Scottsdale, Ariz. (May 27, 2004) -- In a year that saw CPA2Biz launch both a payroll and a small business banking program, the online marketing and product services portal of the American Institute of CPAs is trending toward becoming “cash-flow positive” for its 2005 fiscal year.
“We said last year that CPA2Biz would have a break-even cash flow in FY2004,” and “we’re delivering on that,” CPA2Biz chief executive Erik Asgeirsson told attendees at the AICPA Spring meeting of Council, here.
The turnaround was in stark contrast to the early struggles of the online entity, which bled red ink to the tune of $80 million and elicited a “going concern” opinion from its auditor. “We’ve had 5,000 firms enroll in our Business Solutions Program [the umbrella for the payroll and banking services] and that has produced about 6,000 client referrals,” Asgeirsson added.
Over the past six months, CPA2Biz partnered with national provider Paychex for its payroll program and financial services conglomerate Chase for its banking offerings. Asgeirsson added that the portal has implemented several new site enhancements, including Intelligent Search, which is an upgraded search engine, and Dynamic Store, a database of customer purchases that groups and reports similar transactions by purchasers, much like the one deployed by online bookseller Amazon.com.
-- Bill Carlino
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