dding Labor and Overhead Costs to QuickBooks BOMs

Ignite Profitability By Adding Labor and Overhead Costs To QuickBooks BOMs

The Issue — Weak Cost Accounting Processes

Nearly without fail, when we engage with a new manufacturing client that is using QuickBooks to build finished goods and subassemblies, the business owner and accounting team are excluding the cost of direct labor and overhead from their BOMs.  The impact of not adding labor and overhead costs to QuickBooks BOMs is an understatement of the actual cost of inventory.  This artificially increases gross margins, as well losing the ability to analyze labor and overhead efficiencies.  Learn how to overcome weak cost accounting by adding labor and overhead costs to your QuickBooks BOMs which will improve profitability and generate actionable insight into your decision making process. 

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How to Create Fully Costed BOMs Using QuickBooks

First – Creating the Labor Absorption Factor

We are going to take you through a fairly simplistic manufacturing scenario, where the main product is bicycles, with just two varieties–Men’s Bicycle and Women’s Bicycle.  Each bike consists of the 2 brake calipers, 2 brake levers, a frame, a crank, a front wheel, etc.  Our manufacturing supervisor estimates that it takes, on average, one of troops 1.5 hours to assemble and test a completed bike. 

The first step before we create the Inventory Assembly in QuickBooks, we need to create the Labor Absorption and Overhead Absorption factors that will be integrated into each assembly.  In an early set of articles, we went into detail on how to generate direct labor and overhead rates, as well as how to analyze them during month-end accounting review. 

The Labor Absorption factor represents the fully burdened direct labor cost, per hour, for an average direct labor employee.  We wrote an earlier post on how to compute direct labor rates and determined that one hour of fully burdened direct labor equals $28.47. 

To create the Labor Absorption factor, in QuickBooks navigate to Lists — Item List, and select New Item (Cntrl + N).  Here is the detail set up for that Labor Absorption factor:

Display of Labor Absorption factor in QuickBooks, that is attached to Labor Variance account on P&L.

The keys here are selecting Non-Inventory Item, Cost at $28.47, and choosing a Labor Variance account in Cost of Goods, which will be the account that receives the Credit side of the Build Assembly process.

Second – Create the Overhead Absorption Factor

The Overhead Absorption factor will be used to absorb overhead costs into the inventory item.  Similar to the other factor, we wrote an earlier blog post describing how to develop Overhead Absorption factors or rates and determined the per hour rate to be $29.30.  Overhead will be absorbed as a function of direct labor absorption, in that when we capitalize one hour of direct labor, one hour of overhead absorption will be included as well.  This process can be modified to absorb overhead based on machine time or whatever is the key metric driving manufacturing volume.

Using the same process as for the Direct Labor factor, here is the Overhead Absorption factor Item set up:

Display of Overhead Absorption factor in QuickBooks, that is attached to Overhead Variance account on P&L.

As you can see above, the only real difference other than the name of the Non-Inventory Items is the Cost and the Expense account, which in this instance was Overhead Variance.

Third – Add Labor and Overhead factors to Inventory Assemblies

As mentioned earlier, our example company assembles Men’s and Women’s bicycles.  Referenced below is the Inventory Assembly for a Men’s Bicycle.  Take a look toward the bottom, and you can where we added both Direct Labor and Overhead factors to our BOM.

Display of Men's Bicycle assembly, highlighting the Direct Labor and Overhead absorption factors at $28.47 and $29.30 per hour, respectively.

As you review the BOM above, you can see that we have the Direct Labor requirement to 1.5 hours of direct labor required to assemble one bicycle.  From this, you can also see that each bicycle is going to absorb $42.71 in Direct Labor and $43.95 of Overhead, bringing the total cost per bicycle to $173.41 This means that there is $86.75 in direct materials, $42.71 in labor and $43.95 in overhead.  As you can imagine in this case, if we were to exclude direct labor and overhead from our BOM, we increase the chance of making poor pricing decisions without the full picture.  Also, this will allow us to account for certain models that require more or less labor to assemble in our pricing decisions.  

