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Comparing the Best FP&A Software Solutions

Plan to improve your company’s financial results with Tipalti Procurement as a holistic solution.

Financial managers perform financial planning & analysis (FP&A), using inputs from each functional area and the CEO’s strategic vision. Especially after such an unpredictable and unsteady few years for so many, the start of each year allows us to look ahead with a bit more foresight, and the ability to put a stronger annual plan and long-term plan we’ve developed with the FP&A software into action. 

Finance departments, in particular, recognize the need for more streamlined solutions, a simplified user experience, dimensionality, shared visibility, what-if scenarios, and cloud-based models that integrate easily into their existing routines. These seem like no-brainer attributes for FPA software solutions you may be considering, but so many miss the mark. 

Integrating new financial planning software (FPA software) that addresses these needs gives organizations the ability to work more efficiently to ultimately achieve their long-term goals. 

What is FP&A software? 

Financial planning and analysis software compiles the data and analytical processes that allow finance teams to successfully budget and forecast their business strategies. 

FP&A software includes short-term and long-term financial planning and analysis software for preparing budgets and forecasts for business plans and conducting business operations, using shared inputs and data from throughout the organization and economic factors. The planning horizon for financial planning and analysis is generally one to three years or more. 

A long-term plan is prepared using FPA software for financial projections beyond the one-year time period of a short-term budget or forecast. Forecasts may be presented as financial statements, including income statements, balance sheets, and cash flow statements. The first year of the budget and forecast is generally for each month and the total year.

Financial projections and budgets prepared using planning software, begin with a sales or revenue forecast to determine acceptable spending levels. Cash flow forecasting is also part of the FP&A process.  

The FPA software becomes more effective when it provides scenario analysis and multi-dimensional views. Automation from artificial intelligence and machine learning drives the efficiency and accuracy of financial plans prepared with FP&A software. 

Benefits of Using FP&A Software

The benefits of using FP&A software include:

  • Efficiency in the financial planning & analysis process 
  • More accurate revenue forecasting using better inputs and what-if scenarios
  • Better budgeting of company resources based on revenue levels, to reach higher profitability 
  • Multi-dimensional analysis
  • Insights for cash flow and financing needs and timing
  • Visibility and collaboration by stakeholders

Your business needs efficient procurement automation

Integrate procurement management software with your ERP system for better FP&A and business results.

Top FP&A Software Solutions

We compiled the top 8 FP&A software solutions to consider implementing in your organization. We describe each brand of top FPA software, including the pros and cons. Some ERP systems offer FP&A solutions as a system module, like NetSuite Planning and Budgeting. 

1. OneStream FX
Built for larger corporations and global enterprises, this FP&A solution platform, powered by artificial intelligence, aims to simplify financial planning and business performance management on large scales and provide analysis with financial intelligence for better decisions. 


  • Fast and responsive with a task manager included
  • Data validation
  • General ease of use 
  • Very flexible customization 
  • Eliminates siloed systems with one unified platform
  • 24/7 customer support


  • So many customization options can make it hard to know where to start 
  • Features on the dashboard are not always fully explained 
  • Some users note that setting up reports is not intuitive 

2. Anaplan 

Anaplan provides a connected, cloud-based real-time annual budget and strategic planning FP&A platform that includes key features for financial planning & analysis, sales planning, supply chain demand planning, and HR & workforce planning. Anaplan is a 2023 LEADER in GartnerⓇ Magic Quadrant. Companies of all sizes use Anaplan, which has a starting price in the midrange level. 


  • Connected strategic and operational planning
  • Consider 25,000+ scenarios in combination
  • Multi-dimensional models
  • Interactive dashboards, including KPIs
  • AI/machine learning and statistical algorithms applied to historical data for more accurate forecasting
  • Integration with Salesforce CRM and other third-party software for inputs


  • Requires extensive user training 
  • May require a consultant for implementation and customization
  • Model size may be limited, depending on data formatting

3. Vena
With a forte in budgeting and forecasting, Vena integrates into your company’s existing systems to provide actionable long-term business insights. Vena integrates Microsoft Excel spreadsheets into its planning system and also integrates with ERP and accounting software. 


  • High-tech and responsive customer support
  • Creating in-house reports is very flexible
  • Able to easily see template changes in audits, as opposed to searching through an audit log or history


  • Template loading time is slow
  • Can be difficult to audit user security if over 200 users

4. Oracle Essbase
This business analytics solution works to create insights from multidimensional data sets for quick financial forecasts. Oracle Essbase allows users to build and test complex models with scenario planning to get the best possible predictions. Oracle Essbase meets the needs of large enterprise companies, although companies of all sizes use Oracle Essbase. 


