Independent Banker - May 2023 - 11
Month-End Automation Simplifies Audits
How It All Started
Why ART?
Citizens and Farmer's (C&F) Bank is a publicly traded
financial institution founded in 1927. Based in Virginia
with $2 billion in assets, C&F Bank has five subsidiaries
and offers community banking, mortgage lending and
consumer finance services.
With three separate accounting departments, the monthend
close relied heavily on paper, which quickly became
burdensome when it came to activities like pulling
requests for auditors.
" It was not very efficient. There was a lot of paperwork. My
team would prepare the reconciliations, print them out,
sign them with all the support, put them on my desk and I
would review them on paper. Then we would box them up
at the end of the month and store them, " Corporate
Controller Matt Guth recalls. " Pretty much every night
during the month-end close I would leave work with a huge
stack of papers. " Matt remembered a former client who
had a reconciliation tool and how much more efficient it
made the process.
In 2019 C&F Bank decided to implement ART by SkyStem.
" It wasn't too hard of a sell, " Matt mentioned. " We just had
to find the right tool for us. "
SkyStem's ART met C&F Bank's key objectives in the following areas:
Standardization: The accounting team previously used cover
sheets in Excel to handle reconciliations. This led to
inconsistencies between different employees, as each person
had their own way of working. ART's standard forms allowed C&F
to have more uniform reconciliations.
Eliminating paper: Digitizing the month-end close took away the
burden of storing piles of reconciliations and documentation.
Additionally, the work could now be done from anywhere.
Streamlined workflow: A larger team working at different times
can lead to complications. Automating due dates and
assignments with email alerts and electronic sign-offs helped
ensure tasks were done on time.
Flexible functionality: With the project management module, the
team had tools for work outside regularly occurring activities.
The department also utilized ART to document controls outside
of the month-end close.
Painless implementation: With no need to involve the Bank's IT
team, ART was able to get up and running within one month. " It
was very easy, " remembers the Corporate Controller.
Happier auditors: Before going paperless, employees took
longer to find and pull requests. After implementing ART, the
auditors were able to find the information easily.
That's one thing I really like about ART. It gives auditors
access and allows them to pull anything they need directly
without coming to me or my team.
-Corporate Controller, C&F Bank
The Results
ART has significantly cut down on time it takes to find and
send items during audits.
Auditors can download reconciliations and review sign-offs
and documentation-all with their own log-in.
With the audit license configurable to grant or restrict
access to notes, periods, accounts and status, C&F Bank has
the flexibility to work with auditors on their terms.
info@skystem.com
646-833-3177
Independent Banker - May 2023
Table of Contents for the Digital Edition of Independent Banker - May 2023
Content
Independent Banker - May 2023 - Cover1
Independent Banker - May 2023 - Cover2
Independent Banker - May 2023 - Content
Independent Banker - May 2023 - 2
Independent Banker - May 2023 - 3
Independent Banker - May 2023 - 4
Independent Banker - May 2023 - 5
Independent Banker - May 2023 - 6
Independent Banker - May 2023 - 7
Independent Banker - May 2023 - 8
Independent Banker - May 2023 - 9
Independent Banker - May 2023 - 10
Independent Banker - May 2023 - 11
Independent Banker - May 2023 - 12
Independent Banker - May 2023 - 13
Independent Banker - May 2023 - 14
Independent Banker - May 2023 - 15
Independent Banker - May 2023 - 16
Independent Banker - May 2023 - 17
Independent Banker - May 2023 - 18
Independent Banker - May 2023 - 19
Independent Banker - May 2023 - 20
Independent Banker - May 2023 - 21
Independent Banker - May 2023 - 22
Independent Banker - May 2023 - 23
Independent Banker - May 2023 - 24
Independent Banker - May 2023 - 25
Independent Banker - May 2023 - 26
Independent Banker - May 2023 - 27
Independent Banker - May 2023 - 28
Independent Banker - May 2023 - 29
Independent Banker - May 2023 - 30
Independent Banker - May 2023 - 31
Independent Banker - May 2023 - 32
Independent Banker - May 2023 - 33
Independent Banker - May 2023 - 34
Independent Banker - May 2023 - 35
Independent Banker - May 2023 - 36
Independent Banker - May 2023 - 37
Independent Banker - May 2023 - 38
Independent Banker - May 2023 - 39
Independent Banker - May 2023 - 40
Independent Banker - May 2023 - 41
Independent Banker - May 2023 - 42
Independent Banker - May 2023 - 43
Independent Banker - May 2023 - 44
Independent Banker - May 2023 - 45
Independent Banker - May 2023 - 46
Independent Banker - May 2023 - 47
Independent Banker - May 2023 - 48
Independent Banker - May 2023 - 49
Independent Banker - May 2023 - 50
Independent Banker - May 2023 - 51
Independent Banker - May 2023 - 52
Independent Banker - May 2023 - 53
Independent Banker - May 2023 - 54
Independent Banker - May 2023 - 55
Independent Banker - May 2023 - 56
Independent Banker - May 2023 - 57
Independent Banker - May 2023 - 58
Independent Banker - May 2023 - 59
Independent Banker - May 2023 - 60
Independent Banker - May 2023 - 61
Independent Banker - May 2023 - 62
