Balance Sheet Reconciliation
42% OF FINANCE PROFESSIONALS SAY THAT THEY SPEND TOO MUCH TIME ON MANAGEMENT REPORTING AND 32% SAY STATUTORY REPORTING TAKES TOO LONG
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.
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.
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.
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.
other pillars of the financial close
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.