Corefino Offers CFO Community New Accounting Solution Aimed At Fraud Prevention

CEO Watts Says 3-Part SaaS + BPO + Best Practices Platform Gives Cheaters Few Hiding Spots

SUNNYVALE, Calif. - August 31, 2009 - Taking the accounting solution industry's boldest stand to date on offering a packaged audit-ready financials fix for curtailing fraud or honest mistakes, Corefino CEO Karen Watts challenged corporate boards, and Chief Financial Officers in particular, to review improved frameworks for cutting down on the rampant fraud tied to financials preparation.

Armed with David Callahan's Best Selling Book, "The Cheater's Culture: Why More Americans are Doing Wrong to Get Ahead," Watts says that current accounting solutions are clearly vulnerable.

"It's not the fault of CFOs and the executive team - they have been given little choice to date, and the big ERP giants have locked them into expensive, insular technologies with ongoing spends and without assured controls. Once you capitalize millions paying for onsite software installations, then months training your corporate employees on these systems, you end up pretty much stuck with both," Watts said. "This traditional accounting approach is ridiculously expensive and does not provide sufficient controls. The faster CFOs patch this hole in the financial controls and their pocketbooks, the better off they will be," she said.

Corefino's 'triple play' internet accounting solution alternatively provides an off-premise; audit-ready financials solution with a comprehensive Best Practices outsourced approach -- similar to the heavily-adopted outsourced payroll solutions now in general practice. Operating as a value-added-reseller of proven Software-as-a- Service, SaaS accounting software solutions, and deploying its own custom accounting team in a scalable, factory process style and modular approach, Corefino gives would-be cheaters no place to hide.

"I feel very comfortable saying that while determined cheaters are geniuses at hiding, our Corefino customer CFOs sleep a lot better at night," Watts said. "When you have an independent, external team compiling financials that has no vested interest and no opportunity to profit from the numbers reading one way or the other - it greatly eliminates the motivation to cheat."

The Corefino Triple-C Platform(tm) is a collection of more than 500 Best Practices and business processes that have been built out over a four-year period and are continually updated/improved. Corefino's three-part solution is available on a monthly subscription basis, and the company handles all of the technology, data integration and ongoing compliancy change needs.

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.