Did you know that the largest database of industry statistics on privately held companies is available for free to all U.S. accounting firms?
The financial analysis and information company Sageworks, which also makes financial reporting tools such as ProfitCents, has aggregated over 1,000,000 private-company financial statements through more than 2,000,000 reports run by clients. The Sageworks database is the country’s largest warehouse of accurate, real-time private-company financial statement information, and will now be available for use for benchmarking, planning and other purposes by accounting firms across the country.
“Our vision has always been to help businesses succeed by giving them information they can use and understand," said Scott Ogle, chief executive officer of Sageworks. "We are achieving this goal through our relationships with accounting firms, which use this data to consult their clients, deepen their client relationships and expand their service offerings.”
Through Sageworks’ free data offering, accounting firms will have ongoing access to the company’s extensive database of private company financial information. “Accounting firms have helped us compile this peer benchmarking data and we’re now giving it back to them so they can use it to show their business owner clients both what they can do better and where they stand out compared to their peers,” Ogle continued.
Sageworks’ data covers 1,400 unique industries from homebuilders to software companies to dentists’ offices and beyond. This data is also used regularly by the media to report on the health of U.S. private companies and studied by some of the country’s top educational institutions to evaluate the behavior and performance of this portion of the economy. Now, accounting firms, which were previously only able to access the data through a paid subscription, will be able to access reports on up to 5 industries per month by creating an account on the Sageworks site.
The industry reports include 60 financial metrics such as average revenue growth, net profit margin, accounts receivable and payable days, percentage of total revenue spent on items such as rent and advertising, among many others. Historical and recent data are provided so accountants can highlight industry trends over time as well as current benchmarks.
Information on the rest of the ProfitCents suite of solutions for accounting firms will also be available so data users can learn about the company’s narrative financial analysis reports and other offerings through their data accounts.
To sign up for access to the free industry benchmarking data, visit the Sageworks industry data homepage.