Blog & Newsroom

5 major revenue recognition risks and how finance automation can help

Improper revenue recognition poses significant risks to organizations. Whether it’s due to unintentional error or deliberate accounting fraud, incorrect revenue recognition can lead to financial penalties, regulatory scrutiny and lasting reputational damage. As regulatory frameworks tighten and stakeholder expectations rise, companies must proactively address vulnerabilities in their revenue recognition processes. This is where finance automation can play a pivotal role. The importance of revenue recognition Revenue recognition is one of the most critical aspects of financial reporting,

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Arla Foods automates to improve consistency and frequency of its energy taxes reconciliation

Global dairy company Arla Foods has automated the reconciliation and settlement of its energy taxes, eliminating administrative work and human error and allowing the organization to complete the process — with greater accuracy — monthly instead of annually. As part of its energy taxes reconciliation process, Arla Foods collects meter readings in Impero from its Danish dairies, along with the utility company invoice data in SAP. These numbers are then compared against the energy taxes that Arla pays upfront to identify instances where the company is entitled to a refund.

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Does your finance team have the skills to deliver digital transformation?

Digital investments top the CFO agenda for 2021, according to analyst Gartner’s survey of finance leaders. However, the analyst warns that without plugging the digital skills gap in finance, CFOs will struggle to fully benefit from these digital investments in technologies such as advanced analytics, automation and AI. According to Gartner, there are five key digital competencies applicable to finance work. These competencies are technological literacy, digital translation, digital learning and development,

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Jabil reveals 4 benefits of digitizing the financial close process

Global manufacturing services company Jabil achieved four major benefits by automating and digitizing manual tasks across its month-end close and record-to-report (R2R) process. Using Finance Automation by Redwood, Jabil achieved: Time savings Standardization Data quality Reduction in potential audit fees Speaking in a recent webinar with sharedserviceslink, Scott Barone, director of the finance digital PMO at Jabil, explained that the automation project started by surveying finance teams across both the corporate and individual site functions globally,

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Why it’s time to adopt modern batch processing and workload orchestration

If you’re still batch processing like you were five — or even two — years ago, it’s time for a change. Batch processing was designed for efficiency and convenience. It’s a method of scheduling groups of jobs (batches) to be processed at the same time — with or without human intervention. Traditionally, batch workloads have been processed during batch windows, which are periods of time when overall CPU usage is low (typically overnight). Why overnight? Batch workloads can require high CPU cycles,

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How RunMyJobs makes it easy to automate securely

Automation reduces manual effort, increases efficiency and flexibility and improves operations. The more systems, processes and data you orchestrate through your automation platform, the bigger the payoff. But these outcomes are only possible if the automation platform is secure. RunMyJobs by Redwood is a SaaS workload automation that provides the secure automation modern enterprises need because it is built with security in mind. Here’s how. Secure by design RunMyJobs is uncompromising on security features with its security-first,

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3 reasons “low-code” automation is on the rise

When automating business processes for your organization, having software that is easy to implement and use will help you to get value faster. You want workload automation that allows everyone in IT to be productive quickly and to have enough confidence in the software to be able to focus on other work that adds more value. There is increasing adoption of “low-code” easy-to-use systems intended for non-technical people, or “citizen developers.” Modern workload automation solutions, like RunMyJobs by Redwood,

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Four areas where automation gives you business agility

Your organization needs to be agile. That means responding quickly to market changes and emerging opportunities, and developing business solutions to address them. Modern workload automation supports this business agility by enabling the business processes that make organizations more responsive to customers — both internal and external — and meet their increasing expectations around speed and reliability. There are four areas where automation can provide an important helping hand: Speed of innovationSaaS-based workload automation,

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The rise of Service Orchestration and Automation Platforms (SOAPs)

Automation technology is ever-evolving. One of the latest developments in the world of enterprise automation is the growing importance of Service Orchestration and Automation Platforms (SOAPs). This isn’t simply another name for workload automation solutions (WLA solutions). Rather, Gartner® describes a SOAP as a workload automation platform designed for event-driven business models and cloud infrastructure. Infrastructure and operations leaders (I&O leaders) can use these advanced tools to drive customer-focused agility to support their cloud,

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Podcast: How to ensure accurate multi-level cost and revenue allocations in SAP®

In this episode from our series of SAP-focused finance podcasts, we look at the challenges around cost and revenue allocation in SAP and how to tackle them. This area of finance impacts product pricing and profit margin. It includes the collection of all the multi-level direct and indirect costs that need to be allocated to a cost center and then calculating what portion of that total cost should be attributed to each product or service to be sold.

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Podcast: How to automate controls and validations in SAP®

In this episode from our series of SAP-focused finance podcasts, we look at how to tackle some of the issues around controls and validations for finance processes in SAP. In the podcast, technology writer and editor Andy McCue talks to finance transformation expert Adrian Li, who has more than 20 years of experience designing, building and running SAP ERP in both large and small organizations and across many industry sectors. Topics covered include: What types of SAP controls and validations there are around finance and associated processes.

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Podcast: How to achieve touchless batch input processing in SAP®

In this episode from our series of SAP-focused finance podcasts, we look at how to relieve some pain points for finance and IT around batch processing in SAP. And we discuss how automation can help tackle those problems. In the podcast, technology writer and editor Andy McCue talks to finance transformation expert Adrian Li, who has more than 20 years’ experience designing, building and running SAP ERP in both large and small organizations and across many industry sectors.

