Corefino Advances 'CFO Strategic Accelerator' goals via KarrScheffel Partnership

Combines Outsourced 'Triple Play Accounting Solution' with Leading Executive Recruitment Firm; Alliance Gives Mid-Market Co's Powerful Union of Permanent CFO Plus Turnkey SaaS Accounting

SUNNYVALE, Calif. - August 26, 2009 - Corefino, the Future of 21st Century Accounting(tm), announced today that it has formed a new alliance with KarrScheffel, an award-winning, West Coast executive recruitment firm specializing in the placement of senior level financial executives. The partnership is intended to provide fast-growing small and mid-sized companies with a powerful union of a new permanent CFO who comes loaded with a complete outsourced accounting staff and turnkey software-as-a-service SaaS accounting technology solution.

Executives from both companies say that the innovative match of an on-premise chief financial executive combined with a fast-ramping, outsourced audit-ready accounting on demand solution is unique in the industry.

"Companies are looking for innovation - new ways to accelerate business processes, cut costs and be faster and more nimble with their go-to-market strategies," said Karen Watts, CEO of Corefino. "This particular partnership is aimed at companies who are in search mode for a new CFO, VP of Finance or Controller and who want that person to be a strategic contributor to their operations immediately. By freeing the new financial leader to spend less time on staffing and technology issues, they are freed up to hit the ground running on more critical investment, board and management requirements. CEOs are going to really like having access to this new Corefino – KarrScheffel teamed solution."

KarrScheffel Managing Partner Cliff Scheffel has been an advocate of outsourced technology solutions for more than 10 years, and also supports business process outsourcing (BPO) based on his prior background at PricewaterhouseCoopers and Deloitte and Touche.

"There are huge benefits to avoiding the building of technology infrastructure and large financial administrative staffs," Scheffel said. "A large percentage of CFO time can get pulled into non-strategic tactical activities when you are dealing with issues surrounding regulatory compliance, staff management, financial software systems training, etc. While CFOs are conservative by nature, that doesn't mean that most haven't observed the value of outsourcing routine activities, like Corefino performs with audit-ready financials preparation. Most strategic CFOs want instead to contribute further to tasks that impact the bottom line and their company's strategic direction. KarrScheffel and Corefino can solve three important issues at one time: placing the top financial executive, managing accounting software solution and staffing the accounting team."

About KarrScheffel

KarrScheffel LLC is a leading executive search firm focused on providing high-quality senior level financial executives to emerging technology companies as well as Fortune 1000 organizations. It has more than 70 years combined partner experience and has completed more than 1,000 searches, including 300 in the past 5 years alone. KarrScheffel has been named a Top 25 Executive Search Firm by Silicon Valley Business Journal and has received the "Service Provider of the Year Award" from Coopers & Lybrand, Venture Law Group and Silicon Valley Bank. The company is headquartered in San Francisco.

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.