CODA and Corefino Hope Midmarket CFOs Are Ready For "Cloud Accounting" - InformationWeek

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6/25/2009
12:01 PM
Fredric Paul
Fredric Paul
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CODA and Corefino Hope Midmarket CFOs Are Ready For "Cloud Accounting"

Corefino 2go combines the CODA 2go Software as a Service accounting package with Corefino's Triple-C Technology Platform and outsourced accountants.

Corefino 2go combines the CODA 2go Software as a Service accounting package with Corefino's Triple-C Technology Platform and outsourced accountants.When I spoke with CODA CEO Jeremy Roche last month, he actually used the term "cloud accounting" to describe the Coda 2go on demand accounting applications, which are built on Salesforce.com Force.com platform and fully integrated with Salesforce's CRM offerings. Roche said CODA 2go is designed for midsize companies that have grown out of Quickbooks and now need additional automation, analysis, and control, but aren't ready for the cost and hassles of enterprise level accounting. It comes pre-formatted with CODA's best practices, and customers can choose what they want to use.

Corafino 2go basically takes this idea the next logical step, completely outsourcing routine accounting functions. Paid for via monthly subscription, the cloud-based solution takes a month to be deployed, requiring only an Internet connection to access data and download reports. But instead of just offering technology it also has Corefino's People-Place-Platform, which comprises accountants, off-premise technology and the Triple-C (Connect, Correct and Comply) platform -- comprising more than 500 financial best practices and key business processes. The big issue is that it's all implemented, managed and maintained by outside specialists.

In a statement, Corefino CEO Karen Watts said, "This partnership with CODA uses cloud computing, business process outsourcing, and Web portal technology... There is nothing at all remotely like it available on a monthly subscription basis."

Founded in 1979, CODA has 500 employees in 14 countries. Its software is designed for multi-currency, multi-language, multi-country, multi-company and multi-site operations, and is used by 2,600 medium and large organizations in 100 countries. the Established in 2004, Corefino works on several SaaS platforms and has partnerships with ADP, EASi, Intacct and others to deliver reconciliation, GAAP-based financials, and other services that facilitate monthly/quarterly/annual closes, IPOs, and mergers.

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