How does Cloud CFO work?
Cloud CFO is a spreadsheet interface connected to a secure cloud database. The cloud connection provides simultaneous multi-user functionality. Processes are automated and the user can set up business rules to maintain data integrity. Report outputs are tailored and bespoke to the business user. An audit trail means you can track and monitor who made what changes and when.
What is Cloud CFO?
Cloud CFO is a complete solution designed for group companies to automate consolidation, management accounts and budgeting and forecasting. It enhances your existing spreadsheets with audit, security and data integrity.
Where is Cloud CFO hosted?
Cloud CFO can be hosted on our secure Amazon cloud or on-site at your chosen location. We have implemented both solutions for different customers based on their preference.
How do I know that my data is secure?
Every user accesses the latest data from our cloud-hosted database through a secure login. All communication between Cloud CFO and the server takes place over HTTPS using encryption to prevent the data being read by third parties. Furthermore, data from the system is stored in our cloud-hosted database which is backed up at regular intervals. In addition every change synchronised by the user is stored in an audit table. This means that there is a full audit trail for all changes made.
Does the size of my company matter?
Cloud CFO is suitable for all companies irrespective of size. Our CFO customers range from 5 to 35+ entities although Cloud CFO is just as successful at companies with hundreds. Our technology is currently in use at several SMEs as well as a high street bank and a leading Swedish retailer.
What happens when we acquire a new company?
Cloud CFO grows with you and your company’s needs. A new company can be easily added to the group structure and mapped to reporting.
What is the maximum number of users/entities that can use the system?
There is no upper limit. Cloud CFO is scalable and flexible to meet the user’s requirements. One of our first implementations involved roughly a thousand concurrent users.
What are the types of access rights available for different users?
You can choose any level of access for your team and different levels within a team as well. You can have read only, read and write, view audit or even no access. You choose how much – or how little – each user sees.
Can the Trial Balance data be taken from other financial software/general ledger systems?
You can simply export data from the entity’s general ledger system and then import it into Cloud CFO. Alternatively, we can import data directly from the source database through an API connection, where available.
Can Cloud CFO hold historical trial balance data?
Historical data is loaded into the database as part of the set up phase.
I don’t get TB from a particular entity; I get a general reporting pack. Can I still use Cloud CFO?
Cloud CFO is compatible with all data inputs. Typically, this will be a TB or TB equivalent, reporting pack or key financial reports e.g. profit and loss account/balance sheet.
Can I report by cost centre or any other divisional format?
Reporting formats can be viewed at various levels e.g. group (in total), entity, division, cost centre, geographical location or any similar derivative.
Can I report on non-financial data?
Non TB data is populated in ‘Additional Input’. This can be imported in the same way as a trial balance or manually entered. Reports and KPIs can be created using this data.
How do I account for consolidation adjustments?
Consolidation adjustments are accounted for in an eliminations entity. Varying levels of eliminations entities can be incorporated into the structure if consolidation is performed at different levels. Adjustments can be automated, manually entered or a combination of the two.
How is the data mapped?
The trial balance items are mapped to the respective reports via the ‘Mapping’ option in the Cloud CFO ribbon. Mapping can be adjusted to suit a change in reporting requirements or to correct historical errors. Non-financial data is mapped in the same way.