Where can I learn more about forecasting and how to use it?
This ‘Get Started With Fathom Forecasting’ article will take you through the steps of setting up your Fathom forecast.
You can also view our forecasting webinars designed specifically for accountants and small-medium businesses.
Forecasting Training Video for Accountants
What is the quickest way to see a financial statement with your future periods forecast out?
The quickest way to see a financial statement with future periods forecast out is to download an Excel version of the forecast from the main forecasting grid of from the Excel reports section of the Report Centre. To download the Excel forecast report from the main forecasting grid:
Click on the ‘Cloud’ icon in the lower left corner of the navigation bar
Choose to which financial statements to download
Select the date range
Click ‘Download to Excel’
The quickest way to access a financial statement in the Fathom format with future periods forecast out, would be to add a ‘Financial Trends’ table to a report. For more information on adding forecasting components to reports, see our 'Fathom Forecast in Reports' article.
Can I create more than one forecast, or build different scenarios?
In Fathom, you have one main forecast. Using your main forecast, along with associated assumptions and microforecasts, you can change timing profiles and value rules to create custom scenarios. This allows you to visualise the best case and worst case outcomes for the business.
What is Smart Prediction?
Smart Prediction is the statistical prediction of future values using 3/6/12/24 month linear regression or the prediction of future values using the 3/6/12/24 month rolling average. If using 12 or 24 months to calculate the regression or average, then seasonal adjustments can be included as well.
Where are the default rates coming from when creating a Quick Start or custom forecast?
The value rules suggested by Fathom when creating a custom or Quick Start forecast are calculated based on the imported financials. These are suggested value rules and may be changed at the classification, heading, and/or account level after a custom forecast has been created. You can also choose to use/input a different default value rule than what is suggested when you are first creating your custom forecast.
To learn more about the default rule calculation for a Quick Start forecast, please see our 'Quick Start Forecast' article.
What are timing profiles?
Timing profiles represent how quickly items move from the profit and loss, into accounts receivable and are collected into cash. This is particularly useful if you are using the accrual method.
Timing profiles can be applied to an entire classification or to a specific account. These can be changed at any time in your Forecast settings or by clicking into a cell in the main grid.
How does forecasting play into the Analysis tools?
Upon first release, forecasting will not be incorporated into the Analysis tools.
How can we compare our actual performance to our forecast?
Forecasting is fully integrated into Fathom Reporting. You can read more about our new table types here. You can also view up to 12 months of actuals from the forecasting main grid.
Do you forecast consolidations or divisions?
Forecasts can be created at the consolidated group level. Also, forecasts in underlying entities can be consolidated in the group forecast using the 'Save Forecast as Budget' feature. More details can be found in this article.
There is not divisional (classes/locations/tracking categories) forecasting at this time.