Taking spreadsheets to the next level for more accurate, faster Group financial reporting
Until now, Group Finance has been forced to choose between inflexible and expensive software and spreadsheets, that are far more flexible and user friendly. It’s not surprising that so many choose the latter but then have to contend with their downsides; the most significant being loss of data integrity.
Synapse, a company with expertise for resolving database problems for a number of high profile customers including a high street bank and Swedish retailer, has risen to the challenge and developed an innovative solution that solves the massive problems associated with the production of monthly management accounts and yet allows companies to hold onto their trusted spreadsheets to automate the integration of financial data from multiple entities to create a unified, consolidated set of management accounts.
A single version of the truth backed up with a complete audit trail
Cloud CFO, has been created by accountants for accountants and allows Group Companies to automate report production, reduce operational costs and improve data quality.
This innovative solution works by connecting a standard looking Excel spreadsheet to a secure Cloud and a powerful Oracle database. The whole process of monthly financial reporting is made more efficient and allows the team to work collaboratively, sharing one version of the data wherever they happen to be sited.
The time taken to produce Management Accounts is reduced by, on average,three quarters and CFOs get more time to analyse the numbers by division and apply KPIs across the business.
Some say that spreadsheets should not stand in the way of progress but we think differently.
They still have a place if they are taken to the next level with Cloud CFO. This short video explains how Cloud CFO solves the problems of Group Financial Reporting.