AT A GLANCE
The Problem
After 5 FDIC mergers from 2010-2012, Heartland Bank found themselves struggling with the inefficiencies of manual reconciliations. Their accounting department faced higher balances and more accounts with no standardized process. “It was all over the board,” Controller Jim Lyons remembers, “There really wasn’t one consistent method and we hadn’t developed a methodology for all reconcilements to follow.”
Pressure mounted from internal auditors for better documentation on a more regular basis, leading Heartland to pursue automation as a solution.
The Solution
In 2013 Heartland Bank adopted SkyStem’s ART, a month-end close automation and workflow tool that eliminates up to 90% of manual close activities. Since then they’ve enjoyed a greater peace of mind in the department while having a streamlined process with accounts now reconciled more regularly. “Overall, it’s been a very favorable experience with customer service. The response is always very prompt and the solution really quick and easy to implement,” reflects Mr. Lyons.
The Results
Improved Internal Controls:
With features like risk rating, electronic sign-offs, and review status, reconciliations stopped slipping through the cracks.
Time Saved:
since implementing ART, Heartland Bank has cut down on elapsed time, making space for more high-value work.
Happier Auditors:
Internal access, clearer documentation, no more tracking down reconciliations-what’s not to love? When the auditors are happy, your team is happy.
“It’s much easier to find reconcilements through SkyStem because everything is based on the GL account number. Having a tool like that is worth the price.”
– Jim Lyons Controller, Heartland Bank
Ready to write your own success story? Schedule a demo of ART today! info@skystem.com (644) 833-3177
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