SkyStem LLC, a leading provider of automated month-end close and account reconciliation software, is pleased to announce its third feature on FMStv. In this episode, SkyStem’s Head of Sales, Nancy Wu, reviews the rules of enabling a smooth and effortless audit. Being audit-ready is the goal. In order to accomplish this, companies need to infuse controls and documentation requirements into their monthly close and financial reporting process. Doing so results in audit requirements being fulfilled as the close is completed.
“Policies and procedures are meant to be used. So keep them accessible to the team and refresh them as the situation warrants,” says Ms. Wu. “When we rise above the mechanics of controls and documentation, then we can start leveraging our auditors for higher value insight, such as benchmarking or process improvement recommendations.”
The feature continues to outline ways in which policies and procedures are meant to be used, reducing burden and stress during audits. Overall these practices create a stronger financial reporting process, which is less vulnerable to errors and audit weaknesses.
“When we rise above the mechanics of controls and documentation, then we can start leveraging our auditors for higher value insight, such as benchmarking or process improvement recommendations”
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 month-end close solution 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, performing flux analysis and providing insightful reporting. The web-based solution streamlines and eliminates up to 90% of manual activities while strengthening internal controls and corporate governance.
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