Finding it difficult to pick a reconciliation software between Cointab and Redwood? To help you we have covered in this article both these reconciliation automation tools. The software should match your requirements so the results are produced while keeping your business policies in mind.
Reconciliation is an essential aspect in the financial accounting process of the organization’s daily working. Accurate data is necessary for making an informed business decision that benefits the overall business performance. Managing reconciliation manually is time-consuming and a tedious process for the team. Hence many businesses are opting for automated reconciliation with softwares like Cointab reconciliation and Redwood.
Cointab reconciliation and redwood help automate the reconciliation process. They play an important role in the financial close process as the team can reconcile data easily with these softwares. Both these tools are designed to help organizations to streamline the financial process along with reducing costs.
In this article, we compare Cointab reconciliation and Redwood automation to help determine which solution is best suited to your organization’s needs. We can help you get a better understanding of the value-added benefits of the software so you pick the right software for your business.
Cointab
Cointab reconciliation completely automates the reconciliation process for the business. It loads data into the system automatically via integrated API, SFTP, and Email. Along with this it also has a scheduling feature so that reconciliation can run automatically as and when the scheduling date and time is set for. These automations take away the time and effort spent by the finance team in individually uploading each dataset or report.
Cointab reconciliation also offers various customizations in the reconciliation process. It lets users input data in any file format convenient for them so no time is wasted in converting files. This also lets users set their custom rules engine for matching conditions so that the results are configured as per your business rules. Even when exporting data the file format can be customized and the particular datasets or columns can be selected for export. This helps users save time in the exporting process and directly use results for analysis or making claims.
The reconciliation results produced by the software highlights amount mismatches so that the team can pay more attention to those transactions. To help in monitoring those transactions a detailed view of those transactions is also given across all reports. Hence by using Cointab reconciliation users can automate various processes such as payment gateway reconciliation, bank reconciliation, cash-on-delivery (COD Remittance) reconciliation, Marketplace Reconciliation (Amazon, Flipkart, Myntra, Nykaa, Ajio, TataCliq and many more), fee verification, ERP reconciliation and order management system (OMS) reconciliation.
Redwood
Redwood is an automation platform that provides end-to-end automation solutions. It is configured to help businesses streamline and automate any business task. It helps organizations reduce costs and increase the overall efficiency of various business operations. Redwood can automate a wide range of processes SAP job scheduling, managed file transfer, data warehouse, devops and finance.
Redwood automates the reconciliation process so that the finance team can move on from manually doing this process and shift to analysis. They can let automation take over the process and they can focus on insights, metrics and analysis which can improve decision-making and business performance.
With Redwood, the team can get full visibility in the reconciliation with its insightful dashboard and accurate results. It enables the team to automate standard processes with rule-based workflows that help eliminate the risks of errors. Along with that, it automates the process of running reports, transforming data and managing approvals. With Redwood automation, users can not only automate the reconciliation but many other aspects too.
Conclusion
Ultimately, the choice between Cointab reconciliation and Redwood automation depends on the specific needs and requirements of an organization. If the organization wants to focus solely on all-around financial reconciliation with customizations around reconciliation then they can choose Cointab. However, if a business wants to automate reconciliation but also focuses on other financial aspects they can opt for Redwood. The redwood system does not provide many features around reconciliation so they might not optimize the reconciliation as required. Hence users can pick between these softwares according to what fits their requirements the best