Workflow Software Leader Well Positioned to Meet Demand for Digital Automation Solutions Among Accounting Professionals
Braintree, Mass. – Dec. 17, 2014 – XCM Solutions, LLC, the leading provider of cloud-based workflow management software for the accounting profession, today announced record sales results for the company’s second quarter of the 2015 fiscal year with new XCM growth of 121% over the same period last year.
“I couldn’t be more pleased with the results this quarter,” said Bob Locke, Vice President of Sales and Marketing at XCM Solutions. “As we see the demand for workflow software pick up, I believe we’re well-positioned to meet that demand. I’m confident in not only our ability to continue to develop the best workflow software on the market, but also our ability to deliver fast and knowledgeable implementation services to help firms of all sizes use XCM this tax season.”
Several factors contributed to the company’s success – most notably strong demand for new XCM software in Q2 across all market segments, from large regional firms to small, emerging firms. Broad adoption of the new XCMscheduling module by 70% of new clients was also a significant contributor to overall new software revenues.
“We were looking for a true firm-wide workflow and, after researching available options, decided that XCM was the most comprehensive solution for us,” said Beverly Sparkmon, CPA, Partner at Sparkmon & Associates, CPAs, a 60+ person Georgia-based firm that serves over 1,000 McDonald's franchises nationally. “Once we made the decision, we were eager to move quickly to implement so that we could begin processing financial reports this month, with a goal of managing all of our tax work by the coming season. We've been very impressed with how quickly and smoothly the software implementation has been and are well on our way to achieving both goals.”
Other notable factors to an overall growth rate of 89% across all product and services lines - included strong growth in Xpitax outsourcing services, an uptick in consulting and practice management integration services, and a very strong renewal rate among existing clients. More than 95% of firms that had used XCM last busy season have renewed their commitment to the software for the coming year – many of them expanding their use to other areas of the firm, such as Audit and Attest departments, and new offices acquired through mergers.
As a Software-as-a-Service (SaaS) offering, XCM is fast and easy to implement – with the average implementation taking just 2-4 weeks. As such, firms seeking to take advantage of a full workflow solution can implement XCM for the 2015 tax season with a commitment by January 31, 2015.
Designed by CPAs for the accounting profession, XCM is an intuitive, cloud-based application that automates and standardizes processes for completing work throughout the firm and in all departments, including audit, tax, consulting and human resources. XCM is the only standalone work-management solution for the entire firm, and was selected by the AICPA as its preferred provider for firm-wide workflow solutions, joining CPA.com’s Trusted Business Advisor Solutions platform.