Daily News: February 3, 2014

Fesnak Announces Formation of Fesnak Outsourcing

Fesnak LLP announced the formation of a new wholly owned subsidiary, Fesnak Outsourcing LLC, offering a full suite of services ranging from high-level financial strategy and CFO services to day-to-day finance, back-office accounting and administration for companies using cloud-based platforms.

“We’ve seen remarkable year over year growth of this practice area and have dedicated significant resources to establishing it as a distinct business unit,” said Robert W. Fesnak, managing partner. “We see it as an opportunity to help middle market, emerging growth and startup companies gain access to sophisticated financial expertise that would be cost prohibitive if they were to hire experienced people for each function. Our outsourcing solutions can deliver the reporting and strategic financial insights they need for better decision-making and growth.”

Fesnak Outsourcing has a team of dedicated resources that offers companies an economical way to add finance capabilities, access specialized expertise, and enhance operations with advisory capacity. It can benefit organizations ranging from early-stage companies that need credible financial statements and projections for funding purposes to mature middle-market companies that need to spend more time on strategy than on day to day compliance. It is also a solution for business unit liquidations or wind downs so companies can focus on their core business.

James J. Caruso, Fesnak Outsourcing’s practice leader, said the division will continue to offer an array of solutions, including managing all or part of the accounting and finance function on an ongoing basis, executing process and technology improvement initiatives, managing specific projects, and providing collaborative financial management advisory and decision-support services on an array of issues. Caruso also pointed out that outsourcing provides middle-market companies and startups with the cost savings and economies of scale that larger enterprises enjoy through shared service centers.

“What sets Fesnak Outsourcing apart is its ability to offer sophisticated services for complex financial needs,” Caruso explained. “The division is staffed with accounting and financial management experts — former CFOs, accounting managers, controllers — with deep operational experience. Industry specializations include consumer products, life science, technology, and professional services, among others. In addition, the division has a shared synergy with its parent company, giving clients direct access to Fesnak LLP’s tax, valuation, and transaction advisory expertise and services.”