© Copyright Acquisition International 2025 - All Rights Reserved.

Article Image - SkyStem Software Secures Success
Posted 25th September 2020

SkyStem Software Secures Success

Closing the books and completing reconciliations is not the most glamorous part of accounting, but it’s a vital last line of defense against identifying fraud and errors that might occur. The team at SkyStem have developed a way to automate the month-end close and reconciliation process, which has been named Best Account Reconciliation Software Provider 2020 - New York, in this year’s Global Excellence Awards. We take a closer look at the firm, and its founder, to find out more.

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

SkyStem Software Secures Success

Closing the books and completing reconciliations is not the most glamourous part of accounting, but it’s a vital last line of defense against identifying fraud and errors that might occur. The team at SkyStem have developed a way to automate the month-end close and reconciliation process, which has been named Best Account Reconciliation Software Provider 2020 – New York, in this year’s Global Excellence Awards. We take a closer look at the firm, and its founder, to find out more.

Shagun Malhotra, Founder and driving force behind SkyStem, knows first-hand the challenges that accountants face at the end of the month. As an auditor, she knows that no matter the size of an organization, the month-end close is a critical component of financial reporting.

That is what inspired her to found SkyStem, a SaaS provider of a solution that automates the entire process. By reducing the human element from the equation, Shagun provides a service that has been designed by an accountant, for accountants. The company’s flagship solution, ART, was brought to the market and has been an overwhelming success.

ART is the ideal way for companies to streamline their month-end close and reconciliation processes, capable of eliminating 90% of manual activities while strengthening the internal controls and corporate governance. This enterprise technology helps CFOs and Controllers shorten the month-end close cycle and time it takes to issue financials. It does this by automating balance sheet reconciliations, managing month-end tasks, performing flux analysis and providing insightful reporting.

As a web-based solution, ART offers immense advantages to SkyStem’s customers, while being easily accessed anywhere in the world. Not only is it easy to implement, it is affordable to use. Companies of all sizes have taken on SkyStem’s solution, ART, with continued success, adapting it to suit their own business needs. There are many elements within ART that simplify the month-end close process without sacrifice to the quality of the work, while saving the customers’ time and money.

The innovative approach of the SkyStem team is what has allowed the product to become and remain such a strong competitor in the market. The relatively straightforward mission of modernizing the month-end close and reconciliation processes through automation draws on four key criteria – robustness in features, ease of use, fast implementation and a reasonable price that allows anybody to use it. Those who have taken up usage of ART praise its flexibility, as it is able to fit neatly into their existing infrastructure.

Many suggestions made by customers have been brought into action by the SkyStem team, a trait that is unique to the industry. User feedback has been paramount to the success of ART, with the team aiming to make every implementation of ART feel like a custom-made solution. Auditors and regulators alike see the benefits that this SaaS provider brings, relishing the opportunity to use a program that is so deftly designed.

Because all businesses must tackle month-end procedures, ART is used across various sectors, covering every industry from financial services to healthcare to utilities to retail and more. The broad appeal of the program targets the middle market, carefully designed to suit industries of all sorts. Put simply, the product appeals to customers, who not only keep coming back, but also recommend it to others.

Of course, SkyStem would not have achieved such enviable success without the hard work of the passionate team. Detail stands first and foremost, with a creative and hardworking mindset allowing them to achieve impressive results. SkyStem is proudly woman and minority-owned, championing and modeling diversity inclusion in all departments. As such, the company has been able to create several powerful and vibrant marketing campaigns to reflect its out of the box mindset.

The SkyStem team never settles. This mindset doesn’t just apply to the software modules that it produces, which are under constant review as the team is always looking for improvements. It also applies to the strategic vision that has allowed the company to achieve such success. Employees are encouraged to continue educating themselves and progressing professionally by taking classes and pursuing opportunities for further development where appropriate. This manner of leadership has allowed the team to make massive leaps forward.

As a female owned technology company in a male dominated industry, life has not always been easy for the female led SkyStem. But this has not slowed them down either, instead it only makes them stronger. Because of the evident inequalities, Shagun has become a different kind of entrepreneur, aiming to always include women throughout all departments and encouraging them to take up positions in growth-oriented roles regardless of industry stereotypes. The focus has been to put a dent in the gender imbalance, making change possible by bringing it about herself. Needless to say, this drive comes from years of personally witnessing her own challenges as an auditor.