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Finance IT: How to manage dependencies within SAP®

In this episode from our series of SAP-focused finance automation podcasts, we discuss why it’s a challenge to manage finance process dependencies in SAP and ensure tasks are completed in the correct sequence. In the podcast, writer and editor Andy McCue talks to Adrian Li, a finance transformation expert with more than 20 years experience in the design, build and running of SAP ERP in both large and small organizations across many industry sectors. Li explains how the failure to manage dependencies within SAP can have a huge impact on finance processes such as asset depreciation and,

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The SAP® challenges for finance and IT

Writer and editor Andy McCue talks to Adrian Li, a finance transformation expert with more than 20 years experience in the design, build and running of SAP ERP in both large and small organizations across many industry sectors. In the podcast, Li explains how many of the IT  and automation challenges can be traced back to the original concept and design for SAP more than 40 years ago and how fundamental it is to finance processes in large organizations today.

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The automation gap: The 3 reasons why your finance processes are still highly manual

Despite the widespread adoption of ERP systems that were supposed to remove most of the manual effort, only 20% of finance processes are truly automated. Why is that? It’s the automation gap. That gap around finance and accounting processes means work still needs to be done manually outside of those ERP systems, requiring additional tools or extensive ERP customization. This results in a compromise — either accept a lower level of finance process automation and fill the gaps with manual work,

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How automotive parts supplier Faurecia automated 80% of key finance processes

How did leading global automotive parts supplier Faurecia — which has its equipment in one in three cars worldwide — automate 80% of its finance processes, with approval workflow the only remaining manual task? Watch the video to hear Christophe MacGarry, global finance transformation director at Faurecia, explain how the company worked with Redwood to implement a global platform for finance automation. Faurecia is using that platform to support the transformation of its Global Business Shared Services (GBS) and improve SAP utilization across all of the countries in which it operates.

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The CIO’s guide to finance automation and why it matters

What are the biggest challenges for CIOs today when it comes to meeting the needs of the modern finance function? The reality is that the current finance IT landscape of most large organizations is sub-optimal. It’s a costly and complex mix of ERP systems, workflow engines, point solutions and RPA tools — plus a lot of human effort on top to plug the gaps. According to APQC’s general accounting process framework, almost all key finance processes require additional work outside of the ERP.

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Automation lessons from the financial close front line

The often-frenetic activity of financial close processes is largely due to the huge amount of manual effort they entail every month or quarter. To reduce the pressure and risk this brings, there is an answer for finance departments: Use automation across the close. Done effectively, this can mean the financial close becomes a non-event. And it also allows finance staff to focus on essential analysis to provide essential insights that can improve broader business performance. In the recent “How to make the financial close a non-event”

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How to eliminate manual effort and stress and make your financial close a non-event

The financial close continues to weigh heavily on accounting organizations. A typical global close for a large organization today can involve over 100 companies that must be closed before group consolidation, with more than 500 processes per company plus many more sub-processes and hundreds of thousands of SAP-related activities. And all this frenetic activity always happens within the last few days of every month. It’s no surprise that the biggest concern, according to 97% of CFOs in a survey by FSN Research,

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Close the automation gap: Uncover the real cost of outdated automation

Workload automation (WLA) and scheduling are the workhorses of digital business. Unfortunately, the WLA landscape at many organizations has been built up over time in disconnected silos and layers. Recent analyst research has shown that only 8% of IT leaders believe that they have a unified approach and toolset for automation. At most organizations, core IT processes that support the business are automated using a combination of multiple legacy WLA and scheduling tools that are an average age of 24 years old.

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CSM Bakery Solutions successfully migrates its SAP job scheduling to RunMyJobs® workload automation

Who do you call when you’re in the middle of a major project to migrate all your SAP systems and you have just two weeks to replace your central job scheduling tool at the same time? CSM Bakery Solutions was in just that position in April and put out an urgent RFP. The response wasn’t great. Most job scheduling and workload automation companies either didn’t respond at all or said they couldn’t help. That’s when Redwood Software stepped up with RunMyJobs by Redwood,

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Arla Foods answers four key questions about its month-end close challenges

We asked dairy giant Arla Foods four key questions about the challenges of its month-end close and how to tackle them. The company is the one of the world’s largest dairy companies, selling products in more than 100 countries, with 19,000 employees and revenue of over €10 billion. In the video interview, Arla talks about reducing the time to close the books, the importance of having an overview of the month-end tasks and the challenges presented by the amount of close-related work,

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Reboot automation for hybrid IT: Service orchestration and automation via SaaS

Hybrid IT is now an approach that is widely used by most companies to effectively manage their businesses operations. But running systems and applications across public and private cloud and on-premises technology brings additional complexity that needs to be managed. For a digital business to be competitive, it needs workload automation technology that goes beyond the traditional capabilities of legacy workload or scheduling tools to effectively deal with the range of systems and applications and the growing number of technology types being used.

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Automation as a service delivers the best customer experiences

Reliability and scalability have always been key priorities for IT. With the unprecedented business impacts from COVID-19, they’re requirements. Your services — and your customers — depend on them. Many organizations spend significant time and expense to support the vision of an adaptable, always-on enterprise, and too many struggle to achieve it in spite of that investment. Time consumed by workarounds, patches and daily management, along with costs for on-premises hardware and licensing, can quickly spiral out of control.

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