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.
Explore additional record to report solution Areas
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Close checklist
Automate and streamline every task in your close checklist for a systematic and error-free progression.
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Reconciliation and certification
Speed up reconciliation and ensure compliance with an advanced system designed for precision and efficiency.
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Journal entry
Elevate journal management with sophisticated approval workflows and audit trails, ensuring seamless, compliant recording.
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Intercompany
Simplify complex intercompany transactions for accurate financial reporting and streamlined operations.
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Frequently asked questions
How does automating accruals and reclassifications benefit the financial close process?
Automating accruals and reclassifications with accounting software streamlines the close process by reducing manual workload by up to 50 percent. It accelerates closing, ensuring accurate accrual estimates and account categorization. Automation tools leverage real-time data flow from ERP systems, enhancing cash flow management and financial data accuracy. This functionality significantly reduces time-consuming data entry tasks, allowing accounting teams to focus on strategic decision-making.
What key processes are improved with automation in accrual accounting?
Adding automation improves key processes such as accrual calculations, managing accruals of month-end accruals, provisions management, account reclassifications and general ledger updates. Automating these processes eliminates reliance on spreadsheets for manual accrual and streamlines data confirmation, making tasks up to 70-80 percent more efficient for finance teams. Integration with CRM and ERP systems ensures that all accrual data, including accrual amounts from purchase orders, is accurately captured and processed.
What advantages do finance and accounting teams gain from automation software?
Record to Report Automation by Redwood allows finance teams to move away from manual data entry and towards more strategic tasks like analytics and decision-making. This shift improves forecasting and financial planning and integrates seamlessly with ERP systems through cloud-based tools that employ machine learning to enhance the accrual process and compliance. This helps CFOs make well-informed, data-driven decisions. By automating routine operations such as managing accrual estimates and provisions, teams can focus on strategic growth initiatives, which is especially advantageous for small businesses looking to scale. Read the CFO’s guide to finance automation to discover what challenges teams face and how automation helps.
How do automation tools enhance financial reporting and compliance in accrual accounting?
Automation tools enhance the management of accounts payable and receivable, improving the accuracy of financial statements and ensuring compliance with accounting standards. The software supports double-entry accounting, accurately tracks liabilities and income with real-time updates and facilitates streamlined bookkeeping and financial data processing. Additionally, case studies demonstrate how machine learning and automation have transformed financial reporting by providing robust confirmations and audit trails, ensuring accurate and timely month-end close processes.
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