25 Oct, 2023
Fathom's new Custom Terminology reporting feature allows you to create financial statements using the terms that best suit the reporting requirements and preferences for your unique region, industry, or organisation.
At Fathom, our customers are the core of our growth. We serve over 75,000 businesses worldwide and the feedback and insights they provide help guide our product development. Thanks to our customers for the input you've had on this latest feature release, Custom Terminology.
Custom Terminology is particularly useful for not-for-profits (NFPs), charities, and other unique organisations, allowing them to replace for-profit financial statement terms with nomenclature that makes the most sense for their specific non-profit reporting requirements.
Improve your reporting with custom terminology
A financial report can tell the story of an organisation’s performance, aims, challenges, and even plans and projections for the future. Depending on your audience, a report can secure funding, align the team around common goals, or provide important stakeholders with a clear understanding of performance.
Custom Terminology can be leveraged for the following scenarios:
- To present financial statements that reflect your organisation or stakeholder’s financial terminology preferences.
- To create financial statements more closely aligned to accounting body standards (e.g. GAAP or IFRS) in your region.
- To reflect industry-specific terminology, whether it’s manufacturing, real estate, hospitality, or another industry. For example, you might wish to use the term 'sales' instead of 'revenue'.
- To report in different English language variations (US or UK). Want to customise or customize? No problem; now you can choose your preferred spelling!
- To improve standardisation across multiple companies in your Fathom account. Now you can create terminology templates that can be activated across your companies in Fathom.
- To present analysis and reports tailored to your nonprofit organisations. Rather than issuing a ‘Profit & Loss’, nonprofits can create a ‘Statement of Activities’ in Fathom.
Custom Terminology – now live in Fathom accounts
You can set a default terminology to use in your account, and set terminologies on a case-by-case basis. Simply create, edit and delete custom terminologies from the new ‘Terminology’ tab under ‘Organisation Settings’ in your Fathom account. Once a terminology has been created here, it can be applied within company settings. You can create and save up to 20 different terminologies within your Fathom account.
Choose from Fathom’s three predefined terminology options, customise one of these options, or create your own entirely new terminology.
- English UK (Fathom’s classic terminology)
- English US (US-focused, GAAP-friendly)
- Not-For-Profit (general NFP terminology, terms like “equity” and “profit” replaced)
Custom terms will flow right through to Fathom’s Reports, Analysis, and Forecast, as well as a few core Fathom KPIs, like Total Revenue, Gross Profit Margin, and Operating Cash Flow.
Flexibility at your fingertips
Fathom’s custom terminology is incredibly flexible because you can create your own terminology by typing in the terms you want to use. In addition to Fathom’s pre-set terminology templates, you can also create your own terminology template.
It’s easy to see why we’re excited about Custom Terminology, and how it can enhance your reporting in Fathom.
Visit our Help Centre for more information on getting started with Custom Terminology in your Fathom account.
Questions, comments or feedback? We'd love to hear from you. Get in touch by sending an email to firstname.lastname@example.org.
Ready to try it in Fathom?
Written by Rowan Eister
Rowan is the Head of Marketing & Partnerships for Fathom’s US team. Over her 5 years with Fathom she has worked with businesses, financial advisors, and firms of all shapes and sizes. She is passionate about shining a light on the ways that Fathom transforms relationships and improves outcomes for financial professionals and businesses. Rowan holds a Bachelor of Arts from Whittier College and has worked in relationship building in the technology space for the past eight years.