Cloud Spreadsheet Manager delivers on-demand control of spreadsheets to support audit and compliance, governance and financial reporting
ClusterSeven, the leading global supplier of strategic spreadsheet and end-user computing (EUC) management software, has launched Cloud Spreadsheet Manager (CSM), an enterprise level, on-demand spreadsheet management solution. CSM will enable organisations to have complete control of their spreadsheet environment to support audit and compliance, governance and financial reporting in the most efficient and productive manner.
Organisations will have the ability to risk check files for errors, compare multiple versions of a spreadsheet to ensure accuracy and manage business-critical spreadsheets with an automatic audit trail in the cloud – in parallel to their enterprise systems – whenever and from where ever they need to. CSM is delivered securely via the Microsoft Azure platform. ClusterSeven is a Microsoft Gold certified partner and a member of the company’s Independent Software Vendor program.
“Financial reporting is putting a major strain on the office of the CFO and the need for transparency around the creation of critical reports has never been greater. In addition to internal reporting, regulatory compliance demands such as Sarbanes Oxley is growing. For instance, the Public Company Accounting Oversight Board (PCAOB) is demanding that organisations institute tighter reporting controls and demonstrate evidence of those processes,” explained Henry Umney, CEO of ClusterSeven. “With spreadsheets used extensively for modelling and reporting, organisations need anytime, anywhere access to spreadsheet management and risk checking processes to ensure timely, accurate reporting. CSM delivers against these requirements.”
Recent research by the FSN Modern Finance Forum reveals that financial reporting is keeping 97% of CFOs awake at night. This finding is based on the largest and most authoritative global survey of its kind.
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CSM enables organisations to understand the complexity of spreadsheets and identify where there might be potential for error so that the issue can be proactively remediated by amending the spreadsheet design or implementing stronger controls and usage policies. “This type of remediation is where the ClusterSeven Partner Network adds significant value. Many of our partners are developing specific offerings around CSM to deliver innovative value-added services to their customers,” commented Tony Bethell, VP Strategic Alliances.
Often multiple versions of a spreadsheet get created by users. CSM allows users to compare different versions of a spreadsheet to quickly identify how it has changed, enabling organisations to reduce the risk of errors in business-critical applications. This will facilitate increased confidence in the accuracy of data used for audit and compliance and financial reporting.