How to Structure a Manufacturing Profit and Loss Statement in QuickBooks

Now you know understand the mechanics of adding labor and overhead costs to QuickBooks BOMs, we will now describe how to make sense of it.  We probably should have started with this, but to enable your ability to segregate direct labor, overhead and G&A expenses, you will have to arrange your accounts and functional organizations accordingly.  QuickBooks has two ways to accomplish this objective, which is through the Chart of Accounts or through Classes.  Generally, we recommend to smaller clients, that have only a small number of functional department (e.g., a direct labor work center, a factory overhead department,a  sales and marketing department, and finally an Admin department), to make the segregation using the chart of accounts without having to add the burden of assigning a class to each transactions  In cases beyond that simple structure, using the Chart of Accounts becomes too burdensome and we resort to Classes.

Direct Labor Work Center Account Set Up

QuickBooks accounting listing for Direct Labor workcenter

The only unique thing here is the 51090 DL Transfer account, which we will describe shortly.

Overhead Department Account Set Up

Overhead Department Account Strucuture

This should look fairly standard for an Overhead Department.  We have decided that all the Facility costs will be absorbed into product costs.  Above, you can see the issue with using the chart of accounts rather than classes to segregate the organizational functions.  For example, we have preceded the Airfare account with “MO” for Manufacturing Overhead.  If we were using Classes, there would only be an Airfare account.  But we are trying to keep it simple given the size of the organization.

Other Cost of Goods Set Up

QuickBooks other cost of goods account chart of accounts set up

We already discussed the Labor and Overhead Variance accounts, which initially will reflect the monthly absorption.  The 50010 Cost of Goods account is where QuickBooks is posts the cost of goods when product is shipped.  The EE&O Expense and Scrap accounts are beyond the scope of this article.

Let’s Build Some Product

We created the custom report below to illustrate how our Labor and Overhead Absorption factors affect the P&L.  We completed 5 different Build Assemblies or Work Orders, where we built 3,150 bicycles, generating 4,725 hours of earned labor.  The 4,725 hours of earned labor equated to $134,521 earned labor cost and $138,443 of absorbed overhead. 

Summary of work order labor and overhead absorptin with Earned Hours totaling 4,725 for month-end January 2020

The Month-End January P&L Before Closing Entries appears below.  Take note of the “Total 50000 – Cost of Goods” summary, which as this point only includes the Direct Labor and Overhead absorption created when we completed the Build Assemblies, as well as the total Direct Labor–$151,819 and Overhead–$106,115. 


ME January Closing Cost Accounting Entry

With all the month-end January expenses post, we can post our final cost accounting entries, moving the Direct Labor to the Labor Variance account and the total Factory Overhead to the Overhead Variance account.  This is the Journal Entry required:

Display of QuickBooks journal entry that transfers the month-end January Direct Labor Department and Overhead Departments to their respective Variance accounts.

Post-Close Cost Accounting Analysis

With the final cost accounting entries posted to the January P&L, we can begin the analyzing our  results.  This is how the post-close P&L now appears with the Direct Labor and Overhead transferred to the variance accounts:

Profit and Loss result after transferring Direct Labor and Overhead Spend

As you can see, the Direct Labor and Overhead departments total expense has transferred to the Labor and Overhead Variance accounts.  The net is that operations produced $15K of total favorable variances, with an unfavorable $17K Labor Variance being more than offset by a $32K favorable overhead variance.  The question now is should we be satisfied with that result or concerned.  Digging a little deeper with help us better understand what is happening.

Direct Labor ME Results Analysis

The month-end January Direct Labor variance was an unfavorable $17K.  Is that bad, good or nothing notable.  Well we really need to compare what we planned the variance to be vs. what actually occurred.  Let’s start with the payroll register and see what actually transpired to generate this variance:

Labor variance analysis showing, for January 2020, the $17K unfavorable labor variance is $18K unfavorable to rate and $1K favorable to efficiency, neting to $17K unfavorable.

Reviewing the payroll register and summary analysis above, you will note that there were two payrolls in January and given the time no need for any ME payroll accrual.  The total January payroll was $151K (i).  We are going to adjust down the total payroll hours of 4,922 by the holiday and vacation hours (k+l), to derive the number of actual hours worked (or the number of hours that direct labor employees were available for productive work) totaling 4,706 hours.  As you displayed earlier, the January earned hours were 4,725, which was computed by QuickBooks using our Labor Rate factor/Item.

