Accelerate Bookkeeping With Journal Entry Accounting Software
Manual Journal Tasks Dominate The Accounting Period
Journal processing is one of the main activities within the period end close. Over 50% of close tasks are journal-related. Journals help keep the books in balance and financial statements compliant and accurate. But the burden of journal processing in the accounting cycle is immense and growing as finance professionals look beyond the general ledger for more varied sources of data and insight. Each sub-ledger or fresh source of data adds to journal complexity, much of which is paper-bound and manually intensive. Never has there been a greater need for automated accounting software.
52% of finance professionals believe they spend too much time on transaction processing; 42% say the same about management reporting and 32% spend too much time on statutory reporting
Intelligent General Journal Entry
Redwood’s finance & accounting automation intelligence means our journal processing ‘understands’ the underlying structure of financial management and ERP systems. Data can be drawn from underlying systems and written back to the ledgers without missing a beat.
- Automate adjustment journals, bonus provisions, accounts payable, accounts receivable, deferred revenue, asset accounts and other calculation-based journals
- Create and store journal templates and then populate those templates from a wide variety of source systems
- Assemble complex calculation rules that automate the entire accounting process
- Manage and work within ERP line restrictions and validation rules, handle errors and remediate with a clear audit trail
With Redwood, Faurecia was able to successfully automate 32,000 global manual journal entries per month and onboard 1,300 end users from both the controlling and GBS teams. 80% of journal entries are now automated, leaving only human review and approvals tasks.
Automate Any Financial Close Process
Choose from a catalog of pre-built closing cycle tasks or build your own reusable actions for greater flexibility. Orchestrate across processes by connecting ERP and non-ERP business solutions for seamless control.
- End Close Checklist: combine reconciliations, journals, intercompany and more into a single automated environment
- Balance Sheet Reconciliation: Eliminate manual preparation and minimize errors with Auto-Certify for smarter reconciliation
- General Ledgers: Integrate with key business systems to fully automate any accounting journal entry including depreciation, accruals and double-entry accounting
- Intercompany Accounting: Automatically identify counterparties, calculate differences in any currency and post system-generated account reconciliation entries
Monitor Progress In Real Time
- View real-time status overviews and visual progress of every business process end-to-end in a single pane of glass
- Empower and inform business users with built-in BPM and clear dashboards for faster decision-making
- Receive predictive SLA notifications before processes miss deadlines, enabling resolution before issues impact performance
Ensure Governance And Security
- Establish comprehensive audit trails with automatic logging of all process and user actions
- Enforce granular data and access policies, including SSO/SAML 2.0+, and logically isolate departments, applications or business units
- Manage the complete DevOps lifecycle with version control, cross-environment deployment and integration with key platforms (GitHub)
- Redwood Finance Automation is ISO 27001 certified and third-party pen-tested so you can meet regulatory
OTHER PILLARS OF THE FINANCIAL CLOSE
Journal Entry is just one of Redwood’s pillars of finance automation. The others are:
Transform Your Business Accounting
Frequently Asked Questions
How does automatic journal entry work?
Automatic journal entry software pulls data from underlying systems and adds that data to general ledger accounts without the need for human intervention. Pre-validation rules reduce the risk of rejected or incomplete items. Data is collated, transformed and reviewed if necessary before being automatically posted to ledgers. This makes it possible for accounting teams to process thousands of journals simultaneously. See what else you can achieve with Redwood.
What does journal entry software do?
Journal entry software is used to automate the creation, entry, management and approval of journals. Instead of relying on manual spreadsheets, journal entry (JE) software can retrieve and transform data from ERPs and business applications, handling liabilities, financial transactions, expense accounts and much more. JE tools also enforce controls, eliminating fraud while improving the accuracy of general ledgers andfinancial reporting. See what else you can achieve with Redwood.
Can I automate journal entries with Redwood software?
Yes, Redwood Finance Automation enables small business and enterprise users to automate the entire journal entry process. Information can be automatically collected from ERPs and business applications (Quickbooks), applying user-specified rules to maintain compliance. Redwood also supports automation for balance sheets, close checklist and intercompany tasks so your organization can accelerate its financial closing processes. See what else you can achieve with Redwood.
See Redwood Finance Automation In Action
Redwood Finance Automation delivers robust and dependable journal processing with automated controls that eliminate human errors and work faultlessly every time. Our automated journal processing helps companies overcome the challenges of disparate systems, missing or incomplete supporting documentation and unreliable approval processes. Eliminate time-consuming manual efforts, increase confidence and gain control over your financial processes.
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