Corefino Intro's Outsourced Accounting for Strategic CFO's
Replaces On-Premise Staff/Tech Headaches with SaaS-Based People-Place-Platform Model;Industry Analysts Say, "Now THIS is What 'Creative Accounting' Legitimately Means!"
SUNNYVALE, Calif. - May 18, 2009 - Corefino, the Future of 21st Century Accounting (tm), announced today a three part people-place-platform solution for strategic Chief Financial Officers (CFOs), that completely outsources the routine accounting function for mid-market organizations. Offering a unique combination of software-as-a-service (SaaS), business process outsourcing (BPO) and a custom-built technology portal, Corefino executives say they are the first to completely insulate organizations from a myriad of on-premise technology, staffing and changing accounting requirement headaches that restrict organizational success. The solution, available immediately, is already operating successfully at more than two dozen organizations.
Corefino's custom-built Triple-C (tm) Platform, which includes more than 500 business processes, workflow and quality assurance checks and reviews, completely outsources the audit-ready financials function with a Best Practices outsourced approach similar to the heavily-adopted outsourced payroll solutions now in general practice. Operating as a value-added-reseller of proven SaaS accounting software solutions, and deploying its own custom accounting team in a scalable and modular approach, Corefino is 100% focused on supporting the new breed of strategic CFO's.
"For hundreds of years, the business of accounting for money in and money out has been on the same on-site framework," explains Corefino CEO Karen Northup, who previously has held several corporate positions as CFO. "We all have heard the jokes about green eye-shaded accountants who labor heavily over routine numbers - and, for the last 30 years, expensive and painful to run ERP deployments that are costing mid-sized organizations millions of dollars. There have been piecemeal approaches to resolve these accounting pains, and yet, since no one thought to take a completely outsourced people-place-platform approach to something that is complex, yet very routine. Corefino is aimed at a large and growing segment of 'strategic CFO's' who have two agendas: 1) to help their companies substantially cut a large, recurring expense that adds NO value by being on premise; and 2) CFOs/Controllers who believe they offer unique strategic management and Boardroom value by replacing the time they spend on staffing and technology issues with meaningful financial analysis and inputs."
Technology industry analysts, who have of late reported growing numbers of companies abandoning on-site technology models in favor of SaaS deployments, say that the time has come for rethinking the automatic default to building staffs and technology budgets. "Corefino's message as 'The Triple Play for Accounting Solutions' resonates with those CFO's who have bigger fish to fry than routine accounting," reports PWR in the "PWR Executive Series Report." "The more delectable part of the financial leadership experience: interpreting the financial data, creating strategies and visions for its usefulness...and having the TIME to do it adequately, will make Corefino a strategic accelerator for CFO's. This is a very bad thing for the ERP on-premise old guard. Once financial leaders taste this newfound technology freedom and quit the green eyeshade crowd babysitting - why would they ever go back to multi-million-dollar deployment/upgrade headaches?"
Brian Sommer of Vital Analysis, a market research organization specializing in strategic technology guidance, offers that a re-think to the accounting-as-usual model is long overdue and in need of creative shake-up. "Controllers have needed something creative for a long time. Instead of focusing 100% of their energies on the business, they spend way too much time on managing people within their department, their ERP vendors, the systems integrators who patch and install these systems, etc. Controllers and CFO's need something different - they need to outsource their accounting transaction processing, most of their accounting staff and all of the technology headaches that come with their old-school accounting solutions."
Accounting for the 21st Century; Targeting Mid-sized Organizations
ADP, Saleforce.com and other off-premise solution models have offered a fresh approach to routine business practices and have been benchmarked as savings huge sums over predecessor models. Corefino customers are reporting an average annual savings of as much as 40% off of traditional accounting solution models. Corefino (which is a euphemism for "Core Financials Outsourced") offers its people-place-platform solution on a monthly subscription-based model tied to processes deployed and company headcount metrics. As new SaaS accounting vendor solutions are introduced, Corefino assesses and partners with those that are the best match for its clients, adds Corefino remote staffing capability and delivers its third deliverable: the Triple-C Platform. This custom-built Corefino technology platform leverages the company’s deep financials industry expertise to:
Corefino's 'Triple Play' solution is aimed at strategic CFOs and Controllers in all mid-sized organizations, with a Best Practices/Workflow framework to handle: comprehensive GAAP-based Accounting, Expense Accounting, Revenue Accounting, pre-Due Diligence/Audit/Tax Preparation, Reporting, Internal Controls, Finance Services, Balance Sheet Accounting and Cash Accounting. Corefino guarantees that clients will always be ready to address any financial or business event with the full spectrum of the company's audit-ready financial services.The company segments its solutions into these categories:
Corefino Customers Endorse Value Proposition
Corefino's first round of customer deployments are reporting high levels of satisfaction and support for the company's revolutionary approach to saving time, resources and business efficiencies. "Instead of our management team getting bogged down by tedious, repetitive accounting tasks, we're applying our business and financial acumen to deal making and profit taking," said Leon Hounshell, CEO of 4Home, a digital home services company. "Corefino gives us critical business time to get strategic tasks done that grow our business."
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.