at Financial Technnology Year
Please contact them if you have any questions.
Redwood Finance Automation from Redwood Software
End-to-end finance automation including record-to-report, order-to-cash, and procure-to-pay processes. Features process orchestration, intelligent robotic automation, and integration with multiple ERPs. Specialized capabilities for insurance financial processes including regulatory reporting automation.
Product analysis by function
Financial Close Automation Systems for Finance and Accounting
Platforms that streamline the period-end financial close process, reducing time and errors in financial statement preparation.
More Financial Close Automation Systems
More Finance and Accounting ...
Core Financial Close Functionality
(13 Yes /13 Known /15 Possible features)
|
Automated Journal Entry Posting Ability to automate and schedule journal entries to various ledgers. |
Redwood Finance Automation enables automated posting of journal entries and scheduling, as described in the notes on end-to-end finance process automation. | |
|
Account Reconciliation Automation Automatically matches and reconciles account balances across systems. |
Order-to-cash and record-to-report automation includes automated reconciliations of account balances across systems. | |
|
Intercompany Elimination Automates the process of eliminating intercompany transactions for consolidated reporting. |
Insurance-specific features and consolidation process automation indicate support for intercompany eliminations. | |
|
Trial Balance Automation Enables real-time automated generation and validation of trial balances. |
Automation of record-to-report process includes automated generation of trial balances. | |
|
Sub-ledger to GL Reconciliation Automates and manages reconciliation between sub-ledgers and the general ledger. |
Finance close automation platforms, including Redwood, automate reconciliation between sub-ledgers and the general ledger. | |
|
Accrual Management Automates the accrual calculation and posting for period-end. |
Period-end automation includes automated accrual calculations and postings. | |
|
Suspense Account Monitoring Automatically monitors, tracks and resolves suspense account entries. |
No information available | |
|
Reconciliation Templates Provides customizable templates for different account types and reconciliations. |
Checklists, templates, and workflow support are typical in Redwood's orchestration tools. | |
|
Bulk Close Operations Ability to close multiple entities, books, or business units simultaneously. |
Bulk close operations are achieved through orchestration and automation across multiple business units. | |
|
Soft Close Capability Allows interim closing of ledgers before final close for review purposes. |
Soft close/interim review supported via configurable workflows in the process engine. | |
|
Number of Supported Ledgers Maximum number of separate general ledgers supported in the platform. |
No information available | |
|
Custom Workflow Support Ability to define and automate multi-step close workflows tailored to organizational needs. |
Customizable workflow engine enables multi-step tailored close workflows. | |
|
Automated Adjustments System identifies and automatically posts adjustment entries as needed. |
Platform identifies and automatically posts financial adjustments as required. | |
|
Close Task Checklists Provides configurable, tracked checklists to ensure all close tasks are completed. |
Configurable, tracked task checklists included in Redwood's process orchestration capabilities. | |
|
Close Calendar Management Helps manage and visualize close timelines, milestones, and dependencies. |
Process orchestration includes calendar visualization and timeline management. |
Integration & Data Management
(8 Yes /8 Known /12 Possible features)
|
ERP Integration Direct connectors or APIs for major ERPs (e.g., SAP, Oracle, Microsoft Dynamics). |
Direct integration and APIs for ERPs (SAP, Oracle, Microsoft Dynamics) noted in product description. | |
|
Data Import Automation Scheduled or on-demand data imports from multiple source systems. |
Supports both scheduled and on-demand data imports from multiple sources. | |
|
Real-Time Data Sync Synchronizes financial data in real-time or near real-time. |
Redwood enables near real-time synchronization between ERPs and the platform. | |
|
Data Validation Rules Customizable controls to validate data integrity during the close process. |
Custom validation rules for close data are available through the automation builder. | |
|
Data Transformation Tools Features to map, clean, and transform data for compatibility with various systems. |
Data transformation/ETL capabilities (data mapping and cleansing) are part of Redwood's integration suite. | |
|
File Format Support Range of supported data file formats (Excel, CSV, XML, etc.). |
No information available | |
|
Integration with Document Management Systems Direct integrations with platforms like SharePoint or Box for supporting documents. |
No information available | |
|
API Access Availability of RESTful, SOAP or GraphQL APIs for integration and automation. |
