Discover Why You Need a Fathom Accountant Specialist like Pearl Accountants
Track business performance at a glance
Gaining a clearer understanding of a business’s performance is critical for an abundance of reasons. Besides, its necessity, accurate business metrics can influence the success of a company. Now, you may or may not know that businesses and even accountants no longer rely on business metrics solely for tax purposes.
Business today is completely different from ten years ago. If we were to go back thirty, or even fifty years, it would seem almost archaic. Digital transformation has enhanced and unlocked new opportunities for business owners, like you.
Nowadays, a business can operate solely online, aka: e-commerce. Alternatively, entrepreneurs can have a physical brick and mortar establishment, or a combination of both. Regardless of your business industry or set up, there comes a point that the owner (or directors/management) needs to analyse the business metrics.
We are sure that you’ll agree when we say that generating reports, manually cross reference data to generate business metrics is complex. For most business owners, this task is not enjoyable, even when it’s a positive result.
However like we said, gaining business metrics and insights is a necessity. It’s almost a mandatory requirement if you want to ensure success for your company. Unsurprisingly, due to the advent of innovative digital business opportunities, it has resulted in more competition.
Meaning, you no longer have to deal with a similar competitor in a different locality. No, you have global competition, especially if your business is solely e-commerce. Thus, business owners now need to approach their marketing and development differently.
In a sense, you need to think outside the box to source the most optimal solutions. Fortunately, there are several online options. Namely, Fathom, which is an online accountancy and business metric solution.
At Pearl Accountants, we constantly think outside the box like you, to ensure that we can provide our clients with an optimal, cost-effective solution. Pearl Accountants are dedicated to helping businesses to grow, which is why we feel our Fathom accountant partnership is invaluable.
What is Fathom?
Now, Fathom isn’t just an advantageous business metric tool for businesses, it’s also been created to work in tandem with accountants. The reports, KPI metrics and insights can be utilized by Fathom accountant partners, like Pearl to create a more accurate financial portfolio, complete tax reports and projections.
Essentially, Fathom simplifies business metrics. It’s simplistic, user-friendly and it can integrate with various online solutions, including Xero and QuickBooks. It allows the business to thoroughly investigate all aspects of the business. For instance, you can identify trends, monitor areas, identify gaps for improvement, and obviously have a clearer picture of the overall performance.
So, to revert back to “what is Fathom?” It’s simply an innovative, effective and easy to use financial analysis, management and report tool. Businesses and accountants alike can leverage the reports to obtain an accurate evaluation of the business performance, as well as identifying areas to improve.
How does Fathom work?
Or should we say, how can Fathom work for your business? The two main features of Fathom are: an in-depth understanding of KPIs and ensuring you achieve success by setting goals. We’re sure that you know that having accurate and comprehensive business insights can allow you to make more insightful and educated decisions.
Business metrics are nothing new, but thanks to digital solutions there is a new, more effective way to generate, assess, compare and harness business insights. Fathom can work in isolation, or you can integrate it with online solutions like Xero and Quickbooks.
Subsequently, Fathom uploads and generate performance reports, based on real-time, up to date and accurate data. Unlike traditional business metric generation, Fathom can provide you with precise data, meaning you can take the necessary steps to improve areas, grow and enhance your company.
Essentially, Fathom allows businesses to learn how to set achievable but beneficial goals through KPIs. Now, you may already be implementing KPIs, or perhaps you don’t feel they are necessary if you’re a small venture.
However, regardless of the size of your business or team, KPIs can be valuable tools to develop and grow a business. What makes Fathom different, is that it provides easy to distinguish KPI reports, which are also transferrable.
Fathom also allows users to set tailored KPIs, as well as suggesting categories to monitor and asses various areas of your company’s performance simultaneously. Moreover, as we are a Fathom accountancy partner, it means that we can generate better, useful and accurate reports.
Besides, Pearl Accountants are capable of using Fathom, meaning that we can leverage these reports and metrics to provide you with innovative business guidance and steps to improvement. At Pearl Accountants, we strive to help small businesses as yours grows, and our partnership with Fathom only enhances our level of service.
Key Features of Fathom
Selecting a specialist Fathom accountant like Pearl Accountants can allow you to excel and enhance the success of your business. Here are just X of Fathom’s key features:
- Easy to use – Fathom makes KPI generation and reporting simple.
- Integrates – Fathom provides real-time data by integrating with other online solutions like Xero or QuickBooks, as well as Spreadsheets.
- Transparency – Fathom offers a transparent and clear understanding of how a business is performing, in all areas.
- Informed Decisions – The information generated by Fathom allows business owners (directors/management) to identify areas of improvement, set accurate goals and fully understand the businesses’ financial health.
- Interpretable Data – Fathom doesn’t generate overly complex looking reports, instead, it generates visually pleasing, easy to interpret data.