In this age of advanced technology, in which we have access to brand-new technological tools with each new daybreak, it is essential to be able to adapt to the ever-changing technological landscape. Numerous metrics and KPIs can be utilised without difficulty for accurate business forecasting. Due to its superior accuracy and ability to adapt to varying behaviour and deliver the desired results in real time, machine learning is autonomously powering such technology-based forecasts. This article will highlight the top 16 financial forecasting software applications.
The Best Financial Forecasting Software Tools Â
1. Cube
Cube is the first spreadsheet-native, robust, and user-friendly FP&A software. Due to its simple and intuitive user interface, Cube is a great option for mid-market businesses that want to get started quickly with scalable, enterprise-grade technology at a reasonable cost. Cube features facilitate financial reporting and KPI management, more accurate forecasting and budgeting, faster closing and consolidation cycles, and collaborative teamwork for greater control and fewer errors. It can quickly connect to any source system or web browser, so you don’t have to change your working methods. Essential Cube features include Automated data consolidation, Shareable planning templates, Customizable dashboards and reports, Scenario planning and analysis, Bidirectional Excel and Google Sheets integration, Drill-throughs and audit trails, and Centralized formulas and KPIs.
2. Workday Adaptive Planning
It was once known as Adaptive Insights when it came to planning, modelling, budgeting, and forecasting for the company’s finances. Without using spreadsheets or obsolete technology, this application aims to facilitate communication between businesses. Due to their extensive expertise outside of Finance and FP&A, Adaptive Planning is an excellent option for large corporations seeking a revolutionary, enterprise-wide FP&A solution. Workday Adaptive Planning for Finance enables explicit financial planning and analytics for large businesses. In addition, their FP&A system enhances capabilities in modelling, teamwork, analytics, financial management, board reporting, scenario planning, and financial consolidation.
3. Anaplan
The Anaplan tool facilitates the resolution of complex scenario planning with intelligent forecasting and rapid decision-making. It focuses on providing FP&A solutions to connect people, data, and plans across organisations in order to make the optimal decision. The solutions consist of automated cost management practises for planning, budgeting, forecasting, financial planning, and operational planning. In addition, it connects the financial and operational plans for improved outcomes.
4. Planful
Planful’s cloud-based budgeting solution is regarded as the most effective platform for structured dynamic planning, consolidation, and reporting. The ability to make the most important decisions with confidence and strategy is facilitated by this platform, which also elevates the financial dialogue. Currently, this is regarded as the ideal platform for enterprises with large FP&A teams.
5. Vena Solutions
Vena Solutions offers a comprehensive planning platform that connects people and systems. Its distinguishing feature is that it comes equipped with a method for automating laborious tasks. Other features include financial planning, compliance, analysis, reporting, and financial closing. It offers FP&A tools that are “pre-configured” for a prescriptive approach and can be modified quickly to meet specific requirements. It is ideal for businesses that require the strict planning controls and process rigidity of pre-built FP&A procedures or want to customise a pre-built solution to meet their specific needs.
6. Prophix
By automating repetitive tasks, Prophix’s comprehensive corporate performance management (CPM) solution aims to increase profitability and decrease risk. Its technologies can assist Finance in automating budgeting, consolidation, and reporting via cloud or on-premise solutions. The best software to utilise pre-built features and automate tedious, repetitive FP&A tasks.
7. Jirav
This is designed specifically for small businesses that want to switch from spreadsheets to a simplified application for their financial processes. Jirav is a cloud-based financial planning and analysis platform that allows accounting and finance teams to forecast and budget without using outdated, error-prone spreadsheets. It is possible to track, forecast, and share your organization’s most vital data thanks to its fully customizable design.
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8. DataRails
Datarails is also known as a financial management platform that enables finance professionals to easily collect, report, and analyse their data when necessary. Datarails creates a unified database of all your numbers and automates the data collection from organisational systems and spreadsheets without requiring users to alter their working methods. It is the optimal solution for smaller businesses that already run their financial processes and financial forecasts in Excel, but struggle to locate and organise their data sets across spreadsheets.
9. Centage
This real-time tool empowers its users and FP&A by expediting their work and enabling them to react swiftly to market changes by taking calculated risks and capitalising on any new opportunity. This tool facilitates the development of flexible, driver-based plans that forecast the likely financial performance by analysing the results and distributing vital data across the enterprise. Planning Maestro is ideal for FP&A in small businesses that want to eliminate spreadsheets and implement complex financial technology.
10. OnPlan
OnPlan is financial modelling software that enables the user to forecast, budget, and collaborate with the FP&A team by enhancing transparency and benchmarking effectiveness. OnPlan accepts existing spreadsheet models and creates a client-specific model with informative dashboards, charts, and graphs, as well as many other features. OnPlan is for small businesses seeking to eliminate the inherent financial modelling errors of spreadsheets by transforming them into a more robust financial modelling tool.
11. Budgyt
Budgyt is an intuitive software platform with a clean and straightforward interface for budgeting multiple P&Ls without Excel. It is a cloud-based budgeting tool that provides quick forecasting solutions to its users, who are primarily small-to-medium businesses and nonprofit organisations. Budgyt is ideal for businesses in search of a solution that eliminates the need for Excel for budgeting multiple P&Ls. It is also the best option if the client has complex requirements.
12. Oracle Essbase
Using what-if analysis and data visualisation tools, this business analytics solution instrument enables organisations to rapidly extract insights from multidimensional data sets. It is a tool for business analytics that typically works in tandem with FP&A tools. In addition, this is supported by analytic and modelling proficiency. Oracle has proven to be the best option for large Oracle organisations seeking an analytical modelling solution.
13.Oracle Hyperion
It is a tool for planning, budgeting, and forecasting that integrates financial and operational processes to improve business predictability. It is capable of planning, budgeting, and forecasting in order to align the financial plans, models, and projections across departments, cost centres, and business lines. It is a component of Oracle’s enterprise business planning suite.
14. Oracle PBCS
Oracle Enterprise Planning and Budgeting Cloud Service (PBCS) is a flexible, scalable, transparent, and controlled service for operational planning. Its software platform incorporates best corporate finance practises via a configuration framework that can be used as-is or modified to meet specific requirements.
15. Oracle NetSuite
NetSuite Planning and Budgeting is integrated enterprise resource planning (ERP) accounting software that automates planning and centralises financial data for businesses within a particular industry. The Finance department can then generate budgets, financial forecasts, what-if scenarios, and reports with ease and speed using a single tool.
16. IBM Considering Analytics With Watson
IBM Planning Analytics with Watson streamlines and integrates enterprise-wide financial and operational planning. IBM Planning Analytics with Watson, which is more than just budgeting and forecasting software, promises to utilise the Watson AI to power your financial forecasting process.
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