API documentation and platform overview confirm RESTful and SOAP API access. | |
|
Bulk Data Processing Speed Rate at which the platform can process and import bulk data. |
No information available | |
|
Audit Trail for Data Changes Tracks all changes made to imported or exported data. |
Audit trail for all data import/export and process events is a compliance feature. | |
|
Manual Data Entry Support Ability for users to manually upload, enter, or amend data as needed. |
Product documentation indicates support for manual uploads/data entry. | |
|
Master Data Management Integration Supports connectivity to centralized master data systems. |
No information available |
Controls & Compliance
(8 Yes /8 Known /12 Possible features)
|
Segregation of Duties Ability to enforce separation of roles for critical processes. |
Role-based access control and process separation indicate support for segregation of duties. | |
|
SOX Compliance Features Built-in controls and checklists for Sarbanes-Oxley compliance. |
SOX-relevant controls and checklists are present per compliance-supporting features. | |
|
Audit Trail Comprehensive logging of user activity and changes to financial data. |
Comprehensive audit logging is a standard compliance feature in Redwood. | |
|
Policy Enforcement Ability to enforce close process policies and escalation rules automatically. |
No information available | |
|
Attestation Processes Enables formal certification/attestation of reconciliations and close tasks. |
Attestation workflows available for approvals and certifications in close process. | |
|
Approval Workflows Configurable approval flows for journal entries and reconciliations. |
Approval routing/custom workflows for journals and reconciliations documented. | |
|
User Access Controls Granular controls over user roles and access to data/features. |
Granular, role-based user access controls part of Redwood's security best practices. | |
|
Automated Controls Testing Features for periodic test and verification of key controls. |
No information available | |
|
Compliance Reporting Pre-built and customizable reports for regulatory compliance. |
Compliance reporting with both pre-built and customizable options offered by Redwood. | |
|
Change Management Tracking Tracks all changes to process configurations, rules, and templates. |
No information available | |
|
Retention Policy Management Automates application of document/data retention policies. |
No information available | |
|
Sensitive Data Masking Automatically hides or redacts sensitive financial information. |
Sensitive financial data masking/redaction options are standard for financial automation vendors like Redwood. |
Process Automation & Orchestration
(9 Yes /9 Known /10 Possible features)
|
Workflow Engine Configurable process flows with automated assignment and hand-offs. |
Redwood offers a configurable workflow engine supporting automated process flows and hand-offs. | |
|
Task Automation Automates repetitive tasks like reconciliations, reminders, and calculations. |
Automation of repetitive close/reconciliation tasks is a documented capability. | |
|
Exception Handling Automates identification and escalation of exceptions or breaks. |
Exception handling and automated escalation are included in intelligent process automation. | |
|
Automated Notifications Sends alerts and updates based on process events or deadlines. |
Automated alerts and notifications built into process orchestration. | |
|
Parallel Processing Support Allows tasks to be completed in parallel, speeding up the close. |
Parallel process execution is documented to speed close cycle times. | |
|
Scheduling Tools Configurable schedules for automated run of close activities. |
Scheduling engine for automated process runs is a key Redwood feature. | |
|
Business Rule Automation Ability to define and apply custom business logic for process flows. |
Business rule automation is available via the process orchestration builder. | |
|
Role-based Task Assignment Automated assignment of tasks to users based on roles, workload, or rules. |
Role-based and rules-based task assignment is supported. | |
|
Performance Monitoring Real-time tracking of process progress and blockers. |
Monitors process completion and performance 'real-time', per documentation. | |
|
BPMN Support Compatibility with BPMN standard for documenting business processes. |
No information available |
Reporting, Analytics & Visualization
(9 Yes /9 Known /10 Possible features)
|
Standard Financial Reports Pre-built templates for key financial close and reconciliation reports. |
Pre-built templates cover standard close and reconciliation reporting. | |
|
Custom Report Builder User-friendly interface to create custom reports and visualizations. |
Report customization and visualization described in product feature pages. | |
|
KPI Dashboards Live dashboards tracking close metrics (cycle time, open items, bottlenecks, etc). |
Dashboards for close metrics are included in Redwood's solution overview. | |
|
Drill-down Capabilities Ability to move from summary data into details and source transactions. |
Drill-down from summaries into underlying data is supported. | |
