How Embedded Analytics Differs from Spotlight, Fathom, and Syft (And Why They All Have a Place)
Team Ablaze Collective
September 20, 2024 • 8 MIN READ
In today’s data-driven world, there are more tools than ever to help CPA firms leverage financial insights and offer enhanced advisory services to their clients. Platforms like Spotlight, Fathom, and Syft have gained popularity for their easy-to-use interfaces, custom reports, and dashboard capabilities, allowing firms to make sense of complex financial data. But there’s another option on the rise that goes beyond traditional reporting tools: embedded analytics.
At Ablaze Collective, we offer embedded analytics as a way to provide real-time, actionable insights directly within your accounting systems. But we understand that tools like Spotlight, Fathom, and Syft serve valuable purposes too. This blog explores how embedded analytics is different from these platforms, while celebrating the strengths of each—and why they all have a place depending on your firm's needs.
1. Embedded Analytics vs. Traditional Reporting Tools: Integration at the Core
One of the most significant differences between embedded analytics and standalone tools like Spotlight, Fathom, or Syft is the level of integration.
Spotlight, Fathom, and Syft: These are great options if you're looking for robust external reporting tools that can pull data from cloud accounting systems like QuickBooks Online (QBO) and Xero. They offer a range of powerful features, allowing you to create custom reports, dashboards, and even KPI tracking. They’ve been trusted by thousands of firms to generate polished financial reports quickly and effectively.
Embedded analytics: Rather than operating as a separate tool, embedded analytics is built directly into the platforms you’re already using, like QBO and Xero. This eliminates the need to export data or sync it with external software. At Ablaze Collective, our embedded analytics tools allow you to access real-time insights without leaving your accounting system. This makes accessing financial data easier and more seamless in day-to-day workflows, enabling more immediate decision-making.
Why it matters: While standalone tools are great for generating comprehensive reports, embedded analytics integrates analytics into your everyday workflow, eliminating extra steps and enhancing productivity. Both options serve different needs, depending on whether you prefer a specialized tool or an integrated solution.
2. Real-Time Data vs. Periodic Syncs
Another key difference is the frequency of data updates. For firms needing up-to-the-minute insights, embedded analytics offers a significant advantage.
Spotlight, Fathom, and Syft: These tools typically provide static reports, pulling data from your accounting system at periodic intervals or when you initiate a sync. For many CPA firms, this is perfectly fine—especially when regular monthly or quarterly reporting is the focus.
Embedded analytics: With embedded analytics, you get real-time access to financial data, meaning insights and KPIs update as events happen. This is especially useful when you need to monitor a client’s financial situation closely and provide proactive advice.
Why it matters: If your clients need live data to make fast decisions—such as monitoring cash flow or identifying unexpected spikes in expenses—embedded analytics ensures that your insights are always current. On the other hand, if your reporting needs are less immediate, tools like Spotlight, Fathom, and Syft provide a structured, reliable approach to periodic reporting.
3. Proactive Alerts with Webhooks
At Ablaze Collective, we’re all about taking proactivity to the next level with features like webhooks, which notify you of key financial changes as soon as they occur.
Spotlight, Fathom, and Syft: These platforms shine when it comes to creating visually stunning reports and dashboards that clients love. However, they focus more on retrospective data—analyzing past performance to inform future decisions. They don’t typically offer real-time alerts triggered by financial changes.
Embedded analytics with webhooks: With embedded analytics, you can set up custom alerts that notify you immediately when important financial events happen. For instance, if a client’s cash flow drops below a certain threshold or if there’s a sudden spike in operating expenses, you’ll receive a real-time alert. This allows you to step in with advice before the problem escalates, helping clients manage their finances more effectively.
Why it matters: Webhooks are a powerful tool for CPA firms that want to provide proactive, real-time advisory services. Tools like Spotlight, Fathom, and Syft excel at helping you review and analyze data after the fact, while embedded analytics ensures you’re reacting to financial changes as they happen.
4. Context-Specific Insights vs. Generalized Dashboards
While both embedded analytics and tools like Spotlight, Fathom, and Syft allow you to generate insights, embedded analytics excels in providing context-specific insights that are more directly tied to your day-to-day operations.
Spotlight, Fathom, and Syft: These tools allow you to pull data from multiple sources and create detailed dashboards that highlight key performance indicators (KPIs). They are great for generating high-level reports that help you track overall performance and trends across various clients.
Embedded analytics: By integrating directly into the core accounting system, embedded analytics delivers insights within the context of the accounting platform itself. This means you don’t just see the numbers—you see how they relate to specific transactions, workflows, and financial events happening in real-time.
Why it matters: If your firm thrives on in-depth, polished reports, tools like Spotlight, Fathom, and Syft are fantastic options. But if you need insights that are embedded in the moment, helping you understand why something happened within your workflow, embedded analytics will give you the edge.
5. Customization and Flexibility
Both types of tools offer customization, but there’s a key difference in how you tailor them to your firm’s and clients' needs.
Spotlight, Fathom, and Syft: These tools are great at offering pre-built templates and easy-to-use interfaces that allow you to generate professional, client-ready reports. They also allow you to customize your reports, which is perfect for presenting data in a way that resonates with your audience.
Embedded analytics: Embedded analytics allows for deeper integration into your accounting platform, offering fully customizable dashboards that adapt dynamically to live data. Because it’s embedded, it also integrates better with your other business tools, such as CRMs or financial management software.
Why it matters: If you need fast, polished reports with a lot of visual appeal, tools like Spotlight, Fathom, and Syft offer a great solution. Embedded analytics, on the other hand, allows for greater flexibility if your focus is on real-time monitoring and deeper integration with your other tools.
Conclusion: A Friendly Coexistence Between Tools
At Ablaze Collective, we believe in celebrating the strengths of all tools—whether it’s the polished reporting power of Spotlight, Fathom, and Syft or the real-time, proactive insights offered by embedded analytics. Each tool serves a unique purpose depending on your firm’s specific needs and the type of client services you want to offer.
If your firm needs a structured, user-friendly tool for generating high-quality, periodic reports, Spotlight, Fathom, and Syft are great options. But if you’re looking to move into real-time, proactive advisory services with integrated, actionable insights, embedded analytics is the way forward.
Regardless of which tools you use, the important thing is to choose the one that helps you deliver the most value to your clients. At Ablaze Collective, we’re here to help CPA firms evolve and thrive by integrating data-driven insights into their everyday operations. If you’re ready to explore what embedded analytics can do for your firm, we’d love to chat!