The 12 Best FP&A Software Tools in 2024 (SMBs and Enterprise)

Having the right FP&A tools can make managing business finance much easier while providing crucial insight into business performance.

This article will look at the FP&A systems to help you find the best choice for your business, including FP&A tools from Wise Business.

Table of Contents

Functions of Financial Planning and Analysis Software How To Choose the Best Financial Planning and Analysis Software Key Financial Planning and Analysis Tool Differences for Small and Large Businesses Financial Analysis Software for Small Business: Best Options 1. Xero 2. QuickBooks 3. LiveFlow 4. Finmark 5. Causal 6. Clockwork 7. Fathom Enterprise Financial Planning Software: Best Options 1. Oracle 2. Netsuite 3. Prophix 4. Anaplan 5. Workday Adaptive Planning Get Wise Business & Save on International Transactions

Functions of Financial Planning and Analysis Software

Financial planning and analysis generally refer to processes such as budgeting, forecasting, and reporting. Additionally, depending on the size of the business, it may also include planning for different scenarios through financial modeling.

FP&A systems manage the entire planning and analysis process and ensure that financial data is being monitored and managed efficiently. Typically, FP&A tools are used to capture financial data for the business, and they can automate much of the manual work that usually goes into financial planning and analysis.

At their core, FP&A tools perform a few key tasks:

1. Understand the revenue
2. See how finances are currently being used
3. Find areas for improvement
4. Plan ahead using projections on current data
5. Remove the manual
6. Visualize data for overview
7. Act as a single source of truth

For this reason, both startups and large-scale enterprises are using FP&A systems to run their businesses.

How To Choose the Best Financial Planning and Analysis Software

Since software is now a vital part of the FP&A process, businesses are faced with a challenging problem: choosing the right platform for their software.

Why is it challenging?

Processes are what makes a business run efficiently. Even a slight tweak or a misunderstanding about how your team works can lead to lost productivity.

Software can include functionality that differs from how your team does things. It can also be different from, built for a different industry. It might also not integrate with your existing software. All of these things can lead to disaster.

Your technology platform should encourage better decision-making and increased accountability across the organization.

To achieve that, your financial planning platform should have:

1. Give fast and accurate financial data and advice
2. Predict how decision-making influences key business metrics
3. Permissions and controls for protection of sensitive data
4. Monitor the business’s financial performance and well-being
5. Create models and forecasts and continually update them
6. Develop plans and forecasts for multiple scenarios
7. An easy-to-use interface
8. Work within various departments to prepare budgets
9. Integrate business strategy with execution through performance tracking
10. Point out opportunities and risks
11. Offer collaborative tools that share insights across teams and the organization
12. Permissions and controls for protection of sensitive data
13. An easy-to-use interface

This list should cover many of the factors you should look into while looking into FP&A tools and software.

Key Financial Planning and Analysis Tool Differences for Small and Large Businesses

FP&A systems and tools will vary depending on the size of the business. For smaller businesses, it might be more important to monitor cash flow and spending to ensure that their will not be any gaps in revenue that will hurt growth.

For larger businesses, more oversight might be needed into how budgets are planned and decided across the business, how different departments spend, manage payroll, and more. For large and small businesses, having some forecasting element within FP&A tools is crucial as that can be helpful when undertaking financial planning.

Larger businesses might need multiple different permissions and controls. They also might need more functionality that relate to which department is working with the tool. Of course, larger businesses will also need to work with a team, internally or externally, that can integrate the FP&A tool into their existing systems. Though this is expensive and takes time, it is better than running a large business from a clunky spreadsheet.

Simple bookkeeping and analysis tools will likely be the best fit for smaller businesses.

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Financial Analysis Software for Small Business: Best Options

There are many tools available that can be immensely useful for small businesses looking to build up their financial planning and analysis capabilities. The best FP&A tools for small businesses tend to go into a wider set of features that include basic bookkeeping while also providing insight into a business's financial performance.

Overview of FP&A Software for Small Businesses

Software	Pricing	Pros and Cons
Xero	Between $3-17 per month⁶	✅ Batch payments ✅ Integrates with apps ✅ Cloud-based ✅ Multi-currency support ❌ No payroll features ❌ Limited financial management capabilities
QuickBooks	$15-100 per⁷ month depending on business size	✅ Easy to integrate with other business tools ✅ Cloud-based ✅ Includes payroll Limited tools for invoicing and invoice management ❌ Limited financial reporting capabilities features
LiveFlow	Starts at $149 per month⁸	✅ Automated reporting ✅ Track vendor spending ✅ Consolidates reports with Excel and Google Sheets ✅ Custom reporting ❌ Better for spreadsheet based accounting as opposed to financial analysis ❌ Need knowledge of formulas to make the tool work ❌ Limited integrations with other business tools
Finmark	• New business $50/month • Under $500k annual revenue $100/month⁸	✅ Many integrations ✅ Easy-to-use and flexible Dashboards ❌ Is more expensive than some competitors Price
Causal	$0-250 for smaller companies	✅ Integrates with accounting systems ✅ Increased granularity into revenue for modelling and planning ✅ Generate charts and visuals for FP&A ❌ Potentially too complex for smaller businesses
Clockwork	$299-799 per month, annual discounts available⁹	✅ Easy to customize with metrics ✅ AI analysis of cash flow and financial performance ✅ Real-time financial management and monitoring ✅ Integrates with accounting software ❌ Not the easiest tool to navigate if you do not have prior finance or accounting experience ❌ Bugs/glitches may be an issue from time to time
Fathom	$40 a month per company connected¹⁰	✅ Customizable financial reporting ✅ Integrations with accounting software ✅ Basic and advanced analysis and reporting features ❌ Limited ability to track and measure financial KPIs ❌ Lack of templates or direction for financial reports

