WEST CHESTER, Pa. — They say hard work pays off, but for the millions of small business owners who couldn’t afford the time and cost of business valuation, it was impossible to know what their work was actually worth. Now, cloud-based software offers an affordable, fast method for owners to answer the most challenging question about their business.
PrimePay LLC, the nation’s leading independent payroll processor and a third-party benefits administrator for small and medium-sized businesses (SMBs), and BizEquity, the world’s leading online provider of business valuation knowledge and big data, today introduced Accountant Office, which offers real-time, automated valuations accessed via web portal. Available in the U.S. exclusively through PrimePay, the software is customized for CPAs and business advisors to expand their consulting capabilities by offering valuation resources to their small business clients.
“PrimePay believes in helping our clients and partners grow their businesses,” said CEO Bill Pellicano. “Accountant Office empowers the accounting community to find new clients and increase revenue by offering valuation insight as a benchmark to fuel small businesses’ continued growth. As the exclusive provider for the U.S., we’re delivering a much-needed solution to both CPAs and SMBs.”
Currently, more than 98 percent of companies fail to perform annual value assessments, largely due to time and cost constraints. Typical valuation by hand takes at least three to four weeks, and can cost between $8,000 and $10,000. Accountant Office delivers a business’s worth in as little as 15 minutes and for a fraction of the cost.
Knowing the true value of a business is critical to planning its future, regardless of exit strategy. For instance, owners may perform valuations for insurance or financial planning. But many procrastinate until they’re ready to sell, then are forced to face the harsh reality of over-estimated business worth. Accountant Office uses technology to automate a painstaking process, turning a reactive task into a proactive strategy.
Accounting firms that implement the solution will receive a branded private-labeled portal. As numbers are entered, real-time insights about a business’s revenue growth trends and value changes are displayed. Experimentation with hypothetical numbers or “what-if” scenarios can also be considered. PrimePay recommends updating numbers quarterly, if not monthly, to access the most accurate valuation.
The patented service, built by BizEquity, has an algorithm that mirrors the manual valuation process – something Scott Gabehart, the company’s Chief Valuation Officer, has performed nearly 3,000 times. The results show the software’s result is nearly identical to a manual valuation, varying no more than the assessments of two different experts methodically completing the same valuation.
To view the demo, visit primepay.bizequity.com.
Founded in 1986, PrimePay® is a leading national human capital management (HCM) technology and services provider to businesses ranging from 1 – 5,000 employees.
PrimePay delivers highly configurable cloud-based software and services enabling clients to hire and retain great talent, manage and pay their workforce, and optimize their business in an everchanging compliance landscape.