(Somewhere In the Cloud, Internet - July 10, 2009 - Unassociated Press)
Corefino, the Future of 21st Century Accounting™, today launched a new blog showcasing an anonymous persona, "The Unknown CFO". Further disclosure of this relationship was exposed in a question & answer session this afternoon led by the Unassociated Press:
Q. Are you an employee of Corefino or have any fiduciary relationship with them?
Q. Are you using the Corefino products/solutions?
A. No, we are a $900M subsidiary of a Midwestern U.S company. They have standardized on one of the big ERP companies and it has been a disaster for implementing, training and getting what we need.
Q. Where are you located, what industry?
A. I'm with $900M company in the Midwest,only and I do not want to compromise my identity.
Q. What do you think are the primary differences between a strategic and a non-strategic CFO?
A. the difference is where they spend their time and what their contribution is to their organization. Strategic CFO’s are focused on activities that are forward thinking and can impact the bottom line; they are active participants in the boardroom and they are valued for their perspectives on guiding the company – not just reporting/projecting numbers. Non-strategic CFOs spend the lion’s share of their time on the tactical: on premise financial technology decisions, concerns over workforce/headcount coverages, growth, tech training, compliancies, etc. Corefino’s value proposition of replacing the ROUTINE elements of accounting by outsourcing audit-ready financials via SaaS and replacing the bean counters makes a lot of sense to me.
Q. Do you think SaaS accounting solutions are going to take off in mid-sized companies like yours and if so why?
A. Yes – because there is a large and growing group of financial executives who have had it with the people and technology babysitting – we cannot do what we need to do to leverage our financial experience, perspective and training to help companies succeed in this market. Subscription based technology models like SaaS are cheaper to run over both the short and long term. Routine is a non strategic function just like payroll. ADP certainly showed that you could fully outsource both the people and technology function of payroll, save money and simultaneously spend time on more strategic activities.
Q. Are you advocating outsourcing the complete ERP backbone?
A. No, I am not an ERP expert, I am a financials expert. My perspective is based on that area, and from my perspective it makes no sense to pay big sums and disrupt corporations on a continuing basis for a service that is not strategic and can be outsourced.
Unknown CFO, I thank you for your time.
You are quite welcome.
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.