By enabling governments to organize and streamline processes, the company’s flagship product—Comprehensive Annual Financial Report Online (CAFR-Online.com)combines the functions of a financial database and a text editor. The CAFR is a regulated document that requires the efforts of the local government, independent auditor, and both parties to have technical knowledge of the Government Accounting Standards Board (GASB). “Our software enables a government to streamline and organize the compilation process. In case of a resource crunch during any point in the project, our service focus provides them with the option of availing our services for final for¬matting or data entry,” asserts Stimac. CAFR-Online.com is offered as a SaaS and runs online using Internet Explorer. This results in a simplified collaboration, enabling users in multiple locations to work on CAFR simultaneously.
Financial statements in CAFR-Online.com are generated by a financial database. This database stores the trial balance extracted from the client ledger system, unique formatting, and classifications. Classifications dictate how the chart of the accounts structure should appear on the financial statements. The financial database also stores adjustments. Any change made to the financial statements through either classifications or adjustments get updated automatically.
Thales Consulting is the only web-based software application firm with this publishing capability, banking upon which the firm provides services at a much lesser price than their competitors. “I believe our focus on government financial reporting alone will allow us to maintain this edge,” asserts Stimac. With its unique solutions, the company caters to a large number of illustrious clientele. The largest client running CAFR-Online since 2008 is one of the top 20 counties in the U.S. by popula¬tion. Furthermore, the company has implemented its web application in nine states so far.
The company is currently focusing on ramping up the marketing and sales process for CAFR-Online. Besides, any extensive report that has tables of data that takes in data from databases and needs to be intermixed with text to create a publishable document is an opportunity for the company to leverage the source code which they already have. “We are expanding to include certain other published reports such as budgets and quarterly/monthly reporting,” concludes Stimac.
In case of a resource crunch during any point in the project, our service focus provides the clients with the option of availing our services for final formatting or data entry