Balance Sheet Reconciliation

Cloud-based automated reconciliation and certification to perform the work, not just manage it. Save your accounting teams hundreds of man hours.
Automate for Smarter Reconciliation
Automate balance sheet reconciliation through rules-based auto-certification, with workflows and remediation 
for those that are unreconcilable.
Eliminate Manual Preparation
Reduce the work of manual preparers by 70% and allow management to focus on a top-down, risk based approach to the balance sheet certification process.
Increase Visibility of Automated Progress
Obtain complete overview and greater visibility of progress across all reconciliations and identify bottlenecks in any part of the process.
Reconcile with Confidence
Eliminate risk of errors across all your financial statements and build trust to ensure reconciliations are thorough, accurate and on time.

ELIMINATE ENDLESS SPREADSHEETS AND INEFFICIENT POINT-SOLUTION APPLICATIONS

Data capture from various distributed systems, a lack of systems integration and status reporting, combined with manual processing using email and basic workflow tools, make balance sheet reconciliation a particularly challenging task for accounting teams. 

Tasks, issues, risks and balance sheet reconciliations routinely sit in hundreds (if not thousands) of individually maintained spreadsheets. That prevents Group Controllers and CFO's having overall visibility of the process or the current state of important tasks within it. As a consequence, the finance function is always 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”

AUTOMATE YOUR RECONCILIATION PROCESS, DON’T JUST MANAGE IT

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.

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IMPROVE RECONCILIATION VISIBILITY

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.

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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

SIGNIFICANTLY REDUCE PREPARERS’ BURDEN

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.

AUTOMATE TASK EXECUTION ACROSS RECORD TO REPORT

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.

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