Fathom
by Fathom Applications
by Fathom Applications
Profile Information Last updated on: 8 August 2024
Profile Information Last updated on: 8 August 2024
We help make selecting a software for your business effortless, economical and efficient.
by Fathom Applications
by Fathom Applications
Profile Information Last updated on: 8 August 2024
Profile Information Last updated on: 8 August 2024
Fathom is a financial analysis, cash flow forecasting, and reporting software designed to integrate seamlessly with leading accounting systems like QuickBooks Online (QBO) and Xero. The implementation process for Fathom involves several key steps to ensure that users can effectively utilize the software to gain deeper insights into their financial data and make better business decisions.
The first step in implementing Fathom is to set up the software and import financial data. Users begin by connecting Fathom to their source accounting systems, such as QuickBooks, Xero, MYOB AccountRight, or Sage Business Cloud. If users are not using one of these systems, they can import their financial data via Excel. This initial setup typically involves logging into Fathom, selecting the source accounting system, and authorizing the data import. This process ensures that all relevant financial data is accurately transferred into Fathom, providing a solid foundation for analysis and reporting. According to the Fathom Getting Started Guide, this step can take a few hours to complete, depending on the volume and complexity of the data being imported.
Once the data is imported, the next step is to customize and configure Fathom to meet the specific needs of the business. This involves setting up the company profile, tagging financials, and configuring key performance indicators (KPIs), targets, and alerts. Users can also import additional data, such as budgets and divisional data, to enhance the depth of their analysis. Customization options include creating personalized dashboards, setting up custom reports, and configuring user roles and permissions. This step ensures that the software is tailored to the unique requirements of the business, enabling users to monitor the metrics that matter most. The customization process can take a few days to a week, depending on the level of detail required and the complexity of the business operations.
Fathom provides comprehensive training and onboarding resources to help users get the most out of the software. This includes access to detailed documentation, video tutorials, and live webinars. The training covers all aspects of the software, from basic navigation to advanced reporting and analysis tools. Users can also take advantage of Fathom's support team, which is available to assist with any questions or issues that arise during the implementation process. This step is crucial for ensuring that users are comfortable with the software and can leverage its full potential. Training and onboarding typically take a few days to a week, depending on the user's familiarity with financial analysis tools and the complexity of their reporting needs.
Fathom emphasizes that their software is highly customizable to cater to the unique requirements of different businesses. Some key customization options mentioned include tailored dashboards and reporting to track relevant KPIs and metrics, custom integrations with third-party tools and data sources, flexible permissions and access controls for different user roles, and branding and white-labeling options to match your company's brand identity.
The software allows users to create custom KPIs and formulas to track specific financial and non-financial metrics that are important for their business. Users can define their own KPI formulas by referencing accounts, headings, and other KPIs within the KPI builder. Additionally, Fathom offers a Report Editor that enables users to intuitively craft custom management reports by bringing together text, charts, tables, and financial statements in a simple-to-use editor.
Fathom's reporting capabilities also offer a high degree of customization. Users can create custom report templates, add commentary and observations, and use auto-text placeholders to ensure reports always reference the latest numbers. The software also provides a library of ready-to-use charts, tables, and financial statements that can be customized to suit specific needs. Furthermore, users can brand and white-label their reports by designing custom headers with background images, logos, and text.
Fathom's pricing is straightforward, with no hidden fees or charges. The subscription fee covers unlimited users, data storage, ongoing software updates and enhancements, as well as premium support and training resources. There are no setup fees mentioned, and the pricing page states that "No setup fees or long-term contracts required."
In terms of support and maintenance, Fathom offers comprehensive resources included in the subscription cost. This includes an active community forum, online documentation, video tutorials, live group training sessions, and dedicated customer success managers for personalized onboarding and support. Software updates and enhancements are also included, with Fathom following an agile development approach and releasing frequent updates to the cloud-based platform.
Fathom's pricing plans are based solely on the number of companies or entities connected to the software, with no additional charges for features, users, or support. The plans range from a Starter plan at $44 per month for one company, to the Platinum plan at $575 per month for up to 50 companies. There are no long-term contracts required, and customers can upgrade or downgrade their plan on a monthly basis as needed.
Fathom provides comprehensive training resources to help users get up to speed quickly. This includes online documentation, video tutorials, live group training sessions, and webinars. Additionally, Fathom offers a free certification program tailored specifically for accountants and advisors. The certification covers all aspects of the software, from setup and configuration to analysis, forecasting, and reporting. By completing the certification, users can gain a deep understanding of Fathom's features and capabilities, allowing them to confidently serve their clients and offer greater value.
For personalized support, Fathom offers dedicated customer success managers to assist with onboarding and provide ongoing guidance. Users can also access an active community forum to share best practices, get answers from experts, and learn from other Fathom users. The company's support team is available to address any issues or queries users may have, ensuring a smooth experience throughout the user journey.
Fathom's training and support resources are designed to cater to users of all skill levels, from those new to the platform to experienced users seeking to expand their knowledge. The company's commitment to providing comprehensive training and support resources ensures that users can effectively leverage the software's capabilities to drive business insights, improve decision-making, and deliver value to their clients.
