The technology company, Synapse Information, announced today that TOBE Outerwear, a successful clothing business operating in North America, Canada and Sweden, has chosen Cloud CFO to simplify and consolidate financial reporting.
The innovative technology, developed by Synapse, solves the massive problems associated with corporate management reports and is helping provide the level of visibility in real-time that fast growing businesses, like TOBE, need for Board Members and Stakeholders.
By implementing Cloud CFO, TOBE will benefit from access to a ‘single version of the financial truth’ which is available on demand from anywhere in the world so the business can make more confident business decisions based on better financial insights.
CEO, Tomas Berntsson, TOBE outerwear comments: “With Cloud CFO supporting us, we know that everything in the system will have been checked and that the figures are 100 per cent correct. It will mean far less time looking back and we expect it to simplify and consolidate our financial reporting.”
Cloud CFO will give the business the strong multi currency capability it needs for monthly reporting as it automatically tracks exchange rates. This is an important feature for multi-national companies that need to be able to report budget versus actual in a single currency.
Brian Donnelly, CEO, Synapse and developers of Cloud CFO said: “TOBE is an ideal candidate for Cloud CFO, as the business has reached an important stage in its growth and is looking to increase turnover from $3.5 million to $10 million over the course of the next three years. It now needs to have complete trust in the financial data it holds so it can report accurately to the Board and Stakeholders and Cloud CFO will provide that level of accuracy.”
Cloud CFO is the only system of its kind in the UK to allow Group Finance teams to hold onto their trusted spreadsheets yet benefit from all the possible efficiencies of a collaborative Cloud system and complete data integrity.
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 days and CFOs get more time to review and analyse their numbers, for example, by division and apply KPIs across the business.
Taking spreadsheets to the next level
Synapse’s flag ship solution, Cloud CFO, is designed for group financial consolidation and reporting and combines the simplicity of the familiar spreadsheet interface with the power of an Oracle database. By connecting spreadsheets to the Cloud, the whole process for Group Company Financial Reporting is made easier, more accurate and more flexible. This affordable solution improves collaboration by connecting users so that they only see data in real time and improves data quality and validity by eliminating one of the biggest risks associated with spreadsheet use; the lack of an audit trail.
Synapse Information was founded by a group of British database experts with Silicon Valley experience who gained backing from a UK Government SMART grant to develop solutions that are now used extensively in banking and retail and in the motor dealership and insurance industry.