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Intuit

Smart Reporting powered by Fathom FAQs

Here are some frequently asked questions about Smart Reporting from Fathom.

What is Smart Reporting powered by 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.).

What are my system requirements for using Smart Reporting in QuickBooks Online?

Smart Reporting can be used on iPads & tablets, and computers with the following Operating Systems:

  • Windows 8, Windows 10
  • Mac OS/X

You can use Smart Reporting with the following modern web browsers:

  • Google Chrome (preferable)
  • Mozilla Firefox
  • Safari
  • Microsoft Edge

What is the Financial Data that is imported over from QuickBooks Online into Smart Reporting powered...

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.

Are there any restriction when importing data from QuickBooks Online to 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:
  • Anything that is not a line item in the Chart of Accounts
  • Transactional data: customer data, vendor data, product data, service data, inventory inflow-outflow, bank transactions, invoice data, etc.
    • Transactional-based reports such as Revenue-by-Customer, Sales-by-Customer, Revenue-by-Product, Vendor-balance, Purchase reports, Inventory-tracking
  • Projects or Jobs, or create any project-based reports
  • Tax information, or do any tax-oriented reporting
  • HR data (payroll, compensation, etc.), or perform any HR-related reporting

What is the difference between Transactional and summary-level data?

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.

How is my business year defined in Smart Reporting?

The fiscal year (start of fiscal year) is defined in QBOAV. You cannot change the fiscal year in Smart Reporting.

Can I bring in non-financial data into 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.

Examples:

  • Someone could bring in “Number of Employees” to ultimately track distribution of staffing costs.
  • Someone could bring in data they’ve tracked in QBOAV to visualize in Smart Reporting, such as Sales through Vendor X, month over month.

How can I set up my Chart of Accounts for Smart Reporting?

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”).

How many KPIs can I create in Smart Reporting?

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.

What are the Type of KPI’s I can create?

Types of KPIs:

  • Financial: predefined default KPIs
  • Account-watch: tracking any account on GL individually
  • Non-financial: monthly & numerical information outside of the CoA (imported in Step 1)
  • Formula KPIs: custom calculations (detail below) using basic math operations

Formula KPIs can:

  • Be any unit of measure (including custom)
  • Include numbers as part of the formula (e.g. “ x 100” for a percentage result)
  • Include any account on the Chart of Accounts
  • Include any non-financial data imported in Step 1
  • Include any header created in Step 3 of the Setup
  • Include any classification (verified in Step 3 of the Setup)
  • Include any previously created KPI (e.g. for a formula within a formula)
  • Use variables filtered by class, location, or division (if applicable)
  • Reference prior period results for a given variable
  • Reference current number of days in a period
  • Reference tax or interest rates (designated in Step 2 of the Setup)
  • Reference WACC (with Cost-of-Capital % designated in Step 2 of the Setup)
  • Be created as aggregates (e.g. summative, average, or balance designation)

What if I have Multiple Companies, can I consolidate these in Smart Reporting?

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.

What Periods of data does Smart Reporting use?

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.

What does the KPI’s tool do?

Includes any KPIs selected in Step 4 of the Setup (default, or custom)

  • Can sort to view only subsets: On Track, Off Track, KPIs with Alerts
  • Trend Comparison includes: targets, comparisons to last period and same period last year
    • Applicable to QTD and YTD
  • Drill down
    • Includes: current period results, KPI descriptions & formula (if relevant), changes from prior period, changes from same period in prior year, relevant rolling average, and level of importance of the KPI
      • Applicable to QTD and YTD
    • Does not include: transactional drill down (customer-level, etc.)

What does the Cashflow tool do?

Waterfall visualization of incoming and outgoing cash using the indirect method from Revenue down to Operating, Free, and Net Cash flow.

  • Is not / Does not include: Traditional Cash flow statement

What does the Trend tool do?