  • Flexible and easy to use
  • Uses many data sources
  • Users can easily pull financial data from their existing accounting software into Excel 
  • Easy to extract reports 
  • Cloud-based financial models with complex hierarchies and business scenarios


  • Some stability issues and crashing
  • Can be finicky with producing reports if some fields are filled in incorrectly 

5. Jirav
Promoted as an all-in-one FP&A software tool to help you plan smarter, Jirav allows organizations to budget more accurately with a driver-based financial model that consolidates accounting and operational data. Jirav’s target market is small and mid-size companies, including venture-funded startups and small businesses, and accountants serving clients. 


  • Easy to set up and integrate across teams
  • Easily customizable
  • Rolling forecasts
  • Top-rated dashboard functionality features for data visualization
  • Doesn’t use Excel spreadsheets


  • Limited visual representations in the dashboard
  • Doesn’t handle complex formulas in dashboard tiles

6. Prophix
Prophix is a unified Corporate Performance Management (CPM) platform that includes FP&A, financial reporting, and financial consolidation. Prophix is AI-powered and helps corporations make better business decisions with a single source of truth as they scale and budgeting gets harder to tackle. WIth pre-built functionality, users can pre-populate data sets for easier forecasting. 


  • Efficient automation of planning processes
  • A virtual financial analyst that works with text and voice
  • Anomaly detection for outliers
  • Easy organization with line item detailing 
  • Doesn’t use spreadsheets
  • Can set up monthly reports to be distributed automatically 
  • Outstanding customer support


  • Platform takes time to learn and implement 
  • Graphs and other visual representations are lacking
  • Unable to test out features without the risk of compromising data 

7. Board
The Board intelligent planning platform helps users, including FP&A teams, simulate different financial situations to allow for better visibility for decision-making and overall more accurate forecasting. Board is a 2023 LEADER in GartnerⓇ Magic Quadrant for financial planning software. 


  • Easy to navigate through large sets of data 
  • Automation of data input
  • Real-time data insights and metrics for business and financial decisions
  • Built-in chat interface for collaboration
  • Easy for users of all technical abilities to generate reports
  • Ability to set different access levels so different users can have access to only what they are given permission to view and use


  • Servers can be slow or tend to freeze
  • Functions that require using formulas are not so intuitive
  • Some performance delays when showcasing multidimensional databases

8. DataRails
This planning solution streamlines and automates financial processes and reports to consolidate and analyze financial data without having to leave the familiar environment of Excel. DataRails uses AI technology and automates workflow for repetitive processes. 


  • Easy adoption as users can continue to work with existing models and templates
  • Quick implementation of between 6 and 10 weeks
  • Competitive SaaS pricing
  • Unlimited data source aggregation and dimensions
  • Robust, easy-to-use dashboards with optional customization


  • Relies on Excel spreadsheets
  • Doesn’t support Google Sheets
  • Lacking tutorials and other educational materials
  • Infrequent updates

Additional Software That Packs a Punch 

Procurement software, while not an FP&A software solution, is an essential add-on to a financial team’s existing ERP and FP&A process. These strategic sourcing or procurement management solutions work, using artificial intelligence/machine learning and RPA technologies, to automate a company’s procurement processes. Your business will gain greater control over the many procurement steps and stakeholders involved in purchasing. 

Procurement automation software leads to better budgeting and forecasting like the above solutions do. But it provides an additional layer of visibility, and, therefore, spend data management for spend control, letting users act faster (at any point in the purchase order flow) without experiencing gaps in communication. This contributes to a company’s financial health. 

This ability to easily interject anywhere in the flow while all stakeholders are updated in real-time is extremely valuable. Procurement automation ultimately saves teams from making mistakes, backtracking, overspending (by controlling more spend under management, providing better spend management visibility and analysis), and wasting time.

With Tipalti Procurement, it’s simple to correct actions and make adjustments accordingly, even before payments go through. Paired with streamlined and accelerated operations across departments, your team will be able to align almost effortlessly to control business spend well into the future.

How to Choose the Best FP&A Software for Your Business

To choose the best software for your business for FP&A, consider the size and complexity of your business and its software budget. Is the software easy to use and cloud-based, enabling use from anywhere, at any time? Hybrid workforces need that flexibility. How available is the software provider’s customer service when you need it? Discover whether your ERP system offers a suitable FP&A solution when comparing your business options. 

Does the software save your company time and give your FP&A team, CFO, and other company stakeholders more visibility?  Does the software give you access to advanced technologies, improving accuracy, security, and control over planning and business processes? Can you easily analyze budgets, forecasts, and business spending by category to improve financial performance? 

With a cloud solution like Tipalti Procurement to augment your FP&A process, finance teams have the spend visibility they need to set realistic budgets and know, in real-time, whether they will meet these budgets. Future and current cash flow needs to become more visible. Continue reading about Tipalti Procurement and request a demo

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