- Best for AI-powered financial planning: Anaplan
- Best for existing Excel users: VENA Solutions
- Best for simple integrations: Cube
- Best for small to medium-sized businesses: Jirav
- Best for scalability options: Planful
- Best for businesses looking to preserve processes: Datarails
- Best for businesses looking to enhance their FP&A processes: Jedox
- Best for a variety of business team users: Prophix
- Best for large companies: Oracle NetSuite Planning & Budgeting
- Best for organizations with multiple entities: Sage Intacct
Analyzing your business financials can be a worthy endeavor when it comes to noticing trends, mitigating risk, and making decisions. It can help you to better manage your cash flow, adjust operational goals, and even find growth opportunities. Financial analysis software usually has varying features and outputs specific to your business goals, so it’s important to choose the right tool that meets your needs.
I reviewed some of the best options and came up with ten options for you to consider.
Top financial analysis software comparison
| Anaplan | |||||
| Vena | |||||
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| Jirav | |||||
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| Prophix | |||||
| Oracle NetSuite | |||||
| Sage Intacct |
Anaplan: Best for AI-powered financial planning
Why I chose Anaplan
Anaplan is a financial analysis platform that is web-based and offers AI tools that can assist in the financial planning of your business. It provides real-time visibility into your financial data, and its connected planning capabilities allow you to review key performance metrics. As such, you can use the results provided to make data-driven decisions and plan ahead. It offers support for both advanced planning methodologies and various use cases, and teams that use Anaplan can benefit from its resources when navigating market conditions and creating strategies for business growth.
Key features
When using Anaplan, a wide variety of tools are available to enhance your business’s financial analysis capabilities. With its AI-powered insights, you can get real-time data and collaborate with teams to determine strategies regarding reporting tasks, forecasts, and budgets.
Notable features for teams include being able to create scenarios and compare data, along with the adjustment of dimension hierarchies using its drag-and-drop functionality. These scenarios can help you plan for both the short and long-term, using various time intervals. You can also access features such as natural language formulas, no-code forecasting, and security features like SSO support and data encryption.
Integrations
- Microsoft Dynamics 365
- Salesforce
- Adobe
- Tableau
- Power BI
- DocuSign
Pros & cons
| Customizes planning for financial and operational business uses | Initial setup can be a time-consuming process |
| Allows for teamwork within various departments and provides real-time data | Varies in pricing depending on customization needs |
| Scales to the needs of growing businesses | May require user training to understand the capabilities of features and functionalities |
VENA Solutions: Best for existing Excel users
Why I chose VENA Solutions
For businesses that use Excel for financial analysis and reporting, Vena is a strong choice for those looking to enhance and automate their reporting and planning processes. Vena has an Excel-native interface and is an FP&A software that provides both financial and operational reporting capabilities. It does so by centralizing data from systems like your ERP and automatically refreshing templates, allowing your team to focus on analysis rather than data aggregation. What makes Vena stand out is its ability to simplify complex processes without the need for teams to give up the tools they are already working with.
Key features
Vena has a secure cloud-based infrastructure, along with various noteworthy features, like extensible APIs, native integrations, workflow tools, built-in audit trails, multidimensional modeling, and embedded AI. All of these tools can be used for business insights and help to provide solutions. It also supports scenario planning, in which you can review potential outcomes and adjust your business financial strategy accordingly.
Integrations
Vena integrates well with common accounting, Power BI, CRM, HR, and ERP tools such as:
- QuickBooks
- Sage
- Microsoft 365
- Salesforce
- Hubspot
- ADP
- Workday
- BambooHR
- Snowflake
- OneDrive
- Dropbox
Pros & cons
| Eliminates the need to learn a new interface by working within Excel | May experience delays when loading complex files |
| Offers various AI tools to assist in analysis and planning | Requires planning beforehand due to its robust implementation process |
| Offers scalable solutions that adapt as business needs evolve | May require training and practice to master full capabilities and features |
Cube: Best for simple integrations
Why I chose Cube
Cube is a flexible FP&A tool that can assist businesses with automating reporting within their existing spreadsheets, and simplify the process with its integration capabilities. Its intuitive interface provides real-time data synchronization, and can work with your existing Excel or Google Sheets workflow. Its various advanced functionalities allow teams to gather and review financial data, and provide insights into the reporting process.
Key features
Cube has a wide variety of features that aim to simplify financial reporting, including customizable templates and AI-assisted forecasting. Multi-scenario planning is an included functionality that can help with forecasting and decision-making across your organization. Additionally, it offers collaboration tools, flexible mapping, and automated audit-trails, all of which can help to ensure accurate data and compliance planning strategies.
