Building accurate, flexible, and insightful financial models has always been central to effective FP&A. But as organizations grow and data becomes more complex, spreadsheets alone struggle to keep pace. As we discussed in our episode Annual Planning: Beyond Numbers to Business Growth, the challenges of integrating modeling into the planning process only intensify when you review the past 12 months, where factors like inflation, tariffs, and shifting market conditions create an added layer of complexity.
Finance teams now need tools that can manage large data sets, connect seamlessly with source systems, support dynamic scenario planning, and enable true cross-functional collaboration.
That’s where modern financial modeling software comes in.
Whether you’re optimizing a budget, running what-if scenarios, or building a driver-based forecast, the right platform can elevate financial modeling from a manual task to a strategic capability.
Below, we’ve highlighted some of the leading financial modeling software solutions FP&A teams rely on to boost accuracy, speed, and insight.
How to Choose the Right Financial Modelling Software
Choosing the right financial modeling software starts with understanding the way your finance team operates. Implementing a new platform can feel daunting, especially since timelines can range from a few weeks to several months depending on your systems and data complexity. That’s why the selection process should involve more than simply comparing features.
It’s worth looking closely at each tool’s capabilities and the specific use cases it’s designed to support. You may not need every feature right away, but flexibility and scalability often become important as planning processes expand.
Below is a set of key criteria to help guide your evaluation:
|
Criteria |
What to Look For |
Why It Matters |
|
Integration with Source Systems |
Direct connections to ERP, CRM, and data warehouses |
Keeps models current and eliminates manual data uploads |
|
Flexibility & Customization |
Driver-based logic, multi-scenario modeling, custom formulas |
Adapts to your business model instead of forcing rigid templates |
|
Collaboration & Version Control |
Shared access, user permissions, and audit trails |
Enables teamwork without overwriting data or losing control |
|
Performance & Scalability |
Handles large data sets and complex calculations |
Ensures models run smoothly as your organization grows |
|
Ease of Use & Adoption |
Intuitive interface, strong documentation, onboarding support |
Speeds up adoption and maximizes ROI on your software investment |
|
Scenario & Forecasting Capabilities |
Dynamic what-if analysis and rolling forecasts |
Helps finance teams model uncertainty and plan for multiple outcomes |
|
Governance & Security |
Role-based access, version history, compliance tools |
Protects sensitive data and supports audit readiness |
8 Of The Top Financial Modeling Software & Tools To Consider
1. Vena
Best for: Organizations seeking Excel familiarity with enterprise-grade modeling, workflow, and AI.
Vena combines the familiarity of Excel with the control and scalability of an enterprise platform. Its financial modeling engine lets FP&A teams build driver-based models, automate data refreshes from source systems, and run multi-scenario what-if analyses, all within a governed, collaborative environment.
The platform’s OLAP engine, CubeFLEX™, supports complex, high-volume models while maintaining performance and version control. Finance users can customize models to reflect real business drivers without losing the flexibility they love in spreadsheets.
Vena also integrates Vena Copilot, an AI assistant that enables natural-language interaction with models. Copilot helps finance teams generate insights, run ad-hoc analyses, and simulate scenarios directly from their planning data which helps speeds up decision-making while preserving accuracy and control.
2. Anaplan
Best for: Enterprises needing scalable, cross-functional modeling across finance and operations
Anaplan offers one of the most robust modeling platforms for organizations that manage complex, multidimensional planning. The platform handles large data volumes and real-time calculations, which allows finance teams to run driver-based forecasts and what-if analysis without performance issues.
Its cloud-native architecture enables true connected planning by bringing finance, supply chain, sales, and workforce planning into a single environment. This helps teams maintain consistency across models and collaborate more effectively, especially in organizations with global or cross-functional planning requirements. The modeling experience is flexible and intuitive, giving users the ability to update assumptions and instantly see how those changes flow through the business.
Anaplan’s depth and scalability are impressive. Getting the most value from it requires strong model governance and design discipline. For that reason, it tends to be the best fit for mature FP&A teams that want to take planning to an enterprise-wide level.
3. Workday Adaptive Planning
Best for: Finance teams seeking enterprise-grade scalability and integrated, continuous planning
Workday Adaptive Planning provides a unified modeling environment that brings together financial, workforce, and operational plans. Its Elastic Hypercube Technology supports fast, multidimensional calculations, which makes it well suited for organizations with multiple entities, complex structures, or a wide range of planning scenarios.
Finance teams can build driver-based models, run automated forecasts, and test different what-if scenarios using real-time data. Because the platform is fully cloud-based, it maintains strong version control, consistent data, and scaling capacity as the business grows.
