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Synapse today announced the introduction of CloudModeller, a Forecasting and Budgeting application that will empower finance teams to drive better business decisions by elevating Excel, from a single user, desktop tool to a secure, scalable, multi-user, enterprise class application.

Cloud Modeller accentuates all of the strengths of Excel and eliminates its weaknesses to deliver faster forecasting, unbreakable data models and total data security.

By harnessing the flexibility of Excel in a way that makes spreadsheets less dangerous and far more efficient, Cloud Modeller aims to keep 99% standard looking Excel workbooks available on the desktop. Rather than fundamentally changing the way that Excel is used, the new solution allows models to be created as normal but provides additional features that make model development quicker and easier and with the significant advantage of facilitating better structural integrity.

Brian Donnelly, CEO, Synapse said: “Cloud Modeller is essentially Excel augmented with cloud consolidation database technology. The benefits are two-fold. An Enterprise Excel solution allows analysts to continue working in a familiar Excel environment while eliminating the fragility and capacity limits of Excel. The magic is that Excel power users load their GL transactions into cloud “cubes” that they design and manage with no more storing data in a bewildering maze of unsecured, redundant spreadsheet files. Now, financial analysts create templates that users request live off the cube for entering their budgets and forecasts. No more files, links, email, or macros. Consolidation is real-time. These models are unbreakable.”

The advantages are considerable even if only one person is working on the model, but Cloud Modeller also addresses one of Excel’s most important weaknesses – the ability for a team to cooperate on a model. Although recent Excel enhancements have made collaboration easier, the cell-based nature of a spreadsheet imposes inevitable constraints. The database approach facilitates synchronisation of changes and the maintenance of a Single Version of the Truth.

Cloud Modeller output
Cloud Modeller output

Benefits:

  • Delivers budgets and forecasts in fewer calendar days
  • Fast and secure for even the biggest enterprise
  • Reliable and accurate
  • Reduces failures in Excel logic that can have catastrophic impact on the finance operation
  • Utilises existing skills
  • Reduces cost – affordable monthly fee
  • Eliminates adoption issues
  • Shares reports securely and ‘what if’ analyses

The ICAEW is presenting a webinar in association with Synapse on ‘How to Improve FP&A with a New and Practical Approach to Excel Modelling Problems’ on Monday September 10th at 1pm. Register now  for this instructive session.

(Source: https://www.globalbankingandfinance.com/synapse-elevates-excel-to-a-new-secure-scalable-multi-user-enterprise-class-budgeting-and-forecasting-application/)