In a business model, financial management is a very crucial aspect that needs to be addressed with care. To avoid mistakes we humans have made advancements. At first, it was pen and paper then spreadsheets got introduced.
Those spreadsheets are still used as the popular choice for doing financial management. However, the advancement does not stop it still advancing and now we have software which are capable of doing all the things in minutes which would take was considerable amount of time.
This article is here with the top 8 financial forecasting software that is capable of doing something more than just financing. As the name suggests these software are able to predict the future based on the data and also plan out the best course of action for a business to take to prevent it.
Table of Contents
The Benefit of Financial Forecasting Software
Accuracy and Automation
- This software now has advanced algorithms and vast data sets to provide accurate predictions.
- financial forecasting in Financial projection software can be done repetitively due to automation which is time-saving.
Scalability
- The software is always growing as it is gaining data with time which makes it able to predict more accurately.
- As the software is based on data and there is no other medium to predict it is popular plus provides other services overall making it cost-efficient.
Integration with another Business tool
- The forecasting software is often integrated with other business tools like accounting applications, and the Enterprise Resource Planning system to streamline the data flow.
- Integration of the software reduced the manual data entry between different systems and also reduced the risk of errors.
Collaboration and Real-time Updates
- The Forecasting software with real-time updates can provide users with the latest financial data.
- The collaboration feature in the Planning and forecasting software has version control which monitors changes and updates in real-time.
Criteria for Selecting Financial Forecasting Software
User-Friendliness
- Each software works to facilitate their client and for that, they focus on the user interface and user experience a lot of time.
- Also to make the business likeable to the users they provide as much accessibility as possible with transparency.
Features and Functionality
- Different software has different products and services so it is necessary to check them first before paying for anything.
- There are also similar products and services in the two software however it is necessary to check if their functionality are same or not.
Cost
- With proper research gathering a range of similar software and then comparing the costs can save the users.
- Scalability considerations can also prove to be cost-effective.
Customization options
- The forecasting software is flexible as they are able to adjust as per the client’s business needs.
- The client can also customize the product and service package by contacting the team.
Customer Support
- Each Software has to contact us area client can freely contact the software team or place any other query there for clearing it out.
- There are documented files in the software for assistance.
- Terms and conditions are given before agreeing to any terms carefully reading them out is necessary in financial matters.
Top 8 Financial Forecasting Software Solutions
Software: Datarails
In the cutting-edge financial management market every business is finding cutting-edge solutions. The Datarails software is exactly bringing that solution to their customers with offering a seamless experience for both financial professionals and non-financial users making it worth collaborating.
1. Key Features
- Financial reporting and forecasting
- Budgeting
- Analysis
- Data visualization
2. Pricing
The Datarails forecasting solution charges their users based on use cases. So it depends on the number of times the company require the use. However, the price should start from $1,250 per month.
3. Pros and Cons
Pros
- The software cares a lot and invested huge in caring for there user experience and interface.
- The visualization set as the client can easily navigate the things and is able to understand the setup.
- Provide their services while also maintaining spreadsheets for dual reporting.
Cons
- As the demand increases reporting of worksheets can get slower due to performance factors.
- There are multiple features which are complicated and need experts before use.
Software: Board
Board financial management software is a dynamic software that is versatile and an intelligent business tool. This software is powerful and is able to provide forecasting to end-to-end businesses for better insights.
1. Key Features
- Discussion forums
- Real-time management
- Virtual meeting features
2. Pricing
In this, the customer is charged on the basis of their tier and features. The starting amount which they charge a customer varies however it is around $1,500.
3. Pros and Cons
Pros
- The software is diverse in product and services
- The software is user-friendly and can be used by non-financial professionals easily.
Cons
- Integration of many counts decreases the response rate and also if run by any third-party programs.
- The charges are costlier which can make customers vary.
Software: Anaplan
In the financial management market, there are many software but Anaplan is considered to be a pioneering force that drives others to push themselves too. The software is considered scalable and flexible with facilities like modern planning systems.
1. Key Features
- Activity Dashboard
- Auditings
- API
- Bonus Management
- Budgeting and Forecasting
2. Pricing
As a popular and trusted software, they charge their customer based on user count and what features they use from the software ends. the starting amount can vary and probable however it can be $10,000+.
3. Pros and Cons
Pros
- The software is responsive and compatible with many different devices but is preferable to use on PC and Android.
- The software is high-tech and uses cloud solutions to provide customers with data and features.
Cons
- The software is made user-friendly however customers struggle without guidance to use.
- There are times when customers also face problems with the reporting formats and customisations.
Software: Workday
This software is created with leading tech tools to provide a revolution in the financial management market and attract clients. using of latest tech solutions made the Workday software open to collaboration and streamlined business processes.
1. Key Features
- Time Tracking
- Talent management
- Analytics and Reporting
- Employee Self-service
2. Pricing
As Workday charges their customer monthly and yearly based on the customer’s module and user count and that can be $30,000+.
3. Pros and Cons
Pros
- The interface is considered user-friendly by reviews.
- The software provides customization solutions as per the needs.
