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Redwood Finance Automation

Redwood Finance Automation

Overview

What is Redwood Finance Automation?

Redwood Software headquartered in the Netherlands offers Redwood Robotics, a robotic process automation solution.

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Recent Reviews
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Pricing

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Redwood Finance Automation

Redwood Finance Automation

N/A
Unavailable

What is Redwood Finance Automation?

Redwood Software headquartered in the Netherlands offers Redwood Robotics, a robotic process automation solution.

Entry-level set up fee?

  • No setup fee

Offerings

  • Free Trial
  • Free/Freemium Version
  • Premium Consulting/Integration Services

Would you like us to let the vendor know that you want pricing?

Alternatives Pricing

Vena

Vena

N/A
Unavailable
What is Vena?

Vena Solutions provides a financial process automation solution to automate Corporate Performance Management, accounting and budgeting, Regulatory & Compliance, and other finance-related processes. It is scaled for medium to large-sized organizations.

Cube

Cube

$1,500
per month
What is Cube?

Cube is a financial planning & analysis (FP&A) platform that aims to enable finance teams to be more strategic and positively contribute to company growth activities by spending less time on manual, repetitive task, from Cube Planning headquartered in New York.

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Product Demos

Redwood Software: How to Series Ep. 1

YouTube
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Product Details

What is Redwood Finance Automation?

The volume of repetitive, manual tasks across finance is overwhelming – every day or at the end of every month, quarter, or year. Redwood’s Finance Automation solutions are built on industrial scale automation technology to provide business users the power to design, deploy and operate transformational financial processes, and to improve efficiency and governance. It also frees finance professionals to focus on gaining valuable insights from corporate reporting information—rather than simply chasing data.

These solutions are built to support four pillars of finance processes: record to report, order to cash, procure to pay and asset accounting. Within record to report, we offer automated solutions for the close checklist, reconciliation, journal entry and intercompany. Clients report automating as much as 85% of finance tasks that once relied on repetitive manual work with Redwood.

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.

Redwood Finance Automation Competitors

Redwood Finance Automation Technical Details

Deployment TypesOn-premise, Software as a Service (SaaS), Cloud, or Web-Based
Operating SystemsWindows, Linux
Mobile ApplicationNo
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Comparisons

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Reviews and Ratings

(3)

Reviews

(1-2 of 2)
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May 13, 2021

Redwood - Robots are here to remain as a family member in our company

Verified User
Manager in Finance and Accounting
Mining & Metals Company, 5001-10,000 employees
Score 9 out of 10
Vetted Review
Verified User
Incentivized
Use Cases and Deployment Scope
Redwood is our partner for automatization of processes; we built several robots that help us to speed up and improve the quality of data and control on our Finance and controlling activities, such as the month closing
Pros and Cons
  • It helps through processes standarization
  • Implementation of SOX controls
  • Takes over more repetitive and time-consuming activities to focus on added value ones
  • Tool in continuous development
  • It requires training and experience to become a developer
Likelihood to Recommend
For regular FICO activities on SAP environments, it can quickly help. [Well suited to] organize activities around month closing and build workflows.
Most Important Features
  • Workflows - acknowledge, approval, supervising
  • Prepare reports with data coming from different sources and transactions
  • Process standardization around different countries
Return on Investment
  • There is a return on investment reducing the time we need to work on reporting and communication.
  • It allows the organization to focus on added value activities.
  • Control and quality of data.
Alternatives Considered
It is very well integrated on SAP enviroments.
May 13, 2021

My experience with Redwood Finance Automation

Verified User
Administrator in Finance and Accounting
Chemicals Company, 10,001+ employees
Score 9 out of 10
Vetted Review
Verified User
Use Cases and Deployment Scope
We have implemented it in the Accounting department first to robotize the non-value-added activities like regular entries, reports, reviews, jobs etc. We have [removed users] and [replaced] with robots, and utilized them in other stuff. Also used in some other reporting activities like audit, report generation, other postings where user has to enter the details each field manually in SAP.
Pros and Cons
  • Easy to design without IT knowledge
  • We can transform the data like excel
  • This can read the data from any system and transform
  • 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
Likelihood to Recommend
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.
Most Important Features
  • Easy to develop the robots with basic IT knowledge
  • Data transformation is huge development to transform the data in to several reports
  • Predefined definitions help developers to create new robots
Return on Investment
  • 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
Alternatives Considered
Compared with other business user in same business line to reduce the cost, utilize the resources in most affective manner, reduce process time lines.
Other Software Used
Microsoft 365 (formerly Office 365), BlackLine, Workday Cloud Platform
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