Corefino Accounting Solution Helps SHOP.COM Gain 52% Savings
Internet Shopping Leader SHOP.COM Selects Outsourced 'People-Place-Platform' Model; Mid-Sized Companies Saying the Move Away from On-Premise Technology Makes 'Perfect Sense'
SUNNYVALE, Calif. - May 18, 2009 - Corefino, the Future of 21st Century Accounting(tm), today announced that its customer, Internet shopping innovator SHOP.COM, is realizing a 52 percent return on investment since selecting Corefino to run its accounting operations in Q1 2009. SHOP.COM executives credit a super fast, efficient deployment and Corefino's new completely outsourced "people-place-platform" business model that was also announced in a separate press release today.
SHOP.COM is deploying Corefino's unique three-part accounting software-as-a-service (SaaS), business process outsourcing (BPO) and Triple-C(tm) (connect-correct-comply) Platform. Corefino's custom-built Triple-C Platform, which includes more than 500 business processes, workflow and quality assurance checks and reviews, delivers Best Practices and Process Workflows via an Internet portal for providing a level of cost savings and business efficiencies that cannot be realized via on-site technology matched with on-site employees. By outsourcing the routine accounting function - much the same way as ADP has with the payroll function - mid-market companies can realize fast gains via a monthly subscription model of accounting "in the cloud."
"The decision to outsource our financial and accounting processes made sense for SHOP.COM. Continuing to pay separately for expensive software licenses and in-house personnel when we could contract with Corefino to provide a comprehensive service at a greatly reduced cost would not have made sense," said Dave Morrison, Chief Financial Officer of SHOP.COM.
SHOP.COM had specified a set of requirements that were necessary prior to its selection of Corefino: 1) A fast implementation so the company would be up-and-running with minimal downtime; 2) Communication throughout the entire integration process to ensure it ran smoothly; and 3) The ability to satisfy various compliance and information security criteria, including Payment Card Industry (PCI) compliance standards. SHOP.COM also needed a solution with the ability to handle merchant credit card data and implement intense information security standards that ensured the integrity of data from its Internet-based customer database.
"After evaluating a number of competitors, we found that Corefino had the combination of people, processes and technology best suited to our needs to ensure that our monthly and quarterly financials were produced accurately and consistently on-time. This should also prove to be a comprehensive solution when it comes time for our annual audit," said Morrison. "Another important criteria for us was Corefino's ability to undertake the entire transition in less than a month's time. Outsourcing our financials to Corefino allows me to focus my time on SHOP.COMís critical strategic issues."
Corefino's Triple-C Platform - Adaptable and Scalable
Corefino delivers built-in adaptability, scalability and business intelligence with its 'Triple-C Platform.' This custom-built technology platform and deep accounting expertise enables growing mid-market companies to:
"This is a story of two market innovators who are winning by leveraging the newest technologies and introducing great new ideas," said Karen Northup, CEO and Founder of Corefino, Inc. "Teaming with SHOP.COM - who forges buying efficiencies through its comparison shopping framework - is a naturally good fit for Corefino and a company that we are proud to be associated with. Both of us are focused on bringing better value and driving down unnecessary costs for our customers. SHOP.COM's customer is a smart and savvy Internet buyer; Corefino's customer is a smart and savvy mid-market company like SHOP.COM's"Corefino serves all mid-market companies, but also has expertise in health services, clean technology, electronic gaming, digital home services, non-profits and regional offices.
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.
SHOP.COM is the comparison shopping engine that is designed to meet the specific shopping needs of women - and the individual business needs of merchants. Leveraging the multi-merchant features of its patented OneCart(tm) technology along with extensive partner store integration, SHOP.COM offers an authoritative selection of products from well-known brand name merchants and high quality specialty retailers. Privately-held, SHOP.COM is a California-based company which operates nationally and in the United Kingdom. For more information, visit the company's web site at www.SHOP.COM.