Balance Sheet Reconciliation

Save your accounting teams hundreds of unnecessary man hours. Auto-certify up to 80% of your accounts with Redwood’s cloud-based finance automation solution.
Auto-certify for Smarter Reconciliation
Automate reconciliation through rules-based auto-certification, with workflows and remediation for balance sheets that are unreconcilable.
Eliminate Manual Preparation
Reduce the work of manual preparers by 70% and focus on a top-down, risk-based approach to balance sheet certification.
GET A CLEARER VIEW OF RECONCILIATION PROGRESS
Obtain a complete overview and greater visibility of progress across all reconciliations. Identify bottlenecks in any part of the process.
Reconcile with Confidence
Eliminate the risk of errors across your financial statements to build trust and ensure reconciliations are thorough, accurate and on time.

ELIMINATE INEFFICIENT SPREADSHEETS AND POINT SOLUTIONS

Balance sheet reconciliation is a particularly challenging task for accounting teams. Data capture from various distributed systems and a lack of systems integration and status reporting – combined with manual processing using email, spreadsheets and basic workflow tools – prevent Group Controllers and CFOs from having visibility of the overall process or current status of important tasks. This puts finance on the back foot, unable to keep up with processing backlogs, and powerless to implement process improvements in the short breathing space between one period closing and another starting.

42% OF FINANCE PROFESSIONALS SAY THAT THEY SPEND TOO MUCH TIME ON MANAGEMENT REPORTING AND 32% SAY STATUTORY REPORTING TAKES TOO LONG

Source FSN Research “The Future of the finance function”

GO BEYOND RECONCILIATION MANAGEMENT

Redwood’s finance automation solution allows all relevant month-end reconciliations and accounting records to be assembled in an intricate automated process that records the tasks. Deep integration with ERP and other systems of record also enables reconciliation journals to be automatically invoked for posting to underlying financial systems.

Comprehensive automation, together with workflow integration, not only reduces unnecessary manual effort but accelerates the reconciliation process and delivers greater control.

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IMPROVE VISIBILITY

Redwood’s cloud-based solution provides all finance and accounting stakeholders across the enterprise with immediate visibility of certification issues, tasks and bottlenecks that need escalation and remediation. This total visibility and transparency of the balance sheet reconciliation process allows you to be confident that material balance sheet accounts have been reviewed and are reconciled and accurate.

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Many of our reconciliation processes were transformed, from tasks that took several hours to automated activities that now take just minutes. This is a significant saving for our company.

Brian Thomsen, Finance Director, Arla Foods

REDUCE THE PREPARERS’ MANUAL BURDEN

A significant proportion of reconciliation work is performed by preparers and the key to removing this manual burden is auto-certification. Redwood’s finance automation solution applies auto-certification rules at the balance level first, then automatically checks the line items to ensure the account should be auto-certified based on the balance. This provides an additional level of auto-certification and reduction in manual effort that point solutions cannot achieve.

AUTOMATE TASK EXECUTION ACROSS R2R

Redwood plugs the ‘automation gap’ that still leaves your people with lots of unnecessary manual work. Our comprehensive SaaS finance automation solution offers a flexible and modular approach that allows you to address your most critical issues first, then create a roadmap to automate the rest of your R2R processes.

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