To compute the Rate portion of the variance we need the actual rate, which is $32.26/hour ($151,819 Payroll $s / 4,706 Available Productive Hours).  To get the variance, we compute the rate difference, which is an unfavorable $3.79/hour ($28.47 plan rate – $32.26 actual rate) times the number of earned hours (4,725) produces a $17,839 unfavorable rate variance. 

To compute the Efficiency component, we need the difference in the number of Available Productive Hours (4,706) vs. the Earned Hours (4,725), which is slightly favorable, times the plan rate.  This produces $541 of favorable labor efficiency. 

Our analysis shows that we appear to have the labor standards set reasonably accurately at this point, but the labor rate variance is a concern.  In this case we would want dig a little deeper to analyze if the issue pertains more to labor rates, the amount of vacation take vs. what we expected and/or the health insurance cost vs. what was expected.  Once we better understand this final component of the labor variance we can determine if there is additional action.

Factory Overhead Variance Month-End Analysis

If you are not familiar with how to compute an overhead absorption rate when creating an annual financial plan, you may want to peruse our post on how to compute overhead rates and generate meaningful analysis, posted last year, to refresh your memory.  For this example, we have used the same Factory Overhead projection used in the earlier post.  You can see below that the January plan reflected spending $96.9K of expense, while absorbing $148K, on 5,052 projected earned hours, producing $51.4K of favorable factory overhead variance.

Summary of 2020 overhead plan showing the monthly absorption variances based on the earned hours forecast, which nets to $0 at year end.

Below we elaborate on our comparison to plan.  In actuality, the business spent $106K (a), against 4,725 earned hours (b), which meant that $138.5K (4,725 hours times $29.304/hour overhead rate) of overhead was absorbed into product costs.  On the surface, we have favorable absorption of $32.3K.  In comparison to the original plan where we were going to absorb $51.2K (f) of overhead, we are in reality $19.8K unfavorable to our 2020 plan.  What happened and should we be concerned?

Summary overhead analysis separating overhead variance between Spend ($9K unfavorable) and Absorprtion ($10K unfavorable) totaling $19K unfavorable to plan.

We really do have something to be concerned with given that we delivered fewer earned hours than planned, 4,725 actual vs. 5,052 planned.  Also, we spent $106.1K in Factory Overhead when we planned to only spend $96.9K or nearly a 10% expense overrun.  In the real world, this would require additional review between Operations Management and Finance on what are the primary drivers of increase spend and what is driving the shortfall in earned hours.  With that information, we could then determine whether or not there were any corrective actions and generate an updated 2020 year-end projection.

Next Steps

We hope you have learned more about why adding labor and overhead costs to QuickBooks BOMs is so important.  Having the ability to compare cost standards to actual results is an imperative for any manufacturing organization that is seeking to closely manage profitability and gain insight into business dynamics that influence success.  With a few more months of actual results, a business owners and managers will deepen their understanding of the interaction between direct labor efficiency, material costs and overhead spending to an extent that they can then proactively influence profitability through cost improvement initiatives.  This would include the identification and tracking of targeted cost reduction activities focused on improving profitability while also maintaining high quality standards.  If you would like to learn more, please contact Profitwyse today.

Picture of the author -- Chase Morrison
About the Author
Chase Morrison provides CFO services, utilizing Profitwyse’s 3D Growth Platform™, enabling his business owner clients to more readily achieve their goals for wealth creation and family legacy.  Contact him today to learn how your business can hit the accelerator using Profitwyse’s proven platform.



Improved Professional Service Firm Profitability

Graphic showing upward influence on financial performance 

7 Steps to Improved Professional Service Firm Profitability

A continuous focus on improved professional service firm profitability should be an imperative for any professional services firm.  In our experience, professional service businesses such as legal firms, IT companies and CPA firms seem to be completely oblivious to creating any processes or plans that would help them better assess their gross margin goal achievement.  Though large companies perform this type of analysis, smaller professional service firms frequently have not seen this type of analysis and consequently don’t spend any time capturing the information.  Here are 7 steps to improve professional service firm profitability, using a general model. 

A Model for Improving Professional Service Firm Profitability

This is the labor and overhead rate plan for our hypothetical company:

Example of a direct and indirect labor plan for your hypothetical CPA firm, displaying direct labor rates with and without overhead burden.

