Here are some frequently asked questions about Smart Reporting from Fathom.
Smart Reporting is a management reporting (and analysis) solution. Smart Reporting provides a macro-level view of financial performance – how the business is performing at a high level (trends in performance, profitability, overall growth, etc.).
Smart Reporting can be used on iPads & tablets, and computers with the following Operating Systems:
You can use Smart Reporting with the following modern web browsers:
The only data we import from QBOAV is the Chart of Accounts, month over month. This could also be referred to as the General Ledger, their Balance Sheet and Profit & Loss (Income) Statements. This is summary level financial data (account names/numbers, monthly ending balances).
If someone is tracking specific information as a line item (e.g. they have separated each vendor’s sales as a separate Revenue account on their P&L) then they can track such data in Smart Reporting.
Smart Reporting can import up to 8 years of data. 5 years is the recommended for best performance. The maximum number of accounts on the Chart of Accounts is up to 3,000 accounts.
We can import up to 20 classes/locations/divisions if they are categorized as such in QuickBooks Online. Companies with over 20 classes, etc. can still be imported, but only 20 of those classes, etc. can be selected to view in Smart Reporting at a given time. In breakdown analysis, unselected classes will by reported as ‘unclassified’ or ‘other’ amounts. This data, again, is only for the Chart of Accounts specific to those tracking categories.
|Data Smart Reporting doesn’t import:
Within any business, there are numerous transactions that take place each month, each with unique data on the customer, vendor, product, invoice, etc. The ending result of all of this activity is a “balance” in each account at month end – which is a summary of the activity or money within that account.
What Smart Reporting imports is simply that month-end balance for each account. Smart Reporting does import any of the information relating to how that balance came to be (e.g. the transactions that took place throughout). As an example, Smart Reporting would see the month-end balance of ‘Sales’, instead of all of the various unit sales (or product sales, or vendor sales) that occurred throughout the month.
The fiscal year (start of fiscal year) is defined in QBOAV. You cannot change the fiscal year in Smart Reporting.
A customer can bring in information outside of the Chart of Accounts manually into Smart Reporting as “non-financial KPIs”. Any information can be included, as long as it is numerical, and monthly.
General classifications (Revenue, Expense, Other Expenses, Cost of Sales, Current Assets, Liabilities, etc.) are designated the same way as they are in QuickBooks Online Advanced. These flow into calculations for subtotal amounts, such as Total Expenses, or Gross Profit. Smart Reporting does not directly pull across subtotal summary accounts, or parent headings, but calculate subtotals and enable header creation.
You can create custom headers for account groupings (e.g. all marketing related expenses under the header of Marketing Expenses). You can create a maximum of 2 levels of headers: header, and sub-header. The same account cannot be placed in multiple groupings (can’t be placed under two different headings, such as “Marketing expenses” and “Staff Costs”).
Smart Reporting has 50 default KPIs that you can select to use if you desire. You can create as many custom KPIs as you would like, but can only select to use up to 60 active KPIs to display in the KPI & KPI Explorer tools. Any inactive KPIs will still be available as metrics to include in trend analysis and any custom reporting component.
Types of KPIs:
Formula KPIs can:
Smart Reporting has multi-company features of Consolidation and Benchmarking (comparative reporting between companies).
Consolidations: up to 300 entities can be consolidated within a single currency. For multi-currency consolidations, up to 50 entities can be consolidated. (They can contact Smart Reporting support if they need to consolidate past these limits.)
Benchmarking: up to 500 entities can be compared within Smart Reporting’s benchmarking analysis.
We report on traditional periods of month, quarter, or year. If their data is up to current date (in Step 1 of the Setup), then we can also report upon Month-to-Date (MTD), Quarter-to-Date (QTD), and Year-to-Date (YTD) ranges.
Includes any KPIs selected in Step 4 of the Setup (default, or custom)
Waterfall visualization of incoming and outgoing cash using the indirect method from Revenue down to Operating, Free, and Net Cash flow.
We provide several Excel reports ready to download and manipulate in Excel, if desired. These include financial statements, variances, and projections, as well as KPI results.
The following reports are usually present, though some require additional data (e.g. a budget, classes) to be imported to run.
|Types of Reports Smart Reporting does not accommodate:
Charts & Graphs
Yes, Below are the possible component types you may need.
All components are filterable by class/location/division if imported.
At present, Smart Reporting doesn't provide a forecast, and it's not possible to create a forecast within Smart Reporting. It's planned for future development, but we cannot provide an ETA at present.
However, budgets and forecasts generated outside of Smart Reporting can be imported and used in Smart Reporting for variance analysis and for setting KPI targets automatically. Budgets can also be used for full year projections by combining actual results and budgets to project full end of year results (as mentioned in the ‘Forward Projection for this FY’ Excel Report). Finally, budgets and targets can be used to project forward in trend charts.
Smart Reporting doesn't provide cashflow forecasts. Cashflow forecasting, specifically, is not a planned capability in Smart Reporting.
That said, it's possible to use the Goalseek Tool to plan for a goal result for a Cashflow KPI (Operating Cash flow, Free Cashflow, Net Cashflow). For any of those metrics, a user can select the desired end cash flow result, and make a plan for how to achieve that result in the next period.