Best Finance Automation Redwood Alternatives and Competitors

Handling financial tasks requires using tailored software that automates the processes and makes the workflow easier. These modern times require simple but robust solutions that integrate with ERPs, collect data across multiple resources, streamline it, and perform the required task with ease. 

There are many platforms that claim to be the best solution for today’s finance dynamics - and probably they’re all right, as it all depends on what their users/clients need. Redwood’s Finance Automation module claims to be all of the above, and more, and still, some finance teams are still looking for the best alternative. Surely, it has good sides and loyal customers worldwide, but what should the other ones choose?

Let’s break it down for you!

Why Financial Teams Rely on Redwood?

Redwood is known for its robust automation capabilities, allowing finance teams to eliminate manual tasks across core finance functions such as record-to-report, procure-to-pay, order-to-cash and asset accounting. With both on-premises and SaaS options, Redwood supports industrial-scale automation suitable for large-enterprise environments.

Key advantages of Redwood include:

• End-to-end automation of close, journal entries, reconciliations, intercompany and billing.
• Compatibility with leading ERP systems, removing the need for disruptive IT changes or add-ons.
• Streamlined process management with built-in auditing, lifecycle management and predictive SLA monitoring.
• Customisable automation with “pay-for-what-you-use” pricing, expert support, and security features like SSO and audit logging.

Redwood’s clients see dramatic reductions in manual workload (80-90% on average), improved compliance and faster closing cycles, making it a go-to for CFOs seeking rapid transformation and better governance.

Why Financial Teams Move from Redwood to its Top Alternatives?

Despite Redwood’s strengths, finance teams may choose alternatives for several reasons:

• Desire for stronger integration with their ERP systems (especially SAP, Oracle and Microsoft Dynamics platforms).
• Need for easier configurability and more modern user experience, often found in unified cloud-native platforms.
• Expanding requirements for advanced transaction matching, variance analytics, intercompany invoicing or compliance automation.

Other factors include seeking better support for multi-entity management, tailored mid-market offerings or more straightforward global deployments and upgrades. Sometimes, potential users will look for locally-developed solutions, especially in areas with specific financial laws and requirements (which also means tailored compliance is needed.)

What are the Top Redwood Finance Automation Competitors?

If you, as a CFO or a finance leader, are in need of a solution that streamlines complex financial processes, this section will resolve all your dilemmas and lead you to the best Redwood alternative. Take your time to assess the current challenges and how quickly you want them resolved.

 Below is an in-depth look at the most effective Redwood alternatives and competitors, ranked for both enterprise and mid-market needs.

1. Aico: Automated Financial Close for Mid-Size Companies and Enterprises

Aico stands out as a unified financial close automation platform, built with real-time integration for SAP, Oracle and Microsoft Dynamics. It offers exceptional configurability and scalability, meeting the needs of large enterprises and mid-sized businesses seeking seamless financial closing, compliance and automation.

Key Features:

• Financial Close Management: This is the Aico’s core module. It automates all month-end, quarter-end and annual close processes.
• Account Reconciliations: Rapid and automatic matching, monitoring and resolution of all accounts.
• Journal Entry Automation: Streamlines and validates journal postings, including accruals, provisions and one-off entries.
• Transaction Matching: Bulk, automated matching supported by advanced rule sets.
• Intercompany Invoicing: Ensures timely, accurate intercompany transactions and reconciliation.
• Finance Compliance Management: Tracks compliance with statutory and internal controls, with robust monitoring and reporting tools.
• Deep ERP Integrations: Real-time bi-directional integration with SAP, Oracle and Microsoft Dynamics, plus support for other ERPs.

Aico’s design delivers a centralised, audit-ready view across manual, automated and exception tasks. It enables finance teams to close faster (up to 50% reduction in cycle time), eliminate late reconciliations and address compliance risks proactively.

Additionally, we all know Aico as the top financial close solution primarily for the UK, Nordics and European markets. Still, with the recent merger with Mercur and AARO, you’re getting intelligent automation, planning and consolidation solutions to drive financial and operational excellence.

2. Control-M

Control-M, renowned for workload and workflow automation, extends into financial close by orchestrating application and data workflows across mainframe, cloud and hybrid systems. It’s especially valued for:

• Large-scale, cross-departmental automation beyond just finance.
• Integration with key business platforms (including Oracle E-Business Suite and PeopleSoft), making it a powerful orchestrator for enterprises.
• Deployment flexibility: available on-premises, cloud, hybrid or as SaaS.

While not finance-specific, Control-M’s adaptability and integration breadth make it a pragmatic choice for complex enterprises seeking a single automation management system.

