COREFINO RELEASES SURVEY ON GREEN SAVINGS TIED TO OUTSOURCED ACCOUNTING
Offsite People/Technology Alternative Can Save Co's 100,000 or More Paper Sheets/Month; Cites Cost Savings, Waste Reduction from Fewer PC's, Desks, Energy and Office Space
NEW YORK (Nov. 16, 2009) - Corefino, the Future of 21st Century Accounting, announced today the results of an internal survey benchmarking the average green/sustainability gains received by its customers as a result of using an outsourced accounting solution replacement. The survey was released at the Financial Executive Institute's (FEI's) conference here in New York entitled, 'Current Financial Reporting Issues 2009.'
The Silicon Valley start-up, which offers a People-Place-Platform replacement to the typical on-site accounting solution at mid-sized companies, polled several dozen Corefino accounting professionals who are using an automated workflow platform to produce ongoing financial results for companies. Based on the ongoing reports they were generating digitally, the replacement of customers' employment contracts, activity reports, employee benefits materials, travel & entertainment reports, vacation time entries, job descriptions and annual reviews, Corefino surveys show mid-sized companies were cutting as much as 100,000 sheets of paper per month.
By factoring in the additional reduction in office space, faxing and photocopying equipment, personal computers, office furniture and furnishings, Corefino online accounting customers are reporting savings averaging 25-40%, and some as high as 52%.
"Corefino spent four years building out its Triple-C (connect-correct-comply) Platform that eliminates manual processes," explains Karen Watts, CEO of Corefino. "Corporate accounting activities have traditionally been very paper centric requiring multiple steps to accomplish repetitive business processes. By automating those processes through internet accounting solutions, removing unneeded on-site staffing and allowing companies to redeploy their corporate resources to strategic functions - Corefino takes an aggressive social stand on both Green IT and on elimination of corporate waste."
Industry data is mounting on the corporate world's preference for more environmentally business solutions. In October 2009, IDC a global provider of market intelligence and advisory services, released its third annual "Green IT & Sustainability Survey" across 10 industrial countries - Australia, Brazil, China, France, Germany, Japan, Mexico, Spain, United Kingdom, and United States of America. The survey stated that "Hard copy output and print resources have a tremendous opportunity to positively impact Green IT & Sustainability." Forty eight percent of respondents were willing to pay up to 10% premium for Green products; 1% were willing to pay up to 20% more.
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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