About Internet Accounting and Online Accounting from Corefino

Corefino demonstrates that there are still possibilities for innovation in staid business services, like accounting. Corefino’s combination of technology and efficient business practices make them a great choice for a newly funded company that understands the value of an effective accounting solution.

-Susan Lucas-Conwell, Executive Director, SDforum

Corefino Celebrates Cloud Software ROI Metrics on 5th Anniversary

Early Entrant SaaS Outsourced Model for Financial Process Execution is Unique and Cost Saving. Corefino CEO Encouraged by Cloud-Based Software Adoption and ROI Statistics Reported by Analysts

BURLINGAME, Calif. — Corefino®, Core Financials Outsourced for the SaaS-Savvy CFO™, announced today its fifth anniversary and plans to re-energize its efforts to promote the advantages of cloud-based enterprise solutions. Ten years in the making and launched formally in early 2009 to the then-nascent cloud software buyer market, the three part people-place-platform solution for strategic Chief Financial Officers (CFOs) met stiff headwinds.

“The Corefino accounting platform and its first handful of early adopter financial executive clients — which today we realize were strategic-thinking pioneers and very ahead of the buyer market — was a success on multiple levels,” says Karen Watts, CEO of Corefino. “The platform was reviewed by multiple technology and industry analysts, the first round of customers were thoroughly interviewed, and the 500+ compliance-infused financial processes were parsed by independent experts. We won multiple industry awards for our prescience, innovation and ability to free the financial executive team from routine — yet critically important — responsibilities. But that wasn’t enough to drive the largely risk-adverse financial software buyer community to trust cloud-based solutions and the software as a service (SaaS) concept. It was just too soon.”

Five years later, under pressure from rising costs, shrinking top and/or bottom line performance and resource constraints, software buyers seeking enterprise solutions have steadily shown growing appetites for reducing their in-house technology infrastructure in favor of outsourced cloud environments. Most software research firms predict SaaS-based software solution spending to overtake on-premise licenses by 2016 or earlier. Eval-Source, a Canadian-based market research and technology firm that projects this decisive cut-over as it works with and reviews the preferences of thousands of buyers each year.

“Earlier, industry analysts were projecting cloud adoption to occur at a more aggressive pace and some early cloud entrants like Corefino got caught in a market that wasn’t ready for what was a really sound and advanced solution,” says Dylan Persaud, Managing Director, Eval-Source. “Strategic-thinking CFOs who were looking ahead to the opportunity to free themselves up from their traditional job description to take on other responsibilities “got it” and Corefino was able to attract those pioneers. Unfortunately for Corefino in 2009, they had two headwinds. The first challenge was that the larger CFO population is change/risk-averse by definition of their early job descriptions; i.e. they don’t take chances without clear, previously-established success markers. It was just too early for the cloud to provide those markers. The second head wind was that when CFOs talked to their CIO counterparts about the possibility of purchasing off-premise solutions, more often than not, there was huge push back driven by any number of reasons: perceived encroachment on their own budgets/responsibilities/controls and an ill-conceived worry that the CIO felt he or she would be marginalized. Today we know that the CIO’s role has certainly not waned because of the cloud. In fact it’s grown as their primary role and responsibility has morphed into data/system aggregation, security standards and mobile device utilization.”

Nucleus Research: Cloud Applications Deliver 1.7 Times more ROI than On-Premise Solutions

Further support for projecting increased potential uptake on Corefino’s value proposition, is a study by Nucleus Research of 70 return on investment (ROI) case audits of cloud and on-premise enterprise projects over a three year period. The study, which included ERP, CRM, content management, collaboration and human resource projects, examined $30,000 to multi-million-dollar deployments, including one for $9.5 million. Nucleus, which is known throughout the industry for its ROI research projects, found that, on average, cloud applications deliver 1.7 times more ROI than on-premise solutions.

“The cloud ROI multiplier comes not just from lower initial licensing and consulting costs, but from the ability to deliver greater value over time without the disruption and expense of traditional on-premise application changes,” says Rebecca Wettemann, vice president, Nucleus Research. “While cloud applications take 40 percent fewer consulting resources than average on-premise projects, companies deploying cloud spend less on internal application support on an ongoing basis. Additionally, with applications that are configured instead of customized, changes and upgrades can be made over time to deliver more benefit without a corresponding increase in consulting costs.” Wettemann said.

Corefino’s Convergence with the Objectives of the Strategic CFO

Corefino is a turnkey solution that outsources the routine accounting function for mid-market organizations, allowing internal company resources to be redeployed for more strategic (and cost-saving) activities. Its SaaS-based business process outsourcing (BPO) and a custom-built technology portal insulates CFOs from a myriad of on-premise technology, staffing and changing accounting requirement responsibilities. Corefino outsources the audit-ready financials function with a highly-vetted Best Practices framework similar to outsourced payroll solutions now in general practice. Operating as a value-added-reseller of proven SaaS accounting software solutions, and deploying its own custom accounting team in a scalable and modular approach, Corefino is 100% focused on supporting the new breed of strategic CFOs.

Corefino is aimed at strategic CFOs and Controllers. It supports:

  • GAAP-based Accounting
  • Expense Accounting
  • Revenue Accounting
  • Pre-Due Diligence/Audit/Tax Preparation
  • Reporting, Internal Controls
  • Finance Services
  • Balance Sheet Accounting and
  • Cash Accounting.

Corefino guarantees that clients will always be ready to address any financial or business event with the full spectrum of the company’s audit-ready financial services.

About Corefino

Corefino, ‘Core Financials Outsourced for the SaaS-Savvy, Strategic CFO’ — is a completely outsourced accounting on demand 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 Intaact. 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’s accounting on demand 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 Burlingame, CA. For more information on the company, please see www.corefino.com.

Media Contact:

Judith Rothrock, Apparancy
(561) 265-5772 judith.rothrock@apparancy.com