Skystem: The "ART" of Financial Risk Mitigation

Shagun Malhotra, Founder, SkystemShagun Malhotra, Founder
When a publicly traded global financial services company discovered that their balance sheet was off by over four billion dollars, they faced serious compliance concerns from the auditors and found themselves in a fix. Their ledger accounts were not reconciled or were done carelessly and irregularly and the important documents were strewed among employee emails, drives and personal computers. This lead to a complex, labor-intensive accounts reconciliation process driven by magnitudes of spreadsheets. Over a year, the company spent millions of consulting dollars rebuilding the disjointed process incurring major costs. This experience led the New York headquartered SkyStem to create their flagship solution- ART, a powerful account reconciliation and financial closure application for organizations who are on the search to streamline their financial processes.

Skystem’s ART is a web-based enterprise technology developed to help financial officers and controllers by organizing and eliminating almost all of the manual activities while strengthening the internal controls and corporate governance. The solution reduces the month-end close processes and decreases the time taken to issue financials by automating the balance sheet reconciliations, overseeing the end of the month tasks and providing insightful reports. ART was formulated with the idea of meeting the criteria of being robust, intuitive, fast implementation and reasonable price while not disrupting the bank’s business processes or compromising the security of their data.

ART comprises of an effective workflow management and reporting tools that automate the account reconciliations and helps organizations increase their productivity without any software installation. The solution’s dashboards incorporate real-time balances and status views allowing the accounting team from management to staff to keep track of the financial-close progress and perform an analysis instantly.

ART comprises of effective workflow management and reporting tools that automate the account reconciliations and helps organizations increase their productivity without any software installation

At the user’s convenient time and place, powerful and easy-to-generate reports can be obtained from ART which allows them to securely access the current and previous data, and include review notes. The reports, which are available in multiple formats, can be emailed, archived, or signed off straight from ART.

The disruptive solution automates manual and internal controls managing the reconciliation process for the client. The seamless workflow keeps the client’s team on track and in the schedule during the month-end close. Upon meeting the thresholds set by the management of the client company, the system reconciliation begins functioning along with rules, notifications and, remainders to ensure the timely execution of activities. ART prevents and detects financial reporting fraud by providing balance sheet reconciliations. Designed to integrate with an organization’s existing account reconciliation and financial close process, ART can be deployed quickly and efficiently over the web and is implemented within days.

One of the highlights of SkyStem is their focus on customer-centricity, prompt and knowledge-based support along with their distinctive product development approach. The company attributes the addition of new features and functionality in ART to their active response to user feedback and client suggestions. Unlike the other players in the industry, SkyStem offers unlimited customer support via telephone and email, without any charges. ART’s system functionality is based on the user’s natural behavior and they can be trained within hours with no difficulties.

The SkyStem team works toward continuously enhancing ART to provide the best experience to their clients and incorporates their feedback to the solution’s design. With multiple product releases every year, SkyStem hopes to deliver state-of-the-art features to help clients meet the regulatory requirements and stay ahead in the game.