The contract is for the supply of the Synapse Cloud CFO product, which accelerates the financial close process for group companies, including those that have multiple subsidiaries.
Cloud CFO connects the Excel spreadsheets used by Norman Hay to the Synapse Cloud server and automates the financial consolidation process, automatically generating monthly financial reporting and statutory accounts.
This approach allows users at Norman Hay to stay with the familiar spreadsheet format. Financial controller, Chris Sampson, said: “All accountants want to use spreadsheets. We love them. There’s just a few vital functions lacking in traditional Excel – luckily, we’ve found Synapse to fill in the gaps.”
Synapse has added security, auditing and data integrity to make Norman Hay’s spreadsheets powerful enough to complete the financial close accurately and reliably in seconds, yet the solution looks no different from traditional Excel.
Synapse CEO Brian Donnelly said: “We have found a huge number of busy CFOs that use spreadsheets across all of their processes; they love the flexibility but are well aware of the pitfalls. Synapse has engineered a way to let them keep the former and ditch the latter”.
The company is one of 18 early stage tech companies receiving support from Innovation Birmingham’s Entrepreneurs for the Future (e4f) Inspire programme, which delivers a series of workshops, events and training to help accelerate the growth of entrepreneurial tech companies.
Over 120 tech start-ups have been incubated by the e4f programme since November 2009, with over £11.5m raised in initial investment rounds.
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