Integrations
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Pros & cons
| Works within existing spreadsheets like Excel and Google Sheets | Is a fairly new product with evolving features and functionalities |
| Allows for multiple-scenario planning for better decision-making | Relies on existing spreadsheets, so there may be limitations in modeling |
| Offers relatively simple setup and customization that can be done quickly | Provides some advanced capabilities only on higher-tier plans |
Jirav: Best for small to medium-sized businesses
Why I chose Jirav
Jirav is a cloud-based FP&A tool, and can be used by businesses that are looking for real-time data analysis and insights to improve their financial decision-making strategies. Jirav is able to integrate data from multiple sources, which can showcase your business’s current financial performance without the need for complex spreadsheet models. Teams can use its interactive dashboards to collaborate and evaluate key metrics all in one place, making it accessible to a wide range of users.
Try Jirav
Key features
Jirav has strong financial planning and analysis capabilities, and offers insights for a wide variety of business needs. It has pre-designed templates and customized reporting features which allow simplicity for users. It also provides real-time data access, along with AI-powered analytics that can automate the process of financial budgeting and forecasting. Jirav also has capabilities to test what-if scenarios, giving users the ability to review different business decisions and their potential impact.
Its standout feature is driver-based planning, which lets teams create forecasts based on the actual factors that move their business, such as headcount, revenue streams, or expenses. As such, this provides flexible modeling and can provide clearer projections.
Integrations
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Pros & cons
| Features an intuitive design platform that simplifies the process of customization | May require time and resources to implement and customize fully |
| Provides real-time access to data and insights | Limits the number of reports and custom tables |
| Pairs with a wide range of business applications | Might make advanced features difficult to implement |
Planful: Best for scalability options
Why I chose Planful
Planful’s Financial Performance Managements Platform’s design aims to assist in financial reporting, planning, budgeting, and analysis. It was built with financial intelligence as its core, and provides an intuitive, real-time collaborative experience in which all users can be a part of financial processes with limited IT involvement. It has native AI capabilities that can assist in forecasting and business strategy, along with accuracy in insights and reporting.
Key features
Some key features included with Planful’s platform include role-based security and controls, scenario analysis, consolidation, reporting, and more. All of these features allow for informed decision-making and strategic insights to manage business financials within a single platform.
It’s worth mentioning that it has additional planning and integration capabilities for further business needs other than finances, whether it be marketing, sales, HR or other departments via a separate database.
Integrations
Planful’s integration capabilities include various ERP, CRM, and HRIS systems. Additionally, its Excel and PowerPoint add-ins allow its users to work within existing interfaces. While not limited to these platforms, here are some of the popular integration options:
- Workiva
- QuickBooks
- Salesforce
- Workday
- Acumatica
- Sage Intacct
- Paylocity
- Oracle NetSuite
Pros & cons
| Includes budgeting, forecasting, and financial consolidation as functionalities | Does not feature an interface embedded in Excel like other tools |
| Provides an easy platform to use, even for those without technical backgrounds | May require dedicated internal resources for implementation |
| Offers AI capabilities that provide insights and assistance for financial reporting and planning | May be time-consuming to learn and operate all functionalities to meet specific business needs |
Datarails: Best for businesses looking to preserve processes
Why I chose Datarails
For businesses that are looking to preserve their existing financial models, Datarails offers a platform that enhances traditional spreadsheet workflows by automating tasks associated with data consolidation and forecasting. Users can work within familiar environments and use the tools they are used to, but gain analytical insights with the enhancement of Datarail’s advanced capabilities. This can be a benefit to organizations that want to maintain their existing systems and processes, however, potentially improve their FP&A.
Key features
Datarails features are meant to modernize and improve the financial planning process for better control and insights. It does not replace existing workflows, but rather preserves the process while providing more tools so that teams can plan around various scenarios and forecasts. It provides a dashboard that showcases real-time data and updates accordingly.
To help decision-making and risk mitigation, it also utilizes AI to help identify trends and assist with the overall planning process.
Integrations
Datarails supports over 200 integrations in addition to Excel. Some of the most popular include:
- BambooHR
- Oracle NetSuite
- HubSpot
- OneDrive
- Dynamics 365
- Power BI
- QuickBooks
- Sage
- Square
- SAP Business One
- SharePoint
- Shopify
- Snowflake
- Salesforce
- SQL Server
- Tableau
- Xero
- Yardi
Pros & cons
| Has a familiar Excel-based environment | Dashboard capabilities may vary |
| Has automation features that reduce manual data aggregation | May not suit users looking to move away from Excel |
| Preserves existing workflows rather than replacing them | May require significant time and resources for implementation |
Jedox: Best for businesses looking to enhance their FP&A processes
Why I chose Jedox
Jedox offers FP&A software that can be used to help analyze, plan, budget, and forecast your business’s financial data. It can be integrated with a variety of sources, and provide scenario planning that can aid decision-making as your business grows. Jedox adapts to various business needs, supporting transitions from P&L to balance sheet and cash flow planning, and offering a single source for both centralized and decentralized ad hoc analysis.
