5 Budgeting and Forecasting Tools That Finance Teams Actually Want to Use

Look, we need to talk about your budgeting process.

If you're still drowning in version 47 of that franken-Excel model your predecessor built in 2014—you know, the one with the mysterious #REF! errors nobody dares to touch—it's time for an intervention.

Budgeting and forecasting software helps businesses create detailed budgets and accurate financial forecasts using past and present data, while reducing errors and saving time with tools that automate manual tasks like data collection and report generation. The question isn't whether you need dedicated software anymore. It's which tool will actually make your finance team's life easier without requiring a PhD in data engineering to operate.

Here's the thing that most "top 50 software" listicles won't tell you: more options don't equal better decisions. You don't need to evaluate 30 different platforms. You need to find the right one for your specific situation—whether you're a scrappy mid-market company or an enterprise with complex consolidation needs.

So instead of overwhelming you with every tool under the sun, I'm breaking down five solid budgeting and forecasting solutions that each bring something different to the table. No fluff, no vendor-sponsored nonsense—just honest insights about what works, what doesn't, and who each tool is actually built for.

Before we dive into specific tools, let's address the elephant in the room: Excel isn't going anywhere.

And honestly? It shouldn't. FP&A teams primarily used Microsoft Excel for data analysis, financial analysis, and strategic planning, but Excel has some limitations and inefficiencies, especially as companies grow in size and complexity.

The issue isn't Excel itself—it's using only Excel for enterprise-level financial planning. When you're managing multiple entities, dozens of department budgets, and trying to create rolling forecasts that don't break every time someone adds a new product line, pure spreadsheet approaches start showing their age.

Modern budgeting and forecasting tools solve these pain points:

• Version control nightmares become collaborative workflows

• Manual data consolidation transforms into automated integrations

• Error-prone formulas get replaced with governed calculation engines

• Static annual budgets evolve into dynamic, continuous planning

The best part? Many of these tools work with Excel rather than replacing it entirely. Because let's be real—finance people love their spreadsheets, and forcing them into a completely foreign interface is a recipe for adoption disaster.

Before you get distracted by flashy demos and sales pitches about "AI-powered insights" (spoiler: they all claim this now), focus on these fundamentals:

FP&A software will need to be able to integrate with existing platforms and data sources, including Enterprise Resource Planning (ERP) systems and Customer Relationship Management (CRM) software, among other potential data sources. If connecting your GL takes three months and a systems integrator, that's a red flag.

Some tools give you blank-canvas flexibility. Others provide pre-built templates and guardrails. Neither approach is inherently better—it depends on whether you want to build custom models or need to get up and running fast.

That attractive monthly price? Cool. Now add implementation fees, training costs, consulting hours to customize workflows, and the internal time your team will spend managing the system. That's your actual investment.

If only your FP&A manager can use the tool, you've just created a bottleneck. The budget contributors across departments need to actually want to use it, or you'll spend every cycle chasing submissions.

Let's start with Vena, because it represents an interesting middle ground in the market.

Vena turns Excel into a complete financial forecasting software by adding features such as data integrations, drill throughs, advanced modeling and more. This isn't just "Excel-like"—you're literally working in actual Excel, but with a centralized database backend handling version control, security, and collaboration.

Think of it as giving Excel superpowers without forcing your team to abandon the tool they already know.

Small to medium-sized businesses who use Excel for FP&A, though they've scaled up to support larger enterprises too. If your team lives in Excel and you want to evolve your processes without a painful rip-and-replace, Vena deserves a serious look.

• Native Excel interface means virtually zero learning curve for finance teams

• Powerful and time-saving budgeting and forecasting tools to help cut budget cycle times and plan with confidence

• Strong workflow capabilities for managing approval processes

• Supports various budgeting methods—top-down, bottom-up, zero-based, driver-based

Here's where it gets interesting. While Vena markets heavily to SMBs, several reviews indicate that implementation can get complicated. Vena has a rigid template that requires coding and a lot of outside help to change models, according to some user feedback.

Additionally, Vena charges high implementation fees, additional fees for a dedicated system administrator, and professional third party service fees for the complex coding that needs to be done. So that "Excel familiar" pitch comes with some caveats if you need heavy customization.

Vena offers two pricing tiers: Professional and Complete. The Professional tier is their most popular. Full pricing is available by speaking to a Vena specialist. Translation: it's custom, and you'll need to demo before getting numbers.

Vena works brilliantly for companies that want to maintain Excel workflows but need better governance and collaboration. Just go in with eyes open about potential implementation complexity and costs.