1. Xero

Xero is a simple yet powerful bookkeeping tool with a wide variety of features. Xero can be integrated with many banking solutions, including Wise Business.

Xero is an excellent solution for small and medium businesses looking for real-time financial monitoring and analysis.

Xero enables businesses to monitor their finances in real-time, control cash flow, and manage business expenses. Additionally, Xero can be used for invoice management, tracking, and other business bookkeeping functions.

Features
Send invoices Claim expenses Pay bills Manage invoices Accept payments Integrates with Wise

2. QuickBooks

QuickBooks has been a staple bookkeeping and FP&A tool with a lot of features to help small businesses operate efficiently and manage their accounting function with ease.

QuickBooks is smart and simple accounting software that includes payroll management, auto tracking incoming payments, and outgoing expenses, as well as integrations with external tools and apps.

Features
Real-time incoming cash flow and outgoing cash flow management Payroll management Tax tools Track expenses Real-time financial support from accounting professionals Integrates with Wise

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3. LiveFlow

Liveflow¹ is designed to be an automated FP&A system that eliminates much of the manual work needed for financial reporting. LiveFlow offers live data dashboards with flexibility and features similar to financial management tools such as Google Sheets and Excel.

LiveFlow has many features to help businesses track internal financial health, as well as data dashboards to set up financial monitoring for individual client projects.

Features
Live data dashboard Granular oversight into incoming and outgoing cash flow and expenses Similar layout to Google Sheets and Excel for easy usage

4. Finmark

Finmark² offers financial planning and modeling software to SMBs and startups. Finmark takes financial calculations and distills them into a simple interface for companies.

This software gives you a dashboard that allows you to see all of your financial data in one place and develop a model that is specific to your business needs.

Features
Create, update and share your financial plans Manage burn rate and cash Plan for contingencies Forecast your revenue and expenses Fundraise feature tracks key metrics for investors

5. Causal

Causal³ is a business planning FP&A system with a wide range of capabilities. With Causal, businesses can build financial models, integrate data sources and create interactive dashboards and visuals. Causal has a wide range of FP&A tools, from basic financial management to more complex financial strategy tools, including scenario testing, forecasting, and modeling for businesses.

Features
Interactive dashboards and visuals Dynamic business modeling and scenario planning Automated data sharing with accounting systems

6. Clockwork

Clockwork⁴ is an intelligent financial modeling tool that is best for financial strategy and decision-making. Clockwork has a range of innovative features and integrates with existing account tools to create financial models within minutes.

Clockwork grades financial performance and signposts areas for improvement and also has AI-powered projections for comparing performance versus forecast.

Features
Real-time cash flow management Custom metric inputs Automated FP&A tools and processes to monitor financial performance AI financial modeling for performance and forecasting

7. Fathom

Fathom⁵ is an all-in-one FP&A system that included features for financial reporting, analysis and forecasting. Fathom includes basic financial management tools such as cash flow monitoring and management alongside financial analysis and reporting tools based on business size.

Fathom also includes forecasting and other modeling tools that businesses may find useful as they continue to grow.

Features
Financial analysis tools to monitor and understand business performance Financial reporting Cash flow forecasting Benchmark financial performance

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Enterprise Financial Planning Software: Best Options

Enterprise financial planning typically requires more complex features, including integrating with multiple branches and offices to understand financial performance, multi-currency financial management and functions, and real-time financial insight.

Additionally, enterprise FP&A systems may also include functions, such as macro and micro financial modeling and additional tools to help with financial strategy.

For larger businesses looking for a more dedicated and advanced FP&A tool, they are plenty of options available that can make it financial planning and analysis a smoother process as businesses expand.

It's important to note that pricing is not listed here. All of these options require communication with the company's sales team to understand what you need.

Of course, this can be helpful for you to get a better understanding of what the software offers your company and negotiate a price that your business can afford.

