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.”
Synapse Information develops solutions that solve the challenge of spreadsheet failure. Widely recognised as a major business risk, this problem causes almost 1 in 5 large businesses to suffer financial losses and was a major factor in the high profile collapse of US energy giant Enron, with legal documents revealing that 24% of the corporation’s spreadsheet formulas contained errors.
Synapse’s flagship 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. It transforms financial reporting by reducing the time taken to report on complicated group structures from days to minutes.
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.