Financial Close Checklist
CLOSE CHECKLIST THAT'S TRULY AUTOMATED
Redwood offers a cloud-based solution to close checklist management, and automation gives all finance stakeholders across the enterprise immediate visibility of issues, tasks and bottlenecks that need escalation and remediation. All close activities, such as reconciliations, journals and intercompany, are combined into a single automated environment. Every user in the process can collaborate more easily and resources can be deployed more efficiently, leading to productivity gains, cost savings, reduced cycle times and an accelerated close.
The solution enables finance to create a single repository of tasks connected to the close process, the underlying ERP, non ERP systems and the people responsible for managing the process.
ELIMINATE ENDLESS SPREADSHEETS
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
AUTOMATE TASK EXECUTION IN UNDERLYING ERP AND NON-ERP SYSTEMS
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.
MONITOR REAL-TIME PROGRESS
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
other pillars of the financial close
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.
