2Is your company still doing most of your planning and management reporting in Excel? Don’t worry, you’re not alone. 85% of small to mid-size enterprises in the US are still relying on spreadsheets. Is planning and reporting labor intensive? Do you consistently have trouble getting to a “single truth” of data? Time and time again do you get a question from the board or CFO that you cannot quickly answer? Maybe it is time to upgrade your FP&A team and install enterprise-level financial planning software.
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Key Features to Consider When Evaluating Financial Planning Software
When choosing an Enterprise Financial Planning Software (EFPS) provider, there are a lot of choices in the market. The key to narrowing down your selection will depend on your company size, the industry you operate in, whether the users are finance-only or company-wide, the need for integrations with other systems, flexibility in design, implementation support, and the ability to create standardized or ad hoc reports.
As more companies enter the EFPS space, taking the time upfront to research which solution fits you best will help ensure the project stays on budget and on time. For additional guidance on optimizing your financial data management and reporting processes, explore our detailed insights here. Below are a few of the key considerations needed upfront.
Company Size
If you are start-up company, you are probably not going to need 100s of licenses and multi-currency capability. As well, if you work for a global company that transacts in foreign countries you are going to want to make sure the software can handle multi-lingual and multi-currency capabilities, with global consolidations. Software solutions are built for a specific number of users and complexity. Think of it this way - do you want to spend the money on a Ferrari if all you're going to do is drive to the grocery store?
Industry
Not all software solutions are targeted for the same business models and industries. Manufacturing software will be very different from professional services industry solutions. The larger software providers such as Oracle and SAP will be able to handle most all industry solutions but will come with additional modules that may or may not be needed. Focus on providers that have typically worked in your industry. Ask for references and follow up.
Collaboration
Need to consider the benefit of rolling out the software beyond finance and adding additional non-finance users. Will need to consider training and especially security requirements when designing a system for more users. The decision to roll out to more users is usually a larger discussion in the organization and is dependent upon management views of roles and responsibilities for budgeting.
Systems Integrations
One of the greatest benefits of an EFPS is the ability to link seamlessly with your HRIS, CRM, and ERP systems. Designing the integrations can be labor intensive upfront, but once you are up and running, data will be centralized saving countless hours reconciling and reporting. Providers have different solutions and levels of complexity when integrating. Make sure to take a deep dive into the ongoing requirements of change management needs.
Design Flexibility
Based on the size and maturity of your company, your accounting and finance needs might be constantly changing or very static in nature. Dependent upon the nature of your business you will need to inquire about change management and how the system can adapt. Different providers will approach the idea of flexibility very differently. The most flexible systems are when the software can be easily updated. Some of the larger software providers will require you to plan around their system architecture.
Implementation Support
Based on the software that is chosen a critical question will come up of who is going to design, build, and test the solutions, and the impact on delivery schedules. Several software providers are now integrating AI into the design and accelerating the time to go live. For large implementations, the software provider will recommend a 3rd party to help implement the solution. A clear plan with milestones, deliverables, resources, and costs needs to be agreed upon before starting to avoid complications.
Reporting Requirements
A key consideration often overlooked when implementing a new system is the building of reporting packages. Most software solutions will have a direct connection to Excel so you can build your reports. More and more solutions are integrating with PowerPoint to provide charts and graphs on the fly. The larger providers also offer reporting tool suites for standardization. Make sure to incorporate the time and resources required to build the reports as the project nears completion.
Our picks for Midmarket to Enterprise Financial Planning Software Options
While there are many solutions in the market, refining the list starts with the solution that is appropriate to the size of your company. The following is a selected list of Planning Software providers we usually see for mid-market companies. For more insights on optimizing your financial systems, check out our video on ERP system implementation and project management.
1. Workday Adaptive Planning
Adaptive Planning empowers on-the-fly decision-making with modeling and analytics capabilities. The cloud-based application is user-friendly and can be deployed across large enterprise-size organizations.
One of the seamless features of Workday Adaptive Planning is OfficeConnect which allows for report creation in Microsoft Office, being able to connect Excel reports to the platform, and version control to manage revisions efficiently.
Workday Adaptive Planning is among the top FP&A software choices for mid to large enterprises seeking a comprehensive tool to handle extensive data effectively. Its exceptional ability to manage large datasets sets it apart from other applications.
2. Anaplan
Anaplan is a dynamic planning platform. Its flexible architecture empowers organizations to optimize planning processes and foster agile operations, leading to enhanced business outcomes.
Anaplan is most ideally suited for large enterprises with over 1000 employees, particularly when their existing processes have grown overly complex. It has a steep learning curve, for which you will need dedicated resources for its implementation. For the implementation, Anaplan uses third-party providers.
3. Vena
Vena presents itself as a comprehensive financial management platform, ideally suited for centralized budgeting and workflow, and it shares similarities with Excel. Vena comes with unparalleled flexibility.
Key features of Vena solutions include centralized budgeting and forecasting, data integration, scenario modeling, reporting and analytics, workflow automation, collaboration and audit trail, regulatory compliance, adaptability to business needs, and comprehensive customer support.
Vena is best suited for FP&A professionals looking to take the next step beyond Excel.
3. Prophix
Prophix is a powerful planning software designed to enhance organizational profitability while reducing the risks associated with errors.
Some of Prophix’s key features include data visualization options, variance analysis, and multiple scenario planning.
Prophix is best suited for organizations that need a robust financial performance management platform to optimize their budgeting, planning, and financial forecasting processes. Prophix caters to a wide range of industries and enterprises seeking an efficient and comprehensive solution for financial management.
4. Jedox
Key features of Jedox include customizable permissions for different users, robust integration processes, the capability to automate tasks, and an Excel add-in.
Users are typically finance departments, planning teams, and decision-makers within enterprises who require a flexible and comprehensive planning and performance management solution.
5. Planful
Planful is a robust financial management platform that empowers organizations to make highly impactful business decisions by integrating with other systems and AI-driven insight.
Key features include interactive dashboards, its integration with Microsoft Office, and its feature to push reporting directly to stakeholders.
Users are typically finance departments, planning teams, and decision-makers within enterprises who require a flexible and comprehensive planning and performance management solution.
Enhance Your Financial Reporting with 8020's Expert Financial Systems Consultants
If you are considering accelerating your business growth, an enterprise financial planning system upgrade is the cost-efficient next step to quickly level-up your organization’s finance capabilities. We have the expertise to help align your critical financial processes with strategic planning, to help improve short-term decision-making and achieve long-term success. Set up some time with us to help you determine which software product would be the best fit for your business and support you through implementation on your way to success.
