Balance sheet reconciliation software

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.

Automation mastery in reconciliation

  • Auto-certify for smarter account reconciliation

    Automate reconciliation through rules-based auto-certification, and streamline with workflows and remediation for balance sheet accounts that are irreconcilable.

  • Eliminate manual preparation

    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.

  • Get a clearer view of the account reconciliation progress

    Obtain a complete overview and greater visibility of progress across all account reconciliation processes. Identify bottlenecks in any part of the process.

  • Reconcile with confidence

    Eliminate the risk of errors across your financial statements, build trust with your stakeholders and ensure reconciliations are thorough, accurate and on time.

Eliminate inefficient spreadsheets and point solutions

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

Go beyond reconciliation management

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.

Trusted by leading companies

Our satisfied customers include major global corporations, showcasing the trust and reliability of record to report automation from Redwood.

Jabil

Orchestrate across silos

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).

  • Business Processes: Orchestrate ERP systems, supply chain workflows, spend analysis, procurement software, purchase to pay and more
  • Managed File Transfers: Securely move, copy and manage files such as bank statements across unsecured networks and external endpoints
  • Data Sources: Seamlessly manage data from across the enterprise, including CRM, ETL, cloud-native databases and more
  • Hybrid IT: Connect finance and IT processes to ensure success of key workloads, eliminating bottlenecks and delays with real-time resource management

Ensure compliance and security

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.

  • Built-in audit trails and controls so that every step is fully logged and auditable, without manual intervention.
  • Simplify IFRS processes to easily meet internal or external regulator requirements.
  • Connect to systems securely with TLS 1.2+ encryption that originates from your enterprise network to the cloud without exposing ports.
  • Trust Redwood’s ISO 27001, SOC 2 and CSA STAR Level 1 certified and third-party pen-tested platform.

Support and services for any business need

  • 24×5 support: Redwood’s in-house automation experts provide 24×5 support for all issues as well as 24×7 SEV-1 support and are ready to assist and resolve issues quickly.
  • Migration and onboarding: Our team members ensure a smooth, safe and fast transition using a proven methodology that streamlines migration.
  • Consulting and services: We can help implement best practices, perform health checks and advise on how to boost your ROI.
  • Redwood University: Develop and extend your skills and expertise with online training that matches your role and level of experience.

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

Arla Logo Arla Case Study

Balance sheet reconciliation FAQs

What is balance sheet reconciliation software?

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.

How do I automate balance sheet reconciliation?

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.

Can Redwood be used for balance sheet reconciliation?

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.

What specific tasks does the solution automate in the reconciliation and certification process?

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.

How can I enhance efficiency during the preparation and analysis phase of reconciliation?

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.

Can account reconciliation and certification automation seamlessly integrate with SAP?

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.

What sets your solution apart in terms of compliance and workflow integration in reconciliation?

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.

How does it compare to other solutions in terms of automation in reconciliation and certification?

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.

Can the solution automate the reconciliation and certification tasks outside of ERP systems?

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.