These days, technology, with the presence of advanced AI platforms, has greatly made accounting processes, more efficient, transparent, and secure. Gone are the days that employees are burdened with the routine checking and cross checking of spreadsheets so as not to miss something. Furthermore, one does not need to hire more employees, as AI-driven platforms can takeover manual and routine tasks. This allows centralized and decentralized accounting teams to have information in real time. One such process, that benefits highly from automation is the month-end close process that includes reconciliations, a myriad of tasks, journal entries and variance analysis.
The following account reconciliation automation software products are the top-rated solutions of their kind in the market.
1. SkyStem
SkyStem has developed ART, a month-end close and account reconciliation system. ART is perfect for mid-sized companies who have the complexity and need for such automation but do not have the robust budgets to absorb long implementations, disruptions and fees. SkyStem has received a number of awards from the impressive performance of its CEO, Shagun Malhotra (a recipient of the Gold Globee Award winner for Best Female Entrepreneur/Founder of the Year), down to its team for its excellent customer service and overall business ranking.
ART has been a time-saver, efficiency provider and lessens the audit burden, issues that accounting teams struggle with all the time. Its powerful workflow management and reporting tools automate closing processes as well as account reconciliations for more productivity.
ART provides real-time tracking of the close and reconciliation progress. It renders smoother audits and saves time for auditors and the accounting teams. It acts as a comprehensive account reconciliation command center that manages the process and the people involved in this process, giving employees more time to focus on more strategic activities and to have real-time data to make more timely decisions.
ART is being used in more than 10 countries and is available in multiple languages. It has been used across multiple industries such as banking, healthcare, software, oil and gas etc. A sample of their customers include UNIFY Financial Credit Union, Symmons Industries Incorporated, Stock Yards Bank and Trust, the cloud-based marketing software provider, Integrate, Rhino Resource Partners, Ichor Systems, Greater Hudson Bank, Guarantee Trust Life Insurance Company (GTL), Bob Mills Furniture, and Lake Health.
More Reasons to Use ART
Intuitive Design
ART is simple to use and easy to learn as it has been designed for accountants.
Easy Setup
On average, the setup is done between 20-30 hours over a few weeks. The implementation process provides the least disruption for the accounting team.
Free Support
Customer support and advice from product experts are entirely free. In fact, SkyStem initiates optimization meetings to help customers better utilize the software.
System Upkeep
The maintenance of ART is also very simple which can be maintained by an internal System Administrator.
What ART Can Do
Reconciliation
ART automates the month-end close and reconciliation process along with managing documents efficiently. It enforces standard reconciliation forms, provides electronic sign-offs and paperless review processes. Its real-time dashboards monitor status and exceptions. It also helps system reconcile accounts based on rule algorithms that follow consistent patterns or predictable behaviors. This can reduce reconciliation volume by up to 40% based on the types of rules that are turned on.
Task Master
One can now manage the close checklist and other tasks during the financial reporting process with ART. It also allows users to efficiently manage activities such as assigning tasks for team members; linking task activities and documents to balance sheet accounts; emailing notifications upon task assignment, completion, and approval; and archiving close documents, such as analyses or journal entry support.
Reporting
ART produces both insight and oversight via real-time "scoring" for reconciliation quality and executive dashboards (CFO/Controller). It also provides role-based access, key reports, electronic sign-offs and archiving for any role, anytime. It has the ability to extract reports as PDF or spreadsheets.
Certification
ART certifies and validates the balance sheet comprehensively. It conducts macro-level validation, certification of account ownership at all levels. It checks unusual balances, open items, delinquencies, quality score, and CEO/CFO certification.
To get more information on ART, its best to get a private demo on the benefits that ART can provide for your accounting team. The demo will include how ART simplifies account reconciliations, streamlines the close, pacifies auditors, improves internal controls, performs real-time archiving, and how it can make companies go paperless. One can also listen to the recorded web demos or request a quote on SkyStem's website.
2. Trintech
Trintech is involved with 100+ Countries, 3100+ Clients, and more than 275,000 Users. They take pride in their ability to meet requirements ahead of anyone else in the market, delivering world-class technology and services each and every step of the way.
Products And Services
Account Reconciliation
As one of the first steps in ensuring balance sheet integrity, Trintech will assure your account reconciliation process is both accurate and consistent. Downstream processes, like financial statements, heavily rely on the accuracy of reported balances and on-time reconciliations. Often, poor visibility or lack of automation can easily lead to errors and unexpected oversights. Trintech makes sure that these things don't happen ever again.
Intercompany Reconciliation
Today, many global organizations are facing complicated intercompany financial accounting issues driven by complex organizational structures, multiple accounts, and high volumes of intercompany transactions. Further complications occur when originating entity transactions are incorrectly recorded on receiving entities' books, duplicated, or posted to suspense - eventually erroring out in consolidation and slowing the Close process considerably. Trintech will help this process smoothly.
3. Blackline
Since being founded in 2001, BlackLine has become a leading provider of cloud software that automates and controls the entire financial close process. Our vision is to modernize the finance and accounting function to enable greater operational effectiveness and agility, and we are committed to delivering innovative solutions and services to empower accounting and finance leaders around the world to achieve Modern Finance.
Solutions
Their solutions are divided into 4 categories, ERP, Industry, Size, and Topic
SAP Integration
BlackLine and SAP enable Continuous Accounting, an approach that refocuses Accounting and Finance from the rigid, manual traditional close cycle to more value-added business activities. BlackLine complements SAP and is the only unified solution built entirely for the cloud-automating account balance and transaction reconciliations, strengthening controls, and streamlining core close tasks. With BlackLine, companies can be confident that they're running the most integrated, complementary, and trusted financial close solution available for SAP. More than 2,600+ companies around the world trust BlackLine, including over 500 running SAP.
Oracle Integration
BlackLine provides Oracle customers with unmatched capability, flexibility, and integration in a single unified built-for-cloud financial close platform.
Fiserv started from something great. In 1984, First Data Processing and Sunshine State Systems merge to create Fiserv, a national data processing organization focused on the financial services industry. They now have grown to have 700+ Solutions, 140+ patents issued and pending and 25,000 #FISVProud associates committed to creating superior value for 12,000 clients worldwide.
Solutons
Their solutions range from Customer and Channel Management, Insights & Optimization, Risk & Compliance and much more.
Customer and Channel Management
Fiserv is pushing technology-driven customer relationship management to its full potential. Their solutions make use of new technologies to reach customers where they live, work and play.
Regardless of your product and service delivery channels or your customers' preferences, their customer relationship management and channel marketing services can deliver solutions to spur new account growth, account retention, expansion, and profitability. All of the fiserv solutions are fortified with top-of-the-line security to ensure that every interaction is safe.
Insight & Optimization
This is where Fiserv offers a breadth of tools and expertise to thoroughly analyze your financial, customer and market data, and deliver the business solutions you need to achieve your objectives.
