This is Jason from the QuickBooks team.
If you manage multiple companies in QuickBooks Online Advanced you can use Fathom to quickly consolidate or compare the reports of those companies.
We’ll go over how to group companies together in Fathom and then run consolidated or comparative financial reports and graphs.
Smart reporting by Fathom is just one of the many benefits included with your QuickBooks Online Advanced subscription.
If you haven’t activated Fathom yet, you’ll see an option to turn it on here.
Select ‘Open smart reporting powered by Fathom’.
Fathom opens the KPI, or key performance indicator, dashboard for the company you’re logged into.
To perform multi-company reporting, select Back to my companies.
This is where you’ll see all of the companies you’ve connected to Fathom, and once you set up your multi-company group, you’ll also see it here.
If you don’t see all of your companies, select Add a Company to get instructions on how to add more to this list.
Once you see all of your companies, select Add a Group.
Now choose how you want Fathom to present the reports from your companies.
A consolidated group combines the financial reporting of multiple entities into a single set of reports and financial figures.
A benchmark group keeps the financial data from the companies separate, and helps you compare and rank their financial performance.
Let’s look at the consolidated group first.
First, enter a name for the group.
Then choose which companies you want to include in the group.
If your group contains companies that use different currencies, make sure to select a presentation currency.
This is the currency Fathom will use when it builds your consolidated reports.
QuickBooks uses the data from transactions within this date range to build your consolidated reports.
Change this to whatever you need.
No matter what you choose during the setup you can always change it later.
Once you’re finished, select Create Group.
You’ll find your new group in your list of companies.
To set up eliminations, or change anything about the group, select Settings.
From here you can select Manage Group to remove or add companies and change your presentation currency.
Select Chart of Accounts to set up eliminations.
Eliminations help you to remove the impact of transactions between companies in a group.
Just move your cursor over an account you’ve used for intercompany transactions and select Eliminate.
Once you’ve set up your eliminations, you’re ready to download and run reports.
You can download your consolidated reports as pdfs.
Or select Excel reports…
To download any of these multi-entity reports as Excel spreadsheets.
Select Analysis to see your financial info broken down in other ways.
First, you’ll see a consolidated KPI dashboard.
This combines important information from all the companies you put into the group.
You can take a closer look at the consolidated info with any of the options to the left, such as Financials, which gives you a combined Balance Sheet and Profit and Loss Statement.
In addition to consolidating reports, Fathom can also help you compare and rank multiple companies.
To do this, select Benchmark as the group type.
Then choose the companies you want to compare.
You can even add companies to multiple groups, so you can choose companies that are also in your consolidation groups.
And save the group.
This graph compares the performance of companies in your benchmark group.
Choose which metric you want to compare companies against, such as Revenue, or Profitability Ratio...
and the date range for the data.
Fathom presents a dot for each company to compare their performance.
You can also select Rank...
to see how each company ranks against the others on a variety of financial metrics.
Now you’re ready to consolidate and compare the data from multiple companies in QuickBooks Online Advanced.