Just a quick note of thanks for the great job you did on the board packet. You have raised the bar! We’ve received several e-mails from board members stating how impressed they are with the financial materials “easy to read & understand,” “wow,” and “amazing” are among the reactions. We are really grateful for your support and expertise!—Devon Dabbs and Lori Butterworth, Co-Executive Directors, Children’s Hospice & Palliative Care Coalition
For further questions, visit our Contact Us page. We look forwarded to hearing from you.
Frequently Asked Questions (FAQ)
What exactly does Corefino sell?
Corefino is a low-cost, high return accounting solution replacement to the toxic combination of ‘Big 3’ enterprise resource planning (ERP) installations matched with internal accounting staffs. By replacing the aging on-premise paradigm with a people/place/platform value proposition: outsourced accounting experts, outsourced technology and its Triple-C™ (Connect-Correct- Comply) Best Practices/ workflow framework, Corefino is a strategic accelerator to mid-market CFO’s and controllers. Corefino operates on a variety of Software-as-a-Service (SaaS)-based platforms, offers monthly subscriptions and has vertical market expertise in digital home services, electronic gaming, health services, municipal government, regional corporate offices, alternate energy and sustainability focused professional services companies.
Do you sell financial or accounting software?
Corefino is not a software vendor, we are an accounting solutions provider and we are software agnostic. Corefino resells currently available SaaS accounting platforms and matches them to the unique needs of Corefino customers. We are partnered with the leading SaaS accounting software vendors and are always seeking to expand our partner network to provide the optimal accounting solution to our customers. What are the accounting core services offered by Corefino?
Corefino offers mid-sized organizations Audit-Ready accounting solutions:
- Comprehensive GAAP-based Accounting
- Expense Accounting
- Revenue Accounting
- Diligence, Audit and Tax Services
- Reporting Services
- Internal Control
- Finance Services
- Balance Sheet Accounting
- Cash Accounting
What financial/accounting services doesn’t Corefino do?
While Corefino does not do tax preparation or perform audits, our accounting solution insures that you are always prepared for audit and tax preparation.
A core value of Corefino is that an organization’s financials are always “Audit and Tax Ready.” Corefino’s industry-unique Triple C platform methodology builds all of the fully vetted financials and documentation needed for Corefino customers to submit information to their Tax Preparers and/or Auditing partners/staffs. The Triple C Platform’s (Connect-Correct-Comply) assurance framework provides an important level of confidence to strategic CFO’s knowing their financial information is always right and always on time for delivery to their tax/audit teams.
What are the qualifications of Corefino’s accounting professionals?
Corefino prides itself on the experience and professionalism of our team. Corefino hires seasoned industry veterans and professionals. The typical profile includes degreed or multi- degreed accounting and financial executives with over 10-25 years or more of financials and accounting experience. They have been in the trenches with private, public and international businesses, and all have specific vertical industry expertise.
Corefino’s polished and tested GAAP accounting experts have CPA, CMA or CEP certifications. They all have experience in the integration process of ERP and financial management tools in the Software-as-a-Service (SaaS) environment with all of the leading financial software packages.
We have equity, compensation administration, FAS123R compliance and IFRS experts on staff. All have experience with financial reporting and report development including financial performance analysis, forecasting and budget preparation.
Corefino’s star accounting team reports to Jay Shah, Vice-President of Operations and Technology. Jay has over 12 years of professional experience as a top executive (COO, CIO, CTO, GM) with top tier privately-held and public financial services and technology companies.
In short, Corefino’s team brings hundreds of person-years of deep accounting and financial expertise from a vast breadth of industry experience to insure that your financials and accounting are always audit ready.
What are the “checks and balances” in Quality Assurance?
The combination of Corefino’s Triple-C Best Practices/workflow framework combined with the depth of experience of the Corefino accounting/financials professional teams yield a level of Quality Assurance unmatched for accounting solution excellence. Here is just a partial list of specific workflows/practices that ensure operational excellence:
- Corefino’s best-in-class workflow processes and people continuously monitor customers data and activities to insure GAAP compliance
- Corefino’s workflows are checked against Policies and Procedures both standard and customized to customers’ specific needs
- Segregation of duties insures GAAP compliance
- Corefino’s work flows have multiple QA checks at every process step
- Corefino establishes and documents accounting best practices for accounting internal controls, as well as recommends internal controls for company-wide processes
- Corefino’s work flow strictly enforces regular peer reviews throughout the accounting cycle
- Corefino accounting teams have deep domain expertise from many different industries and understands the nuances of accounting for those industries
- Corefino’s workflow processes have over 200 checks and balances in a typical accounting cycle
- Corefino’s continuous process improvement philosophy insures that our team is constantly reviewing and implementing new compliance and best practices for GAAP, IFRS, FAS123 and FASB requirements
How can businesses seamlessly integrate their other financial systems to Corefino?
Corefino and its network of partners leverage contemporary technologies for cloud-based data interchange like web services and Platform-as-a-Service (PaaS) ecosystems. Corefino provides a unified view and platform for a customer’s accounting data and documents.
How can businesses access their accounting data via the Corefino outsourced (cloud) model?
