Companies and businesses often analyze their financial results and compare them with their projected or forecasted figures. They do this regularly because they need these data to monitor and track the performance of every team or employee to see what they are contributing to the overall financial status of the organization.
However, managing all these metrics manually is nearly impossible, especially when you have lots of team members, as well as metrics, to track and manage. Serious-minded businesses are adopting the use of financial performance management software to help them manage and automate the entire process. This software allows companies to set up custom methodologies and processes with which they can track key metrics relative to their main financial goals. In this post, we take a look at some of the best financial performance management software.
6 Best Financial Performance Management Software
- Anaplan – Best Financial Performance Management Software for Planning Demand and Supply
- Planful – Best Easy-to-Use Financial Performance Management Software
- Vena – Best Financial Performance Management Software for Large Companies
- Mosaic tech – Best Innovative Financial Performance Management Software
- LucaNet – Best Financial Performance Management Software for Flexibility
- Prophix – Best Financial Performance Management Software for Quick Automation
1. Anaplan – Best Financial Performance Management Software for Planning Demand and Supply
PRICING: contact Anaplan for pricing details
If you are in search of a robust tool to help manage the financial performance of your organization, as well as the contribution of team members and employees, you may want to subscribe to Anaplan. This tool is a cloud-based system developed to help businesses plan, measure, manage, and automate their financial activities. It also allows you to track every financial detail that contributes to the overall growth of your organization. The software uses hyper-block technology, which allows users to simulate large financial models and workflow using a single model environment.
Anaplan boasts rich functionalities and features that can help businesses manage, track, and automate human resources, sales, operations, and financial activities. The software has all the enhanced functionalities to help organizations carry out advanced financial planning, execution, and tracking. You will have to get in touch with Anaplan to get full pricing information.
KEY FEATURES
- Forecasting & budgeting
- Audit trail
- Bonus management
- Ad hoc reporting
- Activity dashboard
- Commission management
- Financial analysis
- Modeling & simulation
REASONS TO BUY
- High performance
- Great customer support
REASONS TO AVOID
- New users may need to overcome an initial learning curve
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2. Planful – Best Easy-to-Use Financial Performance Management Software
PRICING: contact Planful team for pricing details
If you own a small to large business and are in search of an easy-to-use system that lets you plan, manage, and automate your financial processes, Planful may be a great option for you. The goal of the software is to ensure businesses can take accurate stock of every financial detail in their establishment. It boasts lots of powerful features, including workflow management, financial insights and reporting, and interactive dashboards. These features, and others, help companies to centralize their data and manage all their financial and business growth metrics all from one dashboard. If you are looking to try this solution for free, it’s not possible, as it does not have a free version or trial at the time of writing this piece.
Planful has a planning feature that lets businesses manage and track the performance of their assets. Also, you will have to get in touch with the team at Planful to get full pricing information.
KEY FEATURES
- Budgeting & forecasting
- Financial consolidation
- Financial reporting
- Scenario analysis
- Workforce planning
- Financial close management
- Annual operating plan
- Activity dashboard
REASONS TO BUY
- Super intuitive user-interface
- Lots of customization options
REASON TO AVOID
- Structured planning is a bit limited
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3. Vena – Best Financial Performance Management Software for Large Companies
PRICING: contact Vena team for pricing information
Vena is an efficient financial performance management system developed to help organizations carry out incentive compensation, forecasting and budgeting, financial close, cash flow planning, and so on. While the software is most suited to larger businesses and organizations, it can still also cater to the needs of small to mid-size businesses. It allows organizations to manage and automate complex business and financial activities. Vena can be used by team leaders and financial experts of small to large companies regardless of the industry; as long as the organization is profit-oriented, they can always automate their financial activities using this efficient solution.
The pricing details of Vena are not published on the website for everyone to see, which means you will have to contact their team for this information, or request a demo. Also, there is no free version or trial, according to the information available on the official website.
KEY FEATURES
- What-if analysis
- Budgeting & forecasting
- Workforce planning
- Cash flow planning
- Account reconciliation
- Tax provision
- Collaboration
- Templates
REASONS TO BUY
- Seamless integration with other tools
- Helpful customer support
REASON TO AVOID
- A small learning curve for beginners
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4. Mosaic tech – Best Innovative Financial Performance Management Software
PRICING: Not available on the official website
Mosaic tech is a robust tool and solution for businesses that want to manage and automate every aspect of their financial activity – from planning and execution, all the way to the reporting stages. Mosaic tech uses state-of-the-art machine learning that allows businesses of all sizes to access advanced financial reporting and insight tools to improve performance and growth.
The software allows you to customize financial workflows and set your reporting options. It’s important to know that there is no pricing information on their official website; you may have to contact Mosaic tech team to get it.
KEY FEATURES
- Financial modeling
- Collaborative budgeting
- Top-line planning
- Cross-functional insights
- Financial analysis
- Sales & marketing
- Revenue operation
REASONS TO BUY
- Multiple customization options
- Regular updates
REASON TO AVOID
- User experience on mobile devices needs an improvement
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5. LucaNet – Best Financial Performance Management Software for Flexibility
PRICING: contact LucaNet team for pricing details
LucaNet is a financial performance management solution that s loved by many businesses and organizations, and the reason for that is not far-fetched – it always gets the job done efficiently! It’s an easy-to-use solution that makes it easy for small to large businesses to achieve seamless planning, integration, streamlined consolidation processes, and data transparency.
LucaNet boasts some enhanced features, including cost-center, forecasting, budgeting, automated planning, cash flow planning, and so on. With more than 3,500 active users and still counting, in over 50 countries of the world, it is fast becoming a household name among business owners.
KEY FEATURES
- Financial consolidation
- Management reporting
- Financial forecasting
- Data integration
- Account reconciliation
- Dashboard
REASONS TO BUY
- Intuitive dashboard
- Excellent customer support
REASON TO AVOID
- Can be overwhelming for newbies
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6. Prophix – Best Financial Performance Management Software for Quick Automation
PRICING: contact Prophix team for pricing details
Phophix is a new-age financial and business management tool that lets organizations manage and automate information such as income statements, budgeting requirements, balance sheets, cash flow, and more. The software has lots of modeling options that allow users to carry out “what-if” analysis and other forecasts. There are also modules for tracking and managing employee records, such as tax estimates and medical expenses.
KEY FEATURES
- Personnel planning
- Budgeting & forecasting
- Cash flow planning
- Integrations
- Performance reporting
- Profitability analysis
- Visual analysis
- Virtual financial analyst
REASONS TO BUY
- Intuitive user-interface
- Multiple customization options
REASONS TO AVOID
- More templates and standard reporting options can be introduced
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References and Links
- https://www.predictiveanalyticstoday.com/enterprise-performance-management-software/
- https://www.g2.com/categories/corporate-performance-management-cpm
- https://www.trustradius.com/corporate-performance-management-cpm
- https://www.getapp.com/operations-management-software/business-performance-management/
- https://peoplemanagingpeople.com/tools/epm-software/
- https://www.saasworthy.com/list/corporate-performance-management-cpm