Finance is a key aspect of every business. Whether you are a startup or an established business, staying on top of your financial state is absolutely critical. Hence, it is important for businesses to invest in the right financial analysis software which can help them to analyze all their financial data and make key decisions accordingly. In this blog, learn what exactly is financial analysis software, some of its benefits, and a detailed description of the top 7 financial analysis software to use in 2023.
Table of Contents
What is Financial Analysis Software?
In simple terms, financial analysis software provides a visual analysis of your financial data. This visual analysis is provided with the help of interactive dashboards which offer meaningful insights about your financial data and transactions. Using financial analysis software can help businesses to monitor their financial performance, consolidate all financial transactions, ensure the accuracy of their financial data, track various KPIs related to finance, help plan the financial direction of the business, and more.
The findings of this software can also enable businesses to identify key areas of improvement, potential financial risks, etc. Financial analysis software has become really popular which means that there is a dearth of options. Although most of this software offers basic features, you must thoroughly research the software to ensure that it is suitable for your business needs and has all the features and tools to aid your business’s financial analysis.
Benefits of Using a Financial Analysis Software
Here are some of the key benefits of using financial analysis software:
- Improved efficiency
- Accurate data
- Data security
- Improved collaboration with other teams
- Financial growth measurement
- Scalability
Top 7 Financial Analysis Software
Here is a list of the top 7 financial analysis software that you can check out to boost the financial performance of your business.
Mosaic Tech
Founded in 2019, Mosaic Tech is a financial analysis software that was built to address the various technical challenges faced by the finance department of a business. This software can consolidate insights easily from ERP, CMS, HRIS, and Billing systems, thus, making it more efficient for various departments to work together. This is one of the best software for businesses to analyze and use their financial data to better align, collaborate, and make future decisions.
Key Features
- Data Management – Import, Consolidation, Validation
- Forecasting
- Report Templates
- Standard KPIs
- Drill Down
- Financial Statement Analytics
- Dashboards
- Custom KPIs
Pricing
Mosaic Tech offers two pricing plans – Foundation and Growth. For detailed information on pricing, contact Mosaic Tech.
LiveFlow
LiveFlow is an efficient financial analysis software that allows businesses to manage all their finance-related processes on one central platform. This online financial management platform easily integrates your banking, payment, and accounting platforms. From creating customizable dashboards to sharing them with the team (with appropriate accesses) to converting their spreadsheets into live dashboards, there is a lot that you can do with this software.
Key Features
- Dashboards
- Report Templates
- Budget Periods
- Drill Down
- Financial Statement Analytics
- Custom Reports
- Forecasting
Pricing
LiveFlow offers custom plans with quotation-based pricing models.
Oracle Essbase
If your business involves dealing with large and complex data sets, then Oracle Essbase is a good option. With the help of this software, users can create complex financial models with easy-to-understand visualizations. You can eliminate the need for multiple spreadsheets and instead work with a unified dataset for reporting and analysis. You can also create and share reports and charts using the software’s query and reporting tool called Smart View.
Key Features
- Data Management – Import, Consolidation, Validation
- Dashboards
- Custom KPIs
- Custom and Standard Reports
- Report Templates
- Drill Down
- Financial Statement Analytics
Pricing
Oracle Essbase offers custom plans with quotation-based pricing models.
Jirav
Jirav is a driver-based financial analysis software that enables businesses to plan and forecast their financial goals in alignment with their overall business goals. You can opt for this software to meet your business’s budgeting, forecasting, reporting, and dashboarding requirements. This intuitive and easy-to-learn software can also be integrated with various apps like Excel, Xero, QuickBooks, NetSuite, etc.
Key Features
- Rolling Forecasts
- Forecasts Comparison
- Report Templates
- Budget Creation
- Dashboards
- Custom Reports
- Variance Analysis
Pricing
Jirav offers three pricing plans for businesses:
- Starter – $10,000/year
- Pro – $15,000/year
- Enterprise – Custom pricing
Apart from the above, Jirav also offers a wide range of pricing plans exclusively for accounting firms. For more details on these plans, contact Jirav.
Cube
If improving the efficiency and accuracy of your accounting operations is one of your key financial goals, then Cube can get the job done for you. Cube is a spreadsheet-native platform that enables users to automate various manual processes, and thus, reduce the risk of errors. This modern FP&A tool offers real-time financial and operational data access to the respective teams. With the help of Cube, you can access strategic insights which in turn will enable you to make smarter financial decisions for your business.
Key Features
- Budget Creation
- Forecasting
- Data Management – Import, Consolidation, Validation
- Drill Down
- Financial Statements Analytics
- Custom Reports
Pricing
Cube offers three different pricing plans:
- Essentials – $1,250/month
- Premium – $2,450/month
- Enterprise – Custom pricing
Centage Planning Maestro
Next on our list of top 7 financial analysis software is Centage Planning Maestro. This platform offers financial intelligence which enables businesses to improve their budgeting, forecasting, and reporting performance. From building data-based strategies to distributing key information across the organization to building insights-based budget models to making accurate projects, this software offers all these capabilities and more.
Key Features
- Budgeting
- Forecasting
- Custom Reporting
- KPI & Metrics
- Market Analysis
- Performance Analytics
Pricing
Centage Planning Maestro offers custom plans with quotation-based pricing models.
Causal
Finally, we have Causal, a financial analysis software that enables businesses to easily build their financial models and share them via interactive, visual dashboards. One of the reasons why this software is quite popular is because it allows users to work with ranges rather than fixed values. This enables the users to look at various possible outcomes. Rather than working on spreadsheets and sharing them via email, users can use Causal to build their financial models and directly share a link with the stakeholders.
Key Features
- What If Scenario Analysis
- Variance Analysis
- Forecasts Comparison
- Custom KPIs
- Custom Reports
- Dashboards
Pricing
Causal offers three different pricing plans:
- Free
- Startup – $250/month
- Business – Custom pricing
Conclusion
We hope this blog helps you in gaining a better understanding of what financial analysis software is and a brief idea of some of the best software currently in this category that you can try out to improve and enhance the financial performance of your business. Do ensure that you conduct a thorough comparison between various software before deciding on the one that best matches your requirements.
If the above-listed financial analysis software is not up to your business requirements, then you can check out some more options in this category on SaaSworthy!
