Introducing the Performance Benchmarking report

A few weeks ago we quietly launched the Performance Benchmarking report: a new tool to help your clients get more insight into how their businesses are performing. 

If your clients have been using FreeAgent for at least six months, the Performance Benchmarking report will show them their quarterly operating profit, broken down into income and costs. If they’ve been using FreeAgent for more than a year, they’ll also see a year-on-year comparison here.

We hope this new report will allow your clients to spot seasonal trends in their businesses and pinpoint when they might expect to have busier and quieter times, or just to see how things are changing over time. 

You and your clients can find out more in this Knowledge Base article, or see it for yourself in FreeAgent under Accounting > Reports. 

Your clients can opt in for extra insights

Later this month, your clients will have the opportunity to opt in to the report’s new functionality: similar businesses.

If a client chooses to anonymously share their business category and region, they’ll see how their business’s operating profit, income and costs compare with businesses in the same industry and region.

So if they run a pet shop in Durham, for example, their similar businesses would be 'Vet & Pet Care in North East England', and they could compare how they were doing against this average.

If your clients opt in, they will start to see this new insight as soon as enough similar businesses have also opted in.