Financial planning & analysis (FP&A) software is essential for navigating the challenges of business growth. But getting just any FP&A solution isn’t enough. You need the right tool for your business – and we’re here to help you find it.
In this article, we’ll cover what financial planning & analysis software is and give you a rundown of 4 of the best FP&A software tools on the market.
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Key takeaways:
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What is financial planning & analysis (FP&A) software?
Financial planning & analysis (FP&A) software is a type of software tool designed to help companies manage and optimise their financial planning, budgeting, forecasting and analysis processes.
FP&A tools help finance teams carry out core financial processes. They give them insights into the company’s financial performance, helps them set financial goals and enables them to plan effectively.
Key functions of FP&A tools include:
- Budgeting and forecasting: FP&A software gives you tools for creating and managing budgets and building forecasts. This allows you to keep tabs on expected income and expenses and adjust as things change throughout the year.
- Financial reporting: Many FP&A tools generate financial reports automatically. No more manual data entry – with real-time performance metrics, you can always stay on top of how things are going financially.
- Scenario analysis: FP&A software helps you run ‘what-if’ scenarios. Essentially, they help you see how different revenue growth rates, cost changes or investment options would affect your company’s financial health.
- Data integration: Many FP&A tools integrate with other financial systems – e.g. ERP systems and accounting software – pulling all the information you need from across the company and giving you a complete view of finances in one place.
- Collaboration and workflow management: FP&A software usually includes tools to allow for easy collaboration across departments – especially when building budgets or planning. This keeps everything organised and ensures everyone is on the same page.
In short, FP&A tools play a critical role for businesses of all sizes. They help companies gain a deeper understanding of their financial well-being, enabling them to make well-informed decisions and transition from manual or spreadsheet-based management to a more streamlined, data-driven approach.
The best 4 FP&A software tools
1. Workday Adaptive Planning
Adaptive Planning is your go-to tool for streamlining budgeting, forecasting and reporting. It’s user friendly and great for mid-to-large businesses that need reliable planning without getting bogged down in complexity.
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Best for |
Pros |
Cons |
Pricing |
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Mid-sized to large enterprises |
Intuitive and user friendly; accessible for users without deep financial expertise Strong reporting and dashboard capabilities that make it easy to track financial metrics Good integration options, especially for companies using Workday |
Implementation can take a while, especially for larger companies with complex needs Platform might be too advanced for smaller businesses Pricing is on the higher side compared to similar solutions |
Offers a free trial and two pricing plans (Workday Adaptive Planning and Workday Adaptive Planning & Consolidation) based on business size and requirements |
2. Anaplan
Anaplan is the powerhouse for big, complex companies. If you have loads of data and love building intricate models and ‘what-if’ scenarios, Anaplan is the perfect solution for you. Just be prepared for a more demanding learning curve compared to similar solutions.
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Best for |
Pros |
Cons |
Pricing |
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Large enterprises with complex planning needs |
Extremely customisable and powerful; ideal for businesses with intricate financial structures Strong in handling scenario planning and modelling Excellent for cross-functional collaboration |
Has a steep learning curve; extensive training may be required Can be more costly than other options, both in software fees and implementation costs |
Pricing based on the number of users and modules selected |
3. Planful
Planful is perfect for growing businesses. It’s all about making financial planning less intimidating and more flexible while still packing in enough features to scale with your business as it grows.
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Best for |
Pros |
Cons |
Pricing |
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Small to mid-sized businesses looking to scale |
Very flexible; designed with a variety of industries in mind, making it versatile Strong in financial reporting with easy-to-use templates and tools for budget tracking Fast implementation and good customer support |
May not be as robust as other tools for highly complex enterprises Less modern user interface than similar solutions |
Pricing depends on the size and needs of the individual business |
4. Vena Solutions
Vena has you covered if you live and breathe Excel but are looking for a little more oomph. Vena integrates seamlessly with Excel, giving you advanced planning tools without forcing you out of your comfort zone.
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Best for |
Pros |
Cons |
Pricing |
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Small to mid-sized businesses, especially those reliant on Excel |
Integrates directly with Excel; great for teams already comfortable with Excel-based workflows Excellent for budgeting and forecasting, with strong templates and reporting capabilities Easier to set up and use compared to more complex tools |
Limited scalability; may not suit larger businesses with complex financial requirements Heavy Excel reliance can sometimes feel limiting |
Offers two pricing plans (Professional and Complete) with custom quotes provided for enterprise-level features |
Spend management – the perfect sidekick for your FP&A software
If you want to get the most out of your FP&A software, one of the best ways to support your software of choice is to invest in a solid spend management solution.
A tool like Pleo is the perfect sidekick for your FP&A software. By keeping track of your expenses in real time and feeding that data into the bigger picture, it helps your FP&A tool stay accurate with up-to-date spending info.
Pleo takes care of the nitty-gritty details like categorising your expenses, making budgeting and forecasting much easier and allowing your FP&A software to focus on creating smarter plans and scenarios.
The solution also enables you to minimise human errors and avoid manual expense reports by exporting Pleo spending data right into the accounting tools your finance team uses every day – and much, much more.
Together, spend management and FP&A software are a powerhouse for optimising your budgets and staying on top of your finances.
Learn more about expense management with Pleo.
How to choose the right FP&A software tool for your business
FP&A software isn’t a one-size-fits-all solution. A tool that works well for one business isn’t necessarily the right one for yours. Even so, there are certain key functionalities that are always good to look for when choosing FP&A software for your business.
When choosing your new FP&A tool, here are some things to consider:
- Implementation time: The longer a tool takes to implement, the more expensive it is. Look for FP&A software with a short implementation time and onboarding process.
- Ease of use: An FP&A tool may have great features, but if it has a high learning curve, it’ll likely be difficult to use. Read reviews and try product demos to make sure the tool is easy to use and adopt.
- Advanced analytics and reporting: This one’s important. Advanced analytics and reporting give you deeper insights into your business performance and priorities, and that helps enhance your decision making. Look for a solution that offers these features.
- Data security: Protecting sensitive data and financial information is important. Make sure the tool has passed industry-standard security and regulatory compliance checks.
- Compliance support: The FP&A software should comply with relevant reporting standards, financial regulations and data privacy requirements. You should also make sure it allows you to automate compliance reporting tasks and generate standard reports.
- Budget and value: Make sure you get the value you’re looking for. Compare the solution’s pricing model with the value and features it offers, and weigh the potential benefits against the cost of the tool.
Wrapping up
FP&A software gives you crucial insights into your company’s financial performance. It helps you set financial goals and plan effectively, making it an essential tool for your finance team – regardless of the size of your business.
When choosing your FP&A software, look for a solution that offers low implementation time and high ease of use while simultaneously being a good fit for the size of your business – as well as your budget.