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Step #1 – Categorize Employees

Employees should be categorized by direct (revenue producing) and indirect (non-revenue producing support).  Next, it is advisable to group direct employees by seniority/capability, such as Senior Partner , Partner  and Associate.  In this example, assume that we have two senior partners (2 @ $225K/year=$450K), three Partners (3 @ $175K/year=$525K), and four paralegals (4 @ $95K=$380K), bringing the gross wages for direct employees to $1,355K at row A.   In addition to the direct employees, our business has three administrative personnel (aka indirect personnel because they do not bill their time directly to client jobs), including a bookkeeper, and the owner of the firm (the owner of the firm no longer bills out any hours; therefore, the owner is an indirect employee.  Must be nice!).

Step #2 – Estimate Direct and Indirect Labor Cost/Hours

Direct time only applies to our 9 direct employees because most of their time will be billed to customers jobs.  We have to assume that out of the typical 2,080-hour year, our employees will be absent from the office on vacation and/or need a couple of days for sick time.  In addition to being absent from the office, some employee hours will be allocated for training and other company initiatives that are not billable to a customer job as well.  This indirect time needs to be estimated and added to the overhead expense pool since it will be absorbed into total costs through an overhead/burden rate.  With that background, Step #2 is to estimate the direct/indirect split of dollars and hours for our 9 employees.  If you look at our model above, the vacation and PTO time estimates are at rows B and C, respectively. 

From the previous summary, you will note that total payroll hours, both direct and indirect for the 9 employees, will be 18,720 with associated wages of $1,355K.  Subtracting the estimated Vacation and other paid time off (PTO) estimates, you can see that our 9 employees are expected to be in the office 17,640 hours.  Given our 75% billable hour assumption, we now have 13,230 hours planned to be billed to clients and another 4,410 hours going to indirect.  In total, the direct labor cost will be $1,258K, with the remainder ($51K vacation, $26K PTO and $943K indirect) going to overhead

Step #3 – Develop Billing Rates and Total Revenue Projection by Employee Categories

The billing rates should be the expected average billing rate to be invoiced by the employee type.  Then extend the billing rate against the expected billable hours (or direct hours) to derive total revenue for the year.  Looking at just the Senior Partners, you can see that we have forecast 75% of available hours are going toward client contract work, which we termed as “Direct” in row E.  The projected bill rate for Senior Partners is $300/hour times the 2,940 direct hours produces a forecast $882K of revenue at row G. Then we duplicate the same for Partners and Associates which totals direct hours of 13,230 and total company revenue of $2,720K for all three employee types, again at row G.

Step #4 – Compute the Overhead or Indirect Expense Pool

The overhead pool will consist of indirect labor (labor that cannot be identified to a specific contract or cost objective) and non-labor costs, including rent, office staff and Other expenses at rows H, I, J, K and L.  The total overhead expense pool is forecast to be $922K at row M.

Step #5 – Compute the Overhead Burden Rate and Burdened Direct Rates

Now we just need to compute the overhead rate for the coming year.  The rate is computed by dividing the total Overhead expense, at row M ($932K), by the direct labor total at N ($943K), which produces a 98% overhead rate.  Next, we just need to apply the overhead burden to the direct hourly rate for each employee type and compute the planned gross margin rate as follows:

Summary of per hour gross margin calculation, by labor category type.

Viewing the Senior Partner details, you can see the hourly direct labor rate is $108.16/hour (total Senior Partner wages $450K / total hours 4,160 at row A).  Then you apply the 98% overhead burden ($108.16 * (1 + 98%)) to get the fully burdened hourly cost for a Senior Partner.  If we can the compute the gross margin for a Senior Partner (($300 bill rate – $213.92 burdened cost)/$300 bill rate), which is 29%.  At this point, you should do some additional analysis to determine if 29% gross margin will generate the necessary gross profit.  If 29% gross margin is not sufficient, you can do one of the following: 1) increase the bill rate assumption to something higher than $300/hour for Senior Partners and likewise for the other direct employee categories; 2) increase the direct labor assumption from 75% to something closer to 100%, within reason of course; and/or 3) reduce overhead costs. 

Step #6 –  Create a Time Phased Billing Plan

This is fairly simple because we are just going to straight line our plan (divide billable/direct/indirect hours by 12 as well as the expenses to generate the same revenue, operating expense and operating income per month.

