New York City, New York Feb 23, 2023 (Issuewire.com) - SkyStem LLC, a leading provider of automated month-end close solutions is thrilled to share Pinnacle Financial Partners (PNFP) success story. Pinnacle, founded in 2000 and headquartered in Tennessee, is a publicly traded financial institution with an asset size of over $40 million.
The balance sheet and the number of accounts brought over grew exponentially in recent years because of multiple mergers, thus leading to an increased workload surrounding the month-end close process. PNFP tested the system for four cycles, became convinced and satisfied with the capabilities of SkyStem's ART, and it was implemented shortly thereafter.
Jonna reported that PNFP had a great adoption rate; people in their accounting department sought growth in other areas of finance. ART opened the opportunity for the team to expand their roles. It is a big positive change for them, they are now able to focus on regulatory reporting and other internal reporting, rather than doing reconciliations all day.
ART provided many benefits to Pinnacle Financial Partners for their month-end close such as:
Modernization: Introduced a fresh and dynamic approach to the month-end close process by replacing printing, paper, manual signatures, scanning, and storing with a powerful workflow repository.
Saved time: By streamlining the workflow, ART shaves off significant amounts of time which enables team members to focus on other activities.
Growth for employees: Automation allowed team members to cross-train in other areas which contributed to their growth.
Pleased auditors: ART allows direct access to the auditors who can pull any data they need at their convenience, thus eliminating a lot of back and forth between Bank associates and the auditors.
"ART's navigation is very intuitive. It did not take long for the team to get familiar with using the system." -Financial Analyst, PNFP Bank
For more information on Pinnacle Financial Partners' success story, read the full case study here.
Pinnacle Financial Partners is an American bank headquartered in Nashville, Tennessee operating in Tennessee, as well as North Carolina, South Carolina, Virginia, Georgia, and Alabama. Pinnacle Financial Partners provides a full range of banking, investment, trust, mortgage, and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution.
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.
Source :Pinnacle Financial Partners
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