Journal processing is one of the main activities within the period end close. Over 50% of close tasks are journal-related. Journals help keep the books in balance and financial statements compliant and accurate. But the burden of journal processing in the accounting cycle is immense and growing as finance professionals look beyond the general ledger for more varied sources of data and insight. Each sub-ledger or fresh source of data adds to journal complexity, much of which is paper-bound and manually intensive. Never has there been a greater need for automated accounting software.
52% of finance professionals believe they spend too much time on transaction processing; 42% say the same about management reporting and 32% spend too much time on statutory reporting
Redwood’s finance & accounting automation intelligence means our journal processing ‘understands’ the underlying structure of financial management and ERP systems. Data can be drawn from underlying systems and written back to the ledgers without missing a beat.
With Redwood, Faurecia was able to successfully automate 32,000 global manual journal entries per month and onboard 1,300 end users from both the controlling and GBS teams. 80% of journal entries are now automated, leaving only human review and approvals tasks.
Choose from a catalog of pre-built closing cycle tasks or build your own reusable actions for greater flexibility. Orchestrate across processes by connecting ERP and non-ERP business solutions for seamless control.
Journal Entry is just one of Redwood’s pillars of finance automation. The others are:
Automatic journal entry software pulls data from underlying systems and adds that data to general ledger accounts without the need for human intervention. Pre-validation rules reduce the risk of rejected or incomplete items. Data is collated, transformed and reviewed if necessary before being automatically posted to ledgers. This makes it possible for accounting teams to process thousands of journals simultaneously. See what else you can achieve with Redwood.
Journal entry software is used to automate the creation, entry, management and approval of journals. Instead of relying on manual spreadsheets, journal entry (JE) software can retrieve and transform data from ERPs and business applications, handling liabilities, financial transactions, expense accounts and much more. JE tools also enforce controls, eliminating fraud while improving the accuracy of general ledgers andfinancial reporting. See what else you can achieve with Redwood.
Yes, Redwood Finance Automation enables small business and enterprise users to automate the entire journal entry process. Information can be automatically collected from ERPs and business applications (Quickbooks), applying user-specified rules to maintain compliance. Redwood also supports automation for balance sheets, close checklist and intercompany tasks so your organization can accelerate its financial closing processes. See what else you can achieve with Redwood.
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.