Account Reconciliation Automation with the Reconciler

Redwood's Reconciler greatly increases the efficiency and speed of your GL account reconciliation while simultaneously reducing the risk for error and time involved. The Reconciler is your key to streamlining and improving any account reconciliation process.

Redwood's Reconciler gives our customers:

• Clear Visibility of the entire process to all stakeholders
• Ready Availability of reconciliation assignments by account
• Smooth Automation of notifications to responsible parties for delinquencies  
• Complete Documentation of reported exceptions
• Fast Reporting to financial management and internal audit

Business Features

The Reconciler can automate all aspects of the GL reconciliation process and captures data from any financial system across the enterprise. It tracks reconciliation status and approvals and archives the results for compliance documentation. The Reconciler empowers you to take charge of all account reconciliation activities including:

Balance and Transaction Matching

• Establishes pre-defined rules to compare total values and transaction-level detail between reports from bank statements to GL detail
• Highlights values exceeding a defined threshold within a single report
• Reconciles values automatically through integration with Microsoft Office Excel® spreadsheets

Data Capture and Validation

• Monitors all network directories for new information
• Incorporates data from both financial applications and business-related data sources, including PDF and text files
• Processes this new information as soon as it is available appropriate comparison rules specific to that reconciliation
• Highlights the values targeted for comparison or extract them into an exception report

Status Monitoring and Alerting

• Monitors reconciliation status in real time throughout every stage of your process
• Provides a clear view of reconciliation status with color indicators (green, yellow and red)
• Sends notifications or alerts to specified users when a validation process returns a failed status

A Central Repository: Improving Auditing and Compliance

Redwood's Reconciler stores industry-specific financial application reports from SAP, Oracle, and other sources in a centralized repository that can be used to store and track other financial reports produced during and after the period-end close. This central repository maintains version control and protects confidentiality through strict security rules, eliminating the time consuming process of accessing reports from many different locations. Reports are organized into logical folders for easy access, and data retention periods can be set for each report type according to internal control and compliance requirements.

The Reconciler archives the approval history for all reconciliations, making the audit trail and documentation available to auditors and users with appropriate security privileges. Users can easily enter notes about issues that occurred and corrective actions that took place during reconciliation, and retain these as part of the audit trail.

For More Information

To find out how the Reconciler can provide real value to your business, contact your local Redwood Software representative.