Businesses nowadays are increasingly using data-driven analytics to enhance their decision-making. As a result, these data-driven analytics are increasingly used in various business operational departments. One such department is the department of Finance, where information matters most.
In the past, financial operations were mainly handled by accountants and bookkeepers, who conducted all the information reporting. Contradictory to the past, now the data is generated at a significant volume. Even the small businesses of today’s time are making a substantial volume of sales, making reporting operations challenging to carry out manually.
Thanks to technology, we now have Financial Planning and Analysis softwares. As a result, these software are exponentially popular. The rise of fame of these financial planning and analysis software is credited to the benefits they provide to businesses. In addition, Financial Planning and Analysis Software are hubs to numerous features that make financial reporting easy.
1. Financli
Financli is a top-rated financial planning and analysis tool. Financli hosts numerous features that can be used for financial planning and analysis. This software is a must-have for small businesses to ease up and fasten their financial reporting process.
Financli is a financial planning and analysis software solution that cuts the need for expensive financial consultancy. With just a minimal subscription,n you can run an automated system of informational analysis readily available with just a few clicks.
Key Features
- Depreciation And Amortization Schedule
- Inventory Analysis
- Loan Schedule
- Financial Ratios
- Financial Dashboards
- Marketing Budget
- Project Evaluation
- Revenue Forecast
- Reports
- Sales Forecast
- Scenario Manager
- Sensitivity analysis
- Variance Reports
Top 3 Features
Financli has various super cool features that not only make financial analysis easy but full of fun too. As we know, financial analysis is time-consuming, tiering, and mentally excruciating if practiced manually. With features offered by Financli, the process of number crunching can be performed in minimal time.
Now let’s have a look at the best features that Financli offers. These features are specially tailored to cater to a business’s financial planning and analysis needs.
1. Financial Dashboard
One of the most valuable features that Financli offers is the financial dashboard. Financial dashboards are helpful for businesses in numerous ways.
Financial dashboards can be used to analyze the financial progress of the company. For example, firms can use financial dashboards to track their annual or monthly profitability. Financial dashboards can also quickly check the company’s expenses and cash flow.
Adding to the list of benefits of financial dashboards, one thing which they significantly benefit businesses is informational analysis. As all the progress and financial data are readily available in graphical representations, this helps decision-makers to make decisions and exhibit them quickly.
2. Sales Forecasting
Sales forecasting and revenue projections are essential business activities. A lot of businesses’ future operations are dependent on this activity. These could be related to ordering new batches of raw materials, hiring new employees, and many more.
Businesses have to ensure that they conduct the operations of sales forecasting to get the closest estimates and utmost accuracy is focused. If the business conducted this process wrongly, it would have the wrong expected figures, resulting in an incorrect decision.
The feature of sales forecasting offered by Financli help business to make future sales forecasting and revenue projection with utmost accuracy. As this process is entirely automated, this ensures that there won’t be any calculative errors that could result in inaccurate revenue projections or sales forecasting.
3. Financial Planning and Analysis
Financial Planning and Analysis are among the most integral part of business decision-making. The Financial Planning and Analysis feature helps businesses get a quick knack and updates about the firm’s operational efficiency.
This feature helps businesses in multiple ways. This feature is filled with numerous sub-features, like the calculation of ratios, break-even analysis, and cash flow statement generation and analysis.
Financial ratios like profitability ratios, liquidity ratios, and many others are helpful for businesses to understand the current financial standings. For example, break-even analysis helps your business know where revenues and expenses are equated so that you can easily create sales optimization targets to achieve higher profitability. Likewise, cash flow analysis helps your business to understand the movement of cash in your firm so that you can create plans for strengthening cash reserves and avoiding disasters like insolvency.
Pros
- Affordable for small businesses
- Easy to use
- Amazing User Interface
Cons
- Service Charges might be higher for large corporations
- No compliance management
Pricing
- Charges are tailored according to the business’s revenue.
Customer Support
- Phone Number: (302) 440 3606
- Email: info@financli.com
Ratings
Financli hosts numerous amazing features, making it a perfect and credible platform for Financial management. Credited to its credibility, it has received an excellent rating of 4.4 on rating and review platforms like Capterra.
Conclusion
The outstanding features and superb rating makes Financli one of the best cloud-based Financial Management software. Integrating Financli as the planning software in business is one of the best decisions a company could make.
2. Datarails
datarails is among the top-notch cloud-based financial management software. datarails was designed to enable small and medium-sized businesses to achieve perfection in financial management and analysis.
The traditional use of Excel and number crunching for financial analysis to too outdated. The use of datarials helps businesses to help to integrate accounting platforms with business personal data platforms like (MS Office).
Key Features
- Consolidation
- Financial Reporting
- Data Visualization
- Analysis and Scenario Modeling
- Sales Commission
Top 3 Features
The features offered by datarails are amazing. These features help businesses in numerous ways. From analyzing quarterly, monthly, or annual reports to future projections, everything could be done right with datarails. So now let’s have a look at these super helpful features.
