Recommendations for SMBs, Midmarket, and Enterprise Needs

If you’re in the market for an FP&A software solution, you have plenty of options to choose from. With so many vendors competing for your business, it can be challenging to determine the unique features of each solution. However, if you’re looking to improve efficiency and the strategic value of your business plans, an FP&A tool can help you go beyond the limitations of spreadsheet modeling.

In this article, we will help you navigate through the available options and narrow down your choices. We will explore the common features shared by most FP&A software solutions and provide recommendations for different business needs, including SMBs, midmarket organizations, and enterprise-level requirements.

The Essential Functions of FP&A Software

All FP&A solutions aim to assist finance teams in spending less time on tedious tasks and focusing more on analysis and strategic activities. Here are four ways in which these tools generally achieve this:

1. Integration with Key Systems: FP&A tools seamlessly integrate with ERP, HRIS, and CRM systems, allowing for centralized financial data. This integration saves time and effort in data gathering and reconciliation.

2. Streamlined Planning: These tools eliminate the manual and disconnected nature of spreadsheet-based planning. They enable the creation of integrated forecasts and annual plans based on the latest data and business intelligence.

3. Automated Reporting: FP&A software automates monthly and quarterly reporting processes, enhancing efficiency and accuracy.

4. In-Depth Analysis: These tools provide various reports and dashboards, allowing finance teams to analyze budget versus actuals and uncover meaningful insights.

While these functions provide a common ground for FP&A software solutions, there are still many differences to explore. Let’s take a look at some of the top solutions available in the market today and find the right fit for your needs.

Top FP&A Solutions for Diverse Business Needs

Midmarket Favorites

If you’re a midmarket organization looking for FP&A software, you may need additional features like the ability to consolidate multiple general ledgers and plan in multiple dimensions. Here are some midmarket FP&A tools that prioritize user experience and offer self-service features without lengthy implementation timelines or high fees.

1. Stratify: Our top recommendation for achieving a collaborative and coordinated financial planning process. Stratify is a cloud-based solution that offers budgeting, forecasting, reporting, and workforce planning capabilities. It uses configurable driver-based FP&A modeling to support agile strategic finance teams.

2. Onboarding takes as little as 3 weeks, starting with building your current plans in their configurable framework.

3. You can make adjustments yourself without relying on outside consultants or IT specialists.
4. Stratify offers a flexible approach to planning, allowing you to use a driver-based application or a spreadsheet interface for ad hoc modeling.
5. Collaboration is made easy, allowing for secure sharing of plans and reports with relevant stakeholders.
6. Stratify helps reduce time spent on repetitive FP&A tasks and custom stakeholder reports, enabling finance teams to become more strategic partners to their organizations.

Best For: Expanding businesses that need to consolidate multiple GL systems, teams looking to reduce time spent on manual processes, and teams currently using a more expensive and complicated software solution without achieving desired efficiencies.

Key Integrations: Stratify seamlessly consolidates data from multiple sources, including multiple GLs, HRIS, and CRM, to support fast-growing businesses with real-time data.

1. Pigment: Pigment is a cloud-based SaaS business planning software platform that focuses on strategic decision-making and agility. It offers scenario modeling, custom dashboards, and reports.

Best For: Whole business planning, teams needing an API-first approach to FP&A solutions.

Key Integrations: Pigment integrates data from various systems, including ERP, accounting, HRIS, ATS, billing and payment, BI solutions, and spreadsheets.

1. Prophix: Prophix is designed for finance teams at mid-market organizations. It automates budgeting, forecasting, reporting, and consolidation processes to improve profitability and minimize risk.

Best For: Teams needing robust access controls, advanced analytics, and automation of repetitive FP&A tasks. Finance teams seeking an all-in-one solution for FP&A, close, consolidation, reporting, and planning processes.

Key Integrations: Prophix offers a simple data integration interface for connecting business systems, including ERP, HCM, CRM, and more, without requiring IT involvement.

Enterprise Solutions

For enterprise-level organizations, integration with other solutions and powerful computing capabilities are crucial. These organizations require FP&A software that can be tailored to their unique requirements and specifications while still optimizing analysts’ time for high-value projects. Here are some top enterprise-level FP&A software solutions:

1. Anaplan: Anaplan is a recognized SaaS modeling and planning platform that offers sophisticated modeling capabilities suitable for complex enterprise-level finance needs.

Best For: Organizations requiring accurate calculations within large datasets to create new business scenarios. Organizations with advanced data security requirements and complex data architectures.

Key Integrations: Anaplan integrates with enterprise-level cloud systems such as Google BigQuery, AWS S3, and Microsoft Azure Blob.

1. OneStream: OneStream is an integrated business planning solution that can be used on-premise or in the cloud. It excels in collaboration and Microsoft integrations, making it suitable for businesses looking for a balance of features and customizations.

Best For: Businesses wanting an all-in-one solution for collaboration across business units, strong Microsoft integrations, and flexible planning and modeling.

Key Integrations: OneStream provides direct integration with over 250 ERP, HCM, CRM, and other systems, including Oracle, SAP, Microsoft AX/Dynamics, and more.

1. Planful: Planful is a comprehensive financial performance management platform that empowers finance teams to make impactful business decisions. It serves as a single source of truth for financial and operational data.

Best For: Teams needing a flexible and comprehensive financial planning and performance management tool across multiple business units. Teams looking to work collaboratively and align the planning process across the organization.

Key Integrations: Planful offers integration with various business systems using open RESTful APIs and SFTP tools.

Small Business and Startups

Small businesses and startups have unique FP&A needs that may not require complex configurations or support for hundreds of users. However, they still require tools that allow for fast planning and reporting, along with strategic recommendations to stakeholders. Here are some top FP&A software solutions for small businesses:

1. Mosaic: Mosaic is a user-friendly cloud-based solution that offers multiple visualization options for sharing data, including charts, dashboards, and graphs. It is particularly well-suited for SaaS businesses.

Best For: Teams that want multiple visualization options and need to combine reports from different departments. SaaS businesses that benefit from Mosaic’s SaaS-focused features.

Key Integrations: Mosaic allows teams to connect their other cloud-based systems and synchronize multiple ERP systems for streamlined data management.

1. DataRails: DataRails stands out for its Excel-native approach and AI-assisted analysis. It is ideal for teams comfortable with Excel and seeking advanced reporting automation.

Best For: Teams that value their analysts’ modeling skills and prefer working in Excel. Teams that want to experiment with AI analysis and streamline reporting processes.

Key Integrations: DataRails offers an Excel add-in to connect workbooks to wider business data. It also integrates with various other systems.

Choosing Your Perfect FP&A Partner

With numerous options available, it’s important to find an FP&A software solution that aligns with your business size and priorities. Consider factors such as deployment time, data integration capabilities, forecasting and budgeting simplicity, user-friendliness, and stakeholder collaboration support.

At Stratify, we empower midmarket and fast-growing finance teams to engage stakeholders across the organization in the planning process. Our cloud-based solution offers budgeting, forecasting, reporting, and workforce planning capabilities. With Stratify, you can consolidate data from multiple sources, collaborate easily with stakeholders, and reduce time spent on manual FP&A tasks.

Book a demo with Stratify and experience the difference in planning, reporting, and forecasting. With our solution, you can unlock the full potential of your finance team and become a strategic partner to your organization.