Rose Report: Issue 25
RFS Celebrates 20 Years
October 1 marked a major milestone for Rose Financial Services—the 20th anniversary of its founding. Once a one-man operation with an AOL e-mail address in 1994, the company has since grown to about 45 employees managing more than 100 corporate clients over cloud-based technology and integrated client solutions.
The company began as a way to fill a niche in the market—sophisticated accounting services for companies who did not have the resources for a fully-staffed in-house department of their own, beyond that of what a bookkeeper could handle. Founder and CEO Ted Rose coined the term “accounting outsourcing” in 1995, and RFS has been doing exactly that since its beginning.
RFS’ purpose has always been to provide cost-effective and scalable financial systems that produce timely, accurate, and meaningful financial information and guidance to support organizations, large and small. These services allow those organizations to focus on their own core competencies and success. RFS helps companies maintain a professional finance and accounting team with a customer service focus, while keeping them compliant with accounting, tax, and other federal regulations. RFS’ clients range across industries, including government contractors, biotech, health care, non-profits, education institutions, technology start-ups, and publicly traded firms.
Through the years, RFS has watched the market evolve while maintaining its competitive edge through constant innovation. RFS continues to refine its processes and maintains a competitive edge through its integrated technological offerings, building proprietary web-based workflows to streamline processes for its clients. At the same time, RFS develops its accountants, who are all CPAs or on the CPA career track.
During the dot-com bubble and the recent recession, RFS worked through the bumps and growing pains of a growing company. The economic events challenged RFS to re-think its priorities and shift its processes based on new market preferences, particularly when it came to cost-effectiveness. While RFS has always provided value-added solutions, the recession pushed cost-effectiveness to the forefront as a primary goal.
The secret to the company’s success, says Rose, is its “incremental improvement.” If the company can achieve one percent improvement each week, that amounts to a compounded rate of over 52 percent per year. He says this is accomplished through careful strategic planning, where high-level goals are identified along with the steps outlined to achieve them and a team of professionals that are dedicated to serving our clients.
Some of these improvements are recognized by major milestones:
- 2005 – RFS started implementing electronic workflow solutions, RFSWorkflow, and integrating them into its business and outsourcing services
- 2009 – RFS won its first enterprise-level client, a $400-million company
- 2010 – RFS was named the number one Finance and Accounting Outsourcing company worldwide by Blackbook of Outsourcing based on client satisfaction
- 2011 – RFS won the Helios Apollo Award, a greater Washington, DC area recognition for employee development and engagement initiatives
Although RFS took home plenty of awards and recognitions, the company measures its success in that of its clients. “We’ve helped many succeed in their mission, including turning around dozens of companies… that might not have been in business today,” says Rose. “Ultimately our mission is to help clients succeed. That’s our proudest achievement.”
To celebrate its 20th anniversary and all of the accomplishments to date, the company took its employees out to a baseball game, with seats behind home plate at Nationals Stadium. RFS employees proudly celebrated 20 years of achievement as they cheered on the Nationals on the day they clinched first place in the National League.