1. Consolidation
Businesses nowadays have different software tools like Accounting Software, CRMs, and ERPs, which generate vast amounts of data. As this data is generated in vast quantities, it becomes difficult to analyze and use.
With datarails, data processing and sorting challenges can be solved quickly. In addition, the features of consolidation help businesses sort and collect data in an organized manner once datarials are integrated into the other SaaS platform that a business uses.
2. Financial Reporting
Financial reporting is one of the most crucial tasks that a business undertakes. Businesses must ensure that this task is done accurately and efficiently. Besides this, they have to ensure that this task isn’t too time-consuming.
What makes the operation too time-consuming time consuming is that there are various steps and procedures to follow. Collecting data, sorting it, and then implementing graphical representations can be a hassle, but with datarails, not anymore. Datarails helps your business or finance time to minimize all the time that goes into financial reporting.
The feature of financial reporting offered by datarails allows your business or finance teams to automate data collection. The magic of automation will enable you to bring speed to data collection as the manual efforts are minimized, this lead to the process of financial reporting finishing up faster.
3. Planning, Budgeting, and Forecasting
Planning, Budgeting, and Forecasting help businesses set future goals and objectives, allocate resources, and in many more ways. However, the benefits of planning, budgeting, and forecasting can only be optimized if this is done right.
Datarails helps your business carry out the planning, budgeting, and forecasting processes with utmost feasibility. This feature is specially designed for businesses to collaborate in planning, budgeting, and forecasting as the collaboration is there. This help businesses to get the participation of every department in this vital activity, leading to better decision-making.
Pros
- Preferable for small businesses
- Offers integration with numerous SaaS-based management tools
Cons
- Costly for large business organizations
- Fewer features
Pricing
- Service charges tailored according to business requirements
Customer Support
- Chatbot Availability
Rating
Datarails is one such platform that has received excellent, impressive, and outstanding ratings and reviews across all the respected rating and reviews platforms.
On all three rating and review platforms, Capterra, GetApp, and g2 Datarails have received a 4.8 out of 5.
Conclusion
Impressive ratings and excellent features signify that Datarails is one platform for which small businesses should opt. This platform guarantees perfect financial management that can help your business to optimize profits and streamline all the resources.
3. Prophix
Prophix is a top name among financial management software for small and medium-sized businesses. As small business organizations can struggle to find good financial management software, Prophix is a solution.
Top Features
- Budgeting
- Personal Planning
- Scenario Planning
- Cash-Flow Planning
- Capital Expenses Planning
- Automated Report Distribution
- Profitability Analysis
- Self-Service Interactive Dashboard
- Visual Analytics
- Financial Consolidation & Close
- Intercompany Reconciliation
Top 3 Features
Prophix has some of the most fantastic features to offer. These features help businesses to streamline their financial management. Let’s have a look at these fantastic features.
1. Scenario Planning
Scenario planning is one of the essential features that other financial planning and analysis software fails to provide. This feature is exceptionally underrated but has much potential to help businesses.
As we know, we live in a time where unexpected things can occur in no time. Unfortunately, primarily unexpected and unfortunate scenarios cost small businesses as these businesses don’t have proper planning for these uncertain scenarios.
The scenario planning feature helps businesses formulate appropriate strategies when time is not on the side of your business. This feature allows your business to naturalize the effects of any unforeseen events and become prepared if some unforeseen circumstances are about ot take place.
2. Profitability Analysis
The feature of profitability analysis helps your businesses to calculate essential ratios like profitability and liquidity ratios with utmost accuracy and instantly. This is not it. This feature allows businesses to optimize profit margins and plan better future opportunities.
3. Project Planning
This feature help business to deeply understand and analyze the future of a project. These features let a business know how worthwhile the project is to pursue and how the projected investment could be used in it.
The feature of project planning has proven to be successful and super valuable for small businesses.
Pros
- Easy to use
- Offers various features
- Preferable for small businesses
Cons
- Report Creation is complex
- Lack advanced visualization
Pricing
- Pricing plans are tailored according to the business’s needs.
Customer Support
- Email: info@prophix.com
- Phone: +1-905-279-8711
Ratings
Prophix has received a subtle rating for its services to businesses. On rating and review platforms like g2, Prophix has received a rating of 4.4 out of 5. On other rating and review platforms like Capterra and GetApp, it has received an excellent rating of 4.6 out of 5.
Conclusion
Ever since its launch Prophix has helped numerous businesses. Availing of the services of Prophix can be helpful for your business too. The excellent ratings and good reviews prove Prophix’s credibility in financial management.
Wrapping Up
Small businesses have to put utmost importance on financial planning and analysis. This is because financial planning is necessary for the business’s long-term success. Therefore, businesses must be very keen on which software they will use for financial planning and analysis.
All three software mentioned above are beneficial and valuable for financial planning and analysis, but one that stands out is Financli. Financli has the edge over other financial planning and analysis software because it is a well-rounded software with better features, ease of use, and affordability.