Overview of Enterprise Planning Software

Software	Features	Pros and Cons
Oracle¹¹	AI/ML based automation for finnail management processes Real-time data monitoring Increased security features Collaboration	✅ Offers comprehensive security for enterprise financial management ✅ Collaboration tools available ✅ AI/ML based automation reduces manual workloads ✅ Integration with HR features and other functions ❌ Difficult to learn the software ❌ Integrations may prove challenging ❌ Not always easy to configure for enterprise ❌ Lack of flexibility across different aspects of FP&A such as assets and invoice management
Netsuite¹²	Revenue and expense modeling Approval workflows Management reports Predictive planning features using historical data and industry Budgeting management and planning capabilities	✅ Ability to use historical data and industry data for predictive modeling Advanced budgeting tools ✅ Easy to model both business revenue and expense ❌ Reporting functionalities aren’t always easy to use ❌ Can feel clunky and dated compared to other enterprise financial solutions ❌ Customer support may be limited
Prophix¹³	Data integration Secure customer data Compliance measures Workflow automation Collaboration features AI insights for data analysis	✅ Protects customer data and ensures enterprise businesses can meet compliance standards ✅ Automate processes such as budgeting, forecasting, and reporting ✅ Automated data analysis using AI ❌ Complex licensing ❌ Not as intuitive as other enterprise solutions ❌ Complex analysis may still prove challenging
Anaplan¹⁴	Budgeting, forecasting and planning tools using real-time data Dynamic modeling capabilities for profitability and pricing Finance and operation planning features	✅ Operational elements can be included in FP&A tools including capital expenditure and facility plans ✅ Multiple types of modeling capabilities ✅ Real-time data integration with accounting software ❌ Data storage may be an issue ❌ Slow with larger datasets
Workday Adaptive Planning¹⁵	Budgeting, analysis and forecasting tools available for financial management Additional oversight into staff, sales, and operations Dynamic scenario and modeling capabilities	✅ Streamlined solution to manage finance, HR, sales, and operations in a single solution ✅ Tools to develop and manage financial strategy ✅ Automates financial processes ❌ Not an intuitive interface ❌ Lacks advanced functionalities for FP&A ❌ Takes time to learn the system and minimal support available

1. Oracle

Oracle FP&A solutions¹¹ have been a mainstay in enterprise software for many years due to its advanced features and capabilities. Oracle’s enterprise financial planning and analysis tool has a lot to offer enterprise businesses looking for a streamlined financial management solution.

The Oracle FP&A system includes AI/ML-based features to automate financial processes, with advanced security and collaboration features to make it easier for enterprise teams to work together. Oracle also has additional software tools for ancillary functions such as project management and procurement to bring everything together under one solution.

2. Netsuite

Netsuite¹² offers a vast array of FP&A tools and systems, including budgeting, reporting, modeling, and forecasting. With Netsuite, enterprise businesses can undertake a wide range of financial planning and analysis to ensure that they use revenue as strategically as possible for business growth.

Netsuite includes revenue and expense modeling features, approval workflows, and other types of financial management and reporting.

3. Prophix

Prophix¹³ is a corporate performance management platform designed for enterprise businesses. Prophix provides deep financial insights for enterprise businesses while also having workflows, data controls, and other security measures to keep financial management secure.

Prophix makes data integration seamless while also ensuring that businesses are able to keep customer data protected and adhere to compliance standards.

4. Anaplan

Anaplan¹⁴ is a financial planning platform for enterprise businesses that comprises many different features. Anaplan solutions encompass functions such as finance, marketing, sales, and operations, making it a single solution, or it can be used for a single function such as finance.

Anaplan includes key features such as planning, budgeting, and forecasting using real-time data. Additionally, it includes specialty features to help businesses monitor performance, grow, and scale while mitigating risk across the financial planning process. `

5. Workday Adaptive Planning

Workday is a software suite that includes HR and FP&A tools all in one, making it immensely beneficial for enterprise organizations aiming to streamline their systems.¹⁵ Workday Adaptive Planning is the FP&A function of Workday and offers a wide range of features for enterprise financial planning and analysis.

Workday Adaptive Planning includes features for flexible budgeting, modeling, forecasting coupled with workforce, sales, and operational planning for total oversight of business performance.

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Sources:

1. https://www.liveflow.io/
2. https://finmark.com/
3. https://www.causal.app/financial-planning-and-analysis
4. https://www.clockwork.ai/
5. https://www.fathomhq.com/
6. https://www.liveflow.io/pricing
7. https://www.clockwork.ai/pricing
8. https://www.causal.app/pricing
9. https://www.clockwork.ai/pricing
10. https://www.fathomhq.com/pricing
11. https://www.oracle.com/erp/product-tours/#financials
12. https://www.netsuite.co.uk/portal/uk/resource/articles/erp/financial-planning-analysis-fpa.shtml
13. https://www.prophix.com/platform/platform-overview/
14. https://www.anaplan.com/solutions/financial-planning-analysis/
15. https://www.workday.com/en-us/products/adaptive-planning/overview.html