In many organizations, close checklist management is a primitive affair. Individual tasks are often recorded in standalone spreadsheets, developed by individuals to suit their specific role and needs. But these are sited out of the gaze of their finance colleagues and completely disconnected from the underlying monthly closing process they are responsible for.
81% OF SENIOR FINANCE PROFESSIONALS SAY OPPORTUNITIES FOR PROCESS STANDARDIZATION AND AUTOMATION ARE THE MAIN DRIVER FOR REPLACING THEIR CURRENT SYSTEM
Unlike generic process mapping, Redwood can actually do the work described in the process, making systems and application calls to the underlying ERP as appropriate. Examples include journal entries, automatic matching of intercompany balances and the creation of reports and alerts.
Our powerful financial close checklist allows finance professionals to view tasks that haven’t been started or completed, and to review bottlenecks by task, individual, cost center and entity. This information can be used to benchmark performanceacross the enterprise, facilitating post close reviews, thus encouraging continous process improvement to further accelerate the close.
To find out more about how Redwood can benefit you.
With Redwood's automated checklist orchestration, we were able to achieve our target of a one day close with improved compliance and visibility
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.