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Best Financial Forecast Software: 11 Tools Worth Exploring

Want to cut to the chase? Brex is the best financial forecasting software.

 

Between its drag-and-drop customization, powerful automation, analytics-driven reporting, and additional financial capabilities, you’ll be hard-pressed to find a better budgeting and forecasting software anywhere else.

 

Finance, accounting, RevOps, and the C-suite all live on financial data. But they all use it differently and need it to tell them different things.

 

Excel spreadsheets and manual tracking aren’t scalable, especially once a business raises capital, expands its market share, and grows internally.

 

Financial and operational planning used to be one of the most challenging, time-consuming, and inexact functions.

 

Now, companies use financial forecast software to remove the guesswork and automate the process.

 

We’ve invested in dozens of companies, witnessing firsthand how different tools can make or break a company’s financial operations. This list highlights the 11 best budgeting and forecasting software available today.

 

What is financial forecasting?

In its simplest terms, financial forecasting describes the process of predicting future financial performance based on historical data. It helps businesses plan and allocate resources strategically for maximum efficiency and growth.

 

Different functions use financial reporting data differently.

 

  • Finance teams use forecasting tools to strategize and manage cash their flow, ensuring there is enough to cover operating expenses and investments while avoiding unnecessary debt.
  • Accounting uses financial forecasting for reconciling financial statements, improving the accuracy of financial reports, and ensuring compliance with tax laws and regulations.
  • RevOps needs financial projections to align sales, marketing, and customer success strategies, confirming operational activities are in sync with the company’s financial goals.
  • The C-suite has to leverage financial forecasts to make informed strategic decisions, guide the company’s direction, and prepare for market changes and economic fluctuations.
  • Investors care about a company’s profitability and growth outlook. They need reliable financial forecasts to evaluate their investments’ viability and future returns.

 

A company’s financial metrics guide decision-making for the entire organization. Everything from resource management and workforce optimization to supply chain planning and marketing activities requires data-backed financial forecasts.

 

What is the best way to plan budgeting and forecasting?

IBM data shows us more than half (58%) of mid-size to enterprise companies still use spreadsheets to manage their budgeting and forecasting processes.

 

That’s a lot of manual effort, and it usually leads to inaccurate data.

 

If you want to remain competitive and keep your company running smoothly, Excel isn’t the way to go.

 

Forbes Finance Council member and FinTech CFO, Omar Choucair, outlines the best way to plan budgeting and forecasting in a late-2022 Forbes article.

 

“Implement improved forecasting models and set achievable growth targets,” he explains. “Invest in digital transformation to optimize your team and processes.”

 

He’s right — using digital tools (like budgeting and forecasting software) to streamline financial reporting processes improves efficiency and accuracy, helps smaller teams manage their mountainous data, and gives finance teams more time to focus on strategic, value-added tasks.

 

It can also maximize employee engagement and support business growth initiatives.

 

In the face of ongoing volatility, you need to optimize your operational processes with the right digital tools. In a financial context, that means implementing budgeting and forecasting software.

 

These 11 tools are the best ones for the job.

 

11 Best Budgeting and Forecasting Software Products

1. Brex

In 2022, Brex acquired Pry, the new financial modeling backbone of the Brex Empower platform. It’s the complete package for companies that need autonomy, accuracy, and speed in their financial planning.

 

Thanks to its ease of use, complete feature set, fast deployment, and low cost, Brex is by far the best tool for CFOs and finance teams that want comprehensive visibility of their finances.

