As a startup, it can take a lot of work to manage the financial side of your business. You must keep tabs on your budget, track expenses, and forecast future performance. That’s why having the right FP&A software is essential for startups in 2023. But with so many options, how do you know which is the best for your business?
We’ve researched for you! We’ve compiled a list of 12 of the Best FP&A Software for Startups in 2023, ranked and reviewed to help you make the best choice. From budgeting and forecasting to expense tracking, each software solution offers something unique that can help you manage your finances more effectively. Read on to learn more about each and find the perfect fit for your business!
What FP&A Software for Startups?
FP&A software helps startups manage their finances and budget more effectively. These solutions provide a range of features, from expense tracking to forecasting future performance. Using the right FP&A software can make it easier for startups to understand their financials, track expenses, and budget for long-term growth.
The Best FP&A Software for Startups in 2023 (Ranked and Reviewed):
- Cube
- Workday Adaptive Planning
- Anaplan
- Playful
- Vena
- Prophix
- Oracle Essbase
- Oracle Hyperion
- Oracle PBCS
- Netsuite Planning and Budgeting
- Details
- Jedox
Cube
Cube is an incredibly powerful and intuitive FP&A software that can help startups drive better planning, performance, and collaboration. It allows users to consolidate their data automatically and create sharable planning templates, customizable dashboards and reports, scenario planning and analysis, bidirectional Excel and Google Sheets integration, approval workflows, drill-throughs and audit trails, user-based controls, centralized formulas, and KPIs. This translates to easier reporting and access to quicker KPIs, more accurate forecasting and budgeting, a faster close and consolidation cycle, and improved team collaboration to ensure control and fewer mistakes.
Cube is simple and intuitive in design, which makes it ideal for mid-market companies who want to get up and running quickly with scalable enterprise-grade technology at an affordable price.
Price
Cube starts at $1250/user/month.
Key Functionality
- Automated data consolidation
- Sharable planning templates
- Customizable dashboards and reports
- Scenario planning and analysis
- Bidirectional Excel and Google Sheets integration
- Approval workflow
- Drill-throughs and audit trails
- User-based controls
- Centralized formulas and KPI
Workday Adaptive Planning
Workday Adaptive Planning, formerly Adaptive Insights, is a comprehensive enterprise planning software designed to upgrade financial planning, and business processes such as modeling, budgeting, and forecasting. The solution enables collaboration across the enterprise without manual spreadsheets or clunky legacy systems. It also provides effective financial planning and analytics for large enterprises, easy-to-use reporting that’s always current, and real-time financial consolidation.
The solution also covers various FP&A solution needs, including modeling, collaboration, analytics, management reporting, board reporting, scenario planning, and financial consolidation. In addition, Workday Adaptive Planning provides customizable dashboards, insightful simulations, and stress-testing capabilities to ensure businesses are prepared for any eventuality.
Price
Contact for pricing.
Key Functionality
- Fast, accurate financial forecasting and planning.
- Dashboards with customizable views of key performance metrics.
- Models that enable data-driven decisions.
- Easy collaboration and planning with the ability to simulate and stress test results.
- Comprehensive financial consolidation that eliminates manual reconciliation.
- Automated budgeting and reporting for real-time visibility.
- Advanced analytics for trend analysis, predictive modeling, and more
Anaplan
Anaplan is an award-winning all-in-one FP&A software designed to help businesses of all sizes streamline their financial planning processes. The solution enables users to model, plan, forecast, and report on their financial performance in one centralized platform. It also provides robust predictive analytics capabilities that help businesses detect trends before they happen and make informed decisions quickly.
Anaplan is a powerful yet easy-to-use planning tool for startups who want to get up and running quickly with the latest features and functionality. The solution also makes it easy to collaborate across teams, automate financial processes and models, and gain valuable insights from predictive analytics.
Price
Contact for pricing.
Key Functionality
- Robust planning, forecasting, modeling, and reporting tools.
- Advanced predictive analytics capabilities.
- Real-time collaboration across teams and the ability to automate financial processes.
- Visual planning dashboards and models to gain insights quickly.
