Corefino's Cloud-Based Bundled Accounting Solution Aims at Rescuing CFOs

New People-Place-Platform Model Sees Spiking Demand from Mid-Market Companies; Economy, Competition Driving Financial Execs to Streamlined Models for Routine Needs

SUNNYVALE, Calif. - October 27, 2009 - Corefino, the Future of 21st Century Accounting, announced today that it is seeing spiking interest over the last six months from prospective buyers, partners and would-be acquirers of its bundled people-place-platform solution for the corporate financials function. Company executives say that demand for white papers, analyst reports and product demo's has tripled over the last several months as financial executives seek to streamline business models and cut costs for routine functions.

'You have both ends of the spectrum working against the current on-premise models of expensive to deploy/maintain software systems coupled with corporate downsizing initiatives,' explains Karen Watts, CEO, Corefino. 'Outsourcing is perceived to be a more desirable alternative for repetitive, non-strategic tasks– for example, payroll and monthly financials. This recession has caused what business analysts call 'creative destruction.' Companies have been forced to review and rethink spend areas and business models that were once taken for granted; for example, the millions mid-market companies spend on current ERP deployment models, plus the accompanying hiring/training/payroll costs to run these systems. The new array of software-as-a-service (SaaS) cloud computing options, coupled with a strong pool of outsourced and seasoned workers, is effectively destroying the on-site ERP model. I'd worry if I were Oracle or SAP.'

Global technology and business analysts have published numerous reports on Corefino's ‘triple play' accounting solution, which provides an off-premise; audit-ready financials solution with a Best Practices outsourced approach. Corefino is a value-added-reseller of SaaS accounting software solutions from companies such as Intaact and FinancialForce, and deploys a factory-stylized accounting team that delivers reports via a Web Portal. More than 500+ business processes and best practices underpin the end deliverables.

Most Recently, International Data Corporation (IDC) published an October 2009 IDC Analyst Connection document entitled, 'CFO Rescue Strategy: Look to the Clouds,' explaining why financial executives are turning to outsourced people and technology models.

'For a key executive such as the CFO, having the lower capital IT costs and the anywhere access of SaaS is one part of the picture, but having access to the business process expertise and being able to leverage the best minds in the business is the other part of the story,' explains Robert Mahowald, Research Director, SaaS and Cloud Services Research, IDC. 'What's emerging as a new solution is a ‘hybrid' offering, not too dissimilar from the fully outsourced BPO, with a twist: Web-based access to best-of-breed functionality for reporting, dashboarding and predictive analytics; the lower cost basis of a SaaS-built application; and the expertise of an outsourced staff of top accountants, effectively running that part of the CFO Function.'

About Corefino

Corefino is the 'Future of 21st Century Accounting' -- a completely outsourced solution for replacing the aging on-premise approach to performing routine financials. Corefino offers a turnkey people/place/platform combination of outsourced accounting experts, outsourced technology and its Triple-C (Connect-Correct-Comply) Best Practices/ workflow framework. By removing the on-site technology and headcount headaches from mid-market CFO's and Controllers, Corefino helps them to become 'strategic accelerators' capable of more meaningful business impact.

Corefino operates on a variety of Software-as-a-Service (SaaS)-based platforms via monthly subscriptions, and has formed strategic partnerships including ADP, EASi and Intacct. Corefino has vertical market expertise in digital home services, electronic gaming, health services, municipal government, regional corporate offices, alternate energy and clean technology focused companies. Corefino services include reconciliation, GAAP-based financials, plus others that facilitate monthly/quarterly/annual closes, IPO and merger preparation, etc. The company was founded in 2004, the Triple-C platform was completed in 2006, and the company received capitalization in 2008 to challenge the mid-market ERP leaders. Corefino, recognized as a candidate for InformationWeek's 2009 'Top 50' Start-Ups, is based in Sunnyvale, CA. For more information on the company, please see www.corefino.com.

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