All posts by Ray Petrino

Hemera Financial Solutions selected to work on best-selling publication


(Apex, NC) — Hemera Financial Solutions will work with the American Institute of Certified Public Accountants (AICPA) in producing the AICPA’s 2016/17 version of U.S. GAAP Financial Statements – Best Practices in Presentation and Disclosure (Publication). This will be the 6th consecutive edition in which Hemera will serve as a content matter expert.

This best-selling publication is designed to deliver an unparalleled picture of U.S. GAAP compliance. This Publication provides hundreds of high quality disclosure examples from carefully selected public filing companies of varying sizes in more than 100 industries and covers hot topics including derivatives and hedging, consolidations, and fair value measurement. The detailed indexes make this a user-friendly material and an ideal resource for professionals needing assistance in preparing their financial statements.

The Publication is available for purchase through the on-line AICPA store at

About Hemera Financial Solutions:
Hemera Financial Solutions delivers top notch accounting and finance services with a focus on outsourced CFOs and Controllers serving in part-time, interim and contract roles. Hemera has experience growing startup entities, closing multimillion dollar venture capital deals, and spearheading the completion of annual audits. The professionals at Hemera also take pride in giving back to the community. Through their flagship event, Bowl Away CF, Hemera has helped to raise over $140,000 for the research and treatment of cystic fibrosis.


Hemera Financial Solutions Startup Client Acquired in First Year of Operation

(Apex, NC) — Intarcia Therapeutics, Inc. has announced the acquisition of Phoundry Pharmaceuticals, Inc., a privately held biotechnology company based in Research Triangle Park, North Carolina. Phoundry Pharmaceuticals has created a portfolio of optimized peptides in various therapeutic categories, most notably diabetes and obesity. Phoundry was founded in 2015 by six scientists who have industry-leading peptide expertise coupled with a significant amount of data, equipment, reagents, and consumables assigned by GlaxoSmithKline to serve as the basis for the company.

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Two Cardinal Sins of Small Business

(A follow-up to When Small Businesses Miss the Point of Forecasting.)

It’s no secret why 80% of small businesses fail within the first 18 months (according to Most failed businesses are guilty of two cardinal sins.

1. Discounting experience

Some management teams think that success is driven by bringing a superior product or service to market followed by outworking the competition. If only business was that simple!

The first question I ask every new business owner – what’s your exit strategy? This question applies to all businesses, whether in financial services, consumer products, or another industry. If you don’t know where you’re going, how do you plan on getting there?

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Get Yer Programs Heeeere!


View the Bowl Away CF Program

Ladies & Gentlemen,

Here it is…the official 2014 Bowl Away CF program, showcasing the silent auction items and with acknowledgements of our generous donors & sponsors. More than 100 items have been donated (gift cards, football helmets, etc.) and will be raffled off. Purchase raffle tickets for $1 each or 6/$5, 14/$10, 30/$20.

Don’t miss the big event, this Saturday at Buffaloe Lanes-Cary from 4:00-7:00. More than $100,000 raised for vital CF programs. Let’s beat Cystic Fibrosis together!

The Bowl Away CF Team

A CFO’s Challenge to the Community

I’m flattered that my forecasting post was a big hit – over 1,300 views and 130 likes. What I’m hoping, as I take off my CFO hat, is that this post gets 10 times that number of hits and likes. Four years ago, I survived a hit-and-run incident. The details aren’t relevant beyond the fact that I could’ve lost my life. What is more relevant is that I survived and it made me stronger. Now I’m on a quest to support cystic fibrosis programs.

That’s not much of a transition…so logically, most people ask, “I don’t understand, why CF?”

One of my supporters during rehab was a former teacher of mine at Notre Dame. I discovered that her son was born with cystic fibrosis. He takes 20 pills a day and starts each morning with a vibrating vest that bangs against his chest. This is done with the hope of preventing infection. He’s only 5.

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Did I Make the Right Hire?

It’s a question that some management teams debate long after bringing aboard new talent in the form of employees or consultants. Was the right person chosen for the task and was it a wise usage of funds? I often recommend that clients consider the points below in evaluating their decision. These criteria fit companies of any size, in any industry, whether it’s a start-up company or a venture cap or financial services giant.

Seek Talent with Complementary Skills

I’ve identified this as the biggest obstacle in acquiring the best talent. Some management teams ultimately settle on “yes” people. They want the good soldiers who follow company protocol and never create a stir. A few problems arise from this mentality:

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The Art of Networking

Networking is a word that makes most people cringe. For some, it calls to mind speed dating – getting jammed into a room with complete strangers, forced to share details of business and self. For others, it’s looked upon as a necessary evil. Successful business persons, however, generally view networking as synonymous with opportunity. As a small business owner, targeting “best in class” venture cap and financial service firms as my perfect prospects, networking is vital to my success.

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Hemera Financial Solutions to Host 4th Annual Bowl Away CF Fundraiser

(Apex, NC) – On September 13, 2014, Hemera Financial Solutions will host the 4th Annual Bowl Away CF (Cystic Fibrosis) event at Buffaloe Lanes in Cary, NC from 4:00-7:00 ( In three years, the event has raised $81,273 for vital cystic fibrosis programs.

“It’s been an amazing ride,” said Ray Petrino, founder of Hemera Financial Solutions and Bowl Away CF. “Friends and colleagues across 10 different states have come together to generously donate time, services, and money, to transform an idea into a huge success.”

Although the event is hosted at a bowling alley, bowling is only one piece of the festivities. “We feature live DJ music, dancing, prizes, and free food and dessert dishes from our awesome sponsors,” said Ray.

Year #4 is already bringing exciting changes. Early in 2014, Hemera Financial Solutions teamed up with the Boomer Esiason Foundation (“BEF”), a recognized leader and not-for-profit organization in the fight against CF. Ray said, “To build our event’s presence in the community, our Executive Committee decided to reach out to a major player in the CF space. Co-organizer Chris Formoso contacted BEF and we’ve been working with them ever since. BEF promotes exercise through the Team Boomer initiative, so our bowling event seemed like a natural fit for what they’re trying to accomplish.” Continue reading