13 Jan, 2019
The KPI Formula Builder is a much-loved part of Fathom, giving users unprecedented power and flexibility to calculate their own KPIs; and we've recently released a range of enhancements that have made it even better.
Headings in Formulas
Towards the end of September 2018, we said hello to an all new Chart of Accounts, giving you the ability to group accounts under custom headings. But what you may not know, is that these headings can be used in formulas giving you the power to combine related concepts easily and to streamline your formulas.
For example, instead of adding multiple accounts related to ‘Staff Costs’, you can group them under a heading in your Chart of Accounts and then use the heading in the formula KPI.
Power feature: Nested Formulas
We've recently super-charged our KPI Formula Builder with the ability to use existing formulas when building out your new formulas.
Let’s explore how we can apply this new feature to improve our Formula Building.
To calculate the average labor cost per employee, you’d have to calculate all of the staff costs of your full time employees, and then divide by the number of full time staff that you currently employ.
This formula could look something like this:
(Wages & Salaries + Insurance + Superannuation + Professional Memberships + Recruitment + Training + Uniforms + Payroll Tax) / No. of FTEs
Instead, we can create ‘Total Labor Costs’ as a distinct concept, and use this to calculate average labor cost per employee.
Total Labor Costs = Wages & Salaries + Insurance + Superannuation + Professional Memberships + Recruitment + Training + Uniforms + Payroll Tax
And now we can utilise this in the below formula:
Avg. Labor cost per Employee = Total Labor Costs / No. of FTEs
‘Total Labor Costs’ can then be used in other context/formulas. For example
Avg. Overheads per Employee = (Total Labor Costs - Wages & Salaries) / No. of FTEs.
This progressive new feature augments our Formula Builder with unprecedented power and flexibility, while maintaining the simplicity of the interface that you know and love.
Say goodbye to long and unwieldy formulas and say hello to more powerful & flexible KPIs.
Since we've added so much extra power and flexibility to our formula builder, we realised that it might be getting hard to keep track of what's what. To make everything easy to understand, we’ve made a few design updates to help you to distinguish between headings, classifications, accounts, and KPIs.
You’ll notice these little snippets of helper text in the KPI selector, along with tooltips when you hover over KPIs that have been added to your formula.
We'd love to hear your thoughts and feedback. If you have any questions or feedback, please email us at email@example.com
Written by Laura Van Doore
Laura is Fathom's Head of Product. A seasoned design & product professional, Laura has spent over 10 years working in user experience, in environments ranging from scrappy startups to corporate giants. Her background includes designing industry leading digital products across fintech, travel, government, automotive, ecommerce, fitness & real estate.