 

Key features

  • Financial Planning: Brex replaces cumbersome spreadsheet templates with simple, drag-and-drop tools. Predictive analysis and cash flow simulations make real-time forecasts as new data flows in.
  • Automatic Categorization: Organizations that run on Brex don’t have to worry about where their revenues and costs come from. The platform automatically segments them based on pre-determined criteria for financial forecasting down to the individual revenue stream.
  • Scenario Planning: Based on historical financial data and market trends, Brex customers can simulate different scenarios and pinpoint the best budgeting strategies.
  • KPI Dashboards: Brex consolidates all cash flow data in one place for better visibility, control, and analysis. Users can choose what data makes the cut and where it should go.
  • Roadmap to Scale: Brex is the only platform that sends automated financial performance updates for investors and creates custom financial plans for companies to hit Series A/B/C and eventual exit/IPO.
  • Unit Economics Formulas: Unlike most forecasting tools, Brex also gives users insights into long-term business sustainability and profitability.
  • Simple Integration: Founders can connect their company account or integrate with QuickBooks or Xero to quickly view their company’s cash flow, burn rate, and runway, monitor important financial metrics, generate a financial plan for the future, and model various potential scenarios.

Pricing

Brex is a platform with no setup or ongoing fees.

 

Brex Premium (the software layer required to access its forecasting features) is available for $49/month.

 

Best For…

Brex is unique in that its features and benefits (e.g., fast implementation process, excellent corporate card program) are geared specifically toward scaling SaaS businesses and modern enterprises.

 

Its corporate performance management functions make it the ideal solution for enterprises and scaling companies that need fully integrated finance and budgeting software.

 

Read more: Brex Review: Requirements, Features, Pros and Cons, Plus 50k Free Signups Points

2. Workday Adaptive Planning

Workday Adaptive Planning (previously Adaptive Insights) is a holistic corporate performance management (CPM) solution. It’s a robust tool that seamlessly combines planning, modeling, budgeting, and forecasting to foster collaboration across the enterprise.

 

Workday Adaptive Planning target vs. plan company summary dashboard.

Key Features

  • Collaborative Planning: Workday promotes cohesive workforce planning. It enables flexible hiring plans that align finance, sales, HR, marketing, and IT, fostering inter-departmental collaboration in the demand planning process.
  • AI-Enabled Forecasting: With AI and machine learning embedded within the platform’s core, Adaptive Planning supports a variety of forecasting models, including budgeting expenses, forecasting revenue, capital planning, SaaS account modeling, sales planning, and academic calendar modeling.
  • Financial Management and Reporting: Workday offers financial management, board reporting, scenario planning, and financial consolidation to ensure all your financial data is comprehensively analyzed, collated, and reported.

 

Pricing

Adaptive Planning uses a two-tier per-seat pricing model with pricing depending on features, solutions, company size, and types of users using the budgeting and forecasting software. Some sources say pricing starts at $15,000 per license.

 

Best For…

Workday Adaptive Planning serves customers in every sector, from retail to nonprofit to healthcare. Its price and features, however, make it better suited for larger or more complex organizations. Companies generating $10M-50M in revenue with 1000-5000 employees are Adaptive Insights’ main customers.

 

3. Cube

If you’re a die-hard spreadsheet fan but long for the powerful features of a dedicated FP&A tool, Cube is here to bridge the gap.

 

It’s the first spreadsheet-native budgeting and forecasting software, offering you the best of both worlds: the familiarity of spreadsheets and the power of enterprise-grade software.

 

Cube’s selling point is its simplicity and flexibility. It eliminates manual work, delivers real-time insights, and lets finance teams strategize with speed and agility.

 

Key features

  • Spreadsheet-Native: Cube pairs your spreadsheets’ flexibility with enterprise software’s robustness. This familiarity eases the transition, reduces training time, and increases adoption rates across your team.
  • Automated Data Consolidation: Cube automatically centralizes data from multiple sources, providing an accurate and unified view of your financial status.
  • Bidirectional Excel and Google Sheets Integration: This feature allows seamless data flow between Cube and these popular spreadsheet programs for financial budgeting and management reporting.
  • Seamless Connectivity: Cube’s platform connects with any source system, browser, and sheet in moments, adapting to your work style rather than requiring you to adapt to it.

 

Pricing

Cube offers three pricing tiers:

  • Essentials ($1,250 per month)
  • Premium ($2,450 per month)
  • Enterprise (custom)

 

Additional charges apply for custom integrations, additional systems, and multiple users.

