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Finance Automation

Increased Tax Authority Scrutiny Puts Transfer Pricing Compliance in the Spotlight

Multinational corporations face compliance challenges in 2021 as intercompany agreements and transfer pricing come under increased scrutiny by hawkish tax authorities. The OECD estimates intra-group transfers make up more than 60% of world trade, underlining why tax authorities globally are taking greater enforcement to prevent intercompany transfer pricing being used to reduce the tax burden
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Finance Automation

How Automation and Analytics Help CFOs Rise to the Growing ESG Reporting Challenge

Environmental, social and governance (ESG) reporting is rapidly rising on the corporate agenda as investors look beyond traditional financial performance to evaluate the longer-term growth opportunities and risks for companies. According to a PwC report, institutional investors view ESG as critical to understanding the full risk profile of a company and evaluating how prepared it
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Finance Automation

4 Benefits of Automated Rule-Based Controls for Finance and Accounting

Finance needs to perform many controls and checks as part of its accounting and reporting responsibilities, ensuring the numbers accurately reflect the reality of the business. Crucially, finance needs confidence that the figures recorded in SAP (or any other ERP system) represent what is actually happening in the business? Some examples of accounting controls performed
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Finance Automation

5 Major Revenue Recognition Risks and How Finance Automation Can Help

Revenue recognition poses significant risks to organizations – when revenue has been improperly or incorrectly recognized due to error or fraud, potential penalties and reputational damage can occur. The US Securities and Exchange Commission (SEC) has detailed guidelines on revenue recognition in its Staff Accounting Bulletin No. 101. The overarching principle of these is that
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Finance Automation

Arla Foods Automates to Improve Consistency and Frequency of Its Energy Taxes Reconciliation

Global dairy company Arla Foods has automated the reconciliation and settlement of its energy taxes, eliminating administrative work and human error and allowing the organization to complete the process – with greater accuracy – monthly instead of annually. As part of its energy taxes reconciliation process, Arla Foods collects meter readings in Impero from its
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Finance Automation

Does Your Finance Team Have the Skills to Deliver Digital Transformation?

Digital investments top the CFO agenda for 2021, according to analyst Gartner’s survey of finance leaders. However, the analyst warns that without plugging the digital skills gap in finance, CFOs will struggle to fully benefit from these digital investments in technologies such as advanced analytics, automation and AI. According to Gartner, there are five key
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Finance Automation

Jabil Reveals 4 Benefits of Digitizing the Financial Close Process

By Redwood Software Global manufacturing services company Jabil achieved four major benefits by automating and digitizing manual tasks across its month-end close and record-to-report (R2R) process. Using Redwood’s finance automation, Jabil achieved these benefits: Time savings Standardization Data quality Reduction in potential audit fees Speaking in a recent webinar with sharedserviceslink, Scott Barone, director of
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Finance Automation

Podcast: How to Ensure Accurate Multi-Level Cost and Revenue Allocations in SAP®

In this episode from our series of SAP-focused finance podcasts, we look at the challenges around cost and revenue allocation in SAP and how to tackle them. This area of finance impacts product pricing and profit margin. It includes the collection of all the multi-level direct and indirect costs that need to be allocated to
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Finance Automation

Podcast: How to Automate Controls and Validations in SAP®

In this episode from our series of SAP-focused finance podcasts, we look at how to tackle some of the issues around controls and validations for finance processes in SAP. In the podcast, technology writer and editor Andy McCue talks to finance transformation expert Adrian Li, who has more than 20 years’ experience designing, building and
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Finance Automation

Podcast: How to Achieve Touchless Batch Input Processing in SAP®

In this episode from our series of SAP-focused finance podcasts, we look at how to relieve some pain points for finance and IT around batch processing in SAP. And we discuss how automation can help tackle those problems. In the podcast, technology writer and editor Andy McCue talks to finance transformation expert Adrian Li, who
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Finance Automation

Finance IT: How to Manage Dependencies within SAP®

In this episode from our series of SAP-focused finance automation podcasts, we discuss why it’s a challenge to manage finance process dependencies in SAP and ensure tasks are completed in the correct sequence. In the podcast, writer and editor Andy McCue talks to Adrian Li, a finance transformation expert with more than 20 years’ experience
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Finance Automation

The SAP® Challenges for Finance and IT

Writer and editor Andy McCue talks to Adrian Li, a finance transformation expert with more than 20 years’ experience in the design, build and running of SAP ERP in both large and small organizations across many industry sectors. In the podcast, Li explains how many of the IT and automation challenges can be traced back
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Finance Automation

