SkyStem’s flagship solution, ART, is an enterprise technology that helps CFOs and Controllers shorten the month-end close and time to issue financials by automating balance sheet reconciliations, managing month-end tasks, performing flux and variance analysis, and providing insightful reporting. ART's key benefits include close, reconciliation and flux automation, real-time reporting, instant access to documents and fast implementation.
SkyStem LLC, a leading provider of automated month-end close solution, is pleased to share CountryMark’s success story. CountryMark has been a farmer-owned cooperative since 1919 and remains one of the largest agriculture cooperatives in the nation today. CountryMark’s month-end close process prior to adopting ART was very manual, with reconciliations and supporting documents stored in various folders on the company’s shared drive. Controllers and management needed to allot additional time to match up the reconciliations with their supporting documentations, and signoffs consisted of manually typing in names into a spreadsheet. Between various month-end closed tasks, the accounting department was only able to reconcile 26% of their reconciliations during the month-end close process. Management researched various automation tools and narrowed down three solution providers. After a competitor comparison, tailored demos and a prioritization of the key business requirements, the accounting department selected SkyStem as the vendor of choice. “We’re in a continuous changing environment and ART has been a gamechanger for us to make some process efficiencies everywhere,” said CountryMark’s Director of Accounting. “We’ve totally revamped our finance and accounting group be more in tune with the analytics that ART provides, which has helped us make better business decisions for the entire company.” Since implementation, ART has enabled CountryMark to: • Attach support to reconciliations and sign-off electronically. • Reduce reconciliation time by having over 10% of the balance sheet system reconcile each month. • Establish a centralized and standardized closing process. • Process 2-3 times more reconciliations in the same timeframe. To read the complete case study please click here. About CountryMark CountryMark is an American-owned oil exploration, production, refining and marketing company. The company's complete line of premium quality liquid fuels begins with light, sweet crude oil, which is refined to the highest specifications at the CountryMark refinery in Mt. Vernon, Indiana. Fuel quality is protected as it travels north along a 238-mile private pipeline. State-of-the-art blending technology at each CountryMark fuel terminal ensures that biodiesel and ethanol blended fuels are formulated for optimal driving performance and winter operability. 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 and variance 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.