Synapse has developed Cloud CFO SaaS (Software as a Service), a cloud-based solution that allows large companies to use their existing financial reporting systems, whilst automating report production, reducing operational costs, and improving data quality.
Essentially, this allows users an insightful overview of all subsidiary accounts, and lets them merge all the accounts without the complicated process that excel spreadsheets require. This solution makes financial reporting and forecasting simpler, and provides a clearer user interface.
All spreadsheets will be enhanced, and are secured by security measures to ensure that they cannot be tampered with or accessed by unwanted sources.
Unlike spreadsheets, the cloud connection allows for simultaneous multi-user functionality. Every member of the team uses the same spreadsheet, but the additional toolbar ensures all their work is synchronised. This allows for multiple staff members to work on their own copy of the spreadsheet, see updates in real time, and share work with other team members.
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. This makes ‘book-keeping’ proficient and stress-free.
In terms of their business, Synapse was created by Silicon Valley veterans, who have established themselves in Birmingham Science Park, UK.
Synapse has attracted several blue-chip customers, including Ikea and Lloyds Banking Group, and has strong endorsements from similar institutions.
Since it began, the company has self-funded to FY2015 £1.8m revenues and seen significant growth in its customer base in the past year, growing to 17 clients.
Synapse has a very experienced team with strong profile of skills in business, tax and compliance, accounting: two Financial Charted Accountants and a CEO with a proven track record of growing and selling businesses.
Additionally, the company has a mix of BSc, MSc and PhDs and between 10 and 30 years’ intense experience in databases on projects throughout USA, UK and Europe.
The team also includes language and graphics design experts to help them develop their marketing messaging to the worldwide financial community. The team has grown from just 3 in 2012, to 34 in 2016, and growing.
The Cloud CFO product, combined with the expertise and variation within the team, makes Synapse an innovative and interesting company. The use of Cloud CFO in corporate finance has the potential to dramatically change the way subsidiary accounts are formatted within commercial sectors, making it easier and more efficient.