In 2025, more than ever before, CFOs are setting a new standard when it comes to driving efficiency.
This past year was a year of transformation. Flexible working and AI are redefining the role of the CFO. However this year, CFOs need to be ready to adapt quickly to change. Building resilient teams and being open to the latest tech innovations will be key to handling the disruption.
A proficient accounting team ensures that the company meets all relevant deadlines and complies with all regulatory requirements, avoiding legal issues and financial penalties. It keeps abreast of changes and gains knowledge on how to implement them.
Traditional accounting methods often involve maintaining physical records, using on-premises software and relying on manual data entry. As CFOs look for ways to boost efficiencies and tackle tough business conditions, accounting is one place where significant improvements can be made in 2025.
Led by Shagun Malhotra, SkyStem is headquartered in the heart of New York City, where the company delivers enterprise organizations with powerful account reconciliation and financial close applications.
The enterprise brings the power of automation to accountants for a process that has remained largely manual despite the rise of digital systems and processes.
As an ex-Fortune 100 auditor, Malhotra could see first-hand the trouble that enterprises were going through when trying to reconcile accounts and complete financial close processes ready for auditing.
The pressing need for improved accounting solutions was put into clear focus during a particular situation with a global financial services company that was facing a serious compliance problem when its balance sheet was off by a staggering four billion dollars. The problem had been slowly simmering under the surface, with 10,000 general ledger accounts not being reconciled regularly or accurately with important documents buried in staff emails and personal desktops.
The system was labor-intensive and ineffective, wasting significant resources and placing the company at risk of major legal issues.
This served as the catalyst that brought SkyStem and the ART system to life.
The rise of SaaS has been phenomenal. However, the endless array of tools often try to cover too many bases without fully understanding the very specific needs of users.
Many accounting teams have erred on the side of caution, preferring to maintain some manual processes in order to keep a close eye on accounts and financial activity for these business-critical reports.
Further, for large organizations dealing with thousands of accounts, the prospect of migrating to a new system is a concern. If any balls are dropped during the transition, the company could face issues with auditors down the line. In addition, training every accountant in a global organization on a complex new software system can be a long and frustrating process.
ART has taken an extremely close look at the reality of accounting to produce a solution that’s easy to learn, adopt and scale as needed.
The SkyStem team takes care of the implementation, getting the new accounting system up and running in a matter of days without compromising data security or business workflows. Accounting employees complete training in hours, not weeks, thanks to a system functionality that is based on the financial-close process and actual user behavior.
AM Retail is just one of the companies that have benefitted from ART. The company was surviving with a paper-based manual accounting system that relied on color-coded folders to keep track of yearly financial activity. After acquiring the rights to operate retail store locations for Wilsons Leather, G.H. Bass & Co., Calvin Klein Performance, Karl Lagerfeld Paris, and DKNY stores, the number of reconciliations exploded by more than 300% pushing the system to breaking point.
With the ART system, AM Retail was able to shorten the auditing process, standardize tasks, access real-time reports, and streamline the review process.
Given the rising cost of doing business, many businesses are feeling the strain. CFO’s must look at how to optimize all of their financial activities and the month-end close is one often overlooked area that is ripe for modernization in 2025.
