Unlocking the Power of Fathom: A Comprehensive Overview and Live Demo

Unlocking the Power of Fathom: A Comprehensive Overview and Live Demo

Table of Contents:

1. Introduction
2. QuickBooks Online and Fathom
3. Overview of QuickBooks Online Advanced
4. Features of Fathom
   • Financial Analysis
   • Customized Reporting
   • Forecasting and Scenario Planning
   • Key Performance Indicators (KPIs)
   • Chart of Accounts
   • Targets and Alerts
   • Profitability Analysis
   • Cash Flow Analysis
   • Growth Analysis
   • Trend Analysis
   • Goal Seek
   • Financial Statement Analysis
   • Report Customization
   • Forecasting and Scenarios
   • Consolidated Group Reporting
5. How to Set Up Fathom with QuickBooks Online Advanced
6. Conclusion

Introduction

In today's business landscape, having access to accurate financial information and insights is crucial for success. QuickBooks Online has been a popular choice for small and medium-sized businesses to manage their finances efficiently. However, some businesses require more advanced reporting and analysis capabilities to gain deeper insights into their financial performance. This is where Fathom comes in. Fathom is a powerful financial analytics and reporting tool that integrates seamlessly with QuickBooks Online Advanced, offering advanced features such as financial analysis, customized reporting, forecasting, and scenario planning.

QuickBooks Online and Fathom

QuickBooks Online Advanced is a comprehensive cloud-Based accounting software that provides businesses with advanced financial management tools. It offers features like enhanced reporting, customizable dashboards, and advanced security settings. While QuickBooks Online Advanced is capable of generating standard financial reports like profit and loss statements and balance sheets, it may not provide the level of Detail and analysis required by some businesses.

This is where Fathom comes into play. Fathom is a powerful financial analytics and reporting tool that integrates seamlessly with QuickBooks Online Advanced, complementing its features and providing businesses with enhanced reporting capabilities. With Fathom, businesses can gain deeper insights into their financial performance, analyze trends, set targets, and Create customized reports to meet their specific needs.

Overview of QuickBooks Online Advanced

QuickBooks Online Advanced offers a range of features designed to help businesses manage their finances efficiently. Some of the key features include:

• Enhanced reporting: QuickBooks Online Advanced provides advanced reporting capabilities, allowing businesses to generate detailed reports and gain insights into their financial performance.
• Customizable dashboards: Businesses can create customized dashboards to track key financial metrics and monitor their performance.
• Advanced security settings: QuickBooks Online Advanced offers enhanced security features to ensure the safety and confidentiality of financial data.

Features of Fathom

Fathom offers a wide range of features that enhance the reporting and analysis capabilities of QuickBooks Online Advanced. Let's take a closer look at some of these features:

Financial Analysis

Fathom provides businesses with powerful financial analysis tools that allow them to assess their business performance accurately. By analyzing financial data, businesses can identify trends, monitor performance, and identify areas for improvement.

Customized Reporting

With Fathom, businesses can create customized reports tailored to their specific needs. Whether it's analyzing sales trends, monitoring cash flow, or evaluating profitability, Fathom allows businesses to generate reports that provide a comprehensive view of their financial performance.

Forecasting and Scenario Planning

One of the key features of Fathom is its forecasting and scenario planning capabilities. Businesses can use Fathom to forecast their financial performance based on different scenarios. By simulating various business conditions, businesses can analyze the potential impact of different factors on their financials and make informed decisions.

Key Performance Indicators (KPIs)

Fathom allows businesses to track and monitor key performance indicators (KPIs) to evaluate their performance against predefined targets. With a wide range of standard KPIs available, businesses can easily measure their performance and identify areas that require improvement.

Chart of Accounts

Fathom seamlessly integrates with QuickBooks Online Advanced's chart of accounts, allowing businesses to import their financial data seamlessly. This integration simplifies the process of setting up Fathom and ensures accurate reporting and analysis.

Targets and Alerts

Businesses can set targets for each selected KPI in Fathom. These targets can remain the same each month or vary for each period. Fathom provides alerts to notify businesses when a specific KPI meets or exceeds a predefined target, allowing them to take prompt action.

Profitability Analysis

Fathom offers powerful profitability analysis tools that allow businesses to evaluate profit margins and Visualize break-even points. By understanding their profitability drivers, businesses can make informed decisions to improve their financial performance.

Cash Flow Analysis

Fathom's cash flow analysis tool helps businesses evaluate their operating cash flow. The tool provides a waterfall chart that shows cash inflows and outflows, allowing businesses to identify potential cash flow issues and take appropriate action.

