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The Top 5 FP&A Software Tools in 2024

5 min Read

Choosing the best FP&A Software
for long-term success.

As technology grows so do our options. That’s a good thing, right? Well, sometimes! With the freedom of choice comes more challenging decision making. When it comes to FP&A software, different platforms serve or fulfill different functions. Today we’re going to be focusing on the long game, long term success. It’s not just this year’s budget, it’s the next 5 years and beyond. So, what are the best software platforms out there, that will not only tell you how you’re looking in the moment, but can reveal to you whether or not you have any current problems, or if any future initiatives may harm more than help?

The top 5 FP&A Software tools
for long-term success in 2024

Our Qualifiers:

Capability – Above all else, what can this software do for you? How big of an impact can it make on the way your organization views it’s financials and does it’s analytics and insights open the door to fostering long-term growth in your organization.

Implementation – What does the implementation process look like, are there hurdles to jump through, third parties involved, how much support is offered during the process.

Ease of use / quality of life – Do the metrics you’re looking for live behind convoluted frameworks and hidden logic? How quickly can you alter things like assumptions and data?

Support –  Is the platform supported by a knowledge base? What’s the infrastructure for getting help when you need it?

1. Synario

Synario distinguishes itself through its emphasis on long-term sustainability and strategic planning, setting it apart from its counterparts in this list. While many FP&A tools adopt an all-in-one approach, bundling budgeting and forecasting into one package, Synario takes a different approach. While it does offer budgeting capabilities, its primary focus remains on forecasting, an area where it has demonstrated expertise for an impressive 25 years.

What truly sets the Synario FP&A software apart is its high level of customization. Unlike other FP&A software solutions, Synario doesn't impose rigid processes and templates on its users. Instead, it prioritizes tailoring solutions to meet the unique requirements of each client. While other software may necessitate conforming to predetermined structures, Synario adapts seamlessly to fit the distinct workflows and needs of its users.

One of the biggest advantages of the Synario platform is the team it provides. The modelers who work with clients during implementation are also solutions engineers, all of whom are in-house for the platform. This is advantageous because the same people who integrated the platform initially handle outreach for help down the road.

The focus on long-term sustainability makes Synario the top choice when considering platforms for long-term financial planning. The advanced scenario analysis features are extremely valuable for strategic planning with a growth and sustainability-oriented mindset.

Another advantage of Synario is its customizability, allowing users to visualize the financial future in a manner tailored to their current way of thinking and existing procedures. This eliminates the need to reshape users' financials to conform to a new platform and facilitates an easier transition from spreadsheet modeling to a dedicated FP&A software solution.

Finally, Synario offers on-platform presentations that are customizable to your brand, eliminating the need to link data or charts from spreadsheets into a presentation. This information updates in real-time with your model and encourages collaborative meetings or stakeholder presentations.

2. Workday Adaptive Planning

Workday Adaptive Planning, previously named Adaptive Insights, delivers comprehensive enterprise planning software as a bit of an all-in-one, and features integration capability to other departments. By streamlining planning, modeling, budgeting tasks, it reduces dependency on manual spreadsheets which is certainly a plus, encouraging collaboration throughout the organization.

This solution proves particularly advantageous for organizations utilizing other Workday software tools, enabling integration between non finance workday functions and streamlined data management. It also operates effectively as a standalone option.

With its strong brand recognition, and advanced analytics features, Adaptive Planning serves as a suitable choice for large enterprises. However, smaller organizations might find its longer implementation duration and higher pricing less appealing. It's worth noting that while advanced scenario analysis capability is currently absent, it's slated for future updates.

3. Anaplan

Anaplan lets you mobilize complex planning to the smallest detail and offers forecasting capabilities. Their enterprise-wide solutions connect your strategy to your outcomes and layers of accountability help to maintain your team’s source of truth.

Anaplan provides an FP&A solution with an emphasis connect staff, data and plans across your organization in an effort to improve analysis. Capabilities include planning, budgeting, and forecasting; specialty finance planning; operational planning; automated cost management practices; and connected financial and operational plans.

Anaplan offers basic, professional, and enterprise packages with a complex array of included features, integrations, and capabilities. Prices are not listed on their website.

According to one reviewer on Gartner, a review site for enterprise software, Anaplan is well-suited for companies that need a platform that can handle complex planning processes. However, they also mentioned that the software can be expensive.

Anaplan is a planning platform that can help businesses improve their performance. However, it is important to consider the cost of Anaplan before making a decision. Anaplan is good for large enterprise customers with a strong IT team ready to lead an enterprise-scale initiative.

4. Prophix

Prophix boasts robust reporting and analytics features, including drill-down capabilities to and user security measures. This level of control is beneficial when having multiple team members working on the same set of finances at once.

Surely a better option for FP&A software analysis than spreadsheets – Prophix may require a learning curve due to its non-Excel-native interface.

Users appreciate Prophix's budgeting capabilities in reporting, although some find integration and setup to be complex and sequential, potentially hindering large-scale implementation efficiency. Nevertheless, Prophix remains a solid option for companies seeking enhanced reporting and analytics functionalities in their FP&A software solutions.

5. Cube

Cube presents itself as an FP&A platform that seamlessly integrates spreadsheet familiarity with FP&A software capabilities. Highlighting quick implementation and reduced cognitive burden for finance teams, Cube prioritizes speed and user-friendliness.

However, it's important to note that despite Cube’s easy implementation and flexible capacities it may lack some of the more advanced features, when compared to the other platforms on this list, making it best for smaller teams or SMEs.

While Cube is suitable for small to mid-sized businesses valuing user-friendliness and swift implementation, some users have reported challenges, such as delays in data uploading during critical periods like month or quarter-end. Despite these drawbacks, Cube remains a viable option for businesses prioritizing ease of use in their FP&A software solutions.

See what Synario can do for you

We started Synario for the same reason many of our clients started using it: we were tired of struggling with spreadsheets and their shortcomings. We needed a solution that was dynamic, adaptable, and promoted cross-team collaboration.

To answer this need, we created Synario: the agile modeling software organizations rely on to forecast and visualize their financial futures.

Are you ready to see for yourself what Synario can do for you?