VT Miltope Automates 35% of Account Reconciliations Each Month

Founded in 1975 and based in Hope Hull, Alabama,VT Miltope is the leading manufacturer of computers, servers/storage, network peripherals, and airborne solutions geared toward top performance under the most demanding environmental conditions.

VT Miltope is part of Singapore Technologies Engineering Ltd – an integrated defense and engineering group specializing in the aerospace, electronics, land systems and marine sectors. Singapore Technologies Engineering has global presence in Asia, the Americas, Europe and the Middle East and employs about 22,000 employees.

VT Miltope’s account reconciliation process was tedious and not well organized due to the manual nature of the work. During month-end close, accountants expend extra energy in their close and reconciliations, which were mainly caused by:

• Unclear statuses of reconciliations
• Challenges in adhering to deadlines
• Inconsistent approach to doing reconciliations
• Wasted time due to manual activities such as scanning, copying and pasting Excel coversheets

VT Miltope’s goal was to find a solution that could provide more precision and accuracy to the balance sheet account reconciliation process by producing standardized, higher quality reconciliations and real-time automatic management of all reconciliations.

The accounting team decided on SkyStem’s automated reconciliation software, ART, after participating in SkyStem’s Webinar Program, and attending a demo of ART. After evaluating SkyStem against another vendor, VT Miltope decided that ART was their solution of choice.

VT Miltope chose SkyStem’s solution, ART, to organize close and reconciliations, while streamlining the whole process. Since implementing ART, Miltope has been able to:

• Automate the traditional manual reconciliation process
• Automate closing and journal entry checklists
• Provide real-time access to reconciliation status
• Increase visibility within the entire close and reconciliation process and keep everyone in focus
• Reduce distractions caused by having to constantly check status, update checklists and double check reconciliation input
• Enforce standardization to maintain reconciliation quality
• Make reconciliation and close checklist information available 24×7 online

VT Miltope’s implementation of ART was quick with just a template that needed to be filled in. After a kickoff meeting with the SkyStem team, ART was set up a few weeks after and ready to go. The accounting team intuitively took to ART after being trained by the SkyStem team.

Comprised of subject matter experts with deep knowledge of the audit and financial close process, the SkyStem customer support team was available to address all of VT Miltope’s questions and requests quickly. Along with personalized customer support, VT Miltope relied on ART’s online educational tools to answer most of the users’ questions.

Schedule a demo today and write your own success story: 646-833-3177