3. BlackLine

BlackLine is a global leader in account reconciliation and financial close management software. Enterprises select BlackLine to streamline reconciliations, automate journal entries and drive compliance with built-in controls with:

• Deep ERP integrations (SAP, Oracle, NetSuite, Dynamics).
• Robust workflow, approval and compliance features out of the box.
• Global scale, suitable for multi-entity, multi-currency environments.

You've seen Blackline, but still looking for something more convenient, with extended automation? See how Aico compares to Blackline

4. FloQast

FloQast focuses on close management, reconciliation automation, collaborative workflows and tracking. Designed “by accountants, for accountants”, it helps teams accelerate the month-end process and increases data transparency. Benefits include:

• Fast implementation and intuitive interface for mid-sized and large teams.
• Automates reconciliations, task checklists, audit documentation, and status reporting.
• Excel workflow integration and strong collaboration support for distributed teams.

 Discover Top FloQast Alternatives if you want more straightforward closing process.

5. Tipalti

Tipalti automates accounts payable, global payments, multi-entity payment processes and compliance. While not focused exclusively on the financial close, its powerful AP, mass payment, and supplier management tools suit organisations seeking end-to-end payment automation. Highlights include:

• Multi-currency and tax compliance at scale.
• Mass payouts supporting rapid growth and global expansion.
  
  

6. OneStream

OneStream is a well-known platform for enterprise performance management, financial consolidation and close automation. Key features:

• Unified platform for consolidation, closing, planning and forecasting.
• Advanced AI and ML analytics, predictive scenarios, anomaly detection, automated reconciliations.
• Robust data transformation and compliance support.
  
  

7. Prophix

Prophix automates the entire financial close lifecycle, including reconciliation, intercompany eliminations, consolidations and reporting. Designed for teams aiming to remove spreadsheets from the process, Prophix offers:

• Full auditability and templated workflows.
• Rapid, error-free close across departments and entities; strong compliance tools.

8. Vena

Vena delivers financial close management through an Excel-based interface layered over a powerful cloud engine. Its strengths:

• Customisable workflows, variance analysis, close checklists and real-time reporting.
• Comprehensive ERP/GL integrations (Sage Intacct, NetSuite, Microsoft Dynamics and more).
• Familiar for finance teams wanting to modernise close processes without abandoning Excel.
  
  

9. SAP Intelligent RPA

SAP Intelligent RPA brings advanced robotic process automation to finance (including AP/AR, close and compliance management). Key uses:

• Automated invoice processing, three-way matching, reconciliations, periodic close and compliance monitoring.
• Seamless use with SAP S/4HANA and other SAP solutions.

Top Redwood Finance Automation Alternatives: Comparison Table

Here’s a table with all the essential features collected, for easier comparison, which will ultimately result in better decision:

What Tasks These Redwood Alternatives Ease

All Redwood alternatives streamline classic finance tasks, focusing particularly on:

• Financial Close Management: Centralises and automates close tasks to dramatically reduce cycle times and improve accuracy, no matter the preferred closing period.
• Journal Entry Automation: Routine and complex journal entries are posted with validation, reducing errors and manual effort, avoiding data lakes and data silos.
• Account and Bank Reconciliations: Automated matching and exception management helps identify and resolve discrepancies rapidly, resulting in a precise financial close.
• Intercompany Reconciliations and Invoicing: Standardises and auto-books transactions and eliminations, particularly for multi-entity groups.
• Transaction Matching and Variance Analysis: Pinpoints anomalies and drives compliance, reducing the time spent chasing reporting errors.
• Compliance and Controls: Ensures statutory, internal and global compliance with built-in monitoring, documentation and control frameworks.
• Integration with ERP and Finance Systems: Direct integrations ensure a single source of financial truth and remove duplication of data entry.
  
  

Aico, specifically, brings together all these functionalities in one platform, enabling true end-to-end automation, from the closing checklist and reconciliations to complex journal entries and compliance validation (with out-of-the-box support for SAP, Oracle and Microsoft Dynamics integrations).

Conclusion

For companies seeking to transform their financial close and automation processes, Aico stands out as a top Redwood alternative. Its focus on true end-to-end close automation, deep ERP integration and comprehensive compliance monitoring sets it apart among all the mentioned alternatives. The likes of BlackLine, OneStream, FloQast and Vena are strong choices for targeted uses like reconciliations, consolidation, or Excel-centric environments, while Control-M remains a powerhouse for organisations needing global-scale workflow orchestration. Tipalti and SAP Intelligent RPA round out the options for teams needing AP, payment automation or tight SAP integration.

Finance teams must assess client size, technical environment, regional compliance and integration requirements before selecting the ideal Redwood alternative, but for unified financial close automation across all business systems, Aico provides unmatched control, visibility and process confidence.