Patent No. 7,742,957B2 is the next logical extension to accounting as it is a verifiable mathematical approach that brings accounting full circle. Each business, based on costs, will know the exact profit or loss in each fee charged or product sold. It allows every business to set competitive prices and to see how one fee offsets the other to create and form their profit.
Based on costs, it will show if you can make the wages you want, how much time you can take off and how productive you need to be. It can show you how to project a fee at any profit level, and, conversely, it can show the exact profit level in any fee you charge.
This technology forms the engine for the Profit Solver, a patented software that creates a direct relationship between the prices charged and the cost structure of any business. Businesses will know how to cover wage, health care, and overhead increases. Before you start a business, you will know if the prices you want to charge will cover costs. Businesses will know a breakeven on each service performed or item sold, at any sales level.
This approach doesn't change accounting, but is the next step to understanding how to cover your costs through the fees you set. This patent is a market changer as it allows software companies to capture market share from competitors, according to the company.
"In less than two years from today you'll be able buy an accounting or managerial software that still records your costs or you will be able to buy one that not only records your costs but shows you how to make any desired profit," said Dan Zalta, Fee Technology founder.
This universal key is the front end to accounting as it will open up a new path for accountants to show a business how to set and control their profitability based on costs.
This universal solution can be applied to any individual, company, or government worldwide and shows:
- How individuals can "bill themselves out" to make the income they want in a desired time frame.
- The exact profit or loss in each fee set for service companies and how one fee offsets the other to create profit.
- How to be competitive and still achieve a predetermined profit.
- Where to ask vendors for specific price reductions.
- The exact breakeven on each item produced, at any production level, and the exact profit or loss on each item produced at any production level for manufacturers.
- How to cover costs and achieve a desired profit.
About Fee Technology, Inc.:
Fee Technology, Inc. of Tulsa, OK, provides software solutions to improve profitability for businesses. The company's premier product, Profit Solver, is a next-generation, universal profit setting solution.