Review and compare the top Record to Report Automation Software for businesses to get better control over the complete financial close process:
Organizations today face a lot of pressure with financial close and reporting processes. This can be attributed to the stricter regulations that many businesses today must comply with. It also doesn’t help that stakeholders have become increasingly more demanding and want to be in the loop about an organization’s financial status at all times.
Businesses have no option but to release more information in a shorter span of time. This, of course, leaves a lot of room for errors to happen in the department of finance where these reports are generated. It is this pressure that has compelled many enterprises to adopt R2R automation software.
What You Will Learn:
Record to Report Automation Software Review
R2R or Record to Report is a financial management process that involves the collection, processing, and presenting of accurate financial information in a timely manner. Managers and stakeholders alike can use this information to take imperative decisions.
Since the process involves the collection and processing of an overwhelming amount of data, it proves to be an arduous undertaking.
This is where R2R automation software, such as the ones we will recommend here, comes into play. In this article, we will acquaint you with the best R2R automation software available in the market today that can help any business get better control over their entire financial close process.
Pro-Tips:
- The R2R tool you use should allow you to view all risks, activities, and processes occurring across your entire organization in real-time.
- It should be platform agnostic, integrating seamlessly with all of your company’s existing ERP systems.
- Go for a cloud-based solution as it will grant you greater visibility over your financial close process while also facilitating collaboration and standardization
- The solution should facilitate quick decision-making based on the information presented to you.
- It should take a risk-based approach, identifying key issues and prioritizing actions based on them.
- Irrespective of how many divisions your company harbors, the software should apply a uniform accounting procedure across them all.
- It should be able to deliver results in a timely manner, without any errors.
- Go for vendors who have substantial experience in the industry.
Fact-Check: According to a report by SoftwareSuggest, the accounting business software that stood at $3.2 billion in 2016 is expected to reach a value of $4.10 billion by 2024 with a CAGR of 6.03%. The same report also states that most businesses (at least 58%) prefer cloud-based accounting solutions. Only 37% preferred on-premise solutions over cloud-based software.
Frequently Asked Questions
Q #1) How does the R2R process work?
Answer: The R2R process, also known as the Record to Report process, is a crucial financial management process that plays an important role when closing the books at the end of a specific financial period. It involves collecting, analyzing, and delivering accurate information that presents a clear picture of a business’s financial status.
The information pertains to strategic and operational feedback that stakeholders and management might find helpful.
Q #2) How can I improve the R2R process?
Answer: The R2R process is a complicated undertaking that involves the collection and processing of data. As these processes need to be executed within short deadlines, they are often susceptible to errors. There are certain best practices that one can use to make sure the process is executed efficiently.
You can do the following:
- Automate and optimize all workflows.
- Use reputable automation software.
- Grant proper access to important financial information to all relevant stakeholders.
- Create, implement, and assess important KPIs.
Q #3) What are the steps involved in the Record to Report process?
Answer: The R2R process that involves the collection and reporting of data includes the following key steps:
- Data Extraction
- Data Collection
- Data Validation
- Converting Data into KPIs
- Sharing the final report
Q #4) Why is R2R so important?
Answer: It is important, as it allows organizations to create a report that paints an accurate picture of a business’s financial health. These are reports that management needs to obtain strategic or operational feedback on how to improve their business’s financial standing. They are also reports that can keep stakeholders informed and assured with full transparency.
Q #5) What is KPI in R2R?
Answer: The following 4 KPIs are tracked in the R2R process:
- Profit and Loss exposure
- Process cost
- Time to close
- Close quality
List Of The Top Record To Report Automation Software
Here is the list of the most remarkable R2R software:
- Redwood Finance Automation (Recommended)
- Newgen
- Conduent
- Armanino
- Highradius
- Genpact
- BlackLine
- Prophix
- Vena
- OneStream
Comparing The Best R2R Automation Software
| Name | Best For | Ratings |
|---|---|---|
| Redwood | Full Record to Report Process Automation |  |
| Newgen | Robust Web-Based Audit Mechanism |  |
| Conduent | End-to-End R2R Automation |  |
| Armanino | Develop Custom Dashboards | |
| Highradius | AI-Based Error Deduction | |
Detailed review:
#1) Redwood Finance Automation (Recommended)
Redwood Finance Automation is best for the full Record to Report process automation.
Redwood offers a cloud-based R2R automation software that creates and monitors multiple interdependent close tasks via a configurable cloud-based control center. The platform allows organizations to gain greater control over their financial close process due to comprehensive finance automation and workflow integration.
Redwood Finance Automation is a specialized F&A layer built on top of its enterprise process automation framework for IT workload automation. This means F&A automation takes place on a platform designed for highly reliable orchestration of critical business applications and processes.
