14 Days to Remote Hiring Success: How a Fractional CFO Firm Saved $109k Annually With Near

Founded in 2022, Kordis specializes in providing fractional CFO services, offering access to financial expertise for various business needs. Their services range from basic bookkeeping and full service GAAP based accounting to FP&A and M&A advisory. Helping clients with capital raise preparation, building pitch decks and proformas, financial due diligence, and all other aspects of the M&A transaction is one of their specialties. Kordis works with companies that range from pre-revenue start-ups to $50 million businesses.

Kordis urgently needed to enhance their financial advisory services with top talent. However, they needed to do this in a budget-friendly manner, as part of the revenue from their fractional CFO services is used to fund their software development projects.

Summary

• Problem:  Kordis is a fractional CFO services provider. They wanted to add offshore staff to bring in additional accounting capabilities at a lower price, but when they tried looking for top-quality talent in the Philippines they were disappointed with the results.
• Challenge: Kordis aimed to grow without external funding and saw offshore talent as a way to cut costs. They initially hired from the Philippines, but the 12-hour difference made it hard to collaborate and slowed down productivity. Traditional US-based hiring was too costly to be feasible for their budget.
• Roles Hired: Staff Accountant, Executive Assistant.
• Why Kordis Chose Near:  Kordis chose Near because of a strong recommendation from a satisfied client. They were also drawn to Near's all-in-one hiring services, which allowed for efficient recruitment, reduced recruiting workload, and access to top talent in similar time zones.
• Solution: Near handled the entire hiring process, from posting to screening to initial interviews. They provided Kordis with top-tier candidates that fit their criteria, enabling Kordis to fill their roles in half the usual time.
• Results:
  • Kordis now saves approximately $109k annually compared to the cost of hiring similar US-based talent.
  • Due to Near’s streamlined hiring process, the company’s time to hire was reduced by more than 50%, making their first hire in just 14 days.
  • The new hires hit every one of Kordis’ requirements, proving that the quality of LatAm hires is equivalent to those in the US.

Challenge

Kordis had a unique challenge. They operate as both a software start-up and a fractional CFO and accounting firm. The revenue generated from their CFO advisory side was being funneled directly into developing their start-up. Eager to avoid private equity and stretch every dollar, they found traditional US-based hiring financially impractical, especially given their need to fund the SaaS development.

The Problem (Previous Unsuccessful Offshoring Efforts to the Philippines)

Kordis had previously explored international hiring, aiming to find offshore talent that balanced quality with cost-efficiency. Their journey led them to onlinejobs.ph, a job board which they thought would meet their needs. However, using the platform demanded a hefty investment of time, as they found themselves managing every stage of the recruitment process, from listing positions to screening and interviewing potential candidates.

In the quest for a more streamlined solution, Kordis turned to Support Shepherd. Initially, this shift seemed promising, as it offloaded many recruitment responsibilities. However, challenges emerged with talent located in the Philippines, mainly stemming from time zone differences and language barriers. The company faced the frustration of unresponsiveness in multiple instances, highlighting the critical need for a more effective approach.

Budgetary constraints remained a formidable obstacle to pursuing US-based hires. Kordis recognized the imperative of an innovative talent acquisition strategy that could align with their financial limitations while preserving the quality of talent required for their operations.

The primary objectives of their initial Near hiring project were twofold:

• Expand their team's capabilities with high-caliber talent operating within a similar time zone.
• Adhere to a budget-conscious recruitment approach, ensuring optimal allocation of financial resources.

Why Kordis Chose Near

Kordis' decision to partner with Near was driven by a combination of factors:

• Near came strongly recommended by one of Kordis' clients who had already used our services. This firsthand endorsement underscored the trustworthiness and reliability of Near's services, setting a reassuring precedent for Kordis' partnership.
• Kordis sought a partner capable of streamlining the talent acquisition process comprehensively. Near's end-to-end hiring solutions, encompassing candidate sourcing to onboarding, appealed to Kordis. The holistic approach allowed Kordis to delegate critical hiring responsibilities, significantly alleviating their recruitment burdens.
• Kordis recognized the potential of tapping into Latin American talent through nearshore hiring. This strategic decision opened doors to a diverse and skilled talent pool in a geographically advantageous location. The ability to secure top-tier professionals while optimizing costs became a compelling advantage.

