When you are planning to run a business smoothly or work towards expanding it, there are some common issues that your business may end up facing. To tackle these, every business owner must be well aware of the best financial modeling software available out there and the key features it comes with. These programs not only anticipate trends in finance but also prevent possible future financial crises. Firstly, let’s get a basic idea of what these softwares actually are and how they can be useful tools for a prospering business.
What is financial modeling software, and why is it important?
Financial modeling software is a specialized tool that helps a company assess its financial health by developing financial models, analyzing investment opportunities, and anticipating future performance. The tool therefore assists business owners and financial analysts to make the most of the current opportunities available to them and thus make informed decisions.
These programs perform various financial tasks like risk management, financial analysis, budgeting, sales and marketing, etc. In today’s fast-growing world, with tons of businesses coming up and taking form, it is essential for you to work with the best financial tools available and take your company to its peak. In this article, we will be looking at six such financial modeling software programs and the unique features they offer.
6 Best Financial Modeling Software
1. Quantrix
Quantrix is software designed to address the limitations associated with spreadsheets when developing financial models critical to businesses. It is an award-winning multidimensional financial and business modeling application. It is a cloud-based, secure sharing and collaboration platform with role permissions, audit logs, and much more.
It is a flexible, accurate, and cost-effective application that can be used for calculating sales forecasts and keeping track of the company’s purchases. It offers a robust, timely alert system and allows users to modify their data through the cloud. Advanced pivot tables in Quantrix work very well and are pretty easy to implement. Also, Quantrix offers powerful data summarization.
Pricing:
The desktop application of Quantrix Modeler costs 2450 USD per year.
Also, you may read AI-Based Stock Trading in India: Benefits and Challenges
2. Jirav
Jirav is a cloud-based business planning software that aids in financial planning and analysis (FP&A). It is a growth-driven application that models future business activities by making accurate forecasts and sales insights.
Jirav assists users to accurately forecast financial operations using pre-built templates, perform interactive data visualizations, develop financial insights with customizable dashboards, and visualize data with interactive reports. Jirav can import from Excel, Quickbooks, Xero, etc. and transform this data into a presentable form using charts and graphs. It can also visualize financial operations by creating exportable and interactive reports. One of the unique features provided by this platform are its easy-to-use planning templates. Using the KPI library, you can define rules for your business’s prosperity. Jirav is also available for mobile devices. It is one of the best financial software programs for growing startups.
Pricing:
Jirav has three pricing editions, ranging from $10,000 to $15,000. A free trial of Jirav is also available.
3. Oracle BI
Oracle BI proves to be one of the best software programs in the business intelligence industry. The platform offers enterprise analytics and data discovery. It provides centralized data access and calculation, allowing users to consume information in any form. It is a powerful tool that can be integrated with other ERP platforms. It is also available for mobile devices. The most important thing for a business is to have quick access to OBIEE reports. Oracle BI offers predefined reports and filters as per the users’ needs.
Eye-catching visual components are another feature provided by the platform. It helps users create business dashboards for their organizations. It offers ease of access, switching responsibilities, drilling between modules, and a variety of various standard program runs and reports. Users can make use of strong reporting and dissection opportunities with the help of graphic interfaces and the ability to sit above multi-faceted cubes to exploit data. The product is a standard of fusion middleware products and therefore easy to administer.
Pricing:
The Oracle Business Intelligence platform pricing model is subscription-based and starts at $155.00/month.
Also, you may read Best data analysis tools
4. Finmark
Finmark is a financial planning and cash-flow insights software that provides financial planning and modeling software, especially designed for startups. This software helps users create, upgrade, and share their financial plans with their investors and team members easily. Finmark operates by taking complicated financial calculations and concepts and filtering them into a simple-to-use interface so as to enable starter businesses to conveniently create and share their financial plans with their team or investors.
It enhances financial management, thereby aiding in strategic decision-making. Finmark helps with budgeting and modeling by providing KPI dashboards for its users. The software allows you to model your revenue and costs in a very succinct manner, making it easier than setting up a complex spreadsheet. The support from Finmark is also incredible.
Pricing:
The platform’s pricing starts at $100 per month.
5. Synario
Synario is a financial modeling tool that integrates financial statements. It can customize financial models for analysis and create presentations for stakeholders. It is cloud-based and does not require any installation. It provides financial oversight with profitability analysis.
It helps users create adaptable and scalable financial models. It provides modern businesses with an explorative, collaborative, and comprehensive modeling platform to realize their long-term strategic visions. It offers specialized time-series analysis. The platform is well supported and serviced.The most impactful feature in Synario is having a balanced income statement, balance sheet, and cash flow statement that automatically updates new data as and when imported.
Pricing:
Pricing information for the platform is currently not available.
Also, you may read How Profitable Is Bitcoin Mining In Bear Market?
6. Fluxo
Fluxo is financial planning software that automates financial models with your business data. The interface offered by the platform helps you create reports with ease. It allows teams to work collaboratively and efficiently. The tool is uniquely designed to serve startups and enterprises by providing end-to-end solutions. It offers financial modeling, financial planning, and analysis (FP&A). And financial analytics all in one place.
The software aims to create a hassle-free and frictionless environment for any growing company. It helps companies identify financial issues and plan for the future accordingly. The software generates automated budgets and forecasts on behalf of its users. The users are then able to make informed decisions regarding investment, marketing, hiring, and funding. Fluxo allows firms to efficiently import data from the software’s API connections and use it to their advantage.
Pricing:
The platform offers three plans: individual: $125/month (for startups or small businesses); team: $175/month (for teams looking to grow quickly); and enterprise: custom (for larger teams looking for more).
Conclusion
While all of the above-stated software is unique in its own way, determining the most suitable software depends on your unique needs and preferences. Keeping up with industry trends and being informed at all times can help you take your business forward smoothly. It is essential to understand what each piece of software offers and if it aligns with the interests of your company. Once chosen wisely, the tool assists you in performing complex financial tasks with ease, helping you make informed decisions in an ever-changing financial landscape.
Frequently Asked Questions
Why is financial modeling important?
Strategic planning, corporate valuation, and well-informed decision-making all depend on
Strategic planning, corporate valuation, and well-informed decision-making all depend on financial modeling. It helps with capital structure optimization, risk assessment, budgeting, and forecasting. Good financial models improve investor relations, assure regulatory compliance, track performance, and facilitate stakeholder communication. It is thus necessary to successfully negotiate the complexity of the business and financial environment.
financial modeling. It helps with capital structure optimization, risk assessment, budgeting, and forecasting. Good financial models improve investor relations, assure regulatory compliance, track performance, and facilitate stakeholder communication. It is thus necessary to successfully negotiate the complexity of the business and financial environment.
What are the two most used financial modeling software?
The two most widely used financial modeling software are Microsoft Excel and Oracle BI. These software are versatile and offer a large variety of features to their users. Some of the popular features accessed through these software are data analysis, financial analysis, data visualization, etc.
Are all financial modeling software paid?
No, not every financial modeling program requires payment. There are free alternatives to many professional applications, such as Oracle Hyperion, Microsoft Excel, and specialized financial modeling software. For instance, Google Sheets provides rudimentary financial modeling functionality. However, software that costs money usually has more sophisticated features and functionalities.
