Bank Saves $$$$ Per Year with SkyStem’s Month-End Close Automation
SkyStem LLC, a provider of automated month-end close account reconciliation software, is pleased to announce UniBank’s success story on saving money once implementing ART. Since 1870, UniBank has been serving the financial needs of Central Massachusetts. Headquartered in Whitinsville, Massachusetts, UniBank serves as a full-service, community bank with an asset size of nearly $2 billion. Prior to implementing ART, UniBank’s month-end close and reconciliation process was completely manual with the use of paper and spreadsheets. The accounting team’s process was decentralized and inconsistent in the way reconciliations were completed each month. The process consisted mainly of Excel spreadsheets, with reconciliations printed and stored in filing cabinets each month.
It wasn’t until there was a bank-wide initiative to reduce costs and increase revenue, that the accounting team started to explore options for an innovative automated solution. UniBank’s accounting team wanted a product that was not only affordable but easy and fast to implement. The team also needed a software that was intuitive enough that it would prevent disruption to other ongoing projects. Since the accounting team worked on reconciliations remotely, having a web-based system was another crucial criteria when researching product options. UniBank ultimately selected SkyStem’s ART due to its robust functionalities as well as its affordability.
Since implementing ART, UniBank’s internal and external auditors have both stated that they enjoy using intuitive software, as they were able to learn the system within 15 minutes of training. They also appreciate being able to have their own user login and download information on their own, which is convenient for everyone. Previously, UniBank had to dig through paper files, make photocopies, and hoped that nothing was lost in delivering information to auditors. Today, ART’s electronic sign-offs and audit trails prove to be very useful in helping auditors track the timeliness of preparation and review.
“It might seem overwhelming at first, but SkyStem made it really easy and user-friendly for us to just jump right in,” said UniBank’s Finance Project Manager. “I wouldn’t have imagined it would be so quick to get onboard. ART has provided us with a centralized and standardized process for month-end reconciliations. It’s not only better for the users, but it’s also helpful for the auditors to see consistency instead of personalized reconciliations that are all over the place.”
Since implementation, ART has enabled UniBank to achieve the following:
- Improve risk prevention through high-quality reconciliations.
- Save $9,000 per year based on hours and paper saved from using ART.
- Report status in real-time.
- Attach support to reconciliations electronically.
- Instantly access reconciliations and supporting documents.
- Sign-off electronically.
- Review faster and more efficiently.
- Alert users of upcoming deadlines via emails.
- Establish a centralized and standardized closing process.
- Better satisfy internal and external auditors.
About SkyStem LLC
Headquartered in the heart of New York City, SkyStem delivers a powerful close and account reconciliation application for organizations seeking to streamline their financial processes. The company’s flagship solution, ART, is an enterprise technology that helps CFOs and Controllers shorten the month-end close and the time to issue financials by automating balance sheet reconciliations, managing month-end tasks, performing flux analysis and providing insightful reporting. The web-based solution streamlines and eliminates up to 90% of manual activities while strengthening internal controls and corporate governance.
