During a recent Dive-In & Dine webinar, Consero Global Vice President of Marketing Bridget Howard spoke with Chad Denton, the CFO of Findhelp, about how the organization is outsourcing the finance and accounting function to Consero. Findhelp’s social care technology connects people to the help they need with dignity and ease.
Denton and Findhelp have created a cost-effective, scalable, data-driven finance function by partnering with Consero to leverage the Finance as a Service (FaaS) model. Consero provides Findhelp with a standard set of financials via SIMPL, Consero’s FaaS software platform, with additional custom reports as needed. The pricing structure scales with the business, offering additional support and custom reporting as needed.
No More In-house Accounting
Denton first worked with Consero when employed by a software company in the mid-2000s, outsourcing the company’s finance and accounting functions to Consero.
“That’s when I decided that I didn’t want to do accounting in-house ever again,” he said. “It’s no fun and I’m not very good at it. I’d rather spend my time focusing on strategic and operational tasks for the business.”
When Denton joined Findhelp two years ago, the company was already outsourcing its accounting. “But I wanted to work with Consero and take advantage of all the additional services they offer through FaaS,” he said.
Denton also likes the fact that Findhelp doesn’t have to purchase any accounting or reporting software. “Consero handles all of this,” he said.
Simplifying Board Reporting
As an investor-backed CFO of a healthcare software company, Denton tries to simplify board reporting as possible. “Yes, board members need metrics and data, but I create a three-to-four-page summary view to describe what happened. This makes for a more interactive board discussion that’s more efficient than just a data dump.”
Consero provides all the variances, which allows Denton to see financial data in real time. “This is incredibly helpful,” he said. “I can share with my staff how they are positively impacting KPIs that drive our business. The more information I can provide them, the better decisions they will make.”
Meeting Staffing Challenges with Outsourcing
Howard noted a recent study indicating that labor and staffing are one of the top challenges facing CFOs today. By outsourcing to Consero, Denton and an in-house staff of just two employees are able to handle all of Findhelp’s finance and accounting. “This is crucial to scaling the business because we’ve been growing at 50% annually for the past four or five years,” he said. All this growth has been organic: It took Findhelp 10 years to reach one million users and now they’re adding this many new users every month. Outsourcing F&A to Consero removed the burden of hiring internal finance and accounting staff to keep up with this growth.
“We’re on a path to profitability, and Consero has been a big part of this,” said Denton.
To learn more about Consero and the benefits of using the Finance as a Service model, you can request an introduction here.