If Vena is "Excel enhanced," Jedox is more like "Excel's sophisticated European cousin who studied engineering."

Jedox is a European-based planning and performance management platform for integrated business planning, FP&A, and sales performance management in an Excel-friendly interface. But don't let "Excel-friendly" fool you—this is a multidimensional database engine with serious modeling capabilities.

Finance and revenue operations teams across organizations of all sizes and industries. Jedox particularly shines when you need planning that extends beyond pure finance—think integrated business planning across sales, supply chain, and operations.

• Jedox simplifies operations by combining the insights of business intelligence with the strategy of enterprise performance management into one unified platform for integrated planning across the organization

• Powerful scenario modeling and what-if analysis

• Flexibility to build custom applications beyond standard FP&A use cases

• Jedox has a rating of 4.6 stars with 132 reviews on Gartner Peer Insights

That flexibility comes with complexity. To display data from Jedox within Excel, users work with new functions (like PALO.DATA) that require training and feel unfamiliar to Excel users. So while it has an "Excel add-in," it's not the same seamless experience as working in native Excel.

Also, There is room for improvement in the scalability. It is a very massive tool, according to some user reviews, suggesting it might be overkill for simpler use cases.

Jedox offers four pricing tiers, Essential, Business, Professional (most popular), and Performance. Additional information on pricing requires speaking to a Jedox specialist.

Choose Jedox if you have technical resources internally and need a platform that can grow with complex, custom planning requirements beyond basic budgeting. It's serious software for serious planning nerds (I mean that as a compliment).

Formerly known as Host Analytics, Planful has established itself as a mature, comprehensive FP&A platform.

The Planful FP&A software platform is focused on continuous planning. It includes everything you need for planning, budgeting, and forecasting. This isn't just budgeting software—it's a full Enterprise Performance Management (EPM) suite.

Planful is best suited for mid-sized to large enterprises with complex financial reporting and analysis requirements. If you're dealing with multi-entity consolidations, complex hierarchies, and need robust financial close capabilities alongside planning, Planful checks those boxes.

• You can handle financial reporting, financial consolidation, financial close management, workforce planning, and scenario analysis

• Strong integration ecosystem with major ERP systems

• Planful has a rating of 4.5 stars with 120 reviews on Gartner

• Solid track record and customer base in the mid-market segment

Multiple reviews mention that Although it is Excel-like, it is not native Excel and far behind the other software options in this category. This means that the tool is extremely rigid and companies need to give up their existing models and templates when they adopt Planful.

Additionally, implementation isn't quick. Long implementation times (6 months or more) are common, along with the need for consultant support.

Cost is another consideration—Planful charges internal and external consulting fees, additional customer support fees, and a pay-per-user policy.

Like most enterprise EPM tools, Planful doesn't publish pricing. Expect custom quotes based on your user count, modules, and implementation needs.

If you're ready for a comprehensive EPM platform and have the budget and timeline for a significant implementation project, Planful delivers robust capabilities. Just don't expect a quick, lightweight deployment.

Now for something genuinely different in the market.

Datarails' technology wins this title. Datarails' front-end is your native spreadsheet, as the solution can connect and understand any spreadsheet regardless of complexity. As such, Datarails users enjoy endless flexibility exactly as they do with their typical use of Excel.

This is the most "bring your own model" approach in the market—Datarails doesn't make you rebuild everything in their system.

Ideal for small and medium-sized businesses that have invested years in building sophisticated Excel models and don't want to throw that intellectual property away.

• Due to its innovative and unique approach, Datarails has managed to win this one by a landslide, putting them atop the list of FP&A software for SMEs. By maintaining original customer spreadsheets, and therefore keeping their original financial models, Datarails is practically a plug-and-play solution

• Integrate with 200+ accounting software, ERP, CRM, Bank, or HRIS system

• Much faster implementation than traditional EPM tools

• AI-powered capabilities through "Genius by Datarails"

Because it's Excel-native, you inherit both Excel's strengths and its limitations. If you eventually need to scale beyond Excel's capabilities, you might outgrow Datarails.

Also, Neither supports Google Sheets, and they both offer limited support for Mac—something to consider for Mac-heavy organizations.

Datarails tends to be more transparent and competitive on pricing compared to enterprise EPM vendors, positioning itself as a more accessible option for the mid-market.

Finance teams at growing companies who think "our Excel models actually work great—we just need better data connections and collaboration." If that's you, Datarails might be your answer.

Let's wrap up with a newer player that's gaining serious traction.

