Balance Sheet Reconciliation Software
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 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
GO BEYOND RECONCILIATION MANAGEMENT
Redwood’s finance automation solution 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, together with workflow integration, not only reduces unnecessary manual effort but accelerates the reconciliation process and delivers greater control.
Automate Your Entire Financial Close Process
Orchestrate across ERPs, data warehouses, business applications and other automation tools like RPA. Centralize your automation to gain end-to-end control over any finance or account reconciliation process.
- Record To Report: Automate general ledger/subledger, intercompany consolidation, financial close checklist, balance sheet reconciliation and more
- Order To Cash Flow: Process email, web, phone or fax orders, automate cash allocation, and accounts receivable for accurate financial statements and forecasting
- Procure To Pay: Handle incoming invoices, reconcile supplier and bank accounts, manage accounts payable and more
- Asset Accounting: Perform asset acquisition tasks, enforce compliance, track and capitalize projects and automatically perform account reconciliation and depreciation
Orchestrate Across Silos
Redwood Finance 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 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.
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Frequently Asked Questions
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. See what you can achieve with Redwood.
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. See what you can achieve with Redwood.
Can Redwood be used for balance sheet reconciliation?
Yes, Redwood Finance Automation is a cloud-native platform that can be used to automate complex, time-consuming finance and accounting processes. Users can manage, monitor and audit every status and approval across ERPs, business applications and even Excel with ready-to-use connectors and templated processes. Automate and manage Record to Report, Order to Cash, Procure to Pay, asset accounting and more. See what you can achieve with Redwood.
See Redwood Finance Automation In Action
Redwood Finance Automation delivers robust and dependable journal processing with automated controls that eliminate human errors and work faultlessly every time. Our automated journal processing helps companies overcome the challenges of disparate systems, missing or incomplete supporting documentation and unreliable approval processes. Eliminate time-consuming manual efforts, increase confidence and gain control over your financial processes.
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