Workday Adaptive Planning also incorporates AI and machine learning features that enhance forecast accuracy and surface potential anomalies. These capabilities help FP&A teams move beyond manual reporting and focus more on forward-looking, insight-driven analysis.
4. Pigment
Best for: Modern finance teams seeking flexibility, real-time collaboration, and strong cross-functional modeling
Pigment brings a modern, intuitive approach to financial modeling and planning. Designed for fast-growing and enterprise organizations, it combines powerful multidimensional modeling with real-time data visualization and collaboration. FP&A teams can build driver-based models, perform dynamic what-if analysis, and instantly visualize the impact of changes across revenue, expense, and headcount.
The platform integrates seamlessly with ERPs, CRMs, and data warehouses, ensuring finance always works with accurate, up-to-date data. Its clean, spreadsheet-like interface makes adoption easier, while role-based permissions and version control maintain governance at scale.
Pigment also includes AI capabilities that accelerate model building, automate repetitive tasks, and assist with scenario exploration, helping finance teams spend less time maintaining models and more time interpreting insights.
5. Cube
Best for: FP&A teams who want to keep spreadsheet flexibility but add enterprise-grade structure, automation and scenario-power
Cube bridges the gap between spreadsheet-based modelling and a modern FP&A platform. Teams can continue working in familiar tools like Excel or Google Sheets while Cube underpins them with a centralised data engine, live integrations and built-in workflows.
The platform supports unlimited dimensions and hierarchies, enabling driver-based planning across departments, regions and products. It also supports real-time what-if scenarios, rolling forecasts, and AI-driven insights.
On the governance side, Cube delivers version control, workflow tracking, role-based permissions and audit logs so you get both flexibility and control.
Cube gives you a scalable, controlled platform without forcing you to abandon your familiar tooling.
6. OneStream
Best for: Large enterprises needing unified modeling, consolidation, and analytics in one platform
OneStream delivers a comprehensive financial modeling and planning solution built on a single, extensible data model. Designed for enterprise-scale FP&A, it unifies planning, forecasting, consolidation, and reporting, ensuring every number across the organization ties back to a single source of truth.
Its flexible dimensional architecture allows finance teams to model complex organizational structures, business units, and scenarios without compromising performance. OneStream’s AI features also enable predictive forecasting, anomaly detection, and advanced scenario analysis directly within the platform.
For organizations managing multiple entities or global operations, OneStream provides the structure, scalability, and intelligence needed to align financial models with enterprise-wide strategy.
7. Jedox
Best for: Organizations seeking flexible, Excel-friendly modeling with strong integration and automation capabilities
Jedox takes a familiar, spreadsheet-like approach to modeling and combines it with the structure of an enterprise planning platform. Instead of forcing teams to abandon their existing workflows, Jedox enhances them with an in-memory engine that supports multidimensional models, driver-based planning, and fast what-if analysis.
One of its key strengths is how easily it connects to the broader data landscape. Jedox integrates with major ERPs, CRMs, and data warehouses, giving finance a single source of truth without manual consolidation. Centralized data, workflow automation, and version control help teams maintain consistency as models grow more complex.
Jedox also includes AI-supported forecasting capabilities that surface trends, highlight anomalies, and help users refine assumptions. For teams that want a balance of flexibility and control, paired with strong integration and predictive capabilities, Jedox provides a versatile platform that scales with the business.
8. Board
Best for: Organizations that want financial modeling, business intelligence, and performance management in one platform
Board takes a comprehensive approach by combining modeling, analytics, and reporting within a single system. Instead of relying on separate tools for planning and BI, finance teams can build driver-based models, evaluate scenarios, and analyze results without switching platforms. Its multidimensional modeling engine makes it easy to link financial assumptions to operational data and see how changes ripple across the business.
A standout feature is Board’s built-in business intelligence layer. Dashboards, visualizations, and narrative reports are all native to the platform, which means FP&A teams can move directly from planning to insight generation without exporting data. Workflow controls, audit trails, and permissions support governance as planning activities expand across departments.
For organizations that want a unified environment where financial and operational planning work hand in hand, Board provides a cohesive solution that supports better visibility, stronger alignment, and faster decision making.
Why The Right Modeling Tools Matter More Than Ever
Ultimately, financial modeling software is about empowering finance teams to deliver clearer insights, influence their impact and support the organization with the agility required by the current envoronments demands.
Modern tools turn complex data into actionable intelligence, allowing FP&A to spend less time crunching numbers and more time shaping strategy.
