Save your accounting teams hundreds of unnecessary hours spent on manual tasks. Auto-certify up to 80% of your accounts with Redwood’s cloud-based financial close automation solution.
Automate reconciliation through rules-based auto-certification, and streamline with workflows and remediation for balance sheet accounts that are irreconcilable.
Reduce the work of manual preparers by 70% across the financial close process and focus on a top-down, risk-based approach to balance sheet certification.
Obtain a complete overview and greater visibility of progress across all account reconciliation processes. Identify bottlenecks in any part of the process.
Eliminate the risk of errors across your financial statements, build trust with your stakeholders and ensure reconciliations are thorough, accurate and on time.
Balance sheet reconciliation is a particularly challenging task for accounting teams. Data capture from various distributed systems and a lack of systems integration and status reporting – combined with manual processing using email, spreadsheets and basic workflow tools, prevent group controllers and CFOs from having visibility into the overall process or the current status of important tasks.
This puts finance on the back foot, unable to keep up with processing backlogs, and powerless to implement process improvements in the short time between one period closing and another starting.
42% of finance professionals say that they spend too much time on management reporting and 32% say statutory reporting takes too long
Source: FSN Research “The Future of the Finance Function
Record to report automation from Redwood provides the ultimate reconciliation solution for your financial data and allows all relevant month-end reconciliations and accounting records to be assembled in an intricate automated process that records the tasks. Deep integration with ERP and other systems of record also enables reconciliation journals to be automatically invoked for posting to underlying financial systems.
Comprehensive automation for your finance teams, together with workflow integration, not only reduces unnecessary manual effort but also accelerates the reconciliation process and delivers greater control.
Our satisfied customers include major global corporations, showcasing the trust and reliability of record to report automation from Redwood.
Record to report automation works with your existing applications to simplify financial reporting. Automate end-to-end processes across the enterprise regardless of technology or provider (SAP, Oracle and more).
Redwood is an end-to-end process management solution designed to enforce your internal controls. Enforce fine-grained data standards and access policies, including SSO/SAML 2.0+, and logically isolate different teams, departments or applications.
Many of our reconciliation processes were transformed, from tasks that took several hours to automated activities that now take just minutes. This is a significant saving for our company.
Brian Thomsen, Finance Director, Arla Foods
Transform your close checklist with a system that streamlines tasks, enhancing systematic progression and minimizing errors.Find out more
Elevate journal management with sophisticated approval workflows and audit trails, ensuring seamless, compliant recording.Find out more
Simplify complex intercompany transactions for accurate financial reporting and streamlined operations.Find out more
Efficiently address the most labor-intensive aspects of your record to report process, transforming traditionally challenging tasks into streamlined and effective activities.Find out more
Balance sheet reconciliation tools enable users to automate and manage balance sheet and bank reconciliations. Many finance automation platforms include built-in balance sheet reconciliation that can auto-certify and even remediate sheets with too many discrepancies.
Balance sheet reconciliation is often automated using custom scripts, home-grown software or third-party applications such as account reconciliation software. The alternative to these point solutions is a financial automation platform that readily connects to ERP, CRM and any other business application in your enterprise. This enables reliable data processing and more accurate financial reporting while eliminating errors and saving the finance department time.
Yes, record to report automation from Redwood can be used to automate complex, time-consuming finance and accounting processes. It is the ultimate account and general ledger reconciliation software where users can perform transaction matching, manage, monitor and audit every status and approval across ERPs, business applications and even Excel with ready-to-use connectors and templated processes.
A wide range of tasks, including detailed data extraction, complex rule application, auto-clearings and compliance checks. Our solution streamlines the entire reconciliation and certification workflow.
By significantly reducing manual effort by handling tasks such as data preparation, rule application and initial analysis within its system. This results in up to 70-80% reduction in manual workload for reconciliation preparers.
Yes, the solution seamlessly integrates with SAP to facilitate real-time data processing, automated approvals and direct posting of records within the SAP framework, ensuring efficient and compliant data management.
Integrating the entire balance sheet reconciliation process into a single, streamlined workflow is a key differentiator. This includes automated rule application, anomaly flagging and documentation attachment within the system, ensuring SOX and IFRS compliance.
The key differentiator lies in its extensive automation, particularly in the preparation phase. We remove labor-intensive manual work and offer a more efficient, accurate and compliant reconciliation process compared to traditional methods.
Absolutely. The solution extends beyond ERP systems, covering a wide range of reconciliation and certification tasks traditionally managed manually outside of ERP, ensuring comprehensive coverage.