“New service will release capacity in the finance function so the focus can be on higher level activities”
Synapse Information today announced that it is introducing a new managed service that will make it easier for businesses to implement its’ flagship product, Cloud CFO, and solve the problem of group financial consolidation and reporting. The managed service has been set up with partners, QR3, to help Finance Directors who do not have the time to implement the Cloud CFO solution themselves.
Cloud CFO is an innovative solution, which 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 and every member of the finance team gains access to real-time data. The finance team can continue to enjoy the simplicity and comfort of using a spreadsheet at the ‘front end’ with a connection to a very complex cloud ‘back end’ that does all the difficult work. This eradicates the problem of keeping a complete track of every change made to every spreadsheet cell by every user at every point in time since document inception. This is invaluable for forensic audit and for industrial grade security and eliminates all of the risks.
Synapse can now either deliver the Cloud CFO solution as a stand-alone unit or provide the customer with a qualified accountant supplied by partner QR3 to manage the implementation internally. As the service is managed by Synapse, businesses can be confident that they are dealing with a single supplier that understands the Cloud CFO solution in depth.
“We’re delighted to give our customers more choice by offering a managed service with our expert partner, QR3,” says Brian Donnelly, CEO, Synapse. “This new service allows businesses to rapidly innovate while all the hard work is done for them.”
Matthew Broadbent, Chief Executive, QR3 says: “We are looking forward to working with Synapse as we believe that this venture gives time-poor FDs the chance to achieve access to real information in real-time. The managed service gives businesses the potential to release capacity in the finance function so the focus can be on higher level activities while achieving major cost and time efficiencies.”
Taking spreadsheets to the next level.
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 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. 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.