Fathom is an easy to use management reporting and financial analysis tool, which helps you to assess business performance, monitor trends and identify improvement opportunities. We asked them 8 questions, as a part of our “What Is” blog series, to learn more about their app and their company.
What is your App’s name, what do you do, & when did you get published on Intuit’s Apps.com?
Fathom is an analytics and custom reporting platform created specifically for accountants and advisors that was added to the Intuit app store in October 2014. Fathom was designed to automatically sync with financial data from a general ledger. Once the data is pulled into our app, the platform transforms it into a visual analysis of a client’s financials within an online dashboard, as well a report packets that can be customized and delivered to clients both online and as a PDF. The goal of our solution is to help firms to grow client advisory relationships by giving them the tools they need to draw upon existing business data to be able to deliver reports and insights to clients in a scalable fathom.
What was the main problem you were trying to solve when you first developed Fathom?
Fathom’s software came out of our founder’s experience trying to to deliver custom dashboards and reports to their clients at an accounting firm that they worked. Like any firm out their, their clients were generating tons of business data. These clients kept coming to the firm thinking that their accountant should be able to synthesize the data and make it all make sense for them. At first, the firm tried to solve this problem by generating custom Excel-based dashboards for every client that they were serving. However, they quickly realized that this process was time-consuming and that it was neither scalable nor an activity that could generate much revenue for the firm. Our founders were responsible for building these dashboards, and they knew there had to be a better way to deliver this data to clients. Their goal was to figure out a way to automate the analysis of business data in an intelligent fashion so that it could be leveraged and interacted with as part of advisory conversation. They set out to solve this problem with software, and the result is the solution that Fathom offers to this day.
What companies (or users) are the best fit for Fathom?
Fathom is an ideal solution for accountants and bookkeepers that are wanting to grow an advisory practice. Firms that have at least 5 clients that they want to meet with regularly to discuss their business performance are an ideal fit for Fathom. Our app also offers consolidation capabilities so it can offer valuable benefits to businesses or clients with multiple entities that need to consolidate and break down the financials of multiple companies.
Tell us about your users’ top 3 favorite features or benefits of Fathom.
When we connect with users, we hear tons of positive feedback about the visualizations within our software, our ability to automate the consolidation of financials, and the ability to deliver custom management reports in a way that is actually scalable. In general, a lot of firms rave about the ability for our software to “bring to life” data through visual representations and interactive tools. We are known for taking static data and bringing it to life for clients. In addition to our unique visuals, some firms seek us out solely for our consolidation capabilities. Our software can consolidate the financials of over 300 company files, even if they have varied currencies or come from different accounting solutions. We have heard from users that this feature alone makes Fathom incredibly valuable because it saves time and eliminates the potential for human error that exists when doing consolidations manually. Lastly, firms see us as a best of breed when it comes to our reporting capabilities. Firms depend on us to build the unique management reports and custom financial statements that their clients need, and they use us across their practices because we make the process of creating these deliverables simple and scalable.
Tell us about your company’s culture and leadership.
Fathom was started 6 years ago in Brisbane by three core founders. Since then we have grown to a staff of 30 employees. The majority of our team still is still based in Brisbane, and we also have two growing teams in the US & UK markets. Our company is primarily product focused, which means that we are deeply committed to creating the features that our customers ask for. The result has been a heavy emphasis on design and development, and a customer success team that is laser focused towards education, support, and listening to customer feedback. Originally, our growth was in the Australian/New Zealand market, but we are now rapidly expanding in North America. Today the company is lead by five co-directors, three of which manage the design, development, sales, and marketing teams in Brisbane, and a two Directors that lead our sales, business development, and marketing operations at our US operation in Seattle and Cambridge.
How is Fathom different from your competitors?
Fathom is known for it’s beautiful and interactive user interface, and unique design aesthetic. Unlike more traditional and static dashboards, our software is comprised of a tool based approach to analytics that allows users to break apart business data. This makes it easy to use the tools to talk with clients about their performance, and focus their attention on the areas that matter most. When it comes to reporting, Fathom offers one of the most customizable reporting solution on the market, especially when it comes to creating client financial states. We are also an incredibly scalable and customizable solution, making us fit for sole practitioners all the way to top global accounting firms, all of whom are able to tailor Fathom to fit their clients across a wide range of industries.
What is the pricing for Fathom?
Pricing for Fathom is volume based, and we charge off of the number of company (aka client) files that a firm has added to our software. We offer different pricing tiers based off of total number of companies a firm has connected, and the cost per company decreases the more companies you add to the software. For more detail on pricing, feel free to check out the pricing page on our website: www.fathomhq.com/pricing
Does Fathom have any programs for Quickbooks ProAdvisors?
As part of our Accelerated Advisor program, Quickbooks ProAdvisors are able to access one free company file within Fathom. Once a firm has gone through an initial trial, they can reach out to our support team to have this file added to their account. We recommend that folks use this additional company file to connect their firm’s books to Fathom so that they can monitor the growth and performance of their practice.
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