Achieve a seamless financial close with financial month end close checklist automation software

Transform your month end close process into a systematic and error-free operation. Streamline financial closing, including year-end and month-end close processes, with ease and precision.

Advantages of close checklist automation

  • Efficient and accurate

    Automate critical month-end close checklist activities like journals, reconciliations, preparation of report packs and more. Ensure that every task to deliver your financial statements is executed automatically and accurately. Say goodbye to manual errors and delays in your financial close process.

  • Comprehensive coverage

    From data preparation to approval workflows, centralize all aspects of your close checklist, including task management, handling bank accounts and financial reports, to ensure a thorough and systematic end-to-end financial close cycle.

  • Beyond ERP boundaries

    Experience automation that extends beyond ERP, with our cloud-based or on-premises solution covering a wide range of financial tasks, such as accruals, intercompany, and reconciliations, making your month-end closing process more efficient and less time-consuming for your finance teams.

  • Real-time visibility

    Gain real-time insights into your financial activities. Keep track of financial information with insightful dashboards, enhancing the decision-making capabilities of your accounting team.

With Redwood’s automated checklist orchestration, we were able to achieve our target of a three-day close with improved compliance and visibility and improved reporting processes

Global Process Owner Record to Report, Global Medical Equipment Manufacturer

Financial close checklist solution overview

  • Data preparation

    Automate the data preparation of financial data and eliminate bottlenecks in your business processes for consistent and error-free data handling.

  • Approval workflows

    Streamline approval processes within your close checklist, ensuring compliance and efficiency.

  • Comprehensive audit trails

    Benefit from detailed audit trails that provide transparency and accountability in your financial close.

  • Global management and transparency

    Manage both your global and local close tasks in a controlled and synchronized manner.

  • Task scheduling

    Schedule tasks with templates and granular time/date options or trigger tasks based on workday and dependencies.

  • Standardized task catalog

    Choose from our catalog of ready-to-automate financial processes, including journal entry, balance sheet certification, intercompany and more.

  • Centralized dashboard

    Use a centralized dashboard to track period close status and progress by company, region, area and close milestones across all team members.

  • Simplified checklist management

    Do away with the need for excel spreadsheets and simplify checklist creation and maintenance by automatically managing attributes and providing flexible workflows with multiple levels of approvals and notifications.

Trusted by leading companies

Our satisfied customers include major global corporations, showcasing the trust and reliability of our financial close management software and record to report automation by Redwood.

Jabil

FAQs about financial month end close checklist software

How does automating journal entries benefit financial close and reporting?

Journal entry solutions for automation accelerate closing by reducing manual work, improving accuracy and allowing faster transaction processing.

What key capabilities does Redwood offer for journal entry automation?

Redwood provides template population, rule-based approvals, pre-ERP validations and audit trails for end-to-end automation.

Can you automate complex journal entries like accruals?

Yes, all journal types, including complex accruals, provisions and calculations.

How does the centralization of journal entries help compliance?

Centralization increases transparency, consistency and ease of monitoring and auditing for enhanced governance.

Is any manual work still needed with automated journal entries?

Minimal work remains for exception-based review before automated posting to ERP systems.

Does the solution integrate journal entry automation with subprocesses?

Yes, the solution integrates seamlessly with supplementary tasks like supporting calculations for true end-to-end automation.

How does journal entry automation integrate with SAP and general ledger systems?

Our solution seamlessly integrates with SAP and other general ledger systems, facilitating direct posting of journal entries and ensuring the integrity of financial statements. This integration streamlines accounting processes and enhances data accuracy across your accounting team.

Can journal entry automation improve the approval processes for financial transactions?

Absolutely. Our platform automates and streamlines approval processes, enforcing rule-based validations before transactions are posted. This not only speeds up the financial close but also ensures compliance and accuracy in financial reporting.

How does automating journal entries support the production of accurate financial statements?

By automating the entry and validation of transactions, our solution significantly reduces errors, ensuring that financial statements reflect true and accurate financial health. This automation supports accounting teams in delivering timely and reliable reports.

What role does journal entry automation play in enhancing the efficiency of accounting processes?

Journal entry automation eliminates repetitive manual data entry, enabling accounting teams to focus on more strategic tasks. This efficiency gain is crucial for accelerating the financial close process and ensuring timely decision-making.

How does Redwood’s journal entry automation ensure compliance and control within financial reporting?

Our solution centralizes journal entry management, providing a transparent and consistent process that is easy to monitor and audit. This centralization is key to maintaining high standards of governance and compliance within your financial operations.

81% of senior finance professionals say opportunities for process standardization and automation are the main driver for replacing their current system

FSN Research “The Future of Financial Systems”