Challenge
Spreadsheet reports were time-consuming and subject to error
Dondrea and the team wanted to present complex financial information to clients visually. In the beginning, they were using a combination of spreadsheets, PowerPoint and a virtual assistant designing graphics in Canva. “It would take them 10 hours a month doing that. And at that time, I think we only had six to eight clients”. Any change in QuickBooks meant having to update the spreadsheet and the graphics. What’s more, every time the information was moved between apps was a potential error point, so Dondrea would have to recheck everything. Finally, this process also meant there was a lag, so the report never contained the very latest information.
Solution
Fathom enables faster and simpler reporting workflows
Moving to Fathom not only made generating up-to-date reports faster and simpler, but it also gave the team time to find new clients; they now have over 35. “The clients I work with now are pretty savvy and really focused on the numbers. They just don't know what they mean or how they play together”. Fathom lets Dondrea show clients exactly what their business is doing. She starts with an extensive executive summary containing the most important highlights, before moving on to key metrics like top five expenses, cash on hand, profit margins, and the budget. “My clients love to post glimpses of their reports online when they’ve hit high goals”.
“It is really about being able to present the information in a way that doesn't make their eyes glaze over”
Dondrea Owens
Impact
Less time in Excel, more time for strategic conversations
Having reports that her clients understand means meetings are less about financial explanation and more about discussing strategic goals and efficiencies. “Once we show them how the numbers work together, what we're looking for in spend on advertising and marketing and what that should turn into sales-wise, they realize that we hit every single area of their business”. This is particularly true with new clients. When Dondrea benchmarks them in Fathom against similar clients and presents that visually in a report, it can highlight immediate warnings areas for attention like profit margins and pricing. “For us, knowing that clients love our reports is great; you can't put a number on the client experience”.
