The Power of Fathom: Giving Clients the Solutions, Insights and Value They Deserve

As you know, it’s no longer enough to use accounting data strictly for your clients’ taxes and banking purposes. You must think outside the box and seek those tools and resources at your disposal to truly provide your clients with actual solutions and value to take their businesses to the next level.

Take Fathom, for example. The same data that you use for clients’ taxes and banking can also be used to assess their business performance, monitor their trends and identify their improvement opportunities. These business insights are critical in guiding your strategic thinking and fact-based decisions. Fathom convert QuickBooks® Online data into useful business intelligence, so that you can see exactly how well your clients’ business is performing and take action when needed. When you connect Fathom to their QuickBooks account, you can evaluate your clients’ profitability, cash flow, growth and other key performance indicators (KPIs) to help make their business more profitable.

Gain Deeper Insights with KPIs

As an accountant, you know that a KPI is a measurable value that demonstrates how effectively a company is achieving a key business objective. Selecting the right KPIs will depend on your clients’ industry and which part of their business you want to improve. It’s important to make sure that the KPI’s are understandable, meaningful and measurable. All your KPIs should ladder up to your clients’ strategic priorities.

Financial KPIs help you assess the performance and financial health of your business. These KPIs are often grouped into categories, such as profitability, activity, efficiency, cash flow and growth. The data for these KPIs can be sourced from QuickBooks Online. Fathom has over 50 default KPIs you can choose from.

Non-financial KPIs are typically employed to measure common business functions, such as sales and marketing, customer service, production, operations, and staff information.

With Fathom, you can track a variety of custom KPIs:

To be effective, KPIs should be monitored and reported. With Fathom’s KPI Explorer, you can quickly spot where your clients’ performance needs improvement and take corrective action. A KPI is only as valuable as the action it inspires.

Once you’ve selected which KPIs you’d like to measure, you should then consider what you’re measuring them against. It’s a great idea to set targets that you want to achieve, and these targets might even be driven by the budget you have loaded into QuickBooks Online. Many analysis tools will also give you the option of setting alerts, so that you will know when your KPIs have exceeded critical levels, prompting you to take proactive steps to get them back on target. By measuring your clients’ performance in key areas of their business, you can make better business decisions to influence future growth.

Achieve Success by Setting Goals

Setting clear goals and targets is the first step to charting a course to business success. Fathom’s Goalseek tool answers the “How do we get there” question. Select a KPI in the tool, and then set a goal. By changing multiple variables of your KPI, you can visualize the changes you need to make to reach your goal. Goalseek shows how marginal changes to the right key drivers can have a significant impact on your overall business performance.

Fathom provides a suite of in-depth analysis tools and metrics that help you understand what’s happening in your clients’ business so that you can take action when needed. Fathom combines stunning visuals with a focus on simplicity and ease of use to deliver insightful management reports, including KPI analysis, profitability and cash flow analysis, Goalseek, trends, and consolidation.

Start measuring the metrics that matter for your clients’ business so that you can set goals for them to thrive.