AM Retail Group Saves Two Weeks Per Quarter with Month End Close...

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AM Retail Group Saves Two Weeks Per Quarter with Month End Close Automation

By CFO Tech Outlook | Tuesday, August 25, 2020

AM Retail saves two weeks per quarter by adopting SkyStem’s award-winning close and account reconciliation software, ART.

“ART does the work of 2 accountants, which has allowed us to not have to increase the headcount.”

NEW YORK - SkyStem LLC, a provider of automated month-end close account reconciliation software, is pleased to announce AM Retail Group’s success story on reducing the time spent on the month-end close process with ART. AM Retail Group was founded in 2008 as a wholly owned subsidiary of G-III Apparel. The company was created to operate retail store locations owned by G-III, including Wilsons Leather, G.H. Bass & Co., Calvin Klein Performance, Karl Lagerfeld Paris, and DKNY stores.

Prior to adopting ART, AM Retail Group’s month-end close and reconciliation process was completely manual and stored in folders. The accounting team was never comfortable with this process and became extremely concerned when they acquired 5 companies, which increased the number of reconciliations, work and coordination efforts by more than 300%.

“You can't improve the review process just by hiring an accountant. Anyone who is looking to manage their process or something like that should look at this tool,” said AM Retail Group’s Accounting Manager. “ART does the work of 2 accountants, which has allowed us to not have to increase the headcount.”

Since implementation, ART has enabled AM Retail Group to achieve the following:

• Shorten the auditing process.

• Review faster and more efficiently.

• Instantly access reconciliations and supporting documents.

• Establish a centralized and standardized closing process each month.

• Distribute reconciliations efficiently.

• Track the progress between the preparer and the reviewer.

• Report statuses in real-time.

• Sign-off electronically.

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