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Versioning is difficult to maintain especially if multiple finance folks are involved in planning and forecastingExcel/Gsheet is error prone due to user error or cell link integrityMultiple data bases are not fully integrated → Headcount planning might be disjointed if it’s not neatly integratedActualizing the model is a pain if it’s not deeply integrated with an ERPScenario / Casing is difficult to doModels change over time and do not have a repeatable structure
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So you have finally hit the limit of excel/google sheet for planning and are ready to move on to a system ー but which is the right one for you?
These are some key pain points a system can solve:
As your business increases in complexity, managing a financial model in Gsheets/Excel is untenable. Some of key pain points a system can solve are:
What to look for in financial planning software tools?
Here are some key evaluation criteria for the tool - use this as a framework during your initial search and also during the demo with each vendor. The basic evaluation considerations boil down to the platform, the implementation process, the training required, and of course, the cost. I've assigned a sample scoring system to help make a decision.
Evaluation Criteria
Category
Questions
Weight
Tool #1 Rating (1-10)
Tool #1 Score
Tool #1 (Comment)
Tool #2 Rating (1-10)
Tool #2 Score
Platform
18
Is the solution easy to use?
35%
10
3.5
5
1.8
Is there out of the box financial logic?
5%
6
0.3
6
0.3
Is there an overall model size limit?
5%
6
0.3
6
0.3
Are there dimensional limitations?
5%
6
0.3
6
0.3
Can we add on a HR/Sales use case to the model?
5%
6
0.3
6
0.3
Will the solution scale with our company over time?
5%
6
0.3
6
0.3
Does the product have its own native reporting tool or does it rely on 3rd party products?
5%
6
0.3
6
0.3
Does the product require batch updates of data across cubes?
5%
4
0.2
4
0.2
Do you provide the ability to explore and audit data in a cell?
5%
4
0.2
4
0.2
Does everything link to a single underlying version of the data, or is the data replicated across databases?
5%
3
0.2
3
0.2
What is the average time to actualize each month & create a rolling forecast?
5%
4
0.2
4
0.2
What level of access & input can operators have?
10%
4
0.4
4
0.4
Ability to comment in cell/module?
5%
4
0.2
4
0.2
What comes out of box vs. what do I need to build from the ground up?
0%
0
0.0
0
0.0
100%
Sum
69
Sum
6.7
Sum
64
Sum
4.9
Sum
500%
Sum
152
Sum
28.5
Sum
151
Sum
26.7
Sum
Financial Planning Software
There are no rows in this table
Conclusion & Favorites:
The best tool for you depends on the complexity of your financials, company stage and and the resources you have available in headcount & dollars to maintain a system, and your ARR growth rate. Here are my favorites for a SaaS finance team by stage.
$0m - $10m ARR ー GSheet / Excel, Trace, Jirav
$10m - $100m ARR ーAdaptive, Cube, Trace, Jirav
$100m - $300m ARR ー Anaplan, Adaptive, Trace
> $300m ARR ー Requires deeper analysis by company
About Me:
Rohit has 10+ years in Full-Stack Finance. Raised >$500M in multiple rounds, responsible for comprehensive projects spanning fundraising, strategy, headcount planning, traditional FP&A, operational planning, and financial analytics.
Rohit is currently at Gusto as Head of Corporate Finance.
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