November 28, 2023
Our latest release introduced Fathom's Custom Terminology reporting feature. Designed to give you greater flexibility in creating financial statements, learn how Custom Terminology lets you tailor reports to your nonprofit's specific requirements.
Last month, we released our Custom Terminology feature — one that our customers' feedback played a significant role in guiding. We wanted to make it fit-for-purpose, and one purpose we heard a lot from is not-for-profits (NFPs), charities and other unique organisations that required greater flexibility in their financial reporting.
Financial reporting is more than just numbers; it's a narrative that tells the story of your organisation's performance, challenges, goals, and future projections. With Custom Terminology, you now have the power to craft this narrative using terms that resonate best with the language of your nonprofit or charity organisation.
Nonprofits, charities, and unique organisations now have the ability to replace standard financial terms with nomenclature that aligns seamlessly with their reporting needs. Here's how Custom Terminology can elevate your nonprofit financial reporting:
Craft financial statements that mirror your organisation's identity by using terminology preferred by your stakeholders.
Create financial statements that adhere closely to accounting body standards such as GAAP or IFRS, ensuring precision in your region.
Nonprofits can now go beyond the traditional 'Profit & Loss' statement and create a 'Statement of Activities' in Fathom, aligning reports with nonprofit terminology.
Choose between English UK or English US variations, bringing a personalised touch to your reports across regions and the preferences of your audience.
Enhance standardisation across multiple companies within your Fathom account by creating terminology templates that can be applied universally.
Whether you operate in manufacturing, real estate, hospitality, or any other industry, customise your terminology to reflect industry-specific language. For example, replacing the term 'revenue' with 'sales.'
You can watch the webinar recording below and download this sample report to see how Custom Terminology can benefit your nonprofit or industry-specific reporting.
Implementing Custom Terminology is straightforward:
1. Set a default terminology
2. Apply a terminology to a company or group
3. Flexibility at your fingertips
Custom terms seamlessly integrate into Fathom's Reports, Analysis, and Forecast, as well as select core KPIs such as Total Revenue, Gross Profit Margin, and Operating Cash Flow.
Explore the incredible flexibility of Fathom's Custom Terminology and discover how it can enhance your nonprofit reporting. You can visit our Nonprofit Tips Article in the Fathom Help Centre for comprehensive information on getting started with Custom Terminology in your Fathom account.
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Questions, comments or feedback? We'd love to hear from you. Get in touch by sending an email to support@fathomhq.com.
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Jack is a global marketing programs manager at Fathom, who recently completed his MBA. With a background in copywriting, branding, and CRM technology, Jack is passionate about meaningful brand communication and marketing strategy.
