Cloud CFO for the Motor Industry
We understand that the motor vehicle industry has very specific needs and challenges unique to the sector and that these challenges often revolve around producing accurate and timely reports to numerous stakeholders across the business.
We provide an entirely new approach to the financial close. Cloud CFO was developed using funding from our UK government research and development SMART grant for emerging technologies.
Cloud CFO industrialises the spreadsheet by connecting it to a secure cloud server which understands finance, audit and group financial accounts production.
This cloud connection provides simultaneous multi-user functionality. Every member of the team uses what looks and feels like an ordinary spreadsheet but with an additional toolbar which synchronises their work. This means that multiple users can work on their own copy of the same spreadsheet at the same time and see updates in real time when they choose to synchronise their work with that of the rest of the team.
A secure log-in system means that an automated audit trail is created, detailing who has changed what and when. Through their log-ins, users can be given different levels of security clearance and therefore see different parts of a spreadsheet. For example, a Group CFO may need to see the financials for all the companies within the group whereas an entity FD may only require access to their own.
Using Cloud CFO means that for the first time, the team collaborating on the financial close can share an immediate ‘single version of the truth’ which is fully auditable and provides reliable reporting.