CFO. And here are three quickest ways to get to that bad place:
Thinking like a Cost Center
The cost center mentality refers to a primary focus on keeping the lights on and some cost management. Accounting departments with this mentality do not believe that they are capable of, or are responsible for, participating in top line growth. That is a fallacy and a mistake.
Obviously, your accountants are not going start selling wares. But CFOs are indeed looking to their Accounting and Finance team to product insights to help the organization dominate existing markets and penetrate new ones.
The good news is that more strategic projects – the meaty, high profile kind – are coming your way. The bad news is that you’ll need capacity to absorb them, and being completely consumed for ten days out of the month to close the books won’t cut it.
Snubbing Organic Improvement Opportunities
Nowadays, there is not enough budget and organizational appetite to push through big initiatives. But small ideas executed one at a time can add up to impact efficiency greatly over time. There is no better example than the Toyota story, where countless employee tweaks to the production system over time ultimately became the brand’s competitive advantage.
Companies at the top of their game are always evaluating and trying out new ideas in a controlled environment. Where do these ideas come from? Internally, professional forums, local industry roundtables and vendor discussions, to name a few. It’s easier than ever to learn and share knowledge online.
Gone are the days where the juniors in the department are content to do the grudge work to earn their way up the ladder. Mid-level professionals are job hopping more than ever before, even in this “recessionary” market. If you want to keep top talent, or at least not have to train new people every two years, it’s advisable to create a learning environment in the workplace.
In other words, get your people to do less administration (read: copy-paste spreadsheets) and more brain-y work.
ART Eradicates Reconciliation Busywork
Creating cover sheets, updating checklists, scanning, filing… What do these have in common? Well, they are all part of the month-end reconciliation process, and we probably file all of them under “necessary evil.” Why not eliminate them from your to-do list each month? ART self-reconciles accounts, reports reconciliation status, enables electronic sign-off and lightens the month-end reconciliation burden.
Request a demo and see what ART can do for you.
|Here's to an Awesome Close!|