Redwood Finance Automation vs. ReconNET by Trintech

Overview
ProductRatingMost Used ByProduct SummaryStarting Price
Redwood Finance Automation
Score 9.0 out of 10
N/A
Redwood Software headquartered in the Netherlands offers Redwood Robotics, a robotic process automation solution.N/A
ReconNET by Trintech
Score 10.0 out of 10
N/A
ReconNET is a corporate performance management solution from Trintech. ReconNET automates account reconciliation, including high-volume reconciliation, with the goal of helping users tighten controls, reduce risk and increase process efficiency.N/A
Pricing
Redwood Finance AutomationReconNET by Trintech
Editions & Modules
No answers on this topic
No answers on this topic
Offerings
Pricing Offerings
Redwood Finance AutomationReconNET by Trintech
Free Trial
NoNo
Free/Freemium Version
NoNo
Premium Consulting/Integration Services
YesNo
Entry-level Setup FeeNo setup feeNo setup fee
Additional Details
More Pricing Information
Community Pulse
Redwood Finance AutomationReconNET by Trintech
Top Pros
Top Cons
Features
Redwood Finance AutomationReconNET by Trintech
Consolidation and Close
Comparison of Consolidation and Close features of Product A and Product B
Redwood Finance Automation
-
Ratings
ReconNET by Trintech
8.3
1 Ratings
1% below category average
Financial data consolidation00 Ratings8.01 Ratings
Journal entries and reports00 Ratings9.01 Ratings
Multi-currency management00 Ratings9.01 Ratings
Detailed Audit Trails00 Ratings9.01 Ratings
Best Alternatives
Redwood Finance AutomationReconNET by Trintech
Small Businesses
Tipalti
Tipalti
Score 7.9 out of 10
Tipalti
Tipalti
Score 7.9 out of 10
Medium-sized Companies
FloQast
FloQast
Score 9.3 out of 10
FloQast
FloQast
Score 9.3 out of 10
Enterprises
FloQast
FloQast
Score 9.3 out of 10
FloQast
FloQast
Score 9.3 out of 10
All AlternativesView all alternativesView all alternatives
User Ratings
Redwood Finance AutomationReconNET by Trintech
Likelihood to Recommend
8.2
(2 ratings)
8.0
(1 ratings)
User Testimonials
Redwood Finance AutomationReconNET by Trintech
Likelihood to Recommend
Redwood Software
I have used Redwood Finance Automation for all of these scenarios: transform and prepare the journal entries, SAP document posting, reversals, attachments, job status, error notifications, live tracking, error handlers, resubmission, data transformation, chain diagram of the robotic process development, can use multiple systems, merging, group, Excel conversion, and data storage. Difficulty in REL expressions to use in development for non-IT users. Data transformation requires many steps to add or delete the columns and it has some limitations.
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Trintech
It is well suited in scenarios where customers have tremendous volumes of data to deal with and where the reconciliation of the information is of paramount importance to businesses and stakeholders. We use it primarily for balance sheet reconciliations that come with features, such as exception management, which is great for focusing on the few that matter the most at the end of the day.
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Pros
Redwood Software
  • It helps through processes standarization
  • Implementation of SOX controls
  • Takes over more repetitive and time-consuming activities to focus on added value ones
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Trintech
  • The ReconNET tool has a great audit-trial system that captures every detail in the life of a record and helps eliminate any manual intervention. It's fully SOX Compliant, and helps track any changes in the data from an audit perspective.
  • The automation helps us focus entirely on the exceptions, which helps eliminate attention from the mundane tasks to areas with potential problems.
  • Exception management and automated posting to the GL are great features that help streamline many of the routine, mundane, and yet time-consuming activities, freeing up time to focus on issues at hand.
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Cons
Redwood Software
  • Business users are not able to understand the errors without IT knowledge
  • Better to have more features in data transformer (like Excel Pivot)
  • Train all types of users on basic REL expression language to use in development
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Trintech
  • It takes a little bit of practice to get the hang of the tool to set up the reconciliations, but its not necessarily a drawback, since this applies to every other automation tool out there. However, once someone gets the hang of it, it's pretty user-friendly to run it on a daily basis.
  • Since automatons can only be built on a set logic, at times certain items that show up as exceptions are not truly a cause of concern. However, since it's always better to flag too many potential exceptions than too few, it's not a true drawback.
  • It has quite a few features, such as multi-currency reconciliation, bank deposits, disbursements, automated postings to G/L, etc. which could be of great value for various requirements for clients. It is especially useful where volumes of data are too large to deal with. The uses might not be phenomenal for low volume reconciliation requirements.
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Alternatives Considered
Redwood Software
It is very well integrated on SAP enviroments.
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Trintech
Each automation tool has its own set of features, but the fact that ReconNET is built for reconciliation purposes sets it apart from the rest. The ease of usage once the user gets a hang of it, the extensive audit trial, and the ability to focus on exceptions rather than the necessity to scroll through a bulk of irrelevant information, all provide the key-user with the critical decision-making ability.
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Return on Investment
Redwood Software
  • We have removed the robot from user in terms of people transformation
  • Time saving especially at month end to review the financials
  • We have identified more improvement opportunities with RFA as per the available features
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Trintech
  • It definitely has a positive impact on ROI with freeing up resource availability and usage on the most pressing tasks at hand. For example, focusing on exceptions rather than reconciling from scratch.
  • Another positive impact on the ROI can be realized with the detailed audit trials on sensitive information.
  • Strong Financial Reporting is the backbone of any industry, regardless of the sector it operates in, and having an automated reconciliation tool such as ReconNET helps you attain the key objective of integrity of information in a timely fashion, to support the close process.
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ScreenShots

Redwood Finance Automation Screenshots

Screenshot of Home page for the Redwood Software Finance Automation solution.Screenshot of View of the Journal Entry Summary page in the Redwood Software Finance Automation solution.Screenshot of Intercompany Agreement Process built in Redwood Software Finance Automation solution.Screenshot of A view of the Inbox for Redwood Software Finance Automation.Screenshot of A view of the Process Orchestrator within the Redwood Software Finance Automation solution.