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.
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 reporting platform designed specifically for accountants and advisors. The app was designed to automatically sync financial data into our software, which in turn transforms that data into a visual analysis of a client’s financials within an online dashboard. The goal of our solution is to offer tools for firms to grow beyond transactional relationships with their clients by leveraging existing business data to grow a firm’s advisory services and in turn grow their practice. Fathom was added to the Intuit app store in October of 2014.
What was the main problem you were trying to solve when you first developed Fathom?
Fathom’s software came out of a real world problem within the accounting firm that our core founders used to work for. This firm’s clients were generating tons of business data, and they kept coming to the firm thinking that the accountants would 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, but they quickly realized that this process was time-consuming and that it wasn’t an activity that could generate much revenue for the firm. Our founder were the guys building these dashboards, and 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 conversations with clients. In the end, they were trying to figure out a way for firms to spend less time on analyzing data, and instead, have them invest that time advising clients about what the information meant so that they could strengthen client relationships and grow advisory revenue for the firm. The set out to solve this problem with software, and the result is the solution that Fathom offers today.
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 here tons of positive feedback about the visualizations within our software, our ability to automate the consolidation of financials, and the ability to build goals within our platform. In general, a lot of firms rave about the ability for our software to “bring to life” data through visual analytics. We are known for taking static data that would have otherwise fell flat in a traditional report and being able to transform it into something meaningful and interactive that makes it possible to present the information to clients in a way that they understand. 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 of the time it saves firms and the fact that it eliminates the potential for human error that is present when doing a consolidation manually. Lastly, whenever we demonstrate the software to prospective firms, there is always a “WOW!” moment when we show them the Goalseek tool within the software. This tool allows for firms to build visual financial goals side by side for clients so that they can not just talk about improving performance, but show clients how to get to the desired end results.
Tell us about your company’s culture and leadership.
Fathom was founded 6 years ago in Brisbane by three core founders. Since then we have grown to a staff of 20 employees. The majority of our team still is still based in Brisbane, and we also have a team of 4 people in Seattle. 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 was focused heavily 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. We are an entirely privately funded and profitable start up, and we are very proud of the fact that we have grown a successful business by developing a quality software product based off of the demand of our growing customer base. Today the team is lead by four co-directors, three of which manage the design, development, sales, and marketing teams in Brisbane, and a fourth that leads our sales and marketing operations at our US operation in Seattle.
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 so that is easy to talk to client’s about their performance, and focus their attention on the areas that matter most. We are also an incredibly scalable and customizable solution, making us fit for sole practitioners all the way to top global accounting firms, who are able to tailor Fathom to fit their clients across any industry they serve.
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. The average firm we are working with is on a Silver 10 company plan which is $190/month and breaks out to a cost of $19/client/month. 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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