New Cloud CFO Automates the Manual Consolidation Process for Group Finance with Spreadsheets Connected to the Cloud

Published On : 11/24/2016

Everyone shares one version of data for faster and more accurate financial reporting

Synapse has introduced the powerful Cloud CFO solution to automate group financial consolidation, reporting and forecasting. Developed with a £500k investment from a UK Government Smart Grant, this Cloud based technology instantly updates, synchronises and formats financial data that has previously been processed on Excel without users having to leave the comfort of their spreadsheets. It transforms financial reporting by reducing the time taken to report on complicated group structures from days to minutes.

Cloud CFO leverages the power of an industrial database and combines it with the simplicity of a spreadsheet interface to solve a problem that affects 20 per cent of group companies in the UK that use spreadsheets for the monthly consolidation and production of management accounts. By connecting the spreadsheets to the Cloud, the whole process for Group Company Financial Reporting is made easier, more accurate and more flexible and it is possible to automate business processes without disruption. The result is improved collaboration by connecting users so that they only see data in real time and improved data quality and validity backed by a full audit trail.

• Reduces reporting effort by automating ad hoc reporting processes ensuring data integrity and 100% accuracy
• In-built audit trail satisfies regulators that controls are in place
• Rules can be in-built to control the data being entered
• There is no large scale data migration and therefore minimal disruption to daily business operations
• The multi-user functionality ensures that all authorised users can access and update the same data concurrently avoiding issues with versioning, copy/paste difficulties and data integrity
• Reporting uniformity is achieved by defining bespoke reporting formats and mapping individual components arriving at a single version of the truth across the group

Brian Donnelly, CEO, Synapse Limited says: “One of the biggest problems facing groups that have acquired new companies or branches over a period of time, is a lack of uniformity of reporting and presentation. Cloud CFO solves the problem by reconciling existing spreadsheets and other disparate data sources (such as MS Access and core ERP) into one affordable solution.”

Wanda Rich

Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication’s content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.