Financial modeling is the process of taking existing performance data and using that to create a forecast for a company’s future. To do this, most finance teams today use outdated tools like Excel and Google Sheets when there are much better pieces of software available.
In this article, we will cover the best advanced financial modeling software options and go through their main features, pros, cons, and pricing.
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Financial modeling (and financial modeling tools) provides a better understanding of the implications of various financial decisions. For example, you can use them to compare different strategies and scenarios and compare the potential risks and returns. It can also help businesses plan and forecast financial performance and allocate resources more effectively.
Other advantages of financial models have to do with their ability to communicate complex financial information to stakeholders (including investors, lenders, and management) more easily. In short, financial modeling software can provide businesses with a rigorous and structured approach to analysis and decision-making.
Related: Best CFO Software: 10 Tools Recommended For the Top Finance Teams
Financial modeling software offers several advantages over Microsoft Excel and other spreadsheets, including:
There are some excellent financial modeling software options out there. So, here are our top recommended products and what each of them offers.
Brex is not specifically a financial modeling software but rather a financial stack that provides a wide range of financial products and services to businesses. Brex has advanced financial modeling capabilities it uses as part of its internal processes and products. For example, you can use this platform to manage corporate credit cards, cash accounts, and expenses.
Brex allows you to, for instance, track your burn rate and runway forecast using modeling and forecasting tools. You can also use this tool to improve visibility and predict outcomes.
Brex cards have no user fees and charges no transaction fees for domestic wires. The platform doesn’t advertise its prices for financial planning, so you will need to contact its sales team.
Brex is primarily designed for startups and small to medium businesses, offering various powerful tools to support growth and development.
Finmark is a platform designed to help founders and small companies understand where their business is today, where it can be, and how to plan the path to get it there. This financial modeling and planning solution can forecast and present your company’s finances in a way that is easier to understand and share.
All of Finmark’s plans include unlimited users, scenarios, and integrations. The price depends on your current annual revenue. For example, for a revenue of $500,000, you would pay $100 a month.
With a good range of financial modeling tools and a simple yet robust interface, Finmark is ideal for founders, small companies, mid-sized businesses, and accountants.
Jirav is an all-in-one budgeting, forecasting, reporting, and dashboarding solution with good financial modeling capabilities.
This integrated and driver-based financial modeling software can help you with cash flow, P&L, and balance sheets and can help you automate your analysis and reporting with multiple planning scenarios.
Jirav offers two main plans. The Starter plan costs $10,000 a year and offers planning and reporting (performance vs actuals). The Pro plan costs $15,000 a year and adds multi-year plans and scenarios and departmental budgeting. There is also an Enterprise plan (contact them for a quote) for more complex planning and integrations.
Jirav is a good solution for small and mid-size companies, modern accounting firms, and VC-funded companies.
Causal is a business planning platform that connects directly to your data so you can use and share financial modeling dashboards and output beautiful visuals.
You can compare Causal with Excel in the sense that they both share a simple interface, but Causal uses fewer formulas with fewer errors and allows you to run what-if scenarios in real-time. Plus, you can integrate data from your CRM, your accounting system, and your data warehouse.
Causal has a free financial modeling software plan that includes five models, 50 category items, and unlimited dashboards. There is also a Startup plan that, for $250 a month, adds two members, 15 scenarios, 200 category items, and standard data integrations. You can also get in touch to design a custom plan to suit your needs.
Causal is best suited to high-growth teams that want to streamline their FP&A processes – from startups to IPO.
Forecastr is a financial model tool that allows your business to budget expenses, understand growth, and simulate exit based on industry benchmarks.
You can also use this software to track KPIs and goals and raise money more easily.
Forecastr does not show pricing information on its website. If you want to find out more, you will need to sign up for a demo and talk to a sales representative.
Forecastr is an excellent tool offering financial models and future performance tools for founders and small businesses.
Google Sheets is a cloud-based spreadsheet program that allows users to create, edit, and share spreadsheets online.
It is a popular tool for financial modeling, as it offers many of the same features as Microsoft Excel, but with the added benefit of being free and easily accessible from any device with an internet connection.
Google Sheets is free for personal use and costs $12 per month per user.
Due to its extensive feature range and ease of use, Google Sheets is a good product for individuals and businesses of all sizes.
Baremetrics is a software-as-a-service (SaaS) solution providing analytics and insights for subscrption-based businesses.
This platform integrates with payment processing systems (like Stripe and Braintree) to generate real-time metrics and reports on key business performance indicators.
You can start with Baremetrics’ core suite of metrics tools and add more modules as you grow. The price depends on your current MMR. For example, for a $100K MMR, you would pay $416 a month (for the Metrics product, which allows you to create models and manage dashboards).
Baremetrics is an excellent choice for small and medium businesses and finance teams that prefer a subscription-based software option that can grow as they do.
Financial modeling software offers numerous advantages to businesses, including the ability to get a more precise understanding of the implications of various decisions.
If you’re looking for a platform that provides a range of financial products and services, we recommend Brex.
Brex will help you manage your finances more efficiently and provide you with all the control you need to support growth. If you’re looking to level up your finance team, get started with Brex today.