Fathom employs a comprehensive set of security measures to protect customer data, ensuring both data integrity and confidentiality. The platform is hosted on Microsoft Azure, a highly scalable cloud computing platform known for its robust security and privacy features. Fathom uses 256-bit AES encryption to secure data both in transit and at rest, ensuring that sensitive information is protected during transmission and storage. Additionally, all Fathom application communications are encrypted with 128-bit SSL, providing a level of encryption comparable to that used by banks and financial institutions.
To further enhance security, Fathom implements multiple layers of access control. Within each account, users can manage access permissions, inviting or removing individual users as needed. Selected Fathom staff can access customer data for support purposes only and strictly with the user's permission. The platform also supports two-factor authentication (2FA) to add an extra layer of security for user logins. Regular security audits, including third-party penetration testing, network scanning, and source code reviews, are conducted to identify and mitigate potential vulnerabilities.
Fathom also prioritizes data availability and disaster recovery. Customer data is backed up every six hours, with encrypted copies of daily backups stored in multiple geographic locations to aid in disaster recovery. In the event of a disaster or outage at the primary data center, Fathom can quickly recover and continue operations from a geographically redundant secondary facility. The platform's infrastructure is designed to be highly available, with measures in place to protect against DDoS and spam attacks, ensuring continuous service availability.
Fathom releases updates to their cloud-based platform on a monthly or bi-monthly basis. These updates include new features and enhancements based on customer feedback, performance optimizations, bug fixes, security patches, and compliance updates. The company emphasizes that they are constantly adding and refining features based on customer feedback, as evident from the detailed changelog provided on their website.
The updates are automatically applied to the cloud-based Fathom platform, ensuring that all customers are running the latest version without any manual intervention required. This approach allows Fathom to quickly roll out improvements and bug fixes to their users, providing a seamless and up-to-date experience.
Fathom's commitment to frequent updates and their agile development process demonstrate their focus on continuously improving the software and addressing customer needs promptly. By automatically deploying updates to the cloud platform, they ensure that users always have access to the latest features, optimizations, and security enhancements without any disruption to their workflow.
Fathom emphasizes that customers retain full ownership of their data stored within the Fathom platform. The privacy policy clearly states that users have control over their personal data and can access, correct, or request deletion of their information at any time. Fathom supports data portability, allowing customers to export their data in standard formats if they wish to migrate to another system or service.
Regarding data portability specifically, Fathom's privacy policy outlines that users have the right to request that Fathom transfer their personal data to another organization or service provider. This aligns with data portability requirements under regulations like the GDPR, giving users the ability to obtain and reuse their personal data across different services.
Fathom also states that it will not use or disclose personal information for purposes other than providing its products and services, unless explicitly consented to by the user or required by law. The company takes measures to protect data confidentiality and implements security controls to safeguard personal information from unauthorized access or disclosure.
Fathom emphasizes that customers retain full ownership of their data stored within the Fathom platform. The privacy policy clearly states that users have control over their personal data and can access, correct, or request deletion of their information at any time. Fathom supports data portability, allowing customers to export their data in standard formats if they wish to migrate to another system or service.
Regarding data portability specifically, Fathom's privacy policy outlines that users have the right to request that Fathom transfer their personal data to another organization or service provider. This aligns with data portability requirements under regulations like the GDPR, giving users the ability to obtain and reuse their personal data across different services.
Fathom also states that it will not use or disclose personal information for purposes other than providing its products and services, unless explicitly consented to by the user or required by law. The company takes measures to protect data confidentiality and implements security controls to safeguard personal information from unauthorized access or disclosure.
Fathom's pricing is based on the number of companies or entities connected to the software, with plans ranging from a Starter plan at $44 per month for one company, to the Platinum plan at $575 per month for up to 50 companies. There are no long-term contracts or commitments required, and customers can upgrade or downgrade their plan on a monthly basis as needed. This flexibility allows businesses to easily adjust their plan based on changes in their organizational structure or reporting requirements.
If a business needs to add more companies to their Fathom account, upgrades to a higher plan will occur automatically to ensure they remain on the optimal plan. Conversely, if a business removes or deletes companies from their account, they can downgrade their plan to reduce the number of billable companies and associated costs. Fathom does not automatically downgrade plans when companies are removed, giving users the option to retain available company slots if needed.
Fathom's pricing model and lack of long-term contracts provide businesses with the agility to scale their usage up or down seamlessly. Whether an organization is expanding and needs to add more entities, or downsizing and requires fewer company connections, Fathom's flexible plans can accommodate these changes without any penalties or lengthy commitments.
Fathom operates on a monthly subscription model with no long-term contracts or commitments required. Customers can cancel their subscription at any time, and there are no penalties or fees for cancellation. The subscription will not automatically renew at the end of the monthly billing cycle if the customer chooses to cancel. Customers can also upgrade or downgrade their plan on a monthly basis as needed, with no long-term commitments.
If a customer decides to cancel their Fathom account, all company data will be deleted from the Fathom system within 30 days of cancellation. However, customers can resubscribe within this 30-day period to retain their company data. For customers on a free trial, the trial will simply expire if they choose not to subscribe, and no payment details are required.
Fathom states that there are no hidden fees or charges beyond the subscription cost, which covers unlimited users, data storage, software updates, and premium support. The subscription fee is based solely on the number of companies connected to the software, with no additional charges for features or users.
By Fathom Applications