Cloud CFO delivers data that CFOs can trust
CFOs don’t want more data; they want to be able to trust the data they have so they can be confident they are reporting accurately to management and stakeholders. According to the ACCA, more than 90% of spreadsheets contain serious errors and more than 90% of spreadsheet users are convinced that their models are error-free.
The manual consolidation of data from hundreds or even thousands of xls files becomes even more challenging and complex when spreadsheets are part of an an enterprise-wide collaborative task such as budgeting and forecasting and it is easy to see why the risk of error is so high.
Cloud CFO makes spreadsheet-based processes more efficient and eradicates the risk of error, which many leading authorities such as Switzerland-based Basel committee on Banking Supervision and the Financial Services Authority2 (FSA) in the UK have raised concerns about.
The benefits of Cloud CFO
Nick Ogden, FCA, Group Financial Director, Norman Hay PLC
Easy-to-implement, tailored solution without giving up spreadsheets
Time-stamped trail produces secure audit database record
Automates month end pack
Cloud CFO is a complete solution designed for group companies to automate consolidation, financial reporting and forecasting. It automates the integration of financial data from multiple entities to create a unified, consolidated set of management or statutory accounts for Group Finance and delivers reliable numbers that can be trusted.
Whenever any member of the team changes a cell of data in their local spreadsheet, a record is written to a secure audit database showing a time stamped trail of all changes by all users no matter where they are.
Cloud CFO synchronises the spreadsheet data of each member of the finance team, ensuring that their work is shared accurately with every other team member. Data quality is guaranteed because all spreadsheet business rules and formulae are preserved in the Cloud database and then executed in such a way as to ensure data integrity.
One of our customers, global manufacturing group company Norman Hay plc, was battling with a master spreadsheet that had become too large and practically unworkable for the production of management accounts for 35 entities.
However, following the implementation of our innovative financial reporting solution, Cloud CFO, the month end has been reduced substantially and Group Financial Director, Nick Ogden can make better business decisions because he fully trusts the data and he has more time for analysis.
The following video features Nick talking about the transformation Cloud CFO has brought to Norman Hay’s monthly financial close.