ART

ART (Automated Reconciliation Technology) by SkyStem is a solution designed to enhance the close and account reconciliation process. This software is tailored for accounting departments of various sizes, from small businesses to large enterprises. According to the vendor, ART caters to the needs of accounting professionals, financial controllers, CFOs, finance managers, auditors, and the banking and financial services industry. With its range of features and user-friendly interface, ART aims to streamline and improve the reconciliation process, offering valuable insights into the balance sheet.

Key Features

Reconciliations: According to the vendor, ART allows for efficient account reconciliation and electronic document management. It supports standard reconciliation forms and multiple currencies, and enables simultaneous reconciliation of multiple periods. The system algorithms are said to reduce the number of reconciliations by up to 40% each month. ART also offers electronic sign-off and a paperless review process, along with transactional matching between data sets. Real-time dashboards provide status monitoring and exception tracking.

Task Master: ART includes a Close checklist management feature, which can be automated during the financial reporting process. Users can assign tasks to team members and link task activity and documents to balance sheet accounts, enhancing the reconciliation process. The vendor claims that email notifications are sent upon task assignment, completion, and approval. Additionally, ART allows for the archiving of close documents such as analyses or journal entry support.

Flux Analysis: According to the vendor, ART offers the ability to flux the balance sheet based on pre-set percentage and/or dollar thresholds. The software automatically identifies accounts that exceed management thresholds and allows for flux analysis on a monthly, quarterly, annual, or as-needed basis. Users can assign owners to explain variances and attach supporting documentation. ART also provides electronic sign-off and supports up to two levels of approval. Email notifications are sent to users regarding status changes and due dates.

Variance Analysis: ART includes a variance analysis feature that allows users to compare P&L fluctuations based on pre-set thresholds or against the budget. The software automatically identifies accounts that vary materially from the budget or prior periods. According to the vendor, variance analysis can be performed on a monthly, quarterly, annual, or as-needed basis. Users can assign owners to explain variances and attach supporting documentation. Electronic sign-off and up to two levels of approval are supported, and email notifications are sent for status changes and due dates.

Certification: ART offers a certification feature that allows for the validation and certification of the balance sheet. According to the vendor, this feature enables macro-level validation of the balance sheet reconciliation process, including the certification of account ownership, account balances, and exceptions by level (staff, manager, etc.). The vendor states that staff, managers, and controllers may require mandatory sign-off for a variety of custom data.

Reporting: ART provides real-time insight and oversight through its reporting capabilities. The vendor claims that the software offers real-time "grading" of reconciliation quality and executive dashboards (CFO/Controller) that drill down to individual accounts and owners. Users can access key reports such as delinquencies, write-offs, exceptions, and open items aging, with role-based access control. Electronic report sign-off and archiving are supported for any role, and reports can be extracted as PDF or spreadsheet files.