 

Best For…

“Spreadsheet-native” is either a selling point or a huge drawback for prospective buyers. Cube is ideal for organizations that don’t want to part ways with their established work style but still crave the power of a full-fledged financial planning solution.

 

4. Anaplan

Anaplan is a versatile forecasting tool that connects every aspect of your business, from sales and finance to supply chain, IT, marketing, and HR. Anaplan’s commitment to the cloud, data science, and AI guarantees efficient, accurate forecasting and continuous planning.

 

Key Features

  • Dynamic Scenario Adjustments: Financial analysts can adjust scenarios according to business conditions, decreasing the need for IT involvement in data science modeling.
  • Profitability and Pricing Models: AI-driven models help financial analysts forecast future profitability, optimize pricing, and adjust product portfolios accordingly.
  • Performance Gap Anticipation: Anaplan’s advanced tools analyze financial data to find the underlying causes of issues and evaluate the effectiveness of different solutions.
  • Advanced Modeling: Anaplan stays ahead of demand planning with multi-dimensional modeling and unlimited constraints.

 

Pricing

Anaplan’s pricing is quote-based, meaning prospective customers need to book a sales call before moving forward.

 

Best For…

Anaplan’s powerful AL/ML components make it reliable for large companies with extensive data science and IT infrastructure. Alphabet and Tableau are two examples of current Anaplan customers.

 

5. Planful

Originally called Host Analytics, Planful rebranded in early 2020, pivoting its focus toward mid-market customers. Its claim to fame is its financial analysis tools, which help tremendously with budget planning and financial project management.

 

Key Features

  • What-If Analysis: Planful’s software gives you the power to craft diverse what-if scenarios, delivering instant insight into the potential outcomes.
  • Ready-to-Use Templates: Catering to various forecasting, budgeting, and planning needs, Planful equips you with numerous pre-set templates. Built-in financial intelligence organizes and exhibits your data based on its inherent accounting properties.
  • Comprehensive Financial Integration: Planful streamlines the financial integration process, ensuring seamless creation of exhaustive financial reports.
  • Detailed Comparisons: OPEX, average sales price, cash impacts, customer demand management reporting summaries, and more are visually compared year over year.
  • Adaptive Forecasts: Planful’s rolling forecasts and dynamic planning features promote adaptability, allowing your business to stay aligned with strategic objectives despite sudden changes and ad hoc data points.

 

Price

Planful uses quote-based pricing and does not publicly disclose any information. However, many of its online reviews indicate its relative affordability.

 

Best For…

Planful is a go-to for mid-market companies in search of a solid budgeting and forecasting software solution. Smaller organizations find the system has more features than they need, while larger companies quickly learn that its affordable pricing has a tradeoff.

 

6. Prophix

Prophix is a corporate performance management software designed for accounting and finance automation. Offering both cloud-based and on-premise options, Prophix assists finance teams by streamlining budgeting, planning, consolidation, and reporting, even those with sensitive data.

 

Key Features

  • Team Collaboration: Prophix promotes seamless collaboration across your entire team. With the facility to assign task owners and multiple approvers, it helps everyone adhere to deadlines through reminders and keeps the team unified within the planning process.
  • Customizable Planning Models: Prophix provides the flexibility to tailor your planning models to meet your unique business requirements. Whether you prefer a ‘top-down’ or ‘bottom-up’ approach, you can plan your way with Prophix.
  • Data-Driven Decision Making: Prophix enables decision-makers to use its generated information to provide context, measure performance, draw powerful insights, and drive decision-making.
  • Manage Multiple Projects: Setting and tracking project budgets, forecasting job costs, and ability to consolidate data from several different areas make project management simple.

 

Pricing

The cost of Prophix is based on your organization’s specific needs. For a personalized quote, it’s best to reach out to them directly.

 

Best For…

Prophix’s multi-ERP integration, collaborative features, and profit and revenue forecasting abilities make it ideal for construction, real estate, manufacturing, and other project-based businesses.

