“The close is the last thing completed before issuing financials, and reconciliations are one of the key closing activities. There certainly are reconciliation elements in all aspects of fraud detection.”
NEW YORK (PRWEB) November 30, 2020
SkyStem LLC, a leading provider of automated month-end close account reconciliation software, is pleased to share Nitto’s success story. After multiple acquisitions and some organizational restructuring, the centralization of Nitto’s month-end close process was extremely cumbersome, the accounting team was in need of a solution. With multiple sites spread throughout the world, the manual nature of the month end close was not conducive to maintaining the highest levels to J-SOX internal controls. Tailored demos and a prioritization of the team’s key business requirements, made SkyStem the vendor of choice.
“We had a narrow objective and didn’t want to implement something that we weren’t 100% certain on, nor did we want a software that was overwhelming. ART was a necessity for us.” said Nitto’s Corporate Controller. “The close is the last thing completed before issuing financials, and reconciliations are one of the key closing activities. There certainly are reconciliation elements in all aspects of fraud detection.”
Since implementation, ART has enabled Nitto to achieve:
- Increased efficiency and time savings
- Total transparency and real time status
- Decreased financial statement risk through high quality reconciliations while reducing paperwork.
- Automated internal controls while preventing and detecting errors more easily
For more information on Nitto’s success and benefits from adopting ART, read the case study here.
In 1918, Nitto Denko Corporation was established in Tokyo. The global company was founded in order to produce electrical insulation materials. In the 100+ years since, it has grown into a leader in the environmental solution markets in optronic, life sciences, energy materials and industrial spaces. Headquartered in New Jersey and established in 1968, Nitto Inc. (Nitto) is the U.S. subsidiary of the Japanese parent company. Nitto was established to provide services in various markets, such as: automobile, paper, electronics, metal processing, health sciences, house construction appliances, etc.
About SkyStem LLC
Headquartered in the heart of New York City, SkyStem delivers a powerful month-end close solution 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.