Unmatched efficiency with accruals, provisions and reclassifications automation from Redwood

Transform traditionally manual processes like accrual calculations, journal entries, provisions management and account reclassifications with record to report automation.

Advantages of automation

  • Streamline preparations: Automate complex accruals and provisions calculations for timely revenue/expense recognition.
  • Enhance accuracy: Improve compliance and financial reporting through automated reclassifications to correct accounts.
  • Close efficiently: By automating manual efforts, accelerate and enhance the efficiency of entity-level closing.
  • Focus strategically: With automation handling much of the work, teams can shift to more value-add analysis.

Automating traditionally manual processes like balance sheet reconciliations, journals and especially accruals, intercompany transactions, etc. reduced our period-end close timelines by up to 50%.

Head of Finance Transformation, Life Sciences Company

Accrual accounting solution overview

Compliance and control

Maintain audit trails and compliance through systemized, rules-based processes.

Accruals and provisions

Automate accrual calculations based on predefined business rules for recognizing revenues and expenses.

Account reclassifications

Adjust account coding through rules-based automation to ensure proper categorization.

General ledger updates

Seamlessly post updated accruals, provisions, and adjusted entries to your general ledger.

Trusted by leading companies

Our satisfied customers include major global corporations, showcasing the trust and reliability of accrual automation by Redwood.

Jabil

Frequently asked questions

How does automating accruals and reclassifications help the financial close?

It accelerates closing by reducing manual workload by as much as 50% and ensuring accurate revenue/expense recognition and account categorization.

What key processes does the solution improve?

Accrual calculations, provisions management, account reclassification, general ledger updates and compliance processes.

How does it handle complexity like leave accruals?

The solution simplifies even complex accruals such as leave accrual by integrating with sources like HR and Payroll to access and calculate the needed data.

How does automation improve compliance in these processes?

Defined, systemized rules and workflows enhance control, transparency and auditability.

Does your solution help make account reclassifications more efficient?

Yes, as much as 70-80% of the reclassification is repetitive, so predefined rules can automatically identify and adjust entries to correct accounts, eliminating manual identification and posting.

What strategic benefits does finance gain from these automations?

Teams can shift focus from repetitive tasks to value-added analytics and decision support.

Can accrual accounting principles be fully automated?

Yes, our cloud-based solution fully automates accrual accounting, ensuring accurate revenue recognition and expense tracking on an accrual basis, aligning with accrual method principles for timely financial statements.

How does automation support accrual basis accounting for accounts payable and receivable?

By automating the accrual basis of accounting, our solution streamlines the management of accrued expenses, accounts payable, and receivable, enhancing accuracy and efficiency.

What advantages does the accrual method offer in financial reporting?

Utilizing the accrual method through our automation tools improves the accuracy of financial statements by ensuring all revenues and expenses are recorded when earned or incurred, not just when cash is exchanged.

How does the solution ensure compliance with revenue recognition standards?

Our predefined, intuitive workflows are designed to comply with revenue recognition standards, systematically managing revenue and expenses to reflect true financial health.

Can the solution handle double entry for accruals and reclassifications?

Absolutely, our solution supports double-entry accounting, automatically posting entries to correct accounts, ensuring balanced books and compliance with accounting methods.

How does cloud-based automation transform accrual and reclassification processes?

Cloud-based automation brings scalability and accessibility to accruals and reclassifications, making complex processes intuitive and less time-consuming for finance teams.

How does your accrual accounting software streamline the close process?

Our accrual accounting software automates and simplifies the financial close, reducing manual workloads significantly and ensuring accurate reporting on the income statement.

Can the solution accurately track liabilities through the accrual method of accounting?

Yes, our system precisely tracks liabilities and income, ensuring every financial obligation and revenue is accounted for accurately through the accrual method of accounting.

Does the software facilitate easier bookkeeping for accounts receivable?

Absolutely, it streamlines bookkeeping by automating accounts receivable processes, enhancing efficiency, and ensuring accuracy in financial records.

How does the solution enhance the accuracy of the income statement?

By ensuring all revenues and expenses are accurately recorded through automated accruals and reclassifications, our solution provides a more precise and reliable income statement.

In what ways does the software improve handling accounts receivable and payable?

Our software enhances the management of accounts receivable and payable by automating the tracking and reconciliation of these accounts, ensuring timely and accurate financial data processing.