Cloud CFO ‘solves sophisticated reporting challenges for the Seafresh Group
“Everything about Cloud CFO is ease of use” David Mathers, ACA, Chief Financial Officer, Seafresh Group
The Seafresh Group has turned to Cloud CFO to help the company achieve a more streamlined reporting process. With a complex structure of companies including a US legal entity and an associated company in Belize, the production of management accounts and the subsequent consolidation process had become increasingly difficult and time-consuming.
With over 30 years of experience in the global seafood market and, together with the operations of its Thai parent, a workforce of more than 3,000 people worldwide, the Seafresh Group plans to expand its global aquaculture presence and consistent financial reporting has never been more critical.
When David Mathers, ACA, Chief Financial Officer of Seafresh Group saw a demonstration of Cloud CFO, he was surprised by the ‘remarkable similarity’ between his approach of loading information from Oracle into his own reporting spreadsheets and the way the Synapse system operates but he adds that ‘Cloud CFO takes working with spreadsheets to another level’.
“What I saw straight away was that the Cloud CFO system added structure and was more robust since it incorporates a set of rules that ensures the consistency and validity of the data.”
The ability to incorporate a stringent set of rules was a key factor in Seafresh’s decision to implement Cloud CFO as it ‘removes a significant element of risk,’ comments David. “An audit trail is an absolute necessity and you don’t have that when you are using simple spreadsheets. Cloud CFO is taking spreadsheets to the next level.”
Since taking the decision to implement Cloud CFO, David has been impressed with the Synapse team’s ability to go the extra mile and adapt their solution to fit Seafresh’s precise needs. “Even the colours we used to highlight key data fields have been incorporated into the design,’ adds David. “It’s great that they can do it.”
With Cloud CFO, everything sits in one database that is literally lifted from the client’s own sources and once the information has been loaded for consolidation and management accounts purposes, it can be pulled out and summarised in different ways.
“We are part of a group which is listed on the Thai Stock Exchange, so we are required to prepare quarterly reporting packs and several members of the Synapse team are heavily involved with developing a way of populating these packs from existing data. Cloud CFO will bring more consistency to the process and we will no longer have to ask ‘what did I put in this row?’ Also, there will inevitably be significant time savings to be achieved,” says David.
Having got to know the Synapse team well over the last few weeks as the system has been configured, David has been impressed with the calibre of those involved. He said, “The brain power that sits in the office is staggering and nothing seems to be too big a problem. They are a great team to work with and have real vision.”
“Everything about Cloud CFO is ease of use and all aspects of it are user friendly. No longer will we need IT consultants to make changes as we will be able to do these ourselves.”
Cloud CFO is set to produce the first set of Management Accounts for Seafresh at the end of January and David and his finance team are looking forward to a more streamlined and less stressful 2017.
For a demonstration of Cloud CFO, please email email@example.com