New York: Automated month-end close solution SkyStem LLC is pleased shared Citizens and Farmers Bank’s (C&F Bank) success story as they prepared month end closing with their service.
C&F Bank is a publicly traded financial institution founded in 1927. The bank is based in Virginia and has more than $2 billion in assets.
With a fairly large accounting department, the month-end close relied heavily on spreadsheets and paper, which can quickly become burdensome when it came to activities like pulling requests for auditors.
Due to the large account volume and business complexity, the accounting department bears the heavy burden of completing reconciliations and related compliance activities during the month-end close. The corporate controller had heard from colleagues about tools to automate this process, and in 2019, C&F Bank decided to adopt SkyStem’s month-end close solution, ART.
Since implementing ART, C&F Bank has achieved the following:
Standardization: ART’s standard reconciliation forms allowed the accounting team to have more uniform reconciliations.
Streamlined workflow: Automating due dates and assignments with email alerts and electronic sign-offs helped ensure tasks were done on time and complied with internal control requirements.
Flexible functionality: The accounting team can also schedule activities and tasks that are outside of the month-end close within ART.
Happier auditors: Before going paperless, employees took longer to complete audit requests. After implementing ART, the auditors can find the information easily, on their own.
“That’s one thing I really like about ART. It gives auditors to access and allows them to pull anything they need directly without coming to me or my team.” -- Corporate Controller, C&F Bank
For more information on C&F Bank’s success, read the full case study here.
Image: SkyStem