CPA2Biz Inc. today announced that strong year-to-date results across all major business lines has the company poised to deliver a second consecutive year of profitability. In particular, over 25% growth in new business lines, continued adoption by CPAs of its client-focused Business Solutions program and record customer satisfaction ratings preview this year's list of top achievements for the marketing and technology subsidiary of the American Institute of Certified Public Accountants (AICPA).
With three full months remaining in the fiscal year, the company is trending to grow overall revenue by 6% to over $15 million and on track to be profitable for the year ending July 31, 2006 — the second consecutive year it will have done so. These latest projections are being driven primarily by the more than 25% growth in new CPA2Biz business lines i.e., Business Solutions, the Job Board, e-newsletters and other new areas.
As the purchasing behavior of financial professionals continues to move online, the CPA2Biz web site (www.cpa2biz.com) has become the primary source for ordering AICPA products and services. Today more than 50% of AICPA product sales are placed through the CPA2Biz web site. In light of this, recent customer satisfaction ratings conducted by CPA2Biz are especially encouraging, with a record level 74% of customers rating the web site "very good" or "excellent," and over 95% responding they'd recommend the site to a colleague.
However, according to Erik Asgeirsson, CEO, CPA2Biz, "the results are good but our team has so much more it wants to accomplish, and they are committed to it." Asgeirsson noted that CPA2Biz "continues to invest significant cash from operations into the site," and toward that end said, "We have some exciting things planned for the site in this upcoming fiscal year which we expect to share in more detail in the not too distant future."
Earlier this week CPA2Biz and Paychex reported an extension of its Business Solutions relationship through 2011, an additional 5-year term. With over one-third of the CPA firms in the US now enrolled in the program, it ranks second only to the AICPA Insurance Program in number of enrolled participants, marking an enormous achievement for CPA2Biz and Paychex.
"In my various roles at the AICPA these past few years, I've had the opportunity to work closely with the leadership at CPA2Biz," remarked Leslie Murphy, Chairman of the Board, AICPA, "and I don't think I could be happier with the current direction of the company. CPA2Biz is really beginning to execute against the vision and our members are benefiting."
CPA2Biz is a subsidiary of the American Institute of Certified Public Accountants (AICPA), and provides marketing and technology services to the AICPA for its wide array of products and services, such as continuing education, conferences and professional literature. CPA2Biz also develops and manages client-focused business solutions programs (e.g. payroll, banking) that enable CPAs to build stronger relationships with their business clients or employers. For more information, visit www.cpa2biz.com.
The American Institute of Certified Public Accountants is the national, professional association of CPAs, with approximately 330,000 members, including CPAs in business and industry, public practice, government, and education. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies; federal, state and local governments; and non-profit organizations. It also develops and grades the Uniform CPA Examination.
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These statements relate to future events or financial performance. These statements reflect only management's current expectations. Many factors, risks or uncertainties could cause actual results to differ materially from these forward-looking statements. If one or more of these factors, risks or uncertainties materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements. The company undertakes no obligation to update these forward-looking statements to reflect events or circumstances occurring after this press release.
Media Contact for CPA2Biz:
Public Relations Representative
(212) 629-8445 Pamela@pjinc.net