Time phased profit and loss statement for professional service firm

We have previously explained where most of these values are coming from; consequently not further explanation is needed.

Step #7 – Analyze Results and Take Action

With a detail plan in place, we can begin analyzing actual results vs. our plan to obtain actionable insight to enable our ability to improve professional service firm profitability.  Though it is rather small, we have produced a plan vs. actual summary for the month of January.  The analysis is split into the Support information at the top and a Profit and Loss Statement below. Here is the summary analysis for January:

Summary P&L analysis for Professional Service company with variance explanations

Let’s review the Support section:

  • AM to AP is the detail on payroll hours.  There was no change in our planned headcount; consequently the planned payroll hours equal the actual payroll hours for all direct employees;
  • AQ to AT is the detail comparison of vacation/PTO hours taken vs. planned.  Overall, there were fewer vacation hours taken than planned in the month of January.
  • AU to AX contains the hours that can billed to clients by category.  If you look closely, you can see that Senior Partners invoiced at a higher volume than planned while the other two employee categories billed less than plan.  In total, the hours billed was 25 hours less than planned, which is a bad thing for profitability;
  • AY to BB reflects the number of hours of indirect time for our 3 direct employee categories.  For the direct employees, indirect time is not a good thing because it is increasing the overhead pool and reducing the number of billable hours.  For the month of January, total Indirect time was 25 hours above plan, increasing the overhead pool $2.3K (see row BF);
  • BC to BF just summarizes the indirect expense that flows from the indirect hours.

Now let’s take a look at the Profit and Loss section:

  • BG to BJ is the split of revenue variance between rate variance ((Actual Hourly Rate – Plan Hourly Rate) * Actual Hours) and volume variance ((Actual Hours Billed – Plan Hours Billed) * Plan Hourly Rate).  Looking at row BJ, there was $3.7K unfavorable volume and $4.3K of unfavorable rate variances, totaling a $8.0K unfavorable revenue variance;
  • BK to BN is the labor that is directly correlated to the billing hours.  It is slightly favorable because billing volume is below plan;
  • BO reflects the favorable Benefits/Vacation variance due to lower vacation hours charged;
  • BP is the amount of Indirect Labor charged by Direct Employees for training, meetings and idle time;
  • BQ is the payroll for office staff that does not direct billing;
  • BR is office rent, which was right on plan;
  • BS was overrun for the office supplies by $3.8K;
  • BT is the total line for both direct and indirect expenses, which was overrun by $3.8K, mostly attributable to the office supply overrun;
  • BU summarizes the gross profit which was $11.8K unfavorable with $3.8K relating to indirect expenses and $8.0K due to under delivered direct hours.
  • BV is the gross margin variance.

As a summary review tool, we created the following bridge to help managers better understand the scale direction of the gross profit variances.  As you can see below, all three variances are unfavorable and of nearly equal size.

Display of Gross Profit Bridge reflecting changes from plan of $71.2K of gross profit down by Volume, Price and Cost to an actual of $59.4K.

Finally, with all this information at hand users can begin to make better decisions about corrective actions.  The items we highlighted include:

  • Need to better understand why there’s an unfavorable rate variance for Senior Partners;
  • Why were all categories of direct employees below the planned number of hours to be billed.  Do we need to get more new business?  Work with the direct employees to help them better understand the scope of their assignments or potentially adjust staffing levels; and
  • What happened with business expenses and what can we do to get them under better control.

In Summary

If you would like to get copies of any of the above referenced Excel models, feel free to reach out.  We hope you found our approach to improve professional service firm profitability helpful, as well as finding a couple of kernels you can apply to your business.  If you need assistance applying any of these ideas to your business, please contact us today.


A picture of the author -- Chase Morrison
About the Author
Chase Morrison provides CFO services, utilizing Profitwyse’s 3D Growth Platform™, enabling his business owner clients to more readily achieve their goals for wealth creation and family legacy.  Contact him today to learn how your business can hit the accelerator using Profitwyse’s proven platform.

 Do Not Let Cost of Goods Sink Your Exit Plan

Exiting on Your Terms — Do Not Let Cost of Goods Sink Your Exit Plan

So How is it that Cost of Goods Can Sink Your Exit Plan?