The Automation Gap: The 3 Reasons Why Your Finance Processes Are Still Highly Manual

Despite the widespread adoption of ERP systems that were supposed to remove most of the manual effort, only 20% of finance processes are truly automated. Why is that? It’s the automation gap. That gap around finance and accounting processes means work still needs to be done manually outside of those ERP systems, requiring additional tools
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Finance Automation

How Automotive Parts Supplier Faurecia Automated 80% of Key Finance Processes

How did leading global automotive parts supplier Faurecia – which has its equipment in 1 in 3 cars worldwide – automate 80% of its finance processes, with approval workflow the only remaining manual task? Watch the video to hear Christophe MacGarry, global finance transformation director at Faurecia, explain how the company worked with Redwood to
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Finance Automation

Podcast: What is the Finance Automation Gap and How Do You Plug It?

In this episode from our series of finance podcasts, we discuss the so-called ‘automation gap’ for finance and accounting, and the problems it causes. In the podcast, writer and editor Andy McCue talks to Devin Gharibian-Saki, chief solution officer at Redwood, about what causes this finance automation gap, what the impact of that is on
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Finance Automation

The CIO’s Guide to Finance Automation and Why It Matters

What are the biggest challenges for CIOs today when it comes to meeting the needs of the modern finance function? The reality is that the current finance IT landscape of most large organizations is sub-optimal. It’s a costly and complex mix of ERP systems, workflow engines, point solutions and RPA tools – plus a lot
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Finance Automation

Is Your Finance Team Getting the Most out of Automation?

Even if your finance department uses some form of automation, it’s likely that the financial period-end close will continue to weigh heavily on your accounting staff. The financial period-end close is critical to trust, financial visibility and regulatory compliance. But for a large organization, a typical global close can involve more than 100 companies that
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Finance Automation

Automation Lessons from the Financial Close Front Line

The often-frenetic activity of financial close processes is largely due to the huge amount of manual effort they entail every month or quarter. To reduce the pressure and risk this brings, there is an answer for finance departments: use automation across the close. If done effectively, this can mean the financial close becomes a non-event.
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Finance Automation

How to Eliminate Manual Effort and Stress and Make Your Financial Close a Non-Event

The financial close continues to weigh heavily on accounting organizations. A typical global close for a large organization today can involve over 100 companies that must be closed before group consolidation, with more than 500 processes per company plus many more sub-processes and hundreds of thousands of SAP-related activities. And all this frenetic activity always
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Finance Automation

Arla Foods Answers Four Key Questions About Its Month-End Close Challenges

We asked dairy giant Arla Foods four key questions about the challenges of its month-end close and how to tackle them. The company is the one of the world’s largest dairy companies, selling products in more than 100 countries, with 19,000 employees and revenue of over €10 billion. In the video interview, Arla talks about reducing
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Finance Automation

How to plug the Finance Automation Gap That ERP Alone Cannot Reach

It’s a long-held misconception that going through the pain and cost of implementing an ERP system — such as SAP or Oracle— across your business will solve all your financial efficiency and automation problems. In reality, while your ERP does tackle some of those issues there are parts it cannot reach. And that leaves you
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Finance Automation

How To Start Making Your Financial Close a Non-Event Today – With Standardized and Automated Finance Processes

Regardless of your industry, making the financial close a non-event – faster, more accurate, less stress – has long been the utopia of CFOs everywhere. And there’s good reason for that. Consider, for example, how much cost you would save by shaving even just one day off the time it takes to close the books.
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Finance Automation

The Evolution of Financial Shared Services – From Labor Arbitrage and Cost Reduction to Value Delivery

Despite moves to ease the lockdown, no one needs reminding that it’s still far from business as usual. The huge changes to working practices and processes forced upon us by the COVID-19 pandemic have highlighted the failings of some traditional approaches to finance. As an extension of many organizations’ accounting capabilities, financial shared services is
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Finance Automation

Preparing for the New Normal: Four Priorities for CFOs in a Post-COVID-19 World

As CFOs adjust to our changing world, the shortterm focus is understandably on implementing tactical solutions to address the immediate challenges the coronavirus pandemic has created. But it is also imperative for finance leaders to think more strategically about the long-term picture and prepare for a post-COVID-19 world. Technology has been crucial in enabling business
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Redwood Software Further Strengthens Security Posture By Achieving Three Prestigious Certifications
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Redwood Software Achieves Spotlight Status on SAP Store
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Redwood Software Deepens Secure File Transfer Capabilities with Release of Cerberus FTP Server 13
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