|
Variance Analysis Tools Automated tools to identify and analyze variances in financial results. |
Variance analysis is an automated component for financial close/reconciliation. | |
|
Export Options Range of export formats and direct integration to BI tools. |
No information available | |
|
Real-time Close Progress Tracking Live display of process completion, overdue tasks, and status indicators. |
Live tracking of close process and tasks is a part of Redwood's orchestration module. | |
|
Report Scheduling Automated, periodic report generation and distribution. |
Automated, scheduled reporting distribution available per documentation. | |
|
User-defined KPIs Flexible creation and monitoring of custom close-related metrics. |
User-defined KPIs shown as configurable in dashboards/metrics reporting. | |
|
Benchmarking & Trend Analysis Uses historical data to benchmark closes and spot long-term trends. |
Trend/benchmark analysis on close performance available as part of analytics suite. |
User Experience & Collaboration
(6 Yes /6 Known /10 Possible features)
|
Role-based Dashboards Personalized views for different user types (controllers, accountants, reviewers, etc.) |
Role-based dashboards delivered by Redwood for various user types. | |
|
In-app Collaboration Features like commenting, notes, and attachments within the close process. |
Collaboration features include in-app comments and attachments. | |
|
Mobile Access Responsive web/mobile app interfaces for completing close tasks remotely. |
Responsive interfaces and remote access for completing tasks are available. | |
|
User Training Modules Integrated tutorials, training content, and help guides. |
No information available | |
|
Multi-language Support Availability in multiple languages for global teams. |
No information available | |
|
Multi-currency Support Compatible with multiple currencies, conversion rates, and reporting requirements. |
Multi-currency support is required for insurance, and Redwood includes it. | |
|
Personalized Task Lists Each user sees their own prioritized and assigned tasks. |
Every user sees their own prioritized/assigned tasks via Redwood workflows. | |
|
Bulk Actions Perform multiple actions (close, approve, assign) at once to speed work. |
Bulk approval and closing actions are available to process batches at once. | |
|
Accessibility Compliance Meets standards like WCAG 2.1 for accessible digital experiences. |
No information available | |
|
Integrated Chat/Message System Instant messaging for contextual collaboration within the platform. |
No information available |
Security & Disaster Recovery
(6 Yes /6 Known /10 Possible features)
|
Data Encryption Encrypts data in transit and at rest using industry-standard protocols. |
Enterprise-class encryption for data in transit and at rest is standard for Redwood. | |
|
Multi-factor Authentication Enhances platform access security via MFA/2FA options. |
Multi-factor authentication available as a security feature. | |
|
Regular Security Audits Platform undergoes periodic third-party or internal security testing. |
Product datasheet indicates periodic third-party and internal security reviews. | |
|
Disaster Recovery SLA The committed time within which systems are restored after a disaster. |
No information available | |
|
Data Backup Frequency How often the platform conducts full backups. |
No information available | |
|
User Session Management Automatic log-off and session control features. |
Automatic logoff/session control is supported for security best practices. | |
|
Security Certifications Possession of industry recognized certifications (e.g., ISO 27001, SOC 2). |
No information available | |
|
Granular Permission Settings Detailed controls for access to objects, fields, and actions. |
Detailed access permissions for process objects and tasks are available. | |
|
Audit Log Retention Length of time audit logs are retained and accessible. |
No information available | |
|
Single Sign-On Integration Supports SSO via SAML, OAuth, or Active Directory. |
Single Sign-On integration through common standards is mentioned in Redwood's integration features. |
Scalability & Performance
(5 Yes /5 Known /10 Possible features)
|
Concurrent User Capacity Maximum simultaneous users supported without loss of performance. |
No information available | |
|
Supported Entities/Business Units Maximum organizational units/entities handled within a single deployment. |
No information available | |
|
Close Cycle Time Reduction Typical reduction in close time when using the platform. |
undefined Reduces close cycle time through end-to-end process automation; concrete metrics may require case studies. |
|
|
Data Storage Capacity Maximum financial and supporting data storage available per instance. |
No information available | |
|
Load Balancing Support System remains performant during peak workloads through automated load balancing. |
Product promotes performance at scale and balancing during peaks. | |
|
Performance Monitoring Tools Built-in analytics for tracking system response and throughput. |
Platform analytics monitor response times and throughput. | |
|
