ProfitCents is being used by more than 4,000 banks and CPA firms, including Intuit, Citibank, Wells Fargo, and H&R Block, to provide plain-language evaluations of business performance to their business clients.
ProfitCents is the world’s first ‘e-Financial Analyst.’ Using Sageworks’ patented FIND technology, ProfitCents analyzes financial statement data into easy-to-understand narrative text reports. ProfitCents is designed for an owner/manager of a small- to medium-sized business and offers recommendations to help improve business performance. It also provides automation of the pre-audit process using the Analytical Procedures tool.
ProfitCents is the world’s first ýe-Financial Analyst.ý Utilizing Sageworks’ patented FIND (Financial Information to Narrative Data) technology, ProfitCents analyzes and interprets financial statement and tax data into easy-to-understand narrative text reports.
ProfitCents reports are generated dynamically from individual text strings and are unique to each company’s financial condition, financial performance, and industry. The technology is capable of generating more than 32 trillion unique analytical reports.
Analytical Procedures includes several modules designed to analyze different types of clients:
The reports created by Analytical Procedures are commonly used to provide consistent and logical expected values based on historical regression and projections, which are documented for peer reviews. It also includes a comprehensive analysis of text, graphs, ratios, trends, and industry comparisons with the analytical procedures documentation worksheet.
Access all the data and industry recommendations found in Sageworks Industry Data and Analysis from an iPhone, iPod touch®, iPad®, or Android smartphone®. Download the app from the App Store or Google Play for Android.
Accountants use the narrative report with their clients to provide them with a deeper understanding of their financial health. The narrative report turns financial statements into a plain language narrative text that accountants use to help their clients make better business decisions.
Accountants use the projection solution to quickly perform “what-if” scenarios and show clients how certain changes in their business can positively impact their financial condition.
Being the CFO, you are the eyes and ears for your investors. You need a higher view of what your businesses are doing and be able to translate that to the people that most likely don’t have financial information. I think Sageworks give you that ability to do that. It helps provide reports and detailed information to our investors so they know that their money is working well for them or not working well for them.
By taking a look at your financials from the outside in, which is by comparing yourself pretty rigorously to what your competitors are and what is the average in the industry, you’re allowing yourself not to be complacent and forcing yourself to take action before a crisis. It enables you to be more proactive from a leadership view.
It would take a huge amount of time to assemble all the information that Sageworks assembles for me. Unless you’re the clear #1 in your product segment, having a view of your own enterprise through the eyes of your competitors is important because your customers will be doing that so you mine as well.