Even today, the traditional finance function faces challenges with inefficiencies and heavy reliance on manual processes, especially during the critical period-end close. Manual-heavy areas include accruals, provisions and reclassifications, account reconciliation and certification, journal entries, and intercompany accounting.
This not only hinders efficiency but also clouds the transparency crucial in month-end financial reporting. The whitepaper “Master the Touchless Close” presents a groundbreaking solution to this persistent issue.
The touchless close: A paradigm shift in finance
Redwood’s solution transforms the record to report (R2R) process by automating over 90% of accounting processes related to the financial close. This innovative approach goes beyond the limitations of traditional ERP systems, introducing the concept of the touchless close. This new standard in finance automation redefines the role of finance teams, making them more effective and integral to the organization.
Tailored benefits for every role
The adoption of Redwood’s touchless close reshapes the operational landscape for various stakeholders, providing specific, impactful benefits aligned with each position’s unique demands. Here’s how the touchless close enriches the roles within the finance department:
CFOs: Achieve significant reductions in days to close, enhancing efficiencies across the board. The touchless close instills confidence in the accuracy of financial numbers, empowering CFOs with reliable real-time data for strategic decision-making and investor communications.
Controllers: Utilize automated accuracy and compliance to ensure the integrity of every financial statement. Controllers can easily navigate regulatory compliance complexities, thanks to precise and automated controls, minimizing risk and enhancing the organization’s reputation.
R2R process owners: Benefit from overseeing the close process holistically, ensuring a coordinated effort across teams. The solution’s intelligent automation capabilities allow for a proactive approach to managing and refining the R2R process, elevating the strategic contribution of financial reporting within the organization.
Finance and Accounting Staff: Transition from transactional tasks to strategic activities like analytical reviews and business support. With manual entries and reconciliations eliminated, finance staff can focus on advising on financial strategies and optimizing financial performance.
Implementing record to report automation transforms the finance department from a traditional cost center to a strategic powerhouse, driving operational excellence and strategic insights that reduce the close cycle and propel the organization forward.
Real-world success stories
The effectiveness of Redwood’s touchless R2R process is best demonstrated through real-world case studies. Organizations across different sectors have seen significant improvements in efficiency and accuracy, showcasing the versatile applicability of this solution.
Here are a few examples:
Allianz: Reduced record to report processes by 86% and achieved an impressive 11-month ROI.
Forvia: Enhanced business process efficiency and internal controls, implementing the solution in under 12 months.
Arla Foods: Reduced close time by 3 days and increased efficiency by 70%.
Jabil: Saved 10,000 man-hours per year in balance sheet certification processes alone.
A strategic, incremental approach to automation
Implementing finance automation is a strategic decision. Redwood advocates for a clear vision aimed at achieving a touchless, hands-free R2R process. This approach addresses current challenges and sets the stage for continuous improvement and innovation in finance functions.
Embrace the future of finance with Redwood
The whitepaper “Master the Touchless Close” is essential for finance professionals looking to enhance their operations. Finance teams can surpass traditional limitations and usher in an era of improved efficiency, accuracy, and strategic impact.
To explore the full potential of Redwood’s touchless close and how it can transform your finance function, schedule a demo today.