A common concern that arises during due diligence, when a business owner is attempting to close on the sale of their business, is period-to-period historical fluctuations in cost of goods.  Though the focus in due diligence is on fluctuating gross margins, how businesses account for cost of goods is really the root cause of the fluctuations.  Remember gross profit is computed by subtracting cost of goods from revenue or income.  Potential buyers are seeking businesses with historical gross margins that are predictable over time and consistent with the acquisition’s industry cohort and with luck increasing.  When we say do not let cost of goods sink your exit plan, what we really mean is do not let large gross margin fluctuations detrimentally impact your valuation.  This is a brief discussion on the problem and some potential fixes.

Highly variable gross margins can be indicative of underlying business process and accounting issues that will potentially impact the acquirer’s confidence in the sellers.  Problems of this sort will frequently result in price reductions or can kill the deal all together.  The intent of this article is to help business owners better understand why buyers/investors are concerned with this issue and what can be done to ameliorate the problem before it sinks your exit plan.

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What Exactly is Cost of Goods?

In a product-based business, cost of goods represents the capitalized cost of inventory that has transferred from the balance sheet to P&L.  This primarily occurs as units of inventory are shipped to customers, but can also occur as scrap transactions or cycle counting adjustments. 

In accounting terminology, inventory dollars are “unexpired†cost, meaning the cost is idling on the balance sheet.  Once an inventory item is sold or shipped, the related inventory dollars become an “expired†cost as title of inventory passes from the seller to a buyer.  So I guess you could state that an expired cost indicates the benefit and risk of ownership associated with an inventory item has transferred from the business to a customer.

The inventory cost of an item includes at least one of the following costs: 1) direct material; 2) direct labor; 3) overhead expense; 4) subcontract costs; and 5) material overhead.  A manufacturing business transforms raw materials and other costs into new items that have greater value the cost of the constituent parts.  A distribution company generally does not add value to the inventory items purchased for resale.  The cost of goods for a manufacturing company and distribution company is movement of inventory and inventory costs passing from the balance sheet to the profit and loss statement.

This concern can also affect service businesses, but that will be the focus of a future article.  But again widely fluctuating cost of goods can sink you exit plan even in service businesses.

Why Should I Be Concerned About Gross Margins?

Business owners contemplating the sale of their businesses need to be aware of the perception buyers will have when reviewing historic gross margin trends, which again is really driven by cost of goods, that appear uncontrollable.  Here are a couple of questions that I ask my clients to assess their business processes relating to inventory costing: 

  • How frequently do you review and update product costing?  Product costs should be analyzed at least annually with significant changes occurring at year end.  Try to avoid revaluing inventory standards during midyear unless the change is material.
  • Can you describe what costing methodology is used to generate product costing?  Are you using average costs, standard costs, FIFO or LIFO?
  • What are your policies regarding obsolescent, expired and excess inventory?  If you have a policy, what provisions have been set aside for this type of inventory?
  • How do you handle production variances?  Do you capitalize and amortize them over an inventory turn, or let variances flow to the P&L as incurred?
  • Do you have a cycle counting policy?  If you do, what have the cycle counting results been over the past year?  Do you perform root cause analysis on significant variances?

I like to have my exit planning clients review the two graphs below.  Both graphs produce essentially the same average gross margin over the 12 months.  Then I ask my clients, if they had to choose between purchasing Company A or Company B, which would they select?  This frequently is when the light goes on.

Two company gross margin comparison showing wide variance in company B and small variance in company A, yet both have the same average gross margin.

Invariably clients select Company A over Company B for obvious reasons when they see how cost of goods can sink your exit plan.  Then we look at their gross margin trend and develop an action plan to fix the business processes that are creating variability in their cost of goods expense.  If your business’s gross margin trends look more like Company B than Company A, contact me today to learn how you can stabilize business performance and extract the company value you have worked so hard to build.

If you are a business owner that is looking for ways to improve the salability of your business, please contact us today

About the Author
About the Author
Chase Morrison  provides CFO services, utilizing Profitwyse’s 3D Growth Platform™, enabling his business owner clients to more readily achieve their goals for wealth creation and family legacy.  Contact him today to learn how your business can hit the accelerator using Profitwyse’s proven platform.