Cloud CFO Product Summary
Key Features of Cloud CFO
Manages the consolidation of multiple entities and locations.
Automates the production of P&L, Balance Sheet and Cash Flow.
Financial consolidation is completed in minutes and not days.
Bespoke report outputs.
No financial risk: low monthly operational cost
Synapse in 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).
Features and Functionality
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.
Our technology revolutionises the way you share spreadsheets but it has far more benefits than simply facilitating collaboration.
The Cloud CFO solution is specifically tailored to the business’ monitoring and reporting requirements and it is simple for users to customise further if necessary. As it resembles a familiar spreadsheet, it eliminates the learning requirements or training involved in using an inflexible software package.
Another benefit is the comprehensive automated audit trail to ensure data integrity. All formulae and changes are stored in a database, down to who makes what changes and when.
If you would be interested in finding out more, you can find further information about what other solutions we provide here.