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Why U.K. accountancy pros use ProfitCents

Sageworks
July 20, 2014
Read Time: 0 min

Accountancy professionals aim to have the expertise and tools to address customer needs, but this can be difficult, given the many demands on firms. That is why accountants in the U.K. who are looking to win new clients and increase engagements use ProfitCents, the leading solution for analysing small- and medium-sized enterprises. 

ProfitCents was created by Sageworks, a pioneer in the development of web-based artificial intelligence technology, to allow accountants to provide financial analysis insight to their clients quickly and easily. Sageworks developed the first patented system for converting financial numbers into narrative text and has been working to empower people to make better financial decisions for more than 15 years.

ProfitCents’ financial statement analysis solutions turn complex financial data into actionable intelligence that helps accountants differentiate their services from their competitors. ProfitCents helps them efficiently provide clients with narrative financial analysis reports, industry averages updated in real time, and cash flow forecasts and projections that can simulate “what if” scenarios – critical information that cements the accountant’s role as a trusted business adviser. Thousands of accountancy firms (including hundreds in the U.K. & Ireland) use ProfitCents to change the way they advise SMEs.

“The reports are certainly helpful in opening up a dialogue and getting really involved in the business, particularly with new or newer clients.” said Graham Smith, director of Cunningtons, an accountancy firm in Whetstone, Leicester. The firm in 2013 received the Annual 2020 Conference Innovation Awards’ award for being “Most Innovative Sole Practitioner” in the UK and Ireland. “We have certainly won new clients as well as extra work form existing clients on the back of the reports. The point is that we set ourselves up a business advisors and this product backs up that assertion.”

ProfitCents reports use industry data that is unmatched in its integrity and relevancy:

 –The data is aggregated from financial statements supplied by accountants, which reflect the true operational performance of the companies being analysed.  Furthermore, businesses of all sizes and organisation types are represented in the database.

 –ProfitCents data is updated daily, and the industry reports reflect information based on financial statements filed as recently as today. Other industry data providers base their “current” reports on data from financial statements that ended 12 months or more earlier, and many providers update their data sets only several times per year, at most.

–The ProfitCents database includes more than 600 different industry categories.

 –The data used for ProfitCents reports and analyses are filtered using six methods to ensure the database reflects the true operational performance of the businesses.

ProfitCents imports from various bookkeeping and accounts production software, as well as MS Excel, so it is designed to fit into and complement your work flow. Since ProfitCents is web-based, technology upgrades and enhancements are provided and applied automatically and at no additional charge. 

In addition, accountants can edit the reports generated by ProfitCents with MS Word to provide relevant information to the client and to brand the report using the accountancy firm’s logo and information. Presentations incorporating the reports can be edited and downloaded using MS PowerPoint, as well. 

To learn more about how accountancy professionals can arm themselves with the leading tools to be successful, watch a demo or download a free whitepaper, Beginner’s Guide to Providing Business Advisory Services

About the Author

Sageworks

Raleigh, N.C.-based Sageworks, a leading provider of lending, credit risk, and portfolio risk software that enables banks and credit unions to efficiently grow and improve the borrower experience, was founded in 1998. Using its platform, Sageworks analyzed over 11.5 million loans, aggregated the corresponding loan data, and created the largest

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