- Integrates with popular systems such as Salesforce, Oracle, SAP, etc.
- Data security for complete control over user access and data integrity.
Vena Solutions
Vena Solutions is another powerful FP&A solution that helps businesses streamline their financial planning processes. The solution provides everything you need to model, plan, forecast, and report your financial performance in one centralized platform. It also offers advanced predictive analytics capabilities to help businesses detect trends before they happen and make informed decisions quickly.
Vena Solutions is a great startup option because it provides powerful features and an easy-to-use interface. It also integrates with popular systems such as Salesforce, Oracle, SAP, etc., so you can easily streamline your financial processes. The solution offers data security for complete control over user access and integrity.
Price
Contact for pricing.
Key Functionality
- Financial modeling, planning, forecasting, and reporting tools.
- Advanced predictive analytics capabilities to detect trends before they happen.
- Real-time collaboration across teams with the ability to automate financial processes.
- Visual dashboards and models to gain insights quickly.
- Integrates with popular systems such as Salesforce, Oracle, SAP, etc.
- Data security for complete control over user access and data integrity.
Prophix
Prophix is a comprehensive FP&A software designed to help businesses of all sizes streamline their financial planning processes. The solution enables users to model, plan, forecast, and report on their financial performance in one centralized platform. It also provides powerful predictive analytics capabilities to help businesses detect trends before they happen and make informed decisions quickly.
Prophix is a great option for startups as it is easy to use and set up but still provides all the features you need to manage your financial planning processes. The solution also allows users to collaborate across teams, automate financial processes and models, and gain valuable insights from predictive analytics.
Price
Contact for pricing.
Key Functionality
- Robust planning, forecasting, modeling, and reporting tools.
- Powerful predictive analytics capabilities.
- Real-time collaboration across teams and the ability to automate financial processes.
- Visual planning dashboards and models to gain insights quickly.
- Integrates with popular systems such as Salesforce, Oracle
Oracle Essbase
Oracle Essbase offers a comprehensive analytics and financial planning software suite to help businesses streamline their financial processes. The solution enables users to model, plan, forecast, and report on their financial performance in one centralized platform. It also provides powerful predictive analytics capabilities to help businesses detect trends before they happen and make informed decisions quickly.
Oracle Essbase is a great option for startups because it is easy to set up and provides all the features you need to manage your financial planning processes. The solution also allows users to collaborate across teams, automate financial processes and models, and gain valuable insights from predictive analytics.
Price
Contact for pricing.
Key Functionality
- Powerful financial modeling, planning, forecasting, and reporting tools.
- Advanced predictive analytics capabilities to detect trends before they happen.
- Real-time collaboration across teams with the ability to automate financial processes.
- Visual planning dashboards and models to gain insights quickly.
Oracle PBCS
Oracle PBCS enables operational planners to create plans with agility, scalability, and control. It has built-in best practices and configurability to suit users’ unique requirements.
Its business process frameworks are designed to address financial planning needs such as strategic modeling, workforce forecasting, capital expenditure, and more. With the right configuration, users can quickly achieve desired results with Oracle PBCS.
In addition, it provides a highly secure environment for storing confidential data, with the ability to set user access permissions and monitor user activities. This ensures that any action taken within the system is secure, reliable, and accurate.
Price
Contact for pricing.
Key Functionality
- Best practices with configuration
- Strategic modeling
- Workforce forecasting
- Capital expenditure planning
- Secure environment for confidential data
- User access permissions and monitoring.
Netsuite Planning and Budgeting
Netsuite Planning and Budgeting provides a comprehensive operational planning, forecasting, and budgeting platform. The solution enables users to quickly develop precise and accurate forecasts while still considering their business’s unique requirements.
It also includes powerful analytics functions, allowing businesses to gain insights from their financial data faster. The solution also allows users to automate and streamline their financial processes, making managing their budgets and accounts easier.
Price
Contact for pricing.
Key Functionality
- Powerful analytics capabilities.
- Real-time collaboration across teams with the ability to automate financial processes.
