SkyStem ART Review

SkyStem ART is a sophisticated software solution designed to streamline the financial close and reconciliation process. In this review, we will explore its features, use cases, pros, and cons, providing you with an in-depth analysis of this software’s capabilities.

Key Takeaways

• SkyStem ART automates the financial close and reconciliation process, saving time and effort for finance teams.
• The software offers a user-friendly interface and intuitive features that simplify complex tasks.
• With SkyStem ART, businesses can improve accuracy, reduce errors, and ensure compliance with regulatory standards.
• The software provides customizable and comprehensive reporting capabilities, enabling better decision-making and enhanced visibility into financial data.
• Cloud-based deployment ensures easy accessibility, scalability, and eliminates the need for extensive IT infrastructure.

Table of Features

Use Cases

1. Financial Close Automation

SkyStem ART simplifies and automates the financial close process, reducing the time and effort required. It consolidates data from multiple sources, identifies discrepancies, and automatically matches transactions, eliminating the need for manual reconciliation. With streamlined workflows, finance teams can complete the close process more efficiently and accurately.

2. Balance Sheet Reconciliation

The software provides a comprehensive platform for managing balance sheet reconciliations. It allows users to define rules and matching logic, ensuring that reconciliations adhere to internal policies and regulatory requirements. SkyStem ART’s automated reconciliation capabilities minimize errors, improve accuracy, and ensure a more reliable financial reporting process.

3. Audit Preparation and Compliance

SkyStem ART’s detailed audit trail and compliance features help businesses prepare for audits efficiently. The software maintains a complete record of all reconciliation activities, providing auditors with transparent and easily accessible information. This assists organizations in meeting audit requirements and ensures compliance with industry standards and regulations.

4. Financial Reporting and Analytics

With its robust reporting and analytics capabilities, SkyStem ART empowers users to gain valuable insights from financial data. The software offers customizable reports and dashboards, allowing finance teams to analyze trends, identify discrepancies, and make informed decisions. Real-time visibility into financial information enables better financial planning and forecasting.

Pros

1. User-Friendly Interface: SkyStem ART boasts an intuitive and user-friendly interface that simplifies complex financial close and reconciliation processes. Minimal training is required, enabling quick adoption by finance teams.

2. Automation and Efficiency: The software’s automated reconciliation features significantly reduce manual effort and potential errors. It streamlines workflows, improving efficiency and enabling finance teams to complete tasks more rapidly.

3. Customization Options: SkyStem ART offers extensive customization options, allowing users to tailor the software to their specific business needs. Customizable matching rules and logic ensure adherence to internal policies, enhancing accuracy and control.

4. Comprehensive Reporting: The software’s robust reporting capabilities enable users to generate customizable reports and gain insights from financial data. This facilitates better decision-making and provides transparency into the reconciliation process.

5. Cloud-Based Deployment: SkyStem ART’s cloud-based deployment eliminates the need for extensive IT infrastructure, making it highly accessible and scalable. Users can access the software from anywhere, anytime, improving collaboration and flexibility.

Cons

1. Initial Setup and Integration: Setting up SkyStem ART and integrating it with existing systems may require some initial effort and technical expertise. However, the vendor provides support during the implementation process.

2. Learning Curve for Advanced Features: While the software’s interface is user-friendly, mastering advanced features and customization options may require some training and expertise. However, the learning curve is manageable, and the vendor offers training resources.

3. Pricing: The pricing structure of SkyStem ART may not be suitable for small businesses with limited budgets. However, the software’s comprehensive features and efficiency gains may justify the investment for larger organizations.

Recommendation

SkyStem ART is a powerful software solution that effectively streamlines the financial close and reconciliation process. Its automation capabilities, user-friendly interface, and customizable features make it an ideal choice for organizations seeking to improve accuracy, efficiency, and compliance.

While there may be an initial learning curve and setup effort, the benefits of using SkyStem ART outweigh these challenges. We highly recommend this software to finance teams looking to streamline their financial close processes, enhance reporting and analytics, and ensure compliance with regulatory standards.