0224 A Touchless Close

To this day, the traditional finance function struggles with inefficiencies and a heavy reliance on manual processes, particularly during the critical period-end close. Areas that are manually heavy include areas such as accruals, provisions and reclassifications, account reconciliation and certification, journal entries and intercompany accounting.

This not only hampers efficiency but also clouds the transparency so vital in month-end financial reporting. The whitepaper “Master the Touchless Close” offers a ground-breaking solution to this enduring problem.

The touchless close: A paradigm shift in finance

Redwood’s solution revolutionizes the record to report (R2R) process, automating over 90% of the accounting processes around the financial close. The innovative approach extends beyond traditional ERP systems’ limitations, introducing the touchless close concept. This new standard in finance strategic automation redefines the role of finance teams, making them more effective and integral to the organization.

Tailored benefits for every role

The adoption of Redwood’s touchless close redefines the operational landscape for various stakeholders, delivering specific, impactful benefits aligned with the unique demands of each position. Here’s how the touchless close enriches the roles within the finance department:

CFOs: Attain unprecedented reductions in days to close, significantly boosting efficiencies across the board. The touchless close instils a robust confidence in the accuracy of financial numbers, empowering CFOs with reliable real-time data for strategic decision-making and investor communications.

Controllers: Leverage automated accuracy and compliance, ensuring every financial statement’s integrity. Controllers can navigate the complexities of regulatory compliance with ease, thanks to the system’s precise and automated controls, minimizing risk and enhancing the organization’s reputation.

R2R process owners: Benefit from a holistic oversight of the close process, ensuring a smooth, coordinated effort across teams. The solution’s intelligent automation process automation capabilities allow for a proactive approach to managing and refining the R2R process, thereby elevating the strategic contribution of financial reporting within the organization.

Finance and Accounting Staff: Shift from transactional tasks to strategic activities, such as analytical reviews and business support. Freed from the confines of manual entries and reconciliations, the finance staff can now devote their expertise to advising on financial strategies and optimizing financial performance.

Implementing record to report automation transforms the finance department from a traditional cost center to a strategic powerhouse, driving operational excellence and strategic insights that reduce the close cycle and propel the organization forward.

Real-world success stories

The effectiveness of Redwood’s touchless R2R process is best illustrated through real-world case studies. Organizations across different sectors have experienced significant improvements in efficiency and accuracy, demonstrating the versatile applicability of this solution.

Here are just a few examples:

Allianz: Operating in 70 countries with €140 billion in revenue, achieved an 86% reduction in record to report processes and an impressive 11-month ROI.

Forvia: A $25bn car component manufacturer, enhanced business process efficiency and strengthened internal controls, deploying our solution in under 12 months.

Arla Foods: A $15bn CPG company, reduced their close by 3 days and increased efficiency by 70%.

Jabil: Saved 10,000 man-hours per year in their balance sheet certification processes alone.

A strategic, incremental approach to automation

Implementing finance automation is a strategic decision. Redwood advocates for a clear vision aimed at achieving a touchless, hands-free R2R process. This approach tackles the current challenges and sets the stage for continuous improvement and innovation in finance functions.

Embrace the future of finance with Redwood

The whitepaper “Master the Touchless Close” is a must-read for finance professionals seeking to elevate their operations. Finance teams can now transcend traditional limitations and usher in an era of enhanced efficiency, accuracy, and strategic impact.

To discover the full potential of Redwood’s touchless close and how it can transform your finance function, book a demo today.

About The Author

Shak Akhtar's Avatar

Shak Akhtar

Shak Akhtar, General Manager of Finance Automation at Redwood Software, possesses extensive experience in finance and IT. With an accounting background with IBM and roles at SAP®, BEA and Wolters Kluwer/Tagetik, he brings a wealth of hands-on knowledge as he leads global initiatives in finance automation and record-to-report (R2R), facilitating client-led financial transformation.