FinTech Awards 2020

www.wealthandfinance-news.com 6 Wealth & Finance International - FinTech Awards 2020 APR2w2 Stock Yards Bank & Trust (NASDAQ: SYBT) was founded in 1904. It has evolved from a small bank serving the Louisville (KY) livestock industry to a nationally recognized bank with assets totaling $3 billion. The Bank had grown both organically and through acquisitions. As it increased in size and operational complexity, the accounting team found itself spending more and more time in the weeds of things when it came to reconciling balance sheet accounts each month— making sure reconciliations were signed off, tracking down supporting documentation and sign-offs, searching for invoices—with less and less time for tackling other important processes and strategic initiatives. The corporate controller decided to search for tools that could help streamline the reconciliation process, as it was a critical but an increasingly burdensome activity. The management team ultimately selected SkyStem’s month-end close and balance sheet reconciliation solution— ART—because it has the right combination of: • Powerful features that eliminate much of the administrative work with no extra bells and whistles that they didn’t need (and didn’t want to pay for). • I ntuitive design that makes it easy to learn. • System reconciliation capabilities that monitor account balances and substantially reduce the number of accounts that require reconciliation. • Internal controls and compliance (via an audit trail) version control and a real-time tracking system. Many of the Bank’s manual controls regarding the reconciliation process would be converted into automated controls. • Transparency and accountability through high-level dashboards and detailed reports for executives. • Speedy and non-disruptive implementation, as setting up ART does not require full-time resources or outside consultants, and can be done in a matter of weeks. After being vetted by the internal audit team and the IT team, ART was implemented over the course of a few weeks. All users were trained directly by SkyStem personnel, who are knowledgeable about the close and financial reporting process. With a tracking system in place, details were no longer misplaced or forgotten. The Bank went from no system to a risk-lowering, totally transparent system with built-in accountability. For more information, visit www.skystem.com . SkyStem [email protected] 646-833-3177 STOCK YARDS BANK & TRUST PARTNERS WITH SKYSTEM TO AUTOMATE MONTH-END RECONCILIATION PROCESS ACTIVITIES MADE POSSIBLE THROUGH ART: • Users reconcile to the latest GL balance • Electronic sign-off on each reconciliation • Real-time status reporting on reconciliation process • Consistent enforcement of supporting documentation requirements • Instant access to reconciliations and document attachments online • Review notes tracked electronically • Faster, more efficient review process • Automatic deadline email alerts PROCESS TIME SAVINGS GAINED USING ART: 20% to 40% of balance sheet reconciliations were system reconciled. In addition, a large number of other time-consuming activities were also eliminated: • Creating cover/lead sheets for each account • Updating reconciliation matrix each month • Providing completion and sign-off status • Printing reconciliations and other documents • Preparing reconciliation binders