Sageworks said Monday that it will be offering its database of industry statistics on privately held companies for free to all U.S. accounting firms.
The statistics are based on the more than 1 million private company financial statements collected by the company through more than 2 million reports run by its clients. The Sageworks database is the country’s largest warehouse of accurate, real-time private company financial statement information.
“Our vision has always been to help businesses succeed by giving them information they can use and understand. 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,” said Sageworks CEO Scott Ogle. “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.”
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 five 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 Sageworks’ ProfitCents software 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.
For access to the free industry benchmarking data, visit Sageworks’ industry data home page.
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