 

7. DataRails

If you’re a fan of Excel, you’ll love DataRails. It’s a budgeting and forecasting software that allows finance teams to continue working in the Excel environment—with enhanced financial data and visibility, of course.

 

DataRails automates data collection from your organizational systems and spreadsheets to create a unified database of all your numbers.

 

Key Features

  • Visual KPIs: With DataRails, stakeholders can quickly understand business-critical KPIs at a glance. It lives up to the adage that a well-constructed dashboard speaks louder than a thousand rows.
  • Efficient Budgeting: This tool allows you to estimate costs and revenues across your entire business while streamlining your budget collection process. Say farewell to the endless email threads.
  • Real-Time Data Exploration: With the ability to delve into underlying data in real-time, DataRails helps you address queries on the spot.
  • Built-in Visualization Tool: DataRails comes equipped with an intuitive visualization tool, offering easy access to all your data and seamless integration with other business intelligence tools.

 

Pricing

Each package is tailored to the individual company’s needs. Factors like business goals, use cases, number of users, and integrations all come into play when determining pricing.

 

Best For…

DataRails works well for smaller businesses that heavily rely on Excel for financial forecasting and other financial processes but face challenges when locating and organizing data across numerous spreadsheets.

 

8. Jirav

Jirav is a complete planning platform for organizations where spreadsheets just won’t cut it anymore. Based on historical data, Jirav forecasts future financial performance on your P&L, balance sheet, and cash flow statements.

 

Its unique integration with financial statements makes it easy to communicate revenue projections to investors and create future budgets.

 

Key Features

  • Driver-Based Modeling: Jirav’s platform harnesses the power of driver-based modeling, allowing teams to build budgets, sales plans, workforce plans, and perform rolling forecasts. Its what-if scenario capabilities equip you with the necessary tools to accelerate growth confidently while continually measuring plan vs. actuals.
  • Scenario Analysis and Revenue Growth Models: Early-stage companies can use the same driver-based modeling algorithms to test ideas and make informed business decisions based on expected revenue.
  • Integrated Planning: By combining data from financial and non-financial systems with planning built into Jirav, you always clearly understand your performance against the plan through dashboards and reports.

 

Pricing

Jirav offers three pricing tiers:

  • Starter: $10,000/year
  • Pro: $15,000/year
  • Enterprise: Custom quote upon request

 

Best For…

Jirav is primarily designed for small businesses, particularly those keen on migrating their financial budgeting from spreadsheets to a modern interface. For small companies seeking funding, Jirav also assists in preparing investor packages, making it a valuable tool for financial growth and sustainability.

 

9. OnPlan

OnPlan is built on Google Sheets and BigQuery—two of the world’s most secure cloud-based platforms. This budgeting and forecasting software blends the flexibility and familiarity of spreadsheets with modern visualizations, integrations, and collaboration to arm you with superior financial modeling capabilities.

 

Key Features

  • Versatile Budgeting: Whether you use a top-down, bottom-up, driver-based, or zero-based budgeting approach, OnPlan handles the technicalities and gives your team the freedom to focus on business goals with pre-built templates and budgeting forms.
  • Variance Analysis: Using OnPlan’s database, you can easily compare variances and identify operational issues and successes, indicated by green and red-flagged data points.
  • Business-Model-Specific Apps: OnPlan is highly adaptable, offering specialized apps for B2B SaaS, ecommerce, nonprofits, and many other sectors.
  • Automated Board Presentations: OnPlan streamlines the preparation and updating of board and executive presentations, saving you precious time.
  • Integrations Galore: The extensive integration library OnPlan offers creates a centralized database for all your business apps and financial information.

 

Pricing

OnPlan uses a three-tiered pricing structure featuring Growth, Growth+, and Enterprise tiers. They include various levels of features, but each is customized to the individual customer.

 

Best For…

OnPlan is an excellent choice for small to mid-market organizations aiming to minimize financial modeling errors typically associated with spreadsheets. The financial forecasting software helps businesses across numerous verticals take a customized approach to budgeting and forecasting, with critical data points more identifiable than those in spreadsheets.

