As CFOs Get Stretched Too Thin, Public Companies Turning to Outside Help

Online, June 18, 2013 (Newswire.com) - The Chief Financial Officer at a small-cap or mid-cap publicly traded company has to be good at much more than just addition and subtraction. The CFO role involves wearing many hats: in addition to deep proficiency with numbers, he or she must be comfortable with GAAP accounting and reporting, capital raising, interfacing with Wall Street and investors, and doing calculus-which is required to determine the value of derivative instruments such as options or warrants. Even an individual who excels at all these tasks is bound to be stretched too thin at certain times.

When this happens, CEOs are faced with a dilemma: let their CFOs do the best job possible and simply hope for the best, or supplement their activities with outside help? Increasingly, companies are leaning toward the latter option.

One such option is offered by NYC-based Chord Advisors. As a result of the skills of its leadership and personnel, and via the use of technology, Chord allows a small-cap or mid-cap public company to outsource on a project basis the accounting needs it lacks in-house. This outsourcing can be accomplished much more cost-effectively than if staff were hired by the company full-time. Chord has the expertise to assist companies with 10-K's, 10-Q's, reverse mergers and converting financial statements to GAAP. In addition, Chord can introduce companies to sources of financing and potential board members. Finally-if Chord is sufficiently comfortable with a company, its financials and its management-it will sign its financial statements as the company's CFO.

Founded in 2012, Chord has racked up impressive successes. For example, for a restaurant company merging into a public shell, Chord implemented a cloud-based accounting system; prepared the financial sections and pro-forma financials for the Super 8-K; prepared the responses to the SEC comment letter; implemented the Sarbanes-Oxley controls; helped raise a friends and family financing round; and made a successful introduction to a strategic partner. For a public biotech company, Chord assisted in the preparation of the June and September 10-Q's for the first timely filings in the company's history; acted as outsourced controller and bookkeeper; assisted in the preparation of S-1 and S-3 filings; and performed a valuation of restricted stocks and warrants in exchange for the extinguishment of debt.

For more information, please contact:
Enrique Briz
Dian Griesel Inc.
(212) 825-3210