Streamline the Financial Close Process
The month-end close is where information from all the key processes collides. No wonder it often resembles an information traffic jam.
A manual financial close process faces several challenges:
- There is a lot of interdepartmental information that’s needed to close the books. However, it may not be every department’s priority to help the accounting team meet their closing deadlines.
- Among the accounting team, it is often unclear as to which activities are completed, which are awaiting review, and which activities are not yet started.
- Deliverables relating to the close activity are housed all over the place. Journal entry information can be stored in a shared drive, while the pension analysis report is on the Treasurer’s desk, and the close checklist sits in a binder in the Financial Controller’s office.
Administrative work can be substantial: certifying, scanning and printing, filing, searching, updating checklists and collating binders.
This is where ART can help. ART’s Task Master helps build out and assign accountability to task owners, so that there is never any confusion as to whether a task has been completed, a document submitted, or a journal entry reviewed.
- Deadlines for interdepartmental tasks can be scheduled in ART and then tracked for completion.
- Email alerts manage delinquent tasks so that you don’t have to.
- Electronic sign-off and real-time tracking of activities means that we can all work from anywhere and stay on task.
- Whether you’re at your desk or traveling, as long as you have a secure internet connection, you’ll be able to access your closing checklists, status updates and any underlying documentation associated with your tasks.
What about certifications? It’s one of the most burdensome activities during the quarterly close. Automate the certification process with ART, where ART systematically generates key balance sheet information for each level of the organization for electronic sign off. With ART, your organization can certify to data such as account ownership, open items aging, exceptions, write-offs and delinquencies all without having to pull together offline documents.
What’s more? At SkyStem, we understand that technology is not always welcome. The training required to learn and fully master large enterprise software can wear out your team. That is why ART is specifically designed for busy finance professionals who have little time, or desire, to learn new software.
Schedule a demo today and see how you can streamline the close process.
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