# New Cloud CFO Automates the Manual Consolidation Process for Group Finance with Spreadsheets Connected to the Cloud
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2016-11-24
Category: TECHNOLOGY
Category URL: https://financedigest.com/category/technology
Meta Title: Automate Group Financial Consolidation with Cloud CFO
Meta Description: Automate financial consolidation, reporting, and forecasting with our innovative Cloud CFO solution. Reduce reporting time from days to minutes!
URL: https://financedigest.com/new-cloud-cfo-automates-the-manual-consolidation-process-for-group-finance-with-spreadsheets-connected-to-the-cloudhtml

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_Everyone shares one version of data for faster and more accurate financial reporting_

Synapse has introduced the powerful **Cloud CFO** solution to automate group financial consolidation, reporting and forecasting. Developed with a £500k investment from a UK Government Smart Grant, this Cloud based technology instantly updates, synchronises and formats financial data that has previously been processed on Excel without users having to leave the comfort of their spreadsheets. It transforms financial reporting by reducing the [time](https://www.financedigest.com/credit-suisse-executives-reassure-investors-after-cds-spike-financial-times-reports.html "Credit Suisse executives reassure investors after CDS spike, Financial Times reports") taken to report on complicated group structures from days to minutes.

**Cloud CFO** leverages the power of an industrial database and combines it with the simplicity of a spreadsheet interface to solve a problem that affects 20 per cent of group companies in the UK that use spreadsheets for the monthly consolidation and [production of management](https://www.financedigest.com/geometric-progression-based-on-digitization-to-be-witnessed-by-reproductive-management-products-market.html "Geometric Progression based on Digitization to be witnessed by Reproductive Management Products Market") accounts. By connecting the spreadsheets to the [Cloud, the whole process for Group Company](https://www.financedigest.com/can-companies-minimise-their-dependency-on-cloud-service-providers.html) Financial Reporting is made easier, more accurate and more flexible and it is possible to automate business processes without disruption. The result is improved [collaboration by connecting users so that they only see data in real time and improved data quality](https://www.financedigest.com/smart-becomes-the-first-ssp-to-collaborate-with-white-bullet-to-safeguard-quality-in-the-digital-media-landscape.html "Smart becomes the first SSP to collaborate with White Bullet to safeguard quality in the digital media landscape") and validity backed by a full audit trail.

- [Reduces reporting effort by automating ad hoc reporting processes ensuring data](https://www.financedigest.com/driving-returns-and-reducing-risk-with-data.html "Driving returns and reducing risk with data") integrity and 100% accuracy
- In-built [audit trail satisfies regulators](https://www.financedigest.com/german-regulator-hands-ey-2-year-audit-ban-over-wirecard-scandal-handelsblatt.html "German regulator hands EY 2-year audit ban over Wirecard scandal – Handelsblatt") that controls are in place
- Rules can be in-built to control the data being entered
- There is no [large scale](https://www.financedigest.com/facebook-parent-meta-is-preparing-large-scale-layoffs-this-week-wsj.html "Facebook parent Meta is preparing large-scale layoffs this week – WSJ") data migration and therefore minimal disruption to daily business operations
- The multi-user functionality ensures that all authorised users can access and update the same [data concurrently avoiding](https://www.financedigest.com/the-race-to-avoid-data-dinosaur-extinction.html "THE RACE TO AVOID DATA DINOSAUR EXTINCTION") issues with versioning, copy/paste difficulties and data integrity
- Reporting uniformity is achieved by defining bespoke reporting formats and mapping individual components [arriving](https://www.financedigest.com/britains-prince-harry-arrives-at-balmoral-itv-reporter.html "Britain’s Prince Harry arrives at Balmoral – ITV reporter") at a single version of the truth across the group

Brian Donnelly, CEO, Synapse Limited says: “One of the [biggest problems facing](https://www.financedigest.com/platinum-facing-biggest-deficit-in-years-as-carmakers-snap-up-metal.html "Platinum facing biggest deficit in years as carmakers snap up metal") groups that have acquired new companies or branches over a period of time, is a lack of uniformity of reporting and presentation. Cloud CFO solves the problem by reconciling existing spreadsheets and other disparate data sources (such as MS Access and core ERP) into one affordable solution.”


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