ProfitCents U.K. enhances industry benchmarking
Sageworks, the maker of ProfitCents, has enhanced its ProfitCents U.K. platform to add real-time industry averages so that accountancy firms across the U.K. can show clients the most up-to-date and accurate trends in their industries. Providing these types of value-added services can help accountancy firms win and retain more clients.
ProfitCents U.K., a suite of web-based financial analysis solutions, now provides industry averages based on client data from other accountancy firms across the U.K. rather than Companies House data. This means the data will incorporate businesses of all sizes and organisation types, including partnerships and sole traders. Accountancy firms will be able to compare clients to industry averages from ProfitCents that are updated in real time. Other industry data providers base their “current” averages on data from older accounts, which means clients may not be seeing the most helpful comparisons. And they are often based on accounts from larger businesses, which may not be a fair comparison to an accountancy firm’s smaller clients.
“Users will still receive the clear, concise and accurate financial reporting that they have come to expect from ProfitCents, but the data available for our U.K. clients have been dramatically enhanced,” Sageworks Chief Executive Officer Scott Ogle said in a press release.
Additional data enhancements mean ProfitCents U.K. now includes:
• Industry-specific key performance indicators (KPIs), such as Cost per Head for the dairy farming industry, Food Costs to Turnover for restaurants and Average Daily Rates for the hotel industry, among many others.
• The ability to quickly search for an industry by SIC code or keyword in order to access industry reports, which can be used for prospecting or pitch meetings.
The ProfitCents financial statement analysis solutions turn complex financial data into actionable intelligence, which helps accountants differentiate their services from the competition and solidify their role as trusted advisers. ProfitCents allows accountancy firms to efficiently provide clients with narrative financial analysis reports, industry data, and cash flow forecasts and projections that can simulate “what if” scenarios.
See more details about the announcement here.