Cons
- The software has a free version which is great but at the same time impacts their reputation of being local.
- The Customers are not satisfied with the minimum transparency and complain about allowing them to know more about the details.
Software: Planful
The Planful software which was before known as Host Analytics just has not changed its name. Also, improved it its services and quality of work over time. The platform adjusted its scalability and user-friendliness to attract customers.
1. Key Features
- Financial Reporting
- Dynamic Planning
- Budgeting and forecasting
- Structure and Workforce Planning
- Currency Conversion
2. Pricing
As forecasting software compete against each other this charges the user on edition and count but the starting amount can be low compared to others which is 1,000+.
3. Pros and Cons
Pros
- The software allows users to integrate another third-party tool with it without facing issues.
- The interface is very deep and customizable as per customers’ needs.
Cons
- The software has different templates in which it provides reporting for the task which makes it hard for customers to decide.
- Customer support needs to improve as customers are not able to connect.
Software: Solver
In the software, Solver is being chosen for it dynamic and versatile cloud-based corporation performance management solutions which assist customers in planning and organizing themselves.
1. Key Features
- Data mining
- Risk Assessment
- Predictive and Sentiment Analysis
- AI and Machine Learning
- Demand Forecasting
2. Pricing
This software charges their customer based on their perpetual license and the amount they start charging is 1,500.
3. Pros and Cons
Pros
- The interface is very engaging and easy to connect with.
- Due to the cloud integration, the software is able to handle 8000 divisions of variables in a program.
Cons
- The software is great however at the time of updates it gets slower and provides slow responses.
- The software has multiple glitches which are reported by multiple users.
Software: Vena
In the financial management market, Vena serves as a centralized platform to support organizations to gain deep insights into their financial performance.
1. Key Features
- Assessment, Asset and Audit Management
- budgeting and Forecasting
- Business Process Automation
- Bank Reconciliation
2. Pricing
As a growing software vena look at the user count and module size of the client to charge them. However, the first amount which a company get from them is around 5,000+.
3. Pros and Cons
Pros
- The platform focuses on its customers and provides the best customer support.
- The software is well-maintained and has fast solutions which saves time.
Cons
- The software is fast however integration may take longer than expected.
- Maximum times the software is great at performance but occasionally customers suffer from slow responses.
Software: Prophix
If you are looking for a platform to automate and simplify your financial needs. Prophix software is the best solution with good data handling skills and a choice perfect for businesses who want to automate their financial management tasks and save a lot of time.
1. Key Features
- Reporting
- budgeting and Forecasting
- Financial consolidation
2. Pricing
The software charges monthly and yearly plus charging look at the user edition and count of uses. the starting amount which they charge can be 10,000+.
3. Pros and Cons
Pros
- The software is smooth and user-friendly.
- Provide the best customer service to make customer relationships strong.
Cons
- The software lags sometimes.
- The statistical analysis report from the software is hard to understand and not a task for non-financial users.
Comparison of the top 8 Financial Forecasting Software Solutions
| Software Name | Features and Functionality | Pricing | Rating | Pros and Cons |
| 1. Datarails | Excel-based reporting and planning, automation in real-time | Monthly/yearly basis charges | 4.9 as per Gartner and 4.7 as per G2.com | Easy to use as Excel and is slower in customization features. |
| 2. Board | Multidimensional modelling, scenario-based planning | Per use monthly charges | 4.6 on Gartner and 4.4 on G2.com | Powerful features and flexible to collaborate and Steeper learning curve cost higher |
| 3. Anaplan | The software is Highly scalable. | Per use monthly charges | 4.6 on G2 and on Gartner it is 4.4 | highly Scalable and complex in setup |
| 4. Workday | It is able to Secure real-time processes make worth using. | Per use monthly charges | As per Gartner it is 4.4 and on G2 it is 4 | secure and real-time management and too Expensive and complex in implementation |
| 5. Planful | User-friendly on multiple platforms across devices versions | per use monthly charges/yearly | On G2 it is 4.3 and on Gartner, it is 4.3 | user-friendly with accessibility to different devices and limited in advanced features |
| 6. Solver | The software allows customers to Optimise & flexible modeling. | per use every month charges | On Gartner it is 4.4 and on G2.com it is 4.5 | Great optimization and a flexible model but not a complete FP&A solution |
| 7. Vena | Strong reporting & governance | per use on a monthly basis charges | On G2 it is 4.5 and on Gartner, it is 4.3 | Strong in reporting and governance but limited budgeting and forecasting |
| 8. Prophix | Flexible modelling & good governance | per use monthly charges | As per Gartner it is 4.5 and on G2.com it is 4.5 | Flexible modelling with good governance but a steeper learning curve is costlier than others |
Conclusion
The software is now the latest solution for all kinds of financial management problems as spreadsheets can have certain limitations. Each software provides different and similar services with different price rates in the market.
To analyze this market competition and ratings the list of top 8 software is taken from the USA-based market where they all are origin and compete at. The services can be similar but each planning and forecasting software has its own unique way of providing the solutions for the financial management.