Fee Technology, Inc., a provider of financial software solutions that improves company profitability and value, announced that the technology behind the company’s flagship product, Profit Solver(R), has been awarded a U.S. Patent. Granted by the U.S. Patent and Trademark Office only to inventions that have passed rigid tests for uniqueness and usefulness, the patent covers Fee Technology’s “Systems and Methods for determining labor, fees and profits.”
The patent, issued broadly, deals with a “Universal Business Key” allowing companies to set pricing to deliver an exact and predictable profit margin. Being broadly defined, this allowance can be applied in virtually any market for any business globally. U.S. Patent No. US 7,742,957 covers the technology at the heart of Profit Solver(R). The patented technology allows Profit Solver(R) to determine exactly how much to charge per minute for each billable employee as well as how to offset competitive fees, to achieve any desired profit.
This patented technology forms the engine of Profit Solver(R), a mathematical process for creating a direct relationship between the prices charged to the cost structure of any business. According to Dan Zalta, president and founder, “There is one more step in accounting that separates labor, inventory and equipment into different profit centers and allows accounting to come full circle. Based on your 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 how to project a fee at any profit level and conversely, it can show the exact profit level in any fee you charge. It will show you how you create and form your profit.”
Steve Castillo, Fee Technology’s Chief Executive Officer, said, “We are pleased to have obtained this patent as it illustrates to our markets that we are pioneers on a mission to change the way businesses have historically operated their financial accounting. We have invested heavily to protect this “first-ever” intellectual property and have delivered a game-changer that will allow our clients to take the guesswork out of pricing and instantly become more profitable and more valuable.”