It can be implemented efficiently and with minimal training, as its interface and add-ins allow users who are familiar with Excel to easily use the platform.
Key features
Jedox offers numerous features that are designed to supplement and streamline financial analysis. Its in-memory OLAP database enables rapid data processing, allowing users to perform complex calculations and simulations efficiently. The platform’s Excel add-in and web interface provide familiar environments for users to create and manage reports, budgets, and forecasts. It also offers AI capabilities that can be used to help manage complex data, and provide insights to drive your business forward.
The platform also supports quick deployment and adaptability with its Best Practice Accelerator models, which aim to reduce implementation time and maximizing business uses. It continuously innovates its features to ensure that finance teams always have access to the latest tools needed to stay agile, while reducing risk of errors, and promoting smarter, faster decision-making.
Integrations
Jedox’s Integrator tool facilitates seamless data integration from various sources, including ERP, CRM, and HR systems.
Pros & cons
| Combines planning, analysis, and reporting in a single environment | Includes a user interface that may require complex support documentation |
| Enables teams to collaborate on financial analysis models and reports together | Requires significant time and planning resources for customization setup |
| Can handle large data sets and complex modeling needs | Lacks some collaboration features in comparison to other providers |
Prophix: Best for a variety of business team users
Why I chose Prophix
Prophix One is a Financial Performance Platform built for mid-market companies and serves CFOs, FP&A directors, analysts, and even non-finance leaders across operations, marketing, and sales. It’s designed to help finance teams improve the speed and accuracy of decision-making while simplifying complex processes and enhancing insight into business performance. It delivers functionalities for planning, budgeting, forecasting, reporting, and consolidation, allowing teams to work with centralized data and streamlined processes.
Key features
Key features of Prophix include its Model Manager for building and maintaining multi-dimensional planning models, its Template Studio for creating customizable data entry templates, and a collaborative workflow tool to help automate tasks across teams. Users can also take advantage of its abilities to automate calculations and allocations, helping with risk management and accurate reporting.
It also offers a Microsoft 365 Add-In for Excel-based data entries that can be synced with the platform. Prophix One also allows easy addition of line-item details within templates to further enhance planning accuracy and collaboration.
Integrations
Prophix integrations allow for ERP, CRM, or accounting software, and can use an API to connect to almost any business system. Additionally, it integrates with existing spreadsheets or flat files provided by your business.
Pros & cons
| Provides a wide range of functionalities for various business uses | Has limited Excel integration capabilities when compared with other platforms |
| Offers many years of industry experience | May result in slow processing times when working with complex models or data |
| Offers reports that are simple to generate and are easily customizable | May require a significant amount of time and resources for implementation, depending on business needs |
Oracle NetSuite Planning & Budgeting: Best for large companies
Why I chose NetSuite Planning & Budgeting
NetSuite Planning and Budgeting is a cloud-based platform that can help businesses with the task of budgeting and forecasting by offering scenario modeling, built-in AI tools and machine learning, and producing analytics reports. It has automations that can provide both speed and accuracy when analyzing financials, and offers insights that can help to mitigate risk and minimize manual data input and reporting, while fueling effective results that can help you make decisions and scale your business.
For businesses with complex structures or those who have multiple entities or locations, it can be a benefit due to its strong multi-currency and multi-subsidiary support. It offers real-time data reporting and various automations that can be used by fast-growing organizations that want to stay on top of their financial position and gain insights for continued growth.
Key features
Oracle NetSuite features pre-built financial models, real-time data integration with NetSuite ERP, and advanced tools for scenario planning needs. With Excel and Smart View integration, businesses can collaborate on workflow management. The platform offers scalability, custom dashboards, and automated audit trails to support data accuracy and compliance.
With its SuiteAnalytics feature, users can tailor reporting settings to track performance across various departments or entities. Additionally, it pairs with multiple integrations with popular platforms to keep your financial data connected with ease.
Integrations
It offers numerous integration options that include both internal and external systems. Whether you’re looking for native or custom integrations, or looking to connect a third-party system, the platform has widespread capabilities to work with your specific business needs.
Pros & cons
| Provides real-time insights into financial and operational data | Allows deep customization, but often requires technical expertise or developer support |
| Offers customizable dashboards and reports for various use cases | May experience slower response times during peak usage periods |
| Adapts to growing business reporting needs | May make switching modules or user counts mid-contract ineligible or costly |
Sage Intacct: Best for organizations with multiple entities
Why I chose Sage Intacct
Sage Intacct is a financial analytics tool that can be used by organizations to help make informed business decisions by providing insights in real-time. It’s easy to use for both finance and operational teams, offering a secure, collaborative experience. Also, its dashboards are customizable to your specific business needs, and can offer visibility into potential growth opportunities or risk management.