- Comprehensive platform for operational planning, forecasting, and budgeting.
- Integrates with popular systems such as Salesforce, Oracle, and QuickBooks.
- Advanced analytics to gain insights quickly from financial data.
Details
Details are great for startups who want to benefit from an Excel-based financial planning and analysis platform. It provides powerful automation, visualization, and consolidation capabilities which can help startups streamline their finance operations, increase productivity and improve efficiency.
The software enables users to quickly create spreadsheet models to analyze data, visualize results and generate reports. It also allows teams to easily track financial performance, prepare budgets, forecasts, and projections and make decisions based on real-time results. With the help of Datarails, startups can access an easy-to-use dashboard that provides an overview of their financial state.
Price
Contact for pricing.
Key Functionality
- Excel-based financial planning and analysis platform.
- Powerful automation, visualization, and consolidation capabilities.
- Easy-to-use dashboard with an overview of the financial state.
- Create spreadsheet models to analyze data, visualize results and generate reports.
- Track performance, budget, forecasts, and projections in real-time.
Jedox
Jedox is a great overall FP&A software for startups, as it caters to small, medium, and large businesses, with 2,500+ customers using their services, which includes big names like Microsoft and Mcdonald’s. This makes Jedox a reliable choice for startups looking for an effective FP&A solution.
Jedox is also considered in the middle of the pack regarding pricing and implementation time. However, it ranks very high in terms of ease of use, which every startup looks for before deciding on a software package. This allows startups to quickly and easily set up their FP&A solution for maximum efficiency.
Price
Contact for pricing.
Key Functionality
- 2,500+ customers, including big names like Microsoft and Mcdonald’s.
- Middle of the pack in terms of pricing and implementation time.
- Ease of use allows startups to set up their FP&A solution quickly.
- Caters to small, medium, and large businesses alike.
- Full suite of analytics and planning capabilities.
Conclusion
Startups looking for an FP&A software solution should consider the 12 Best FP&A Software for Startups in 2023 presented and discussed above. Each solution offers unique features, from powerful analytics capabilities to real-time team collaboration. Furthermore, each of them also provides different pricing levels depending on the company’s size and needs. Ultimately, any startup should weigh its options and make an informed decision that best fits its budget and desired outcomes. With the right software, businesses can ensure they are making the most of their financial data to drive better decisions and greater success.
FAQs
What is the difference between financial and operational data?
Financial data refers to information related to a business’s financial activities and transactions, such as revenue, expenses, assets, and liabilities. Operational data, however, refers to a business’s day-to-day operations, such as production, inventory, and sales data.
What is financial reporting, and why is it important for businesses?
Financial reporting is creating and communicating financial information to internal and external stakeholders. It is important for businesses because it provides insights into the financial health and performance of the organization, which can inform decision-making and help identify areas for improvement.
What are financial planning software tools?
Financial planning tools are software applications designed to help businesses manage their financial activities, such as budgeting, forecasting, and financial analysis. These tools can automate many tasks and provide valuable insights into a business’s financial health and performance.
What is business performance, and how is it measured?
Business performance refers to how well a business achieves its objectives and goals. It can be measured using a variety of metrics, such as revenue, profit margin, return on investment (ROI), customer satisfaction, and employee engagement.
What are automated cost management practices, and why are they important?
Automated cost management practices are processes and tools used by businesses to streamline cost management and reduce expenses. They are important because they can help businesses save money, increase efficiency, and improve overall financial health.
What types of software tools are commonly used by finance teams?
Finance teams commonly use software tools such as accounting software, financial planning software, financial modeling software, and data analytics software.
What are financial models, and how are they used in business?
Financial models are mathematical representations of a business’s financial activities and projections. They are used by businesses to make financial decisions, such as forecasting revenue and expenses, assessing the feasibility of a project, or evaluating investment opportunities.
How do small and medium businesses approach financial planning and management?
Small and medium businesses may use a variety of approaches to business planning and management, depending on their size and industry. Common approaches include using software tools to automate financial tasks, outsourcing financial management to third-party providers, or working with a small internal finance team to manage financial activities.
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