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Industry standards reports

  • 1.  Industry standards reports

    Platinum Most Valuable Member
    Posted 12-03-2018 15:22
    Hi All,
    I am looking for a basic reporting service to get industry standards for my small business clients.  Is anyone using anything they would recommend?
    Thank you,
    Sandy

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    Sandra Johnson CPA
    SANDRA G. JOHNSON, CPA
    Bellmore NY
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  • 2.  RE: Industry standards reports

    Bronze Most Valuable Member
    Posted 12-04-2018 06:11

    While this may not be exactly what you're looking for, the IRS Audit Technique Guides, otherwise known as Market Segment Specialization Programs describe some operating standards in specific business models, depending upon the specific type of business.

    Here's the link - https://www.irs.gov/businesses/small-businesses-self-employed/audit-techniques-guides-atgs

    --  Evan S. Golar, CPA, EA, NTPI Fellow, ARA 15 Murray Drive Airmont, New York 10952-3816 work 845-357-8770 fax   845-357-5731 www.golarcpa.com  Enrolled Agents-America's Tax Experts     E.A.???s do CPR for taxpayers, Consultation, Preparation and Representation  If you are satisfied with our services, please refer us to your friends, family and colleagues  This e-mail is intended only for the confidential use of the recipient named above.  If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited.  If you have received this communication in error, please notify us immediately by e-mail or telephone and delete the original message.





  • 3.  RE: Industry standards reports

    Posted 12-05-2018 08:35
    For my valuation work I use RMA statement studies purchased through Key Value Data in Colorado -I believe it is less than direct from RMA - call me if you need more info / an example, if not we can discuss when we meet next week

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    Todd Ringler
    Calm Waters Consulting, Ltd.
    Lindenhurst NY
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  • 4.  RE: Industry standards reports

    Silver Most Valuable Member
    Posted 12-04-2018 09:14
    Hi,

    Try SAGE Profit Cents (Sense?). You can bench mark a business by industry classification, sales, etc using various ratios and data.

    Bob Sick

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    Robert Sick
    ROBERT SICK, CPA PLLC
    Patchogue NY
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  • 5.  RE: Industry standards reports

    Posted 12-04-2018 13:51
    There is group called BizStats  (Bizstats.com) that may be useful to you.

    This group buys data from the IRS and slices and dices into industry benchmarks, profitability, etc.

    There two level of reports that I have used.  The first is free.  National data on a given industry.

    I have also purchase a report for an industry, in a city, within a revenue range, etc.  I cost $100.

    A word of caution.  This data comes from tax filings.  The income figures are what remains after income management to prevent double taxation and all the other games we huh, I mean professional management we apply.

    I had to pick and chose what I element of the P & L I wanted to uses.

    Hopes this helps.

    Alfredo
    Alfredo@GrapevineCPA.com

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    Alfredo Robledo CPA
    Alfredo Robledo CPA PC
    Grapevine TX
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  • 6.  RE: Industry standards reports

    Posted 12-05-2018 08:48
    The "industry" standard:  https://www.rmahq.org/annual-statement-studies/?gmssopc=1

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    Perry Paletta CPA
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  • 7.  RE: Industry standards reports

    Platinum Most Valuable Member
    Posted 12-05-2018 09:26
    Thanks to everyone who gave me suggestions!  Some of you even emailed me.  I will check out each of your suggestions.
    FYI - As a result of more and more clients moving away from traditional accounting services, we are changing our practice to move into more business advisory services.  This information will be very helpful as we present key performance indicators (KPI) to our clients.  Anyone looking for information on what we are doing, feel free to reach out to me.  Always happy to share.

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    Sandra Johnson CPA
    SANDRA G. JOHNSON, CPA
    Bellmore NY
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