We are excited to announce that we will be helping accounting firms with Fathom HQ.
Fathom is one of the preferred "reporting apps" in the Xero HQ suite of apps.
We have been in discussions with David Watson, Director and Co-founder of Fathom, and he is delighted to have us work with some of their customers.
So what is Fathom and what value is it to you?
First, let's remember where the accounting industry is right now.
What is an advisory service?
There is heaps of industry noise out there right now with buzzwords and phrases such as:
- Advisory services
- Cloud accounting
- Artificial intelligence
- Death of compliance
- Move or die
Plenty of software companies are using many of these buzzwords.
But what do they really mean for you?
The most commonly used buzzword is "Advisory Services"
So what is that?
We feel there is NO definition and that every accounting firm is different, so they can define it how they like. Each accounting firm has different:
- Customer numbers
- Industry specialties
- Staff numbers
- Service offerings
So these factors can determine the service offering that the accounting firm provides.
The questions that you will probably ask yourself are along this journey are:
"What is advisory to me?"
"What are the problems my clients need solved?"
"Will they pay for this?"
"What are the costs and workflows involved for me?"
Once you get an idea of what you need, then you can start to understand whether Fathom is of value to you.
Lower costs and better functionality
The great thing about cloud accounting is, due to efficiencies from data sharing and automation, costs are down. This is assuming everything has been set up properly and the user has been trained well.
Self-implementation and self-teaching can be treacherous for some.
Fathom is also well designed with easy-to-understand reports and dashboards.
So you get two wins here with costs and quality. This is the standard win for cloud accounting.
Can Xero do what Fathom does?
If you are a customer of ours, you are probably enjoying some greater efficiencies in your reporting.
You may also have elected to use our management reports, see an example here.
However, the Xero management reports are limited in that:
- the budgets are based on accounts only
- don't consolidate multiple entities from different sources
- are not visually engaging and easy to follow
So they don't really take reporting to the "next level".
What does Fathom do for accounting firms?
Essentially, Fathom solves problems and creates opportunities:
- They consolidate separate organisations into group reporting - a good example is a family group of 6 trusts, with 4 on Xero and two on Excel and they want a full report for the group
- Forecasting and budgeting - Xero has budgeting based on accounts, but sometimes you need a little bit more, with some sexier tools
- Benchmarking - comparing your clients reports against industry standards with industry templates
- Non-financial KPI's - sometimes you need to add in some extra data, which you can't insert into Xero
- Visual displays - Xero just pushes out figures, lines and columns, whereas these tools create easy-to-follow, colourful and creative reports and dashboards
So Fathom really takes your Xero data (as well as other data sources) and helps accounting firms serve their clients with better decision making tools.
What can you do from here?
Get in touch.
Let us know what you would like to do as an advisory service, and we will let you know if it is achievable with Fathom.
Reach out via:
Email me - firstname.lastname@example.org
Live chat - click the live chat and get in touch
Call - 0421 631 241
Thanks, have a great day.