Improve Internal Controls
The regulator environment has grown increasingly tough in the last decade. As stewards of the financial statements, finance and accounting professionals are expected to execute more internal controls than ever before.
And this is where the math doesn’t add up: There’s more compliance-related work to do, but the same number of people to do them. In an effort to maintain a good control environment, it’s easy to get buried in crossing T’s and dotting I’s all day long, and pass on the more strategic projects (and not to mention more fun projects) that may come along.
Invest in your people by placing a higher value on their time. A great way to start is to look for ways to automate. And here is where ART can help. ART replaces manual controls with automated internal controls. Whether your organization is publicly traded or privately held, compliance becomes easy when ART’s checks and balances enforce internal controls for you, for example:
- The automated workflow keeps your team on task and on schedule during the close
- Close and reconciliation checklist statuses are updated in real-time
- Executive dashboards and detailed reporting identify potential errors, delinquencies and other risk areas instantly
- System reconciliation kicks in upon meeting thresholds set by management
- ART’s standard forms capture policies and procedures and help guide proper preparation of reconciliations
- Rules, alerts and reminders ensure key activities are executed
- Electronic sign-off and audit trail gives no ambiguity as to when and who signed off
- Electronic review notes capture management comments and are timely emailed to recipients
- System rules ensure proper segregation of duties by preventing the same person from preparing and reviewing reconciliations
- Role-based access governs who can see what when it comes to the balance sheet.
At SkyStem, we’re all about enhancing the internal controls environment, without burdening the staff.
Check us out by booking a demo today.
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