  • Several predefined charts ready to use
  • Metrics available: any KPI, any summary account on the P&L or B/S, and any account on the CoA
  • Up to 2 axes of measurement (e.g. $ and % metrics both on the same chart)
  • Up to 5 metrics on one analysis
  • Timeline in view: can zoom out to all time or in to monthly level at most granular

What does the Goalseek tool do?

  • Can select from 13 pre-set metrics
  • Cannot create a goal outside of those designated metric options

Can I export my reports to Excel?

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.

How are Excel reports presented?

The following reports are usually present, though some require additional data (e.g. a budget, classes) to be imported to run.

  • Financial results: Excel version of P&L and B/S, with an option to select the desired level of detail (summary, detailed), period length, and final period to review
  • Financial results [in the Smart Reporting excel import format]: complete chart of accounts along with classifications (verified in Step 3 of the Setup) and balances on the entire Chart of Accounts, month over month
  • Detailed financial variance: traditional variances in $ and % form vs. budget, same period last year, YTD, and YTD budget
  • Budget [in the Smart Reporting excel import format]: complete budget with account names and balances, month over month
  • Forward projection for this FY: month over month actual results, and then budgeted results for future months extending until fiscal year end, and year-end results projected
  • KPI results: month-over-month results for every KPI (default, custom, non-financial)
  • Financial results by [location/class/division]: P&L and B/S showing side-by-side divisional results, along with the total for the selected period if classes/locations/divisions are imported
    Types of Reports Smart Reporting does not accommodate:
    • Reports for non-classic periods: Weekly, Daily, 13-month reports
    • Any reports related to transactional-level data
    • Job-costing or project-based reporting
    • AR/AP Aging reports

What are the available metrics for Custom reporting?

Charts & Graphs

  • Base metrics:
    • Any KPI – default, custom, non-financial, etc.
    • Any account on Chart of Accounts
    • Any summary financial
    • Any header created in the Chart of Accounts (in Step 3 of the Setup)
  • Comparative metrics (depends on the base metric):
    • Target / Budget
    • Same period last year
    • Rolling average

Financials

  • Current period, 2 prior periods, and this period last year
  • Budget for current period, up to 3 periods prior, YTD, rest of year, full year
  • Variance (% or $) for this period vs last, vs budget, same period last year, YTD vs Budget
  • Common size: this period to 3 periods prior, budget, this period last year, YTD, budget YTD
  • Other: YTD, YTD last year, Rolling 12 months, Rolling 12 months average, Projection (YTD actual + budget)

Are there component types in Smart Reporting that I need?

Yes, Below are the possible component types you may need.

  • Snapshots of any of the analysis tools for the period selected
  • Charts, graphs, tables (many are pre-created, but can also be customized with any metric or available comparison)
    • Maximum of 6 series in a trend chart
    • Maximum of 20 segments in a pie/donut chart
    • Maximum of 6 columns in a custom table
  • Financial statements (many classic views are available, but can also be altered)
    • Maximum of 6 columns in a custom financial statement
  • Financial trends: 6-month P&L and 12-month financial results, budget, rolling 12 months, and forward projection (actual + budget) are available
    • 6-month selection: Columns can only be edited to include up to 12 months
    • Others: columns cannot be edited; only available in landscape version
  • KPI trends: 6-month, fiscal year, and rolling 12-month KPI results are available
    • 6-month selection: Columns can only be edited to include up to 12 months
    • Others: columns cannot be edited; only available in landscape version
  • Key numbers (any metric – KPI, line item, header – presented alone)
  • Free form text
  • Placeholders: rich text that references your financial data (e.g. automatically display this month’s revenue instead of typing out the number manually)
  • Observations: if-then and if-else statements that reference metric results, and can be customized

All components are filterable by class/location/division if imported.

Can Smart Reporting do Financial Statement Forecasting for my business?

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.

Can Smart Reporting do Cash Flow Forecasting?

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.