QuickBooks Online Advanced Fathom supports third-party tools for analyzing financial data and helps forecast tools that integrate with QuickBooks Online Advanced. However, now that Fathom is no longer included with the QBO Advanced plan, you can purchase it separately.
In this article, you’ll learn what QuickBooks Online Advanced fathom is, the key features of fathom, how to use fathom in QuickBooks Online Advanced, and how to integrate with QBO. So, go through this article to understand more information related to QuickBooks Online Advanced Fathom.
What is QuickBooks Online Advanced Fathom?
Fathom supports an integrated reporting and analysis tool that is included with QBO Advanced. With the help of analytics tools, users can understand their business performance and transform financial data into visual charts, track KPIs, and generate flexible management reports. Fathom focuses on advanced analytics, which helps expansion companies that need deeper insight other than just simple profit-and-loss report and balance sheet reports.
Key Feature of Fathom
Discuss some key features of Fathom for better understanding.
- Advanced Financial Analysis: Use more than 50 financial KPIs to constantly monitor profitability and visually analyze business performance through a dashboard, track year-over-year comparisons, cash flow, liquidity, and business growth.
- Customize Dashboard: A single dashboard summarizes the performance of all the connected companies and thus facilitates the quick detection of opportunities or places that require the user’s attention.
- Forecasting and Scenario Planning: Build your own forecasts to figure out the results and use “goal seek” to check the outcome if you change variables like sales, price or volume.
- Customizable Reporting: You can create and customize management reports and add your company logo, charts, and tables. Besides, Fathom provides ready-to-use reports for areas like revenue analysis and monthly reports performance.
- Automated sync: In which your data is totally secure, and you can automatically sync your data daily from QuickBooks Online.
- Multi-currency support: Multi-currency support is available for most small and medium-sized businesses.
Important Update Related to Fathom.
- Fathom was previously bundled at no additional cost with QuickBooks Online Advanced.
- After August 2022, Intuit decided to stop offering the bundle for free, so new QBO Advanced users do not receive Fathom complimentary.
- Existing users were moved to a paid Fathom subscription if they wanted to continue using it.
- You can still integrate Fathom with QuickBooks, but only with a separate paid Fathom account.
- QuickBooks now promotes its own built-in tools like Performance Center, Custom Report Builder, and Spreadsheet Sync as alternatives.
How to use Fathom in QuickBooks Online Advanced?
Follow these steps for using Fathom in QuickBooks Online Advanced.
Sign in to QuickBooks Online Advanced.
- First, navigate to the Reports menu.
- Find the section titled Smart Reporting by Fathom.
- Press “Explore Fathom” or “Go to Fathom” to launch the Fathom dashboard by using your QuickBooks login—there is no need for an additional sign-in.
Set Up Your Company in Fathom
- Fathom pulls company data from QuickBooks automatically.
- You can select the type of analysis you want (KPIs, financials, management reporting).
- Verify settings like Starting point of the fiscal year, Account structure of the chart-of-accounts, any features (locations, classes) that you want to use.
Sync Your QuickBooks Data
- Refreshing the data in Fathom can be done by going to Settings → Data → Update Data and clicking the Refresh button.
- Automatic daily syncing is possible with QuickBooks Advanced and manual syncing is also allowed at any time.
Customize your Analysis and Reports
- Use Organization Settings: To access settings such as user management, clicking the gear icon is the way. Add your company logo to brand reports.
- Set up KPIs: From library KPIs, you may choose standard KPIs or make your own, including custom formulas and non-financial KPIs like the number of employees, by going to the KPI library.
- Create a Budget: By using QuickBooks, Excel, or Fathom, you can import a budget or create one directly in Fathom.
- Customize the Chart of Accounts: In the Fathom setup, you can reposition accounts or create new account names. These changes only reflected in Fathom reports, and your live QuickBooks data not being altered.
Build and Analyze Reports
- Fathom offer many tools for financial analysis such as management reports, forecasting reports, and consolidations.
- You can monitor performance through divisions, departments, and locations by the use of QuickBooks class tracking.
- Introduce non-financial data from sources like Excel or Google Sheets to your additional report and raise the level of the business indicators (KPI).
- You can use the reporting tool to create a custom report and check your financial data visibility.
Conclusion
QuickBooks Online Advanced Fathom is no longer included, but it’s always remained one of the strongest tools for financial analysis and performance reporting. In this article, we understand the features of Fathom and learn how to set up a company and customize, and analyze reports. This significant information helps you to solve your queries related to fathom.