The solution can help you eliminate over 90% of manual work and reduce the risk of errors considerably as a result. The software helps fully automate journal entry processes such as reserves, accruals, provisions, and more. It can automatically calculate differences in any currency and identify counterparties.
It can calculate differences in post-system generated account reconciliation entries as well.
Features:
- Drag-and-drop workflow designer.
- Get status overviews and visual progress of business in real-time.
- Full Journal Processing automation.
- End-close checklist.
- Balance sheet reconciliation.
Verdict: With Redwood’s intuitive cloud-based R2R automation system, you get a single automated environment that combines reconciliation, journal processing, intercompany accounting, and more.
The tool shines as it allows you to choose from a wide catalog of pre-built closing tasks to create comprehensive reports. This is unquestionably one of the best R2R automation tools out there.
Price: Contact for quote.
#2) Newgen
Best for robust web-based audit mechanisms.
Newgen is yet another effective R2R automation solution that facilitates the generation of accurate financial information for strategic decision-making. With Newgen, you get a single application that can manage all R2R-relevant activities. It also integrates seamlessly with multiple disparate systems to make the R2R process more efficient.
The platform equips you with an intuitive dashboard that allows you to monitor journal entries, process turnaround time, etc.
The tool also enables end-to-end activity tracking, as it records each transaction accurately, thus eliminating the chance of redundant, erroneous, or missing entries in the books. The tool also allows you to maintain complete audit trails, thanks to its centralized audit mechanism.
Features:
- Journal entry upload.
- Transaction and report scheduling.
- Continuous monitoring and alerts.
- Unified interface.
Verdict: Newgen completely automates your Record to Report process from start to finish, leaving you with comprehensive reports that facilitate timely and strategic decision-making. The solution particularly excels when it comes to its centralized audit mechanism, allowing you to maintain end-to-end audit trails.
Price: Contact for quote
Website: Newgen
#3) Conduent
Best for end-to-end R2R automation.
Conduent offers Record-To-Report solutions that streamline and consolidate all the processes associated with accounting and reporting. Each step of the R2R process is executed in compliance with closing and reporting deadlines. The tools employed by Conduent help improve response times and reduce errors, all in an effort to adapt to changing business demands.
Conduent utilizes financial management software from the likes of BlackLine to automate a business’s R2R processes. The service also leverages robotic process automation to reduce production time, automate rule-based activities, free resources, and trigger decision support tasks.
Features:
- General accounting.
- Intercompany and allocations.
- Financial planning and analysis.
- Audit support.
- Tax compliance and filing.
Verdict: If you are looking for a service that automates your business’s R2R activities from start to finish while also streamlining your accounting functions, then you will find Conduent’s services to be right up your alley.
Price: Contact for quote
Website: Conduent
#4) Armanino
Best for developing custom dashboards.
Armanino arms you with the best-in-class automation tools to completely optimize your R2R processes. Armanino focuses on uniting all core elements of your R2R process, which include period-end closes, transaction recording, financial position analysis, financial consolidation, and information distribution.
The service allows you to link data across various systems of organization within one unified location. The tool expertly identifies redundant tasks and automates them to help you save time in preparing month-end closes. It also helps generate more effective KPIs by helping you develop your own custom dashboard.
Features:
- Seamless transaction recording.
- Close process management.
- Financial analysis and planning.
- Generate comprehensive reports.
Verdict: Armanino greatly optimizes your finance operations with excellent R2R process automation. You get effective KPIs, which are easy to generate thanks to the ability it grants you to develop custom dashboards. The platform is a great way to replace manual reconciliation with enhanced workflows.
Price: Contact for quote
Website: Armanino
#5) Highradius
Best for AI-based error detection.
R2R process is a continuous one that needs consistent monitoring. Highradius understands that and grants you a solution that facilitates end-to-end financial close automation. The solution excels particularly because of its AI-based anomaly detection system, allowing you to maintain clean books, which are impervious to errors.
The tool can intelligently detect variances in general ledger accounts and resolve them by using configurable matching rules and algorithms.
Features:
- Automated Workflow Management.
- Automated Close task management.
- Pre-built templates to generate reports.
- Automated Ledger Reconciliation.
Verdict: Highradius boasts of a sophisticated modern UI that enhances the user experience noticed when operating this end-to-end R2R system. The tool facilitates data aggregation across all ERPs, eliminates errors and manual work, thus making it an ideal R2R process for automation software for businesses of all types.
Price: Contact for quote
Website: Highradius
#6) Genpact
Best for enhanced compliance and decision-making.
Genpact are widely sought-after finance automation service providers because of their experience and insightful grasp of the financial domain. They are mostly known to offer a solution that combines intuitive elements such as automation, intelligent AI, and data-driven analytics to completely optimize your R2R process.
Powered by a continuous close accelerator system, Genpact makes the otherwise arduous financial close process more flexible, less stressful, and resource-efficient. We really like how it leverages BlackLine’s SaaS solution to deliver accurate financial information in a timely manner.
