The 9 Best Financial Modeling Software Tools for FP&A Teams in 2025 - Vena

What Is Financial Modeling? 

 Financial modeling draws on mathematical calculations and your historical data to forecast future performance and answer questions about your business. Financial models can be applied to a variety of use cases, enhancing decision-making and financial analysis by providing a more informed view of your data. For instance, you may use financial models to explore business acquisitions, predict future sales growth, inform capital allocation and more.  

There are all sorts of financial models you can apply to your business, as well as custom models you can build for your own needs. Some of the more common examples include: 

• A three-statement model, which combines data from your income statement, balance sheet and cash flow statement to create a clearer view of your business financials. 

• A merger (or M&A) model, which is used in investment banking and corporate development to determine the value of an acquisition. 

• A budget model, which draws on income statement data to determine a budget for the year(s) ahead.  

• A forecasting model, which creates a forecast that predicts future outcomes and trends, to compare with the budget model and ensure you’re able to meet your future needs. 

When you apply models like these, you can start to learn more about your organization and revenue sources. And with flexible financial modeling tools, you can build custom models for any unique use case your business may need. 

Take St. Mary’s University—the second largest university in Nova Scotia, Canada—as an example. Darrell Rooney—the university’s Associate Vice-President, Continuous Improvement and Finance—and Vena senior consultant Alex Young applied financial modeling to optimize St. Mary’s tuition revenue.  

“Darrell and I collaborated to build a series of integration channels that would take year-to-date student course enrollment data and load it into a custom-built data model on a weekly basis,” Alex says. “Using this data, we were able to calculate the weekly change in course registrations, as well as tuition revenue that Darrell could pivot by semester, course, student faculty, student residency and so on.” 

This helped the university stay on top of their changing student body and tuition revenue. And by employing financial modeling software, they were also able to save time, building a flexible revenue model that cut down on the time and effort traditionally spent chasing down data and looking for the insights they needed. 

It’s clear that financial models, when powered by the right tools, can go a long way to helping you save time and empower growth. So how do you choose the right financial modeling software for your business? 

What To Look for in Financial Modeling Tools 

What should you look for in a financial modeling software solution? Well, that depends on your business needs. 

Your priorities in a financial modeling solution will be determined by your business goals and the team you have in place. But here are some important criteria to consider when choosing the best financial modeling software for your business: 

Ease of Use 

If you want your team to use your financial modeling software to its fullest potential, you have to make that easy for them. That starts by choosing a user-friendly platform. When exploring potential financial modeling tools, look for an interface that’s intuitive for even your least technical users. 

Flexibility 

You probably already have some idea of how you want to apply your financial modeling platform once it’s up and running. But why limit yourself before you even get going? Once it’s part of your day-to-day decision-making, your financial modeling use cases may grow and evolve. So, look for a solution that’s flexible to a range of needs, can be customized to specific scenarios unique to your business and is able to scale with your potentially growing requirements or objectives. 

Integration Capabilities 

To get the most out of your financial models, you need accessible up-to-date data, and for that you need your solution to be able to integrate with key data sources and other solutions that might contain the information you need. With that in mind, look for a system that has the integrations you need to ensure your financial models will be able to access all the data they require, to provide insights that are truly reliable and up to date. 

Collaboration Tools 

To get the most out of your financial models, your whole team needs to be able to work together on them, building out insights that assist your goals. You may need to work with other departments—for instance, collaborating with department heads in the case of budget models. With that in mind, look for a financial modeling tool with best-in-class collaboration functionality that even non-finance team members could engage with. 

Transparency  

It’s not enough to have access to the right data, though. You also want to be able to show your work and understand how your modeling software comes to the answers it does and who made what changes along the way. To enable this kind of transparency—and to ensure you’re compliant with any regulatory requirements when it comes to your data and how you use it—look for audit trail functionality that provides a record of every change along the way.  

Reporting and Visualization Capabilities 

Finally, to share the results of your financial models in a way that’s easy to understand, you’ll also want to look for reporting functionality and data visualization capabilities like dashboarding that offer a wide range of representations and are easy to use. This lets you better present any new trends in the data and share them with other stakeholders and team members. 

Artificial Intelligence Functionality 

More and more of today’s FP&A software solutions are offering artificial intelligence (AI) capabilities—and that can be a plus when it comes to your financial modeling. AI can help you automate your routine tasks, identify patterns and trends in large data sets quickly and reduce the chance of error in your models. Look for AI functionality that will help you create dynamic financial models, assess potential risks and provide updates in real time.  

The Top Software Solutions for Financial Modeling 

1. Excel 

Of course, one of the most popular options for financial modeling is still Microsoft Excel. It’s often the starting point for businesses that want to take advantage of a range of financial models. 

Excel allows you to draw on data from your income statement, balance sheet and cash flow statement to create valuation, budgeting and forecasting models. It also integrates with tools like Power Query, Power Pivot, Microsoft Copilot and Power BI, which help you build and manage more complicated models and visualizations. And as a bonus, most FP&A teams already know how to use it—meaning there’s barely any learning curve. 

But Excel has some setbacks when it comes to financial modeling—especially for medium- to large-sized businesses. There are limits to the complexity of the models you can explore, and if you’re drawing on large datasets it may be slower to work with. Human error is also harder to root out, making it difficult to ensure the quality of your data and calculations.  

Pros 

• Excel is intuitive and easy to use, and most FP&A professionals are already proficient 

• It’s flexible across different financial models and additional use cases 

• It integrates well with other Microsoft solutions for more complex visualizations and modeling 

Cons  

• It can be difficult to work with large datasets 

• Human error can be a problem, making data and calculations less reliable 

• It lacks some of the automation capabilities of other solutions 

Best For 

Smaller organizations just getting started or those with limited financial modeling needs. 

2. Vena 

Vena’s native-Excel interface means FP&A users benefit from the intuitive experience of Excel while also being able to work with more complex datasets in real time. 

It automates data aggregation, data integration and model population, for best-in-class financial and operational modeling using Vena CubeFLEX^TM, the only analytical database model built for the flexibility of Excel. Vena CubeFLEX^TM is a high-performing, scalable, in-memory multidimensional and hybrid relational database for financial modeling and detailed transactional planning. 

Meanwhile, AI-powered analysis and business intelligence functionality introduce additional insights. Vena also features best-in-class collaboration tools, audit trails, visualization capabilities and integrations across hundreds of source systems and apps.  

 BARC’s Planning Survey 24—based on the world’s largest survey of planning software—named Vena the most recommended platform. Vena also ranked highest for project length, customer satisfaction and product satisfaction, second in price to value and third for workflow. 

Pros

• Vena is easy to use, with a native Excel interface 

• It has a centralized database and integrations across hundreds of source systems 

• Built-in audit trails, cloud-based security and data backups ensure security and data privacy 

Cons  

• There can be a learning curve for new users setting up new models  

• Large and complex data files can be slower to load 

• Has a robust implementation process, which requires a solid up-front plan 

Best For 

Organizations that want to continue working in Excel but hope to add more sophisticated functionality and expand their datasets. 

3. Anaplan 

 Anaplan’s financial modeling tools allow you to build out multidimensional scenarios, compare scenarios and create dimension hierarchies and lists. Drag-and-drop functionality lets you model changes without writing any code, while dashboards and reports allow you to share your findings. You can work with large datasets using Anaplan’s HyperModels tool, while the Anaplan Polaris Calculation Engine allows you to scale your data.  

In the BARC Planning Survey, Anaplan was ranked third in project length, product satisfaction and price to value, fourth in customer satisfaction and ninth in workflow. Anaplan users also report that its collaboration tools are limited, while smaller teams can sometimes also find the platform overwhelming. 

Pros 

• Anaplan offers real-time modeling on complex scenarios 

• It’s able to work with large datasets 

• The platform offers many self-serve options to business users 

Cons  

• Reviewers suggest pricing can be high and overly confusing 

• Some users say the rendering tools for modeling are lacking  

• Integrations are limited, and require technical expertise 

Best For 

Larger organizations looking to enable business users working with large datasets. 

4. IBM Planning Analytics 

A business performance management software solution, IBM Planning Analytics offers a financial modeling environment that allows users to model using cubes, dimensions, hierarchies and attributes—all without coding. You can pull from your data sources, assigning roles and security permissions to the appropriate users, and create rules to build complex models and calculations. 

Featuring both a web interface and an Excel add-in, IBM Planning Analytics also offers real-time integrations and AI forecasting. It’s able to handle large datasets and automate certain routine tasks, while letting users visualize their results through reports, dashboards and other graphics. In the BARC Planning Survey, IBM Planning Analytics was ranked second in project length, but fifth in product satisfaction, seventh in customer satisfaction and eighth in price to value.

Pros 

• Users can take advantage of an Excel interface through the IBM Planning Analytics for Excel add-in 

• It can integrate easily with other IBM solutions  

• It offers transparent pricing depending on business size and needs 

Cons  

• Some reviewers say the user experience feels out of date 

• There’s no easy way for external users to collaborate on the tool 

• The platform rates below average on price to value 

Best For  

Businesses already working in an IBM environment, looking for an Excel-compatable solution. 

5. Jedox 

Jedox is an enterprise performance management software solution that can be used for planning, analytics and financial reporting. It also empowers financial modeling, offering pre-configured financial models and custom capabilities, with integrations to multiple data sources. Models allow for real-time updates, with close integration between models and easy collaboration. There is also AI and machine learning support. 

While Jedox users may need some outside technical support and the platform’s Excel add-on can be slow to use, it offers cross-functional real-time collaboration and combines data from across multiple systems. In the BARC Planning Survey, Jedox ranked fifth for workflow, sixth for price to value and customer satisfaction and eighth for project length and product satisfaction. 

Pros 

• Reviewers say the interface is user friendly 

• Supports multiple currencies 

• Has a central database and can handle large datasets 

Cons  

• Many customers report a learning curve for new users 

• Implementation can be complex and time-consuming 

• It may require external IT support for implementation and training 

Best For 

Larger businesses with support for implementation and training. 

6. OneStream 

An enterprise performance management (EPM) solution, OneStream centralizes financial and operational data to enable financial planning, reporting and forecasting. It empowers financial modeling by combining operational and financial data, with dashboarding and reporting options available to share insights. Audit trails help ensure data transparency. 

OneStream also offers functionality for financial analysis, scenario planning and budgeting, and has AI capabilities for business planning. In the BARC Planning Survey, it ranked second for product satisfaction, customer satisfaction and workflow, fourth for price to value and eighth for project length. 

Pros 

• OneStream offers a range of customization options 

• Reviews say the platform is easy to use 

• Features enterprise-level security and data privacy 

Cons  

• There can be a learning curve for new users 

• Integrations are limited 

• Some customers report slow customer support response times 

Best For 

Businesses that want an enterprise planning solution that they can add to with extensive customizations to meet their needs. 

7. Oracle Fusion Cloud EPM 

Oracle Fusion Cloud Enterprise Performance Management (EPM) is a planning and modeling solution that can be applied across several use cases—from finance and HR to sales and supply chain management. It lets you gather data from across source systems to create financial models, with hundreds of pre-built models and formulas available to draw from.  

Oracle Fusion Cloud EPM’s AI and machine learning functionality helps add to your insights by rooting out anomalies, while reporting and dashboarding let you present your findings. But, some users say the user interface is overly complicated, and the costs prohibitive. 

Pros 

• Oracle Fusion Cloud EPM integrates especially easily with other Oracle solutions 

• Oracle Smart View offers integrations with Microsoft Office solutions like Excel 

• The platform has robust security and access controls 

Cons  

• It can be complex for business users, with IT involvement required for implementation and administration 

• Some customers say the user interface is overly complicated 

• Some customers complain about the cost  

Best For 

Businesses already working in an Oracle environment, looking to take advantage of a fully integrated tech stack. 

8. SAP Analytics Cloud 

SAP Analytics Cloud is an analytics and planning solution that empowers business intelligence and enterprise planning. The platform’s Modeler tool also helps build financial models, letting you choose model settings and data sources. Models can be displayed in a graph view for better visualizations, and AI functionality makes it possible to automate reporting and explore further insights.  

SAP Analytics Cloud helps fuel scenario planning, process management and predictive analytics, with collaboration tools that let users share and discuss plans across teams and departments. But in the BARC Planning Survey, SAP Analytics Cloud came in last in a variety of categories, including price to value, workflow, product satisfaction and customer satisfaction. 

Pros 

• The platform’s data visualizations get good reviews 

• It integrates well with other SAP solutions 

• Users can leverage Microsoft Office functionality—including Excel—through an add-in 

Cons  

• Some users have found the implementation process challenging and time consuming 

• The platform has trouble integrating with some outside data sources  

• It’s rated low for product and customer satisfaction 

Best For 

Businesses looking for strong data visualizations and SAP integrations. 

9. Wolters Kluwer’s CCH Tagetik 

Wolters Kluwer’s corporate performance management software solution, CCH Tagetik, enables integrated business planning by combining both financial and operational data from several functional areas such as finance, HR, operations, marketing, sales and supply chain. CCH Tagetik’s Analytic Information Hub allows users to bring together and analyze data from multiple business areas to support their planning and reporting. 

Tools like AI-powered predictive analytics and forecasting functionality allow for further proactive decision-making. 

CCH Tagetik enables real-time driver-based simulations and what-if analysis. Dashboards offer clear visualizations you can share with stakeholders, while workflow and audit logs allow you to track your work along the way. In the BARC Planning Survey, it ranked first for price to value and workflow, third for customer satisfaction, sixth for product satisfaction and ninth for project length. 

Pros 

• Customers find CCH Tagetik flexible and easy to integrate 

• It’s scalable across a variety of use cases 

• The platform rates well on price to value 

Cons  

• While there is an Excel add-on, it can be sluggish  

• The platform can be overly complex and difficult to navigate 

• It can be difficult to customize 

Best For  

Mid-level to enterprise businesses looking for a solution they can use across use cases. 

Level Up Your Financial Modeling Today 

Finding the right financial modeling tools for your business will mean prioritizing the features that matter most to you. So, start putting your priority list together—and get ready to enjoy the insights financial modeling software offers. 

Read more about Vena’s financial modeling solutions today.