Batch Processing Throughput Maximum number of records processed per hour in batch operations. |
No information available | |
|
API Rate Limits Maximum number of API calls per time unit. |
No information available | |
|
Geographic Distribution Support for distributed teams and operations across multiple regions. |
Supports distributed, global teams and operations. | |
|
Flexible Deployment Models Options for SaaS, on-premises, or hybrid deployments. |
Cloud (SaaS), on-prem, and hybrid installation options are available for the platform. |
Insurance-Specific Capabilities
(6 Yes /6 Known /10 Possible features)
|
Regulatory Reporting Templates Pre-built templates for statutory, regulatory and NAIC (US) or Solvency II (EU) disclosures. |
Insurance industry templates for regulatory reporting are supported; explicitly mentioned. | |
|
Policy-to-Ledger Reconciliation Automated tools to reconcile policy systems with accounting ledgers. |
Insurance solutions describe reconciliation of policy management and accounting ledgers. | |
|
Claims Reserve Calculations Supports actuarial reserve calculations and integration with actuarial systems. |
No information available | |
|
Investment Accounting Integration Automated feeds from investment management systems to GL/reconciliation. |
No information available | |
|
Multi-GAAP Support Handles US GAAP, IFRS 17, and other insurance accounting standards. |
Multi-GAAP support for financial/insurance regulatory compliance is documented. | |
|
Reinsurance Agreement Tracking Automated reconciliation for ceded/premium for reinsurance contracts. |
No information available | |
|
Premium Receivable Reconciliation Reconciles policy premium receivables automatically. |
No information available | |
|
Claims Payments Tracking Reconciles actual claims payments against reserves and accounting entries. |
Insurance modules include claims payment and reserve reconciliation automation. | |
|
Product/Line of Business Segmentation Allows close data and reporting by product or line of business. |
Segmentation and reporting by line-of-business/product is featured for insurance users. | |
|
Regulatory Filing Automation System automates the population and e-filing of regulatory reports. |
Redwood offers automation for e-filing and regulatory report population for insurance. |
Implementation & Support
(5 Yes /5 Known /10 Possible features)
|
Implementation Time Typical time frame required to deploy and go live. |
No information available | |
|
Onboarding Assistance Dedicated onboarding and migration support. |
Redwood provides dedicated onboarding/training and customer success teams. | |
|
24/7 Customer Support Support availability around the clock (live chat, call, or ticket). |
24/7 support availability described on Redwood support pages. | |
|
Knowledge Base Comprehensive self-serve documentation and troubleshooting guides. |
Documentation and troubleshooting guides are available in the customer success portal. | |
|
Dedicated Account Manager Provides an assigned point of contact for ongoing support and escalation. |
Dedicated technical/account support included in enterprise agreements. | |
|
SLAs for Issue Resolution Guaranteed maximum times for critical and non-critical issue resolution. |
No information available | |
|
User Community Forums Active community or user groups for peer support. |
No information available | |
|
Training and Certification Programs Structured courses and certifications for users and admins. |
No information available | |
|
Partner Network Ecosystem of third-party implementers and solution partners. |
List of global partners/consultancies provided on Redwood's website. | |
|
Upgrade/Release Frequency How often platform releases major product enhancements. |
No information available |
Cost & Commercial Terms
(0 Yes /0 Known /10 Possible features)
|
Transparent Pricing Model Clear, published or easy-to-understand pricing (vs. custom quotes only). |
No information available | |
|
Modular Pricing Option to pay only for needed modules or features. |
No information available | |
|
Free Trial Availability Ability to try the software at no initial cost for a limited period. |
No information available | |
|
Per User Licensing Licensing and cost scales with number of users. |
No information available | |
|
Transactional Pricing Option Option for pricing based on volume of transactions processed. |
No information available | |
|
Implementation Fees One-off fees for initial setup or configuration. |
No information available | |
|
Ongoing Maintenance Costs Annual/monthly fees for support, updates, and hosting. |
No information available | |
|
Discounts for Multi-year Commitments Reduced pricing available for longer contracts. |
No information available | |
|
Flexible Contract Terms Monthly/annual options; early termination and upgrade/downgrade policies. |
No information available | |
|
Cost Predictability All-in costs clearly outlined with minimal hidden fees. |
No information available |
This data was generated by an AI system. Please check
with the supplier. More here
While you are talking to them, please let them know that they need to update their entry.