Independent Banker - May 2023 - 63
Independent Banker - May 2023 - 64
Independent Banker - May 2023 - 65
Independent Banker - May 2023 - 66
Independent Banker - May 2023 - 67
Independent Banker - May 2023 - 68
Independent Banker - May 2023 - Cover3
Independent Banker - May 2023 - Cover4
https://www.nxtbook.com/mspc/independentbanker/august2024
https://www.nxtbook.com/mspc/independentbanker/july2024
https://www.nxtbook.com/mspc/independentbanker/june2024
https://www.nxtbook.com/mspc/independentbanker/may2024
https://www.nxtbook.com/mspc/independentbanker/april2024
https://www.nxtbook.com/mspc/independentbanker/march2024
https://www.nxtbook.com/mspc/independentbanker/february2024
https://www.nxtbook.com/mspc/independentbanker/january2024
https://www.nxtbook.com/mspc/independentbanker/december2023
https://www.nxtbook.com/mspc/independentbanker/november2023
https://www.nxtbook.com/mspc/independentbanker/october2023
https://www.nxtbook.com/mspc/independentbanker/september2023
https://www.nxtbook.com/mspc/independentbanker/august2023
https://www.nxtbook.com/mspc/independentbanker/july2023
https://www.nxtbook.com/mspc/independentbanker/june2023
https://www.nxtbook.com/mspc/independentbanker/may2023
https://www.nxtbook.com/mspc/independentbanker/april2023
https://www.nxtbook.com/mspc/independentbanker/march2023
https://www.nxtbook.com/mspc/independentbanker/february2023
https://www.nxtbook.com/mspc/independentbanker/january2023
https://www.nxtbook.com/mspc/independentbanker/december2022
https://www.nxtbook.com/mspc/independentbanker/november2022
https://www.nxtbook.com/mspc/independentbanker/october2022
https://www.nxtbook.com/mspc/independentbanker/september2022
https://www.nxtbook.com/mspc/independentbanker/august2022
https://www.nxtbook.com/mspc/independentbanker/july2022
https://www.nxtbook.com/mspc/independentbanker/june2022
https://www.nxtbook.com/mspc/independentbanker/may2022
https://www.nxtbook.com/mspc/independentbanker/april2022
https://www.nxtbook.com/mspc/independentbanker/march2022
https://www.nxtbook.com/mspc/independentbanker/february2022
https://www.nxtbook.com/mspc/independentbanker/january2022
https://www.nxtbook.com/mspc/independentbanker/december2021
https://www.nxtbook.com/mspc/independentbanker/november2021
https://www.nxtbook.com/mspc/independentbanker/october2021
https://www.nxtbook.com/mspc/independentbanker/september2021
https://www.nxtbook.com/mspc/independentbanker/august2021
https://www.nxtbook.com/mspc/independentbanker/july2021
https://www.nxtbook.com/mspc/independentbanker/june2021
https://www.nxtbook.com/mspc/independentbanker/may2021
https://www.nxtbook.com/mspc/independentbanker/april2021
https://www.nxtbook.com/mspc/independentbanker/march2021
https://www.nxtbook.com/mspc/independentbanker/february2021
https://www.nxtbook.com/mspc/independentbanker/january2021
https://www.nxtbook.com/mspc/independentbanker/december2020
https://www.nxtbook.com/mspc/independentbanker/november2020
https://www.nxtbook.com/mspc/independentbanker/october2020
https://www.nxtbook.com/mspc/independentbanker/september2020
https://www.nxtbook.com/mspc/independentbanker/august2020
https://www.nxtbook.com/mspc/independentbanker/july2020
https://www.nxtbook.com/mspc/independentbanker/june2020
https://www.nxtbook.com/mspc/independentbanker/may2020
https://www.nxtbook.com/mspc/independentbanker/april2020
https://www.nxtbook.com/mspc/independentbanker/march2020
https://www.nxtbook.com/mspc/independentbanker/february2020
https://www.nxtbook.com/mspc/independentbanker/january2020
https://www.nxtbook.com/mspc/independentbanker/december2019
https://www.nxtbook.com/mspc/independentbanker/november2019
https://www.nxtbook.com/mspc/independentbanker/october2019
https://www.nxtbook.com/mspc/independentbanker/september2019
https://www.nxtbook.com/mspc/independentbanker/august2019
https://www.nxtbook.com/mspc/independentbanker/july2019
https://www.nxtbook.com/mspc/independentbanker/june2019
https://www.nxtbook.com/mspc/independentbanker/may2019
https://www.nxtbook.com/mspc/independentbanker/april2019
https://www.nxtbook.com/mspc/independentbanker/march2019
https://www.nxtbook.com/mspc/independentbanker/february2019
https://www.nxtbook.com/mspc/independentbanker/january2019
https://www.nxtbook.com/mspc/independentbanker/december2018
https://www.nxtbook.com/mspc/independentbanker/november2018
https://www.nxtbook.com/mspc/independentbanker/october2018
https://www.nxtbook.com/mspc/independentbanker/september2018
https://www.nxtbook.com/mspc/independentbanker/august2018
https://www.nxtbook.com/mspc/independentbanker/july2018
https://www.nxtbook.com/mspc/independentbanker/june2018
https://www.nxtbook.com/mspc/independentbanker/may2018
https://www.nxtbook.com/mspc/independentbanker/april2018
https://www.nxtbook.com/mspc/independentbanker/march2018
https://www.nxtbook.com/mspc/independentbanker/february2018
https://www.nxtbook.com/mspc/independentbanker/january2018
https://www.nxtbook.com/mspc/independentbanker/december2017
https://www.nxtbook.com/mspc/independentbanker/november2017
https://www.nxtbook.com/mspc/independentbanker/october2017
https://www.nxtbook.com/mspc/independentbanker/september2017
https://www.nxtbook.com/mspc/independentbanker/august2017
https://www.nxtbook.com/mspc/independentbanker/july2017
https://www.nxtbook.com/mspc/independentbanker/june2017
https://www.nxtbook.com/mspc/independentbanker/may2017
https://www.nxtbook.com/mspc/independentbanker/april2017
https://www.nxtbookmedia.com