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.
Tailoring Reports for Nonprofit Success
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:
1. Reflecting your organisation's identity
Craft financial statements that mirror your organisation's identity by using terminology preferred by your stakeholders.
2. Aligning with accounting standards
Create financial statements that adhere closely to accounting body standards such as GAAP or IFRS, ensuring precision in your region.
3. Tailored reports for nonprofits
Nonprofits can now go beyond the traditional 'Profit & Loss' statement and create a 'Statement of Activities' in Fathom, aligning reports with nonprofit terminology.
4. English language variations
Choose between English UK or English US variations, bringing a personalised touch to your reports across regions and the preferences of your audience.
5. Standardisation across multiple companies
Enhance standardisation across multiple companies within your Fathom account by creating terminology templates that can be applied universally.
6. Industry-specific language
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.
How to get started
Implementing Custom Terminology is straightforward:
1. Set a default terminology
- Choose from Fathom's three predefined terminology options.
- Customise existing options or create an entirely new terminology.
2. Apply a terminology to a company or group
- Apply a terminology across a company or entire group by selecting the 'Terminology' tab after navigating to 'Organisation Settings' > 'Company Profile'.
3. Flexibility at your fingertips
- Choose up to 20 different terminologies within your Fathom account. Select predefined terminology templates or craft an entirely new terminology.
- Admin users are able to create, edit, and delete custom terminologies as they fit your reporting requirements.
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.