Solution

Kordis made a strategic decision to partner with Near after evaluating various options in their quest to find top-tier offshore talent. Near's approach to talent acquisition stood out as both innovative and effective. One key differentiator was Near's comprehensive recruitment management, taking charge of every aspect from job postings to initial interviews. This comprehensive support meant Kordis could focus on final interviews and cultural fit assessments, saving significant time and effort.

Moreover, Near's incorporation of video interviews added another layer of value. These interviews assessing candidates' English proficiency were a crucial factor for Kordis, given their past experience with language barriers. Having this thorough assessment also helped ensure a strong match between candidates and job requirements.

Perhaps one of the most compelling aspects of Near's service was their ability to consistently deliver high-quality candidate profiles. Within just a week of initiating the sourcing process, Kordis received a selection of top-tier candidates that matched all of their requirements, leaving only final interviews to Joshua Thompson, Partner and COO at Kordis. This rapid turnaround time significantly expedited their hiring process, a notable improvement over their prior experiences.

Initially, Kordis engaged with Near to fill the role of a Staff Accountant, and hired one who:

• Has a Bachelor of Commerce degree specializing in Accounting from the University of Toronto.
• Holds an Executive MBA in Financial Management.
• Has 5+ years of experience working for North American companies in Accounting-related roles with different levels of seniority (from Corporate Accountant to Controller).

This hire was a testament to Near's ability to identify and attract top-tier professionals in Latin America who possess the skills, qualifications, and expertise that match or exceed those of their US counterparts. In fact, the success and satisfaction Kordis experienced with this hire led to further collaboration with Near. This time their hire was an Executive Assistant who:

• Holds a Bachelor’s Degree in Business Administration with a specialization in Social Communication.
• Has an Associate’s Degree in Psychology from a US institution.
• Has 10+ years of experience in similar positions.

Near offers an easy hiring experience where they take the burden of all of the posting, screening, and initial first screening interviews off your plate, and all you have to do is final interviews to make sure they are culturally aligned.

Joshua Thompson

Partner and COO at Kordis

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Results and ROI

One of the standout achievements in Kordis' partnership with Near was the exceptional quality of talent they were able to secure. The caliber of candidates they hired through Near was not just impressive, it was equivalent to what they could have found in the highly competitive US talent market but for a fraction of the cost. 

By engaging with Near, Kordis: 

• Saves $109k per year vs. hiring comparable talent close to their main office in New York City. This figure represents a significant 72% reduction in expenses, allowing Kordis to optimize their financial resources effectively.
• Streamlined their talent acquisition process, saving Joshua a valuable 30 days of effort previously spent on posting job listings, sourcing candidates, screening applicants, and conducting interviews.
• Hired top-tier talent in half the time, helping accelerate productivity. 

Takeaways

Kordis' journey with Near offers several key takeaways for businesses seeking to elevate their hiring strategies with foreign remote talent:

• Quality Equivalent to US Hires: Kordis' experience highlights that the talent secured through Near is not only impressive but also equivalent to what can be found in the highly competitive US talent market.
• Comprehensive Recruitment Support: Near's end-to-end hiring solutions can alleviate recruitment burdens and allow organizations to focus exclusively on final interviews and cultural fit assessments.
• Budget-Friendly Hiring: Nearshore hiring provides a cost-effective hiring solution without compromising talent quality, enabling optimal resource allocation for businesses facing budget constraints.
• Efficiency in Hiring: Near's proven hiring process significantly reduces the time and effort traditionally associated with talent acquisition. Businesses can swiftly onboard the right candidates, addressing critical staffing needs quickly.

Is your company embracing remote work to fuel expansion? If you want to discover how to integrate top-notch talent while achieving significant annual cost reductions, claim your free consultation.

To learn more about Kordis, visit Kordis' website.