Transforming Finance Operations with Touchless Record-to-Report by Redwood
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Key Takeaways
⇨ Automation enables organizations to bypass manually intensive processes such as performing and posting automatic journal entries (like accruals and adjustments), overseeing currency revaluations, and removing the need for manual reconciliations (such as those for intercompany and bank accounts).
⇨ Redwood’s solution enables extensive automation across the record-to-report (R2R) process, automating up to 90% of close processes that across the entire financial close journey, including those within and outside of ERP systems.
⇨ The automation capabilities also extend beyond traditional R2R processes, enhancing operational efficiency in areas such as goods received/invoice received (GR/IR) and bank reconciliations, addressing broader data-matching needs.
Automation streamlines organizational processes by replacing manual tasks like journal entries, currency revaluations, and reconciliations for intercompany and bank accounts with automated systems. This not only simplifies the execution of numerous tasks required during financial close but also ensures they are completed in the intended sequence. Redwood’s technology significantly automates the record-to-report (R2R) process, handling up to 90% of tasks involved in financial closing, both within and beyond ERP systems. This includes complex activities such as managing accruals, data retrieval, and updating journals in the ERP system. The automation spans the full R2R spectrum, covering areas like balance sheet reconciliation and integration with non-ERP applications such as HR and Payroll. Redwood’s solutions are comprehensive and can operate both independently and together, offering flexible deployment options including on-premises and cloud-based solutions. This broadens the scope of automation beyond traditional R2R tasks to enhance efficiency in areas like goods and bank reconciliations, meeting wider data-matching needs.
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