Corefino offers customers 24×7 access to their financial/accounting information however they want it and whenever they want it. Secure, role-based and customized portals are established for each customer, who maintains whatever level of access controls and communications methodologies are desired with his/her Corefino team. This includes (but is not limited to) full access to accounting ledgers, employee/partner/vendor/ customer information via a sophisticated Document Management System (DMS), Calendar, processes and status of the current account cycle and activities on our Work Flow platform, 24×7. Access is strictly controlled by user role and with strongly enforced security (see below).
What about security – how do businesses know their financial data is safe, protected and only accessible based on business roles? And do you guaranty security?
Corefino and its Software as a Service (SaaS) technology partners provide multiple layers of data security and disaster recovery. This is accomplished both through the Triple-C platform technology and by partnering with world-class companies, such as IBM (data center infrastructure) and SunGard (backup and data recovery). All data and applications are hosted in highly secure data centers distributed across the country. This includes the highest level of defense against viruses and other attacks. The internal operational systems are isolated from the customer data and only the required back office applications are allowed to access the customer data in a secure and audited environment.
Corefino technology partners are all SAS70 Type II certified, in the process of obtaining that certification, or meet Corefino’s rigorous security standards.
Do companies have a single point of contact; i.e. one person leading their team?
Yes. Corefino assigns an Account Manager to every customer that becomes the single point of contact for that customer. The Account Manager is available from the first day of integration to insure timely and accurate communications and to respond to any questions and issues that may arise. The Corefino Account Manager is supported by the entire accounting team with a clearly defined communication and escalation plan insuring continuity of service and support.
Is there 24×7 troubleshooting/service center contact?
Corefino and its partners offer a variety of Service Level Agreements matched to the needs and wants of their customers. Corefino offers 24×7 support.
How does your Triple C (Connect/Correct/Comply) Platform work?
Corefino’s Triple-C (Connect/Correct/Comply) Platform is perhaps the most important component of the company’s solution set. While Corefino offers a unique pairing of an outsourced people and SaaS accounting solution model – it’s the company’s Triple-C Best Practices and Workflow layer that provides a level of excellence unmatched by any current accounting solutions provider.
Operationally, Corefino’s Triple-C Platform provides the following:
Corefino’s integration service is based on deep experience integrating a wide variety of customers with varying levels of financial system and process capabilities.
During this phase, Corefino initiates workflow process to gather all of the data and information from the customer in order to begin processing accounting and financials:
- An Account Manager is assigned and the communication plan agreed to
- A calendar for Accounts Payables, Payroll, Board Meetings, P&L, Balance Sheets and Cash flow reports is created
- Payroll and bank account access and signature stamps are created
- The existing General Ledger (G/L) is reviewed or migrated to the appropriate SaaS system
- Policies and Procedures based on customer needs are agreed to and documented
Corefino’s Integration Process effectively transfers and assumes the burden of responsibility for managing on-premise accounting software.
Customers provide the necessary access to their existing systems and Corefino’s QuickConnect program begins processing transactions almost immediately.
Corefino is the insulating layer between corporate assumptions and accounting reality. Corefino Operating Procedures in this layer carefully identify gaps to bring companies into GAAP (or other financial regulatory) compliance. Corefino performs a comprehensive review of the history of a new customer to determine their audit readiness. Corefino then creates a mitigation plan to bring the customer into GAAP compliance.
As daily/weekly/monthly accounting and financial activities are accomplished, they are continuously monitored for GAAP and FASB compliance. Calendar dates and activities are enforced and monitored. Should an out-of-compliance event occur during any activity, the Account Manager, the Corefino Accounting Team and the customer are immediately notified of the condition and necessary remediation steps. The issue is flagged and immediately addressed to regain compliancy.
Metaphorically, the Corefino accounting solution performs similar to a Best Practices manufacturing assembly line; meaning that accounting workflow processes are pre-determined, assigned, monitored, measured and executed. This workflow platform continuously monitors and approves tasks and policies, providing a level of quality excellence that has multiple checks and balances. Each step of the accounting process is complete and accurate before proceeding to the next step in the “assembling” process. If any defects (out-of-compliance notifications) are detected, the assembly line routes the out-of-compliance event to the right team member to fix it immediately. A final set of policy and compliance checks follow this process before the financials are delivered.
How long will it take to move financial data over to the Corefino model?
With Corefino QuickConnect program customers can be up and running in as few as 10 business days.
How willing/responsive will Corefino be to a new high-priority request?
Customer satisfaction is a high priority at Corefino. Corefino customers have the option of selecting service level agreements that match their time requirements for priority-level change, adjustments, etc.
All mission-critical priorities are given top attention regardless of the service level selected.
Does Corefino replace the CFO/Controller function?
No – Corefino does NOT replace the CFO/Controller or financial head of the customer organization, but rather works in concert with him/her. The flexibility of Corefino’s solution provides a wide range of options, including the option to replace the entire accounting staff reporting to the CFO or Controller, freeing this critical management team member to focus on strategic analysis, recommendations and decision making that provide maximum benefit to the business.
This re-directing of executive talent to business-critical management-level activities, versus repetitive and non-value-add technology and employee management, is causing strategic- thinking CFO’s to select Corefino.
What is the average projected savings received by Corefino customers?
Corefino saves an average of 40% or more over on-premise technology and on-premise accounting staffs. Additionally, there is a wide range of “soft” costs achieved by strategic CFO’s/Controllers re-focusing executive talent on ROI/business building activities.