The dynamic, all-in-one forecasting, budgeting, reporting, and dashboarding solution. We are the leading, all-in-one forecasting, budgeting, reporting, and dashboarding solution, purpose-built for accounting and finance heroes.

Jirav specifically targets growing businesses, accounting firms offering FP&A advisory services, and VC-backed companies that need investor-ready reporting.

• Our powerful, integrated, and driver-based software forecasts the P&L, balance sheet, and cash flow, so you always have a pulse on where your cash position is today and where it's headed in the future

• Modern, intuitive interface that finance teams actually enjoy using

• Built-in best practice templates to accelerate time-to-value

• Strong focus on cash flow forecasting—critical for growth-stage businesses

Jirav has been instrumental in helping Weatherford Capital scale its business, resulting in a significant increase in assets under management. Since implementing Jirav, they have 3x their AUM and can now budget based on future projections.

As a newer platform, Jirav doesn't have the decades of enterprise battle-testing that Planful or Anaplan have. It's purpose-built for a specific segment—and if you're a massive multinational conglomerate with byzantine consolidation requirements, this probably isn't your tool.

But for the segment it targets? It delivers serious value with less complexity and faster implementation than traditional EPM platforms.

Jirav offers more straightforward, transparent pricing than many competitors, with packages designed for different company sizes and needs.

High-growth companies, startups scaling rapidly, and accounting firms that want to offer FP&A services to clients without massive overhead.

Alright, you've seen five solid options. Now what?

Here's a decision framework that actually works:

• Heavy Excel users who want to evolve, not revolt? → Vena or Datarails

• Complex planning needs across multiple business functions? → Jedox

• Need comprehensive EPM with strong financial close? → Planful

• Growth-stage company prioritizing speed and ease of use? → Jirav

If you need something up and running in 4-6 weeks, eliminate options with 6+ month implementations. Be honest about your urgency versus your complexity.

Software subscription costs are just the start. Factor in:

• Implementation and consulting fees (often 1-2x annual subscription)

• Internal time investment (your team's hours have value)

• Potential customization and integration work

• Ongoing training and support needs

The most powerful software is worthless if your team won't use it. One of CFOs' biggest fears when implementing a new financial planning and analysis solution is that the non-finance users (who input most of the raw data) will have a hard time doing so. Therefore, product ease of use takes its place as the most important criterion for CFOs when selecting a new CPM solution.

Here's the truth nobody wants to hear: the software isn't the hard part.

Sure, choosing between vendors feels daunting. But the real work happens after you sign the contract:

Before implementing any tool, audit your current data sources. Clean up your chart of accounts. Document your dimension structures. The better your data foundation, the smoother your implementation.

Start with standard functionality and learn the platform. Those "we've always done it this way" customizations can wait until you understand what the tool can do out of the box.

Your implementation project plan should spend at least 30% of effort on training, communication, and adoption strategies. Technology doesn't fail—adoption fails.

As we move through 2024, the need for precise and real-time financial forecasting is becoming increasingly crucial for businesses aiming to stay ahead. Financial forecasting software has evolved into an indispensable tool. Your first version won't be perfect, and that's okay. Build in quarterly reviews to refine your processes.

Look, I could end this with some generic "all these tools are great, you can't go wrong!" cheerleading. But that would be BS.

The reality? Every single one of these tools can be either brilliant or disastrous, depending on whether they match your specific needs, constraints, and organizational readiness.

Vena might be perfect for one mid-sized company and frustrating for another with the same revenue and user count—because their finance teams operate differently, have different technical capabilities, and different tolerance for complexity.

The best budgeting and forecasting tool isn't the one with the longest feature list or the biggest marketing budget. It's the one that:

1. Solves your specific pain points (not theoretical problems you don't actually have)

2. Matches your team's working style (not what works for Google or Amazon)

3. Fits your actual budget (including all those hidden costs)

4. Will get used consistently (because adoption is everything)

So take the time to demo multiple options with real scenarios from your business. Involve the actual people who'll use it daily. Ask hard questions about implementation, support, and what happens when things go wrong.

According to DataHorizzon Research, the global FP&A software market is valued at USD 4.38 billion in 2024 and is projected to reach USD 11.67 billion by 2033—this market is exploding because the tools genuinely work when implemented thoughtfully.

Your finance team deserves better than that nightmare Excel model with 47 versions. Choose wisely, implement deliberately, and you'll wonder how you ever managed without proper budgeting and forecasting software.

Now go forth and plan better. Your future CFO self will thank you.