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What could drastically reduce your Statutory Accounts production cost/effort?

As an auditor for KPMG for 15 years before joining Synapse, I well know the frustrations and cost of producing statutory accounts for Group Finance teams.

Our customer Nick Ogden (Group Financial Director Norman Hay) explained to us he faced an annual nightmare of producing audit packs that went back and forth to auditors for weeks at a time.

Nick asked that as all of the source TB and related data was already in Cloud CFO for the year, “Could we not just generate the end to end statutory accounts as a kind of special, albeit very large, report?”

I asked my engineering team to produce exactly this functionality and Nick now has an end to end statutory accounts production system – I think you will be very pleasantly surprised to see it in action here.

The key differences in our approach are that the finance team can now generate the statutory accounts in one process with source entity data in situ while all subsequent adjustments are applied automatically – there is no need for additional dedicated statutory accounts production software.

This means that the team can work collaboratively in parallel to speed the time taken to signoff. As the source data is already in Cloud CFO, regenerating the stats is a live end to end connected process – editing stale spreadsheets and Word documents becomes a thing of the past.

I would be delighted to have a chat or give you a demonstration of Cloud CFO if you would like? Please feel free to email or telephone me at any time.

Kind Regards

Ruth McFarland FCA

Finance and Operations Manager




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