Redwood Software - Finance Automation Edition vs Workiva Wdesk comparison

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Executive Summary

We performed a comparison between Redwood Software - Finance Automation Edition and Workiva Wdesk based on real PeerSpot user reviews.

Find out in this report how the two Financial Close Software solutions compare in terms of features, pricing, service and support, easy of deployment, and ROI.
To learn more, read our detailed Redwood Software - Finance Automation Edition vs. Workiva Wdesk Report (Updated: March 2024).
765,386 professionals have used our research since 2012.
Featured Review
Quotes From Members
We asked business professionals to review the solutions they use.
Here are some excerpts of what they said:
Pros
"Redwood has a great feature where it logs every transaction. So, at any point, we can see every step taken for each transaction. It creates an audit trail of the entire process execution. It is a really good feature. This eliminates the need for extra coding or report generation. The audit report is readily available within the tool itself.""The out-of-the-box finance modules within the Redwood Finance framework help to speed up the process, versus designing and writing generic BOT code.""So the best thing is ease of use."

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"It makes the compliance process more efficient and more effective.""It helps you to maintain a backup of your data, including the connectivity with the tables, which provides a user-friendly way to handle and access your files.""The collaboration within the platform is valuable.""Workiva Wdesk is pretty good in terms of getting the data from the system, automating the reporting schedules...It has a very good integration with ERP tools.""Workiva Wdesk has a flow diagram that is standardized, making it easy for people to file documents on ECDAs, which are in HTML format.""The most valuable feature is its ability to easily upload and update financial results, creating a dynamic data sheet."

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Cons
"The room for balancing improvement lies in automation enhancement with respect to the feature areas, considering dealing directly with Excel and reviewing it to do some additional stuff for it in the end system so that reading the right thing, picking up the values, and everything.""Mapping the process steps to an existing R2R process quickly would be a definite step forward.""would like to see AI integration for automation in future releases. Post-automation, I envision a generative AI model. If I could ask the bot questions like the number of invoices or their current status, it should be able to provide answers directly."

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"With this product, it's more about the integrated data model where you can have a one-to-many/many-to-one relationship between your policies and processes, risks, and controls. They need to showcase how you can put those pieces together.""The most critical issue is the need to shift between uppercase and lowercase.""The speed must be improved.""One area where Workiva Wdesk could improve is by ensuring that its cloud-based system is fully compatible with the most current versions of PowerPoint and Excel.""At this point, I don't see a compelling reason to invest in Workiva. It may be necessary for compliance and controlling the version of SCC, but not everyone needs its high-end capabilities.""Regarding the solution, reporting has certain areas that can be considered for improvement."

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Pricing and Cost Advice
  • "The licensing was purely based on the number of transactions being processed in production."
  • More Redwood Software - Finance Automation Edition Pricing and Cost Advice →

  • "Our clients in Asia think that the solution is too expensive."
  • More Workiva Wdesk Pricing and Cost Advice →

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    Questions from the Community
    Top Answer:Redwood has a great feature where it logs every transaction. So, at any point, we can see every step taken for each transaction. It creates an audit trail of the entire process execution. It is a… more »
    Top Answer:The pricing is very client-specific. It's not a one-size-fits-all price. They don't have a single price for everyone. It's based on the client and the number of transactions. As Vodafone, a large… more »
    Top Answer:Everything seems to be working well. However, I see value in integrating AI for automation. So, I would like to see AI integration for automation in future releases. Ideally, after I perform postings… more »
    Top Answer:The most valuable feature is its ability to easily upload and update financial results, creating a dynamic data sheet.
    Top Answer:Wdesk is affordable and as far as I'm aware, there were no additional costs beyond the standard license increase. We didn't have to make any other changes; it primarily involved accessing the platform… more »
    Top Answer:One area where Workiva Wdesk could improve is by ensuring that its cloud-based system is fully compatible with the most current versions of PowerPoint and Excel. Sometimes, the features available in… more »
    Ranking
    8th
    Views
    189
    Comparisons
    124
    Reviews
    1
    Average Words per Review
    893
    Rating
    9.0
    2nd
    Views
    298
    Comparisons
    182
    Reviews
    6
    Average Words per Review
    692
    Rating
    7.0
    Comparisons
    Also Known As
    Redwood Business Process Automation - Finance Edition, Redwood Robotics, Redwood Finance Automation
    Wdesk
    Learn More
    Overview

    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 reduces that unnecessary and time-consuming manual effort. We know because our customers tell us that our finance automation solution helps them achieve a much higher degree of back-office process automation compared with alternatives.

    Wdesk is used across the enterprise to support hundreds of data collaboration, reporting, and compliance processes. Use Wdesk to:

    • Optimize your structured and composite reports
    • Improve trust in your data, reports, and presentations
    • Transform processes to enable insight
    Sample Customers
    ArcelorMittal, Alliant Energy, Allianz, Arla, Bacardi, CPS Energy, DSM, Faurecia, Genetech, Jabil, Jumbo,
    Noodles Company, eBay, Winnebago, American Assets Trust, AmericanEnterprise, Calpian, Capstone Infrastructure, Cascades, Circor International, Coeur Mining, Davey, Dr Pepper Snapple
    Top Industries
    VISITORS READING REVIEWS
    Financial Services Firm18%
    Energy/Utilities Company16%
    Computer Software Company9%
    Manufacturing Company5%
    VISITORS READING REVIEWS
    Financial Services Firm20%
    Educational Organization18%
    Computer Software Company6%
    Insurance Company6%
    Company Size
    VISITORS READING REVIEWS
    Small Business18%
    Midsize Enterprise9%
    Large Enterprise73%
    VISITORS READING REVIEWS
    Small Business20%
    Midsize Enterprise24%
    Large Enterprise56%
    Buyer's Guide
    Redwood Software - Finance Automation Edition vs. Workiva Wdesk
    March 2024
    Find out what your peers are saying about Redwood Software - Finance Automation Edition vs. Workiva Wdesk and other solutions. Updated: March 2024.
    765,386 professionals have used our research since 2012.

    Redwood Software - Finance Automation Edition is ranked 8th in Financial Close Software with 3 reviews while Workiva Wdesk is ranked 2nd in Financial Close Software with 6 reviews. Redwood Software - Finance Automation Edition is rated 9.0, while Workiva Wdesk is rated 7.0. The top reviewer of Redwood Software - Finance Automation Edition writes "User-friendly and enables automation in finance, HR, and SDM". On the other hand, the top reviewer of Workiva Wdesk writes "A user-friendly tool useful for data consolidation and automating the reporting schedules". Redwood Software - Finance Automation Edition is most compared with UiPath, BlackLine, Blue Prism, Blue Prism Cloud and Automation Anywhere (AA), whereas Workiva Wdesk is most compared with AuditBoard, Oracle Hyperion, RSA Archer, OneTrust GRC and ACL Analytics. See our Redwood Software - Finance Automation Edition vs. Workiva Wdesk report.

    See our list of best Financial Close Software vendors.

    We monitor all Financial Close Software reviews to prevent fraudulent reviews and keep review quality high. We do not post reviews by company employees or direct competitors. We validate each review for authenticity via cross-reference with LinkedIn, and personal follow-up with the reviewer when necessary.