It has various tools that can be used for accounting processes alongside FP&A, and has pre-built spreadsheet-style formulas. As such, users can reduce budgeting and forecasting time by over 50 percent, as reported by the platform.
Key features
Sage Intacct has various features and capabilities that can support a wide variety of businesses. It has planning capabilities that span driver-based modeling, rolling forecasts, scenario analysis, all of which can be used to help overall business strategy. It also handles core functions by automating billing, payments, cash flow tracking, and revenue management responsibilities.
Whether integrated with Sage Intacct Core Financials or synced with another ERP, the platform ensures every plan is based on updated, accurate data and can provide valuable insights for your organization’s operations.
Integrations
Sage Intacct has wide capabilities to support various types of integrations. It offers the Sage Intacct Marketplace, where you can search and review various partners with direct integrations.
Pros & cons
| Features a modern design for simple processes and automations | May require significant time for initial setup and customization |
| Offers valuable insights through customizable reports and dashboards | Pricing can vary based on budget and needed capabilities |
| Connects with a wide range of integrations via its marketplace | Some advanced features may come at an extra cost |
How to choose the right financial analysis software for your business
When choosing the right financial analysis software for your business, you should take into consideration the following factors:
- Features & functionalities: You’ll want to determine what specific features are best suited to support your business in its financial planning, reporting, and processes. Additionally, you’ll want functionalities to allow you to compile and analyze data that can be used for decision-making about business operations and goals. This can include features such as budgeting, trend forecasting, data visualization, and scenario modeling. It’s important to make sure the software you choose has the capabilities you need in order to avoid the need for multiple tools.
- Integrations: Most financial analysis software will have integration options. While some are more robust than others, you’ll want to ensure the platform you choose works with your data. This includes ERP systems, CRM platforms, or other accounting software you might utilize. Integrations are important, as they help simplify the syncing of data without the need for manual data entry, which in turn helps mitigate the risk of potential errors.
- Pricing: Pricing for software ranges vastly based on your business needs and characteristics. Whether you have limited users or need certain features or scalability, these are all factors that can impact total costs. Pricing models will vary, and can often be subscription-based, one-time licenses, or even a tiered pricing model. It’s important to take into account both short and long-term costs, and compare with your budget. Other costs to consider might include consulting, training, or maintenance.
- Risk management: An important aspect of financial planning and analysis is assessing potential risks. The right software for your business will help you identify risks and give you insights to properly manage them and make the right business decisions. This can include tools like scenario modeling, sensitivity analysis, or stress testing. As such, these tools can provide you with essential data and allow you to come up with a risk management strategy.
- Trend analysis & growth opportunities: Great software will provide you with tools to help you identify financial trends of your business over time. Insights such as fluctuations in revenue and expenses, profit margins, and other metrics can help you with overall operations strategy or help to determine growth opportunities like untapped markets, department performance, or allocation of resources.
Methodology
When comparing financial analysis software options, I considered various elements, including key features, user reviews, integrations, and other tools. My focus was to determine which providers might have the best capabilities for businesses looking to analyze their finances to find trends, growth opportunities, and mitigate financial risk.
My choices reflect software with capabilities specific to financial modeling that allow for such events, and aim to allow businesses insight into their financial health, and provide them with the tools to move forward with decision making in regards to the operations of a business.
For accounting software recommendations to supplement your financial analysis software, read our article on the best accounting software.
Frequently asked questions (FAQs)
What type of software application would be best for analyzing financial data?
It depends on your business needs. You should consider how you plan to use the software, whether it be to identify trends, find growth opportunities, to mitigate risk, or simply help manage your cash flow. These factors should be the basis on which you decide which provider is best for you.
What is the most suitable tool for analyzing the financial data of a company?
This might vary depending on the size of a business, current financial reporting structures, and the overall financial goals of the company. Using financial analysis software may benefit your company if you’re looking to better manage your finances and need data for forward decision-making.
How do businesses use financial analysis?
Businesses use financial analysis data to understand revenue, sales, expenses, and how these impact the company’s current financial position. It can also be used to identify trends in regards to the operations of your business, allow you to make decisions for growth or risk strategies, and ultimately give you an overview of the financial health of your business.
How much does financial analysis software cost?
The cost of implementing financial analysis software will vary widely. This is because most of these platforms require customizations, depending on business factors like team size and required integrations or functionalities. You’ll likely have to reach out directly for a quote, where you may see various subscription options.
