9 Best Financial Analytics Software Reviewed in 2024
5 Best Financial Analytics Software Shortlist
Here's my pick of the 5 best software from the 9 tools reviewed.
Our one-on-one guidance will help you find the perfect fit.
Financial analytics software is a valuable asset for any company. With the right software, teams can gain real-time insights into project health and make informed financial decisions based on comprehensive reporting. However, finding the right financial analytics software can be a challenge, especially with so many options available.
Using my experience with finance and accounting software, I tested and compared several of the top financial analytics software available. From there, I compiled my results into detailed reviews to help you find the best software for your unique needs. I’m confident that you’ll discover your next financial analytics software in the list below.
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Best Financial Analytics Software Summary
This comparison chart summarizes pricing details for my top financial analytics software selections to help you find the best software for your budget and business needs.
| Tools | Price | |
|---|---|---|
| Fathom | Pricing upon request | Website |
| Board | Pricing upon request | Website |
| DataRails | Pricing upon request | Website |
| Koyfin | From $39/month (billed annually) | Website |
| Zoho Analytics | From $24/user/month (billed annually) | Website |
Compare Software Specs Side by Side
Use our comparison chart to review and evaluate software specs side-by-side.
Compare SoftwareHow to Choose Financial Analytics Software
It’s easy to get bogged down in long feature lists and complex pricing structures. To help you stay focused as you work through your unique software selection process, here are several important factors to keep in mind:
| Factor | What to Consider |
| Scalability | Will this software grow with your business needs? |
| Integrations | Does it connect with your current systems? |
| Customizability | Can you tailor it to fit your specific workflows? |
| Ease of Use | Is it user-friendly for you and your team? |
| Budget | Does it align with your financial constraints? |
| Security Safeguards | Does it provide robust protection for your data? |
Best Financial Analytics Software Reviews
Below are my detailed summaries of the best financial analytics software that made it onto my shortlist. My reviews offer a detailed look at the key features, pros & cons, integrations, and ideal use cases of each tool to help you find the best one for you.
Fathom is a financial analytics software designed for small and medium businesses, accountants, and franchises. It focuses on KPI monitoring, custom management reporting, cash flow forecasting, and financial consolidations.
Why I picked Fathom: Fathom lets you quickly create management reports and automate their delivery. You can perform three-way cash flow forecasts to see future financial scenarios. Group benchmarking helps you compare multiple businesses effortlessly. The software also integrates with major accounting platforms, making it accessible for users without a financial background.
Standout features & integrations:
Features include KPI monitoring, custom management reporting, cash flow forecasting, and financial consolidations. You can automate report delivery and perform detailed three-way cash flow forecasts. Group benchmarking is also available for comparing multiple businesses.
Integrations include QuickBooks, Xero, MYOB, Excel, Google Sheets, and others.
Pros and cons
Pros:
- Accessible for non-financial users
- Group benchmarking
- Quick report creation
Cons:
- No mobile app
- Limited customization
Board’s financial analysis software is designed to enhance financial performance through real-time insights and reliable data. It’s targeted at key industries such as retail, manufacturing, and financial services, offering key business functions like financial reporting, planning, budgeting, forecasting, and group consolidation.
Why I picked Board: The software streamlines financial analysis by offering real-time insights via repeatable reports, improving the communication of budgets and forecasts. It ensures accurate data management with a single source of truth, enabling in-depth financial analysis using embedded analytics and AI. In addition, the platform boasts significant ROI with quick payback periods.
Standout features & integrations:
Features include financial reporting, planning, budgeting, forecasting, and group consolidation. Your team can utilize the platform's real-time insights and repeatable reports to improve budget and forecast communications. The self-service reporting feature means you can create and update presentations easily without needing IT support.
Integrations include Microsoft Office, and other native integrations are supported.
Pros and cons
Pros:
- Significant reduction in planning time
- Automation of data input
- High finance efficiency
Cons:
- Technical knowledge is beneficial
- Complexity in learning curve
Datarails is a financial planning and analysis (FP&A) software solution designed for Excel users, primarily serving finance professionals like CFOs and financial analysts. It automates data consolidation, financial reporting, budgeting, forecasting, and scenario modeling while allowing users to maintain their existing Excel models and spreadsheets.
Why I picked Datarails: It automates repetitive tasks and enhances data accessibility within a familiar Excel environment, making it easy to generate real-time insights. The platform offers tools for budgeting, forecasting, and scenario modeling, helping your team streamline financial processes.