 

10. Budgyt

Budgyt is a financial budgeting and planning software for companies that have multiple P&Ls, which include multiple entities, departments, and divisions. Built for businesses of all sizes and secured on the AWS cloud, Budgyt is equipped to make budget planning easier and safer.

 

Key Features

  • Rolling Forecasts: Budgyt helps businesses move static annual planning cycles to financial forecasts that respond to evolving business conditions. Continuous forecasting results in more precise financial plans, heightened agility, and optimized financial outcomes.
  • Hyperlinking and User Permissions: Broken links, missing formulas that ruin an entire data set, and other common problems with spreadsheets are completely eliminated with Budgyt. Hyperlinking makes all data easy to review, while user permissions secure sensitive data.
  • Version Control: The version control feature allows for tracking changes, comparing different budget versions, and maintaining an organized record of past and present financial plans.
  • Multi-Department Formulas: The versatility Budgyt offers makes it applicable to any company with multiple stores, units, or divisions. It consolidates individual budgets and generates multiple P&L reports.

 

Pricing

Budgyt offers three tiers: Easy, Plus, Pro, and Enterprise. The total price of using Budgyt varies from customer to customer, but the basics are as follows:

  • Easy starts at $199 per month (up to 5 departments, unlimited users)
  • $15 per additional department per month
  • Additional features are available in Plus and Pro plans for additional costs
  • 75+ departments requires an Enterprise plan
  • Nonprofits have special pricing and discount options available

 

Best For…

Budgyt is ideal for any business with multiple P&Ls, including franchises, nonprofits, and companies with revenue streams from multiple sources (e.g., retail, healthcare, manufacturing, and hospitality). Budgyt’s version control system makes it particularly suitable for businesses with project-based accounting.

 

11. Casual

Casual is a solid upgrade from spreadsheet-based financial management reporting. Less reliance on complex formulas and more emphasis on user-friendly, interactive features helps users focus less on the forecasting and budgeting process and more on outcomes.

 

Key Features

  • Accurate Financial Forecasts: Casual’s financial models can help you make better business decisions in record time by accurately projecting revenue (e.g., cohorts, multiple dimensions) and expenses (including operational and labor costs).
  • Real-Time Scenario Testing: Users can construct unlimited driver-based scenarios that Casual can manage automatically. You can visualize a complete spectrum of potential outcomes by applying ranges to uncertain drivers.
  • Helpful Templates: B2B SaaS, cohort analysis, P&L, runway, driver-based headcount models, and dozens of other pre-built templates are ready to go when Casual manages your forecasting processes.
  • Direct Data Extraction: Casual facilitates data extraction from your accounting system without the need for CSV files. It centralizes CRM and data warehouse data to create seamlessly integrated models.
  • Embedded Live Charts: Casual lets users embed live Causal charts and tables into Notion documents and websites, making data sharing and presentation a breeze.

 

Pricing

Casual offers three main pricing tiers:

  • Personal: Free
  • Startup: $250 per month
  • Business: Custom pricing

 

Best For…

Website and Notion board integration make Casual an attractive option for solopreneurs, online business owners, and tech startups building a lean, integrated tech stack. Still, it caters to companies with up to 1,000 employees, thanks to its data warehouse integration and sophisticated revenue forecasting algorithms.

 

Bottom line: Which financial forecast software is right for your business?

Although the best budgeting and forecasting software varies by industry, company size, and organizational structure, Brex is the clear winner.

 

Unlike all other products on our list, Brex is more than a forecasting or budgeting software. It’s a complete financial management platform.

 

Since Brex also offers business banking, corporate cards, and expense management tools (among many other great features), you can manage every element of your financial infrastructure in one place.

 

With its recent acquisition of Pry, Brex is the only company uniquely positioned to offer all of these features while offering one of the world’s most robust financial modeling tools.

 

We’ve watched startups scale from seed funding to $10M ARR while Brex handles everything from forecasting and budgeting to cash flow, banking, and investor relations.

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