42% OF FINANCE PROFESSIONALS SAY THAT THEY SPEND TOO MUCH TIME ON MANAGEMENT REPORTING AND 32% SAY STATUTORY REPORTING TAKES TOO LONG
Redwood allows all relevant month-end reconciliations and accounting records to be assembled in an intricate automated process that records the tasks and leverages deep integration with ERP and other disparate systems. This integration enables reconciliation journals to be automatically invoked for posting to underlying financial systems.
Comprehensive automation, together with workflow integration, not only allows reconciliations to be highly automated but also accelerates the process and delivers greater control.
Redwood’s cloud-based solution for balance sheet reconciliation provides all finance and accounting stakeholders across the enterprise with immediate visibility of certification issues, tasks and bottlenecks that need escalation and remediation. By providing total visibility and transparency of the balance sheet reconciliation process, finance professionals can be confident that material balance sheet accounts have been reviewed and are reconciled and accurate.
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.
A significant proportion of reconciliation work is performed by preparers and the key to removing this manual burden is auto-certification of the bulk of the effort. Redwood applies auto-certification rules at the balance level first, and 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 that point solution reconciliation applications cannot achieve.
Redwood offers the most comprehensive SaaS Record to Report solution which finally plugs the ‘automation gap’ that still leaves your people undertaking lots of manual work. We offer a flexible and modular approach that allows customers to address their most critical issues first and then create a roadmap to automate the rest of their R2R processes.