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Monthly Dose for the Monthly Close

Bite Sized Tips for an Awesome Close

February 2012

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About ART

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.

 
Complimentary Whitepaper

Redefining Management's Expectations on Quality, Productivity and Cost of Maintaining a Healthy Balance Sheet

 

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.




 

Starting February 6th, SkyStem will be touring the Northeast to bring ART, our account reconciliation management solution, to your office.  Sign up for an in-person appointment and see how ART can help streamline your financial close.

What you can expect:

  • An in-depth ART demonstration at your office
  • The opportunity to see your own reconciliations in ART
  • Play in your dedicated sandbox site
  • Candy and snacks

Contact us at info@skystem.com for more information and reserve your spot on the tour!


5 Tips to Evaluate Close Quality

  Nancy Wu, Head of Client Service

In recent discussions with company Controllers and in monitoring conversations around the web, a prominent theme seems to center around the quality of month-end close activities.  As finance and accounting executives set their 2012 objectives to extract process efficiency, they are also recognizing the importance of maintaining and improving the overall quality of the Close.

Well, the bottom line is that what gets measured…gets prioritized, right?

So, if the Close quality is on the finance agenda, be sure to revisit your key performance metrics and embed measurements that can reveal quality-related insights.  Need some ideas?  Here are five examples:

Accuracy and Precision

  • Measure amount of mistakes and rework.  How many journal entry adjustments were recorded last period due to errors?
  • Know the portion of your balance sheet that remains unreconciled or unresolved prior to issuing preliminary financials.  Which accounts have activity that is potentially unaccounted for? 

Predictability and Consistency

  • Compare accruals to actuals.  How close did you get?
  • Compare variability between the FLASH and the final financials.  Is your FLASH materially in line with the final numbers?
Manageability and Sustainability
  • Monitor overtime hours.  Quality of life matters if you want to keep top talent.  Is your team spending many hours during the close doing low-value busy work? 


The Reviewer's Best Friend: ART's Quality Score

Take your reconciliation review process to the next level by combining your current approval process with ART’s early quality indicators.  Managers and executives can quickly and intelligently prioritize their review when ART scores each reconciliation based on Management’s quality criteria such as:

  • Existence of aged open items
  • Lack of supporting documentation attached
  • Late submission


Example of Quality Scoring in ART


Here's to an Awesome Close!


  
  


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