Datarails also provides robust financial reporting and data visualization features, improving efficiency and strategic insights. You can consolidate data from various sources and access critical KPIs in real-time.
Standout features & integrations:
Features include data consolidation, financial reporting, budgeting, forecasting, scenario modeling, and data visualization. You can automate repetitive tasks and access all financial data in one place. The platform offers AI tools for quick finance requests and management self-service.
Integrations include QuickBooks, Xero, Sage Intacct, NetSuite, Microsoft Dynamics, SAP, Oracle, Salesforce, HubSpot, and Google Sheets.
Pros and cons
Pros:
- Real-time data drilling
- Built-in visualization tools
- Retains full Excel functionality
Cons:
- Some integration issues with uncommon software
- Dependence on Excel may limit advanced analytics
Koyfin is a financial data and analytics platform designed for investors, financial advisors, and analysts. It offers extensive data coverage and customizable tools to analyze global equities, ETFs, mutual funds, and other asset classes.
Why I picked Koyfin: With Koyfin, you get a customizable interface that lets you tailor your dashboard to suit your needs. It provides live market data and advanced graphing tools to help you analyze stocks and other securities. You can track economic trends, monitor global yields, and get detailed insights on commodities and cryptocurrencies.
Koyfin brings together all the data you need in one place, making investment analysis straightforward and efficient.
Standout Features & Integrations:
Features include customizable dashboards, an equity screener with over 100,000 global securities, and macro dashboards. You can also access powerful graphing tools and live monitoring of global yields from 40 countries. The platform’s interface is also customizable, so you can tailor it to your specific needs.
Integrations include Bloomberg, Refinitiv, FactSet, S&P Global, IHS Markit, Morningstar, Thomson Reuters, MSCI, and ICE Data.
Pros and cons
Pros:
- Comprehensive equity screener
- Advanced graphing tools
- Extensive data coverage
Cons:
- Can be overwhelming for beginners
- No mobile app
Zoho Analytics is a self-service business intelligence and analytics software designed for data-driven decision-making. It caters to businesses looking to create dashboards and analyze data efficiently.
Why I picked Zoho Analytics: Zoho Analytics provides intuitive drag-and-drop interfaces for creating insightful dashboards. It also offers a wide range of visualization options to help your team understand data trends better.
With its powerful data blending capabilities, you can merge data from various sources to gain comprehensive insights. You’ll also appreciate the collaborative features that make sharing reports with your team straightforward.
Standout features & integrations:
Features include advanced data blending, a variety of visualization options, and collaborative sharing of reports. You can easily create dashboards and reports with its drag-and-drop interface. The platform also supports data from multiple sources for a unified view.
Integrations include Zoho CRM, Zoho Books, Zoho Desk, Google Analytics, Google Ads, Salesforce, QuickBooks Online, Xero, Microsoft Excel, and Dropbox.
Pros and cons
Pros:
- Supports multiple data sources
- Data blending capabilities
- Extensive visualization options
Cons:
- Occasional performance issues
- Limited third-party integrations
Other Financial Analytics Software
Here are some additional financial analytics software options that didn’t make it onto my shortlist, but are still worth checking out:
- Workday
For integrated financial and HR management
- OneStream
For a unified financial platform for enterprises
- NetSuite Analytics and Reporting
For real-time visibility in financial operations
- Vena Solutions
For Excel integration in financial planning
Related Reviews
If you still haven’t found what you’re looking for here, check out these other tools that we’ve tested and evaluated:
Financial Analytics Software Selection Criteria
When selecting the best financial analytics software to include in this list, I considered common buyer needs and pain points like the integration with existing financial systems and the ability to provide real-time data analysis. I also used the following framework to keep my evaluation structured and fair:
Core Functionality (25% of total weighting score):
To be considered for inclusion in this list, each solution had to fulfill these common use cases:
- Generate financial reports
- Track budgets and expenses
- Forecast financial outcomes
- Monitor key performance indicators (KPIs)
- Integrate with other financial tools
Additional Standout Features (25% of total weighting score):
To help further narrow down the competition, I also looked for unique features, such as:
- Real-time data analytics
- Machine learning-based financial predictions to elicit deeper insights
- Customizable dashboards
- Multi-currency support
- Integration with CRM, ERP, and time-tracking tools
Usability (10% of total weighting score):
To get a sense of the usability of each system, I considered the following:
- