Best Financial Modeling Tools

Global HR and Payroll Platforms Compared

by Joyce Chen

This page may contain affiliate links. Our assessments are grounded solely in the product’s merits and performance.

Numbers weave the story of a business’s past, present, and potential future. To tell these stories, we use financial modeling tools. These powerful software solutions transform raw data into detailed, predictive models, offering insights that guide strategic decision-making, risk management, and investment analysis. But as diverse as the landscapes they help navigate, so too are the tools designed for this purpose. 

 

Why Use Financial Modeling Tools

Financial modeling tools are primarily used for constructing abstract representations of a company’s financial statements and operations. They are the linchpins in forecasting future financial performance based on historical data, industry trends, and assumptions. Through scenario analysis, sensitivity analysis, and what-if scenarios, these tools offer a dynamic look into the potential impacts of decisions or external factors on a company’s bottom line.

 

The spectrum of users is broad, encompassing investment bankers, financial analysts, CFOs, and entrepreneurs, among others. Essentially, anyone involved in making pivotal financial decisions or seeking to understand financial implications could find value in these tools.

 

Best Financial Modeling Software in the Market

Among the plethora of options, a few stand out for their robust capabilities, user satisfaction, and innovative features:

 

Best Overall: PlanGuru

PlanGuru is a great overall software that has seamless budgeting, forecasting, and planning features at an accessible price point. You can also integrate non-financial data to get a more holistic view of your business’s performance drivers. It’s fairly user-friendly considering the complexity of the tasks it performs, and provides comprehensive training resources and excellent customer service. With a 30-day money back guarantee, you have ample time to explore the platform and test out features with no risk. 

 

Best for Startups: Forecastr

Forecastr

Forecastr is a powerful tool for growing startups that want to use financial modeling to impress investors.

Forecastr is a strong option for startups and growth-stage companies, with unique features tailored to their needs. Its user-friendly interface is perfect for entrepreneurs without a deep background in finance, and allows for collaborative forecasting. Forecastr also has scenario analysis capabilities, which can be valuable for startups navigating uncertain market conditions or considering new strategic directions. Most notably, Forecastr generates investor-ready outputs in formats that are familiar to investors and often expected in pitch decks and financial presentations. 

 

Best for Medium to Large Businesses: Prophix

Prophix

Prophix is great for medium to large businesses that require sophisticated financial management tools.

Prophix is an extremely comprehensive software that automates and integrates financial planning, budgeting, forecasting, reporting, and consolidation processes. If that seems like a lot, that’s because it is designed to be. This platform is geared towards medium to large businesses that need advanced financial processing tools. It also supports a broader range of performance management activities, including operational planning, project management, and workforce planning. 

 

Best for Accounting Practices: Futrli

Futrli

Futrli is a good option for small accounting practices, financial advisors, and SMBs that are just looking for basic tools for financial planning.

Futrli is recommended for accounting practices and financial advisors with plans that scale with the number of clients you serve. There is also a single client plan that is great for small businesses that want basic financial tools without having to invest too much into an elaborate infrastructure. It offers business forecasting and reporting, known for not just focusing on historical financial analysis, but also for providing forward-looking forecasts and actionable insights that can help businesses plan for the future. 

 

Key Differences Among Financial Modeling Software

The landscape of financial modeling software is rich and varied, with key differentiators lying in:

  • Customizability: Some tools offer extensive customization options to tailor models precisely to business needs, while others provide more standardized solutions.
  • Industry-Specific Features: Certain software comes equipped with templates and functions designed for specific industries, offering a more tailored experience.
  • Collaboration Features: As financial modeling becomes more collaborative, tools that facilitate sharing, version control, and real-time updates stand out.
  • Analytical Capabilities: Advanced analytics, including AI and machine learning for predictive modeling, set some tools apart in terms of depth and insight.

 

Selecting the Right Financial Modeling Software

As you select your ideal financial modeling software, consider the following factors:

  • Functionality and Flexibility: The tool should align with the company’s specific modeling needs, whether it’s for M&A, budgeting, forecasting, or project finance.
  • Ease of Use vs. Complexity: While some scenarios require highly sophisticated models, for others, simplicity and user-friendliness may be preferred to ensure broader accessibility across the organization.
  • Integration Capabilities: The ability to seamlessly integrate with existing systems and data sources is crucial for efficiency and accuracy.
  • Scalability: The chosen solution should be able to grow with the business, handling increased complexity and volume of data over time.
  • Cost-effectiveness: Beyond the initial investment, consider the long-term costs associated with training, support, and updates.

Products Mentioned in this Article

Forecastr

Forecastr is a powerful tool for growing startups that want to use financial modeling to impress investors.

Essentials

Dedicated financial analyst and custom financial model with quarterly deliverables

Continue on Forecastr website

Growth

Custom financial model and dedicated analyst with both quarterly and monthly deliverables.

Continue on Forecastr website

CFO

A fractional CFO, in addition to the custom financial model and monthly/quarterly deliverables.

Continue on Forecastr website

Prophix

Prophix is great for medium to large businesses that require sophisticated financial management tools.

Custom Pricing

A range of financial management tools for budgeting, reporting, analyzing, consolidating, and managing.

Continue on Prophix website

Futrli

Futrli is a good option for small accounting practices, financial advisors, and SMBs that are just looking for basic tools for financial planning.

Single

Manage 1 client (but with unlimited users) for $35/month.

Continue on Futrli website

Starter

Manage up to 10 clients for $200/month.

Continue on Futrli website

Professional

Manage up to 25 clients for up to $375 per month.

Continue on Futrli website

Practice

Manage up to 50 clients for $500 per month.

Continue on Futrli website

Pricing information is retrieved from publicly accessible pricing materials. The actual cost may vary based on specific plans chosen. Always check directly with the seller for the final quote.

Pricing information last updated March 7, 2024.

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