Features:
- End-to-end closing and reporting services.
- Reporting transformation.
- AI-driven reporting assistance.
- Finance controls and automation service from BlackLine.
Verdict: Genpact makes excellent use of BlackLine’s unified technology that facilitates intelligent automation and greater financial control. It combines this with its own insight into finance and R2R to deliver a solution that enhances compliance and assures greater performance visibility.
Price: Contact for quote
Website: Genpact
#7) BlackLine
Best for enhanced Financial Control and Automation.
BlackLine facilitates end-to-end R2R automation by offering a centralized workspace to perform close accounting activities. It also helps with the seamless control and management of the financial close process by completely automating workflows associated with accounting. It also streamlines reporting associated with a business’s finances.
The automation entirely does away with complex, manual, error-prone accounting practices. Instead, what you get is a continuous accounting approach that actively ferrets out errors and redundancies in recording, eliminates activities that add no value, and evenly distributes tasks across the close.
Features:
- Account reconciliations.
- Journal entry processing.
- Variance analysis.
- Transaction matching.
Verdict: With BlackLine, you get a centralized and secure system that effectively automates all tasks associated with R2R. It is a solution trusted by many companies around the world, even being used by R2R solution providers in the industry like Genpact and Conduent to guarantee reliable finance control and R2R automation.
Price: Contact for quote
Website: BlackLine
#8) Prophix
Best for intuitive collaboration support.
Prophix is first and foremost a performance reporting tool that comes equipped with tools that facilitate end-to-end R2R automation. The software’s ability to facilitate budgeting and planning collaboration between various departments helps your business acquire financial data that is more accurate.
Prophix can integrate multiple data sources into a single unified solution. This centralized data can then be modified and enhanced as per your wishes. You also can add supporting commentary to your data to help managers speed up the approval process.
Features:
- Actionable reports.
- Accelerated workflows.
- Enhanced collaboration across all business departments and divisions.
- Automated report distribution.
Verdict: Prophix simplifies the process of R2R by enabling collaboration over financial data between various departments. The reports generated possess actionable insight that is delivered comprehensively to help managers and stakeholders make the right strategic decisions.
Price: Contact for quote
Website: Prophix
#9) Vena
Best for centralized financial close management.
Vena offers its users a centralized database that comes fully equipped with enterprise-level security and process automation features. It also harbors a familiar look, heavily inspired by MS excel to make the R2R process simple. Vena effectively automates all time-consuming close activities such as account reconciliation, intercompany accounting.
The platform also takes care of complex tasks, such as minority interest calculation and currency conversion. Vena excels because of its robust workflow engine that allows you to design month-end close processes and assign tasks.
Features:
- Real-time overview of all R2R-related activities.
- Detailed audit trail.
- General ledger processing.
- Intercompany transaction management.
Verdict: Harboring a centralized database that resembles MS excel in both look and functionality, Vena automates all time-consuming tasks associated with the R2R and Financial close process. It takes care of all month-end close activities, thus ensuring you have greater visibility, control, and transparency over your financial close process.
Price: Contact for quote
Website: Vena
#10) OneStream
Best for a comprehensive suite of tools for Financial Planning and analysis.
OneStream is a cloud-based finance platform that arms you with all the tools you will need to take care of the month-end financial close process. It expertly combines processes such as planning, financial consolidation, reporting, and analytics in one extensible platform.
It comes with a dashboard that can be personalized and capable of presenting KPIs that help in speedy decision-making. It also offers arguably one of the best account reconciliation systems that do away with standalone reconciliations and manual processes.
Features:
- Transaction matching.
- Customizable dashboard.
- Financial Reporting and Compliance features.
- Budgeting and planning tools.
- KPI Setting.
Verdict: OneStream empowers your enterprise with several data accumulations and analytical features that together assist you in making informed decisions. You get tons of features, from financial planning to analytical reporting, in a single platform.
Price: Contact for quote
Website: OneStream
Conclusion
Performing the Record to Report process is essential if you want to clearly understand your enterprise’s financial health. However, collecting all that data from across multiple departments and divisions, processing it, and finally presenting it via a comprehensive report can be time-consuming and prone to errors.
With more regulations to adhere to and stakeholders becoming increasingly more impulsive by the day, it is imperative to automate this process entirely. This is what all the above-mentioned tools accomplish. By choosing the above tools, you are automating the entire R2R process while not compromising on the control you have on your month-end close process.
As for our recommendation, we suggest using Redwood for a complete R2R automation experience. You can also try Newgen’s solution for its incredible centralized audit mechanism.
Research Process:
- We spent 12 hours researching and writing this article so you can have summarized and insightful information on which R2R Automation Software will best suit you.
- Total software researched – 20
- Total software shortlisted – 10