|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.
Accomplish More by Doing Less
Nancy Wu, Head of Client Service, SkyStem
The New Year is a time for resolutions and hopeful transformations. But before setting super ambitious goals to overhaul the close process, consider this 2011 survey of finance executives from 150 companies – probably echoing some of your own sentiments around the close process. General highlights:
This is an incredible catch-22. As finance professionals, we want to speed up the mechanics of the close in order to win back time for strategic activities and process improvement. But without first dedicating the necessary resource and technology, the close process will forever remain unchanged.
- Finance professionals would like to close twice as quickly as they do now.
- The #1 factor that continues to make the close process a challenge is the abundance of manual activities and undocumented (or not standardized) processes.
- Finance professionals spend between 11% and 30% of their time on closing the books now. But, if they could close faster, efforts would be redirected to strategic planning and process improvement.
I am a big believer of making a series of small improvements as opposed to one big ambitious change. For critical processes like the financial close, small ideas are not only much less risky, but they can be implemented quickly. On the other hand, so many expectations (and managers and vendors and project plans) ride on a big change that they can paralyze execution.
So for 2012, look for small ways to start building your own process improvement arsenal. Whether it’s setting up ACHs to reduce check processing or experimenting with new tools, you’ll soon find those small successes beginning to transform the close process.
ART Modernizes the Account Reconciliation Process
Quite simply, ART reduces the number of spreadsheets, replaces manual activities with system internal controls, and helps accountants reconcile accounts faster and with better accuracy. Instead of cobbling together multiple tools like email, spreadsheets and shared drives to manage reconciliations, ART’s custom templates, smart workflow and matching engine let you do all you work in one place – easily.
User Screenshot -- Account Summary in ART
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Here's to an Awesome Close!