SkyStem Shares How to Process the Month-End Close More Efficiently

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SkyStem’s Head of Sales, Nancy Wu, discusses how to close more efficiently to make time for special projects on FMStv.

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“Avoid a paper-based process. Establish a central repository online instead. Look for ways to implement electronic sign-offs and automated workflow so that the administrative side of the close can be minimized."

SkyStem LLC, a leading provider of automated month-end close and account reconciliation software, is pleased to announce their feature on FMStv. In this episode, SkyStem’s Head of Sales, Nancy Wu, discusses how to close more efficiently to make time for special projects. As head of sales at an automated month-end close solution provider, Ms. Wu explains how the repetitive and time-consuming day-to-day tasks accountants have will never go away, especially when it comes to the month-end close. As a result, these monotonous tasks prevent accountants from spending their time in a more effective way.

“In order to streamline the close, we must first create an environment where information is readily available for anyone to do the work,” says Ms. Wu. “Avoid a paper-based process. Establish a central repository online instead. Look for ways to implement electronic sign-offs and automated workflow so that the administrative side of the close can be minimized. Certain types of reconciliations should be automated so that accountants don’t have to manually work on them each month.”

Ms. Wu continues to outline ways for accountants to reduce the time spent on the month-end close process, indicating the benefits by using these tools. The feature shows a fresh outlook on the process where there are opportunities to become more efficient, improve internal controls, infuse technology and win back time.

To view the FMStv feature, and for more information about SkyStem, please click here.

About FMStv

FMStv is a video-based educational network to stay up to date on hot topics and solutions featuring a cast of thought leaders and experts Financial Managers Society (FMS) members. Founded in 1948, FMS came to be when a group of Chicago controllers formed the Society of Savings and Loan Controllers, a 501(c) 6 not-for-profit association. The Society became an affiliate of the United States League of Savings Institutions a few years later and was officially renamed the Financial Managers Society in 1982. Today, with a strong emphasis on first-class education and building community, FMS thrives as a professional membership organization with nearly 1,600 professional members from banks, thrifts, credit unions, and affiliate partners, from across the country.

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, and providing insightful reporting. The web-based solution streamlines and eliminates up to 90% of manual activities while strengthening internal controls and corporate governance.

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Shalia Skjong
@skystem
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