Independent Banker - April 2020 - Cover3

STOCK YARDS BANK & TRUST PARTNERS WITH SKYSTEM
TO AUTOMATE MONTH-END RECONCILIATION PROCESS
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).
* Intuitive 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.
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
All users were trained directly
by SkyStem personnel, who are
knowledgeable about the close and
ϐ  Ǥ 
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
info@skystem.com
646-833-3177
http://www.skystem.com
Independent Banker - April 2020

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