Growth Analysis

Fathom's growth analysis tool helps businesses track their growth trajectory over a specific time period. By analyzing growth trends, businesses can identify factors that contribute to growth or decline and make strategic decisions to drive growth.

Trend Analysis

Fathom's trend analysis tool allows businesses to track their performance trends over time. By analyzing historical data, businesses can identify Patterns and trends, enabling them to make better-informed decisions.

Goal Seek

Fathom's goal seek feature helps businesses answer the "how do we get there" question. Businesses can specify a goal and change various drivers to achieve that goal. This feature allows businesses to understand the impact of different factors on their financial performance and make data-driven decisions.

Financial Statement Analysis

Fathom allows businesses to view their financial statements, including profit and loss statements and balance sheets, in a summary format. The tool also provides variance information, allowing businesses to identify areas of improvement or concern.

Report Customization

With Fathom, businesses can create and customize reports to meet their specific needs. Customization options include changing formats, colors, and layouts to create visually appealing and informative reports.

Forecasting and Scenarios

Fathom's forecasting and scenario planning capabilities enable businesses to forecast their financial performance and simulate different scenarios. By analyzing potential outcomes, businesses can make informed decisions and mitigate risks effectively.

Consolidated Group Reporting

Fathom allows businesses to group related companies and consolidate their financial and non-financial performance reports. This feature is particularly useful for businesses with multiple entities or subsidiaries, providing them with an aggregated view of their overall performance.

How to Set Up Fathom with QuickBooks Online Advanced

Setting up Fathom with QuickBooks Online Advanced is a straightforward process. The first step is to import financial data from QuickBooks Online Advanced into Fathom. This import includes financials, budgets, and non-financial data.

After importing the data, businesses can set up their chart of accounts in Fathom. This step involves reclassifying accounts, creating headings and subheadings, and grouping accounts for easier analysis.

Next, businesses can define and select key performance indicators (KPIs) that are Relevant to their business. Fathom provides standard KPIs, and businesses can also create custom KPIs based on their specific requirements.

Once the KPIs are selected, businesses can set targets and alerts for each KPI. These targets can remain the same or vary for each period, depending on the business's needs. Alerts notify businesses when a specific KPI meets or exceeds a predefined target.

After setting up targets and alerts, businesses can analyze their financial performance using the various analysis tools provided by Fathom. These tools include profitability analysis, cash flow analysis, growth analysis, trend analysis, and goal seek.

Businesses can also generate customized reports using Fathom's report customization features. Reports can be tailored to meet specific requirements and can be shared with team members for collaborative analysis.

Lastly, businesses can utilize Fathom's forecasting and scenario planning capabilities to visualize potential outcomes based on different business conditions. This enables them to make informed decisions and plan for the future effectively.

Conclusion

Fathom is a powerful financial analytics and reporting tool that seamlessly integrates with QuickBooks Online Advanced. By leveraging Fathom's advanced features, businesses can gain deeper insights into their financial performance, analyze trends, set targets, and create customized reports. Whether it's evaluating profitability, analyzing cash flow, or forecasting future performance, Fathom provides the tools businesses need to make informed decisions and drive success.

Highlighted Features:

1. Financial Analysis
2. Customized Reporting
3. Forecasting and Scenario Planning
4. Key Performance Indicators (KPIs)
5. Profitability Analysis
6. Cash Flow Analysis
7. Growth Analysis
8. Trend Analysis
9. Goal Seek
10. Financial Statement Analysis

FAQ

Q: Can I import my financial data from QuickBooks Online Advanced into Fathom? A: Yes, Fathom allows you to import financial data from QuickBooks Online Advanced, including financials, budgets, and non-financial data.

Q: Can I customize my reports in Fathom? A: Yes, Fathom provides extensive report customization options. You can tailor your reports to meet your specific requirements, including changing formats, colors, and layouts.

Q: Can I set targets and receive alerts for key performance indicators (KPIs) in Fathom? A: Yes, Fathom allows you to set targets for each selected KPI. You can also receive alerts when a specific KPI meets or exceeds a predefined target.

Q: Can I forecast and create scenarios in Fathom? A: Yes, Fathom offers robust forecasting and scenario planning capabilities. It allows you to forecast your financial performance and simulate different scenarios to inform decision-making.

Q: Can I consolidate the financial performance of multiple entities or subsidiaries in Fathom? A: Yes, Fathom enables you to group related companies and consolidate their financial and non-financial performance reports, providing you with an aggregated view of your overall performance.