The world is currently in a state of flux, with automation having the potential to revolutionize a number of processes outside of accounting as well as within. For some, this potential holds a concern for the workforce, but to the SkyStem team, it is a tool that allows for increased productivity. ART specifically focuses on helping accounting teams around the world to deliver high quality reconciliations through system checks, quality markers and other features that are unique to the solution.

Throughout the product’s life so far, SkyStem has been constantly tweaking and adjusting to ensure that it meets the needs of customers. This refinement process is set to continue into the future, ensuring that ART remains at the cutting-edge of the industry. Injecting intelligence into the tool will transform how people interact with ART, allowing them to do much more with less. The SkyStem team is also looking into modules that will expand the range of offerings, enabling customers and prospects to infuse automation in various other processes.

SkyStem has been able to achieve such success by finding gaps in the market and creating solutions for them. For many this would be enough, but under the leadership of Shagun, the team has managed to remain at the forefront of the market. Change is never easy, but the team at SkyStem keeps moving forward despite the difficulties.

Categories: Leadership


You Might Also Like
Read Full PostRead - Eye Icon
How to Ensure Your Business is Prepared for the Installation of Robotic Machinery
News
07/09/2023How to Ensure Your Business is Prepared for the Installation of Robotic Machinery

The integration of robotic machinery in businesses is no longer a far-fetched concept, but rather a practical step towards innovation and productivity. However, preparation is key for successful implementation. Let’s explore how you can ensure your busin

Read Full PostRead - Eye Icon
Navigating the Future of Delivery Management Software
News
24/01/2025Navigating the Future of Delivery Management Software

As business operations continue to evolve, delivery management software has become a cornerstone of logistical efficiency. Last-mile delivery, the final step in the delivery process, holds significant importance in ensuring customer satisfaction and operationa

Read Full PostRead - Eye Icon
Global Digital Health Solutions Provider Strengthens Home Care and Telecare Delivery in Germany with Acquisition
M&A
04/03/2022Global Digital Health Solutions Provider Strengthens Home Care and Telecare Delivery in Germany with Acquisition

UK based, leading global provider of software solutions, services and technology for the telecare and telehealth markets, Tunstall Healthcare, has expanded its German presence and service offering with the acquisition of BeWo Unternehmensgruppe (BeWo).

Read Full PostRead - Eye Icon
Going Above and Beyond for Clients
Leadership
07/05/2019Going Above and Beyond for Clients

The Law Offices of Anthony Carbone was founded by Jersey City attorney Anthony Carbone. Following his success as being selected as 2018’s Best Personal Injury Law Firm - New Jersey by Acquisition Intl., we profiled the firm and caught up with Anthony who pro

Read Full PostRead - Eye Icon
Most Outstanding Leisure & Tourism Group 2021 – UK
News
12/10/2021Most Outstanding Leisure & Tourism Group 2021 – UK

The VITALA Group is a consultation services group bringing project management and exemplary financial processes to a myriad of industries and businesses worldwide.

Read Full PostRead - Eye Icon
Cybersecurity A Growing Risk As Companies Rely On Technology To Overcome Increasing Regulatory Requirements
Finance
21/02/2019Cybersecurity A Growing Risk As Companies Rely On Technology To Overcome Increasing Regulatory Requirements

With regulations across a wide variety of industries on the rise, companies are increasingly focusing on technology to help bear the strain. However, this comes at a cost, with cybersecurity now a growing threat, as Acquisition International explores. As incre

Read Full PostRead - Eye Icon
US Deal Making Smashes Records
Finance
04/06/2015US Deal Making Smashes Records

During May US deal making hit an all time monthly high.

Read Full PostRead - Eye Icon
3 Tax Tips for Non-Profits
Finance
20/04/20213 Tax Tips for Non-Profits

The UK government allows charities, aka non-profits, to use quite a few tax exemptions and benefits to minimise their total due tax amount every year. However, in order to really take advantage of those benefits as a non-profit organisation, the administrative

Read Full PostRead - Eye Icon
Innovative Strategies to Enhance In-Person Shopping Experiences Using Indoor Mapping
Innovation
31/03/2023Innovative Strategies to Enhance In-Person Shopping Experiences Using Indoor Mapping

Whether you operate a physical store or manage an online retail outlet, a comprehensive understanding of creating a unique in-person shopping experience is essential in this competitive market.



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have 14 unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow