SkyStem Examines How Banks can Unleash the Full Potential of Balance Sheet Reconcilements

Share Article

SkyStem’s Head of Sales, Nancy Wu, goes in depth on how to unleash the full potential of balance sheet reconcilements on FMStv.

News Image
“If third party documents are not available, then we should look for internal system documents, such as subledgers. When that is not available, you then resort to internally generated analysis -- such as derived calculations, models, estimates etc., or where certain information is tracked.”

SkyStem LLC, a leading provider of automated month-end close and account reconciliation software, is pleased to announce their second feature on FMStv. In this episode, SkyStem’s Head of Sales, Nancy Wu, discusses how to unleash the full potential of balance sheet reconcilements. As head of sales at an automated month-end close solution provider, Ms. Wu explains how balance sheet reconilements are one of the top fraud detection and prevention controls. However, accountants are not usually trained on how to properly prepare reconcilements, which causes push back on meeting month-end close deadlines and leaves room for errors.

“Whenever possible, always support balances with third party documents -- bank statements, government documents, information that comes from vendors or customers. That is typically considered most credible,” says Ms. Wu. “If third party documents are not available, then we should look for internal system documents, such as subledgers. When that is not available, you then resort to internally generated analysis -- such as derived calculations, models, estimates etc., or where certain information is tracked.”

The episode continues to outline ways on how accountants can prevent risk during the month-end close process, suggesting automation opportunities to reduce time. By switching to automation, accounting team’s can turnover any previous risk issues with quick and easy implementation that wont disrupt current deadlines.

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.

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Shalia Skjong
@skystem
Follow >
Visit website