Palo Alto Software’s small business planning and performance tracking tool offers users new feature to compare their financials with other businesses in the same industry
Palo Alto Software’s online business planning and performance tracking tool, LivePlan, released a new feature last week that allows users to compare their financial goals and actual results with other businesses in their industry.
With industry information provided by SageWorks, business owners will be able to compare six key metrics within LivePlan. These numbers consist of profit metrics, including gross margin, operating margin and net profit margin, as well as cash metrics such as average days to get paid, average days to pay, and inventory on hand.
“We are very excited to offer LivePlan users the opportunity to compare how their business is doing to other businesses in their same region, revenue range, and industry,” said Sabrina Parsons, CEO of Palo Alto Software. “This Benchmark feature helps any business owner immediately see which key metrics may be under-performing, compared to the industry benchmark, and gives the business owner the power to take action and immediately affect their bottom line.”
LivePlan users will choose their respective industry using a NAICS code, and then choose a region and revenue size to garner the most accurate results. There is no other business tool on the market which allows a business owner to forecast goals, bring in actual financial results automatically, and then compare both their goals and actual results to industry benchmarks.
“In the overwhelming world of big data and extreme information, getting the right data to business owners empowers them to make better choices for their business,” said Michael W. McNeilly, vice president at Sageworks, Inc. “When Palo Alto Software approached us about partnering with them, we were excited because both companies are built around the principle of helping business owners grow financially healthy companies through relevant insights and actionable intelligence.”
LivePlan is available for $19.95 a month or $139.95 annually. The new industry benchmarks feature is now available for all LivePlan users.