Solution Reviews :: BA | BI
ProfitCents - Sageworks
ProfitCents - Sageworks
Website: http://www.sageworksinc.com/
Category: Financial Analysis and Reporting
Best Fit
Strengths
Brief Product Description and Pricing
Technical Specifications
Integration with Accounting and Ease of Setup
Representative Client List (if available)
Company History and Contact Information
Commentary (The following is provided by the Editor with notes and comments from others.)
- Professional Accountants and Financial Consultants
- Typically mid-size to large firms, but may be applied by boutique consulting firms providing high-level financial services.
Strengths
- Benchmarking results that compares the business against up-to-date Key Performance Indicators (KPI) of other organization in the same industry.
- Provides relevant analytical content that is unique to a specific business situation.
- Web-based application making the information available readily available from remote locations.
- Includes financial analysis applications of for-profit business clients, including plain-language reports, audit and review reports, and projection/forecast reports.
Brief Product Description and Pricing
- ProfitCents - ProfitCents is a web-based application that enables business and financial professionals to provide written explanations of financial statements. The reports use ratio analysis, industry comparisons, and trend analysis to depict the financial health of any business in plain language. ProfitCents also automates analytical procedures and streamlines the pre-audit/review planning and risk assessment process for auditors. Professional Accountants and Financial Consultants can use ProfitCents to generate benchmarking results that compares the business against up-to-date Key Performance Indicators (KPI) of other organizations in the same industry. This includes financial analysis of for-profit and non-profit business clients, including plain-language reports, in-depth analytical procedures reports for audits and reviews, and projection/forecast reports.
- The application is designed to be very quick and easy to use. By entering summary balance sheet and income statement information, a clearly written three- to eight-page financial summary can be produced that incorporates dynamically generated text, graphs, and ratio analysis. Based on basic financial information, ProfitCents provides clear and insightful analysis in six areas of operational performance – liquidity, sales growth, profitability, and the utilization of employees, assets and leverage. The report can be printed online or downloaded to Word for editing. The expert system uses artificial intelligence to generate text specific to the financial data entered and compares it to industry averages from a database of over 1400 NAICS industries and over 327,000 private company financial statements collected on a daily basis in several size ranges.
- ProfitCents deciphers the valuable information contained in the financial statements and presents it in plain business language that is easily understood. The proprietary expert system that underlies ProfitCents incorporates over 10,000 pages of text and over 5,000 decision rules. Based on basic financial information, ProfitCents provides clear and insightful analysis in five areas of operational performance – sales growth, profitability, and the utilization of employees, assets and leverage.
Technical Specifications
- Web-based solution
- ProfitCents uses NAICS codes to classify and report industry benchmark statistics. The North American Industry Classification System (NAICS) replaced the Standard Industrial Classification (SIC) system in 1997. The six digit code provides for newer industries, reorganizes categories on a production and process-oriented basis, and serves as the index for statistical reporting of all economic activities in the U.S., Canada, and Mexico.
Integration with Accounting and Ease of Setup
- Simple input of numbers. Easy to setup and use.
Representative Client List (if available)
- Citibank
Company History and Contact Information
- Sageworks, Inc., a financial information company and the makers of ProfitCents (www.profitcents.com) was recently named to the Inc. 500 list of fastest growing privately held companies in the US. Sageworks is the developer of its patented platform technology (“FIND™”) from which it has developed several applications. These applications convert financial numbers into narrative text, and include ProfitCents and Sageworks Analyst. Sageworks has licensed its core technology to thousands of accounting firms, financial institutions, and information providers.
- Corporate Headquarters
5565 Centerview Drive
Suite 201
Raleigh, NC 27606
Commentary (The following is provided by the Editor with notes and comments from others.)
- Sageworks Inc., the developer of ProfitCents Analytical Procedures, is assisting Certified Public Accountants (CPAs) to comply with a series of new Statements on Auditing Standards (SAS). CPA firms are reconsidering their approach to auditing financial statements as they assess the impact of what is commonly being referred to as the “new risk assessment standards”. The new standards are imposed on all audit engagements for the 2007 calendar year-end. Under the new standards, the procedures and documentation requirements for compliance have become more stringent.
- The new standards are intended to enhance the overall quality and effectiveness of audits. ProfitCents Analytical Procedures provides a solution for CPA firms by automating and standardizing analytical review performed during the audit to comply with the new requirements. ProfitCents Analytical Procedures is a software application that enhances traditional trial balance software used by auditors. Unique features include the capability to identify fraud risks, calculate statistical trends, develop expectations and perform private company industry comparisons. CPAs also use the ProfitCents Analytical Procedures to enhance their client communication and service by generating narrative financial management reports.
The information provided herein is not warranted in anyway and is subject to change without notice.
We recommend that you confirm information contained herein with the appropriate manufacturer or reseller.
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