Financial Close Checklist
CLOSE CHECKLIST THAT'S TRULY AUTOMATED
Redwood’s cloud-based solution combines all close activities, such as reconciliations, journals and intercompany, into a single automated environment. It allows the creation of a single repository that connects all the tasks, underlying ERP and business systems and people involved in the process.
Finance stakeholders across the organization can now have immediate visibility of issues, tasks and bottlenecks that need escalation and remediation. Users can collaborate more easily and resources can be deployed more efficiently. This leads to productivity gains, cost savings, reduced cycle times and an accelerated close.
ELIMINATE INEFFICENT SPREADSHEETS
Managing the hundreds of interdependent period-end activities remains a primitive affair for many organizations. Individual tasks are often recorded in standalone and disconnected spreadsheets. These spreadsheets don’t provide a full audit trail of your close, don’t support collaboration and communication between geographically dispersed teams, and are unable to manage task sequence and dependencies.
Redwood’s finance automation solution provides the real-time visibility and transparency to manage your close through a role-based dashboard and orchestration of the handoffs and handovers between humans and automated task steps.
81% OF SENIOR FINANCE PROFESSIONALS SAY OPPORTUNITIES FOR PROCESS STANDARDIZATION AND AUTOMATION ARE THE MAIN DRIVER FOR REPLACING THEIR CURRENT SYSTEM
EXECUTE TASKS AUTOMATICALLY IN UNDERLYING ERP AND BUSINESS SYSTEMS
Unlike generic process mapping, Redwood’s finance automation solution actually executes the work described in the process, making systems and application calls to the underlying ERP and other business systems as appropriate. This includes tasks such as journal entries, automatic matching of intercompany balances and the creation of reports and alerts.
MONITOR PROGRESS IN REAL TIME
Our powerful financial close checklist solution gives complete real-time visibility across the close. It 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 help benchmark performance across the organization and encourage continuous 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 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.
