Name: ART
Price: 0.01 USD
Author: SkyStem

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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.

Basic

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Acumatica

SAP S/4HANA Cloud

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The Buyer’s Guide to Accounting Software

Software for tracking revenues and expenses and forecasting future revenue.

SkyStem

General Ledger and Configurable Accounting

Financial management solution, including capabilities for general ledger and configurable accounting

Accounts payable

This includes the automation and tracking of payment to vendors and suppliers, with features such as payment scheduling, check printing, open purchase order alerts, document management, direct ACH bill payment, and vendor records.

Accounts receivable

This includes the management and automation of invoices and collections, with features like statements, invoices, receipts, payment reminders, customer records, auto billing, and refund checks.

Cash management

The software provides a complete picture of a company’s cash flows, streamlines payment processing, and includes cash forecasting.

Bank reconciliation

The software connects to a company’s financial institutions in order to reconcile accounting records with checking, savings and credit card accounts. Often month and year closing capabilities are included.

Expense management

The software can log and track business expenses and reimbursements, including travel-related expenses, with the ability to tie them to particular projects.

Time tracking

The software can track billable and non-billable employee time by project.

Fixed asset management

This includes the ability to track fixed assets (e.g., laptops), including location, check-in and check-out, maintenance scheduling, audit history, specialized property tax period reports, cost and depreciation.

Multi-currency support

The software supports transactions across multiple currencies.

Multi-division support

The software is flexible and supports bookkeeping practices along multiple dimensions such as locations, branches or products.

Regulations compliance

The software helps users adhere to typical accounting standards and regulations such as IFRS, GASB, or GAAP.

Electronic tax filing

The software provides a full electronic interface for the filing of repeatable taxes, such as payroll or sales tax.

Self-service portal

The software provides online portals for certain stakeholders to find information relevant to them, such as employees, vendors and customers.

Global Financial Support

Account using multiple ledgers, multiple currencies, and multiple entities

Primary and Secondary Ledgers

Record and report across multiple currencies and accounting standards with primary and secondary ledgers

Intercompany Accounting

Automatically balance and reconcile GL for intercompany transactions

Localizations

Meet reporting requirements with country-specific localizations

Journals and Reconciliations

Automate and synchronize ledgers and processes

Enterprise Accounting

Create accounting for disconnected ERP and non-accounting source systems

Configurable Accounting

Configure accounting rules and segments for each chart of accounts

Centralized Rules Framework

Integrate disparate ERP and transactional systems into single ERP instance

Standardized Processes

Centralize financial management to facilitate standardized financial processes

Inventory Management

The ability to track and manage the flow of goods or materials into and out of an inventory.

Inventory tracking

The software syncs orders and stock to maintain a real-time picture of inventory and supports multiple methods such as LIFO and FIFO.

Automatic reordering

The software can be set up to automatically reorder a good when it falls below a certain threshold.

Location management

The software can track multiple goods across multiple locations.

Manufacturing module

The software helps track and manage raw materials, work-in-progress items, and finished goods.

Order Management

The ability to process orders, and track them from quote to cash.

Pricing

Users can set up complex and unique pricing requirements.

Order entry

Users can enter an order once, and the data flows to all the necessary units such as fulfillment and billing.

Credit card processing

The software facilitates credit card processing.

Cost of goods sold

The software calculates the direct costs attributable to a finished product, such as materials and labor, and includes roll-up pricing.

Order Orchestration

Define and execute order fulfillment processes for products as well as services on the same order.

End-to-end order visibility

Get updates on orders, inventory, shipments, planned supply, and invoices, and improve the quality of decisions through in-context analytics

Order exception Resolution

Monitor fulfillment tasks and resolve issues, view and evaluate varios options via what-if analysis and define and enforce change order rules

Payroll Management

Provides for pay calculation and benefit plan administration, in addition to managing direct deposit, salary revisions and payroll tracking.

Pay calculation

Pay calculation provides for computation of employee pay with state and federal deductions.

Benefit plan administration

Benefit plan administration is administration of health insurance plans and 401k plans, and other benefits.

Direct deposit files

Direct deposit is the ability to electronically transfer pay to an employee’s personal bank account.

Salary revision and increment management

Salary revision is the ability to modify individual employee pay.

Reimbursement management

Reimbursement management provides cash reimbursement for employee expenses related to business travel or other.

Reporting & Analytics

Users can report on and analyze usage, performance, ROI, and/or other metrics of success.

Dashboards

Users can create, customize and share dashboards, which provide an overview of the most important metrics.

Standard reports

The software offers pre-built reports with metrics standard to the category.

Custom reports

Customization

This addresses a company’s ability to configure the software to fit its specific use case and workflow.

API for custom integration

An API (application programming interface) provides a standard programming interface for connecting third-party systems to the software for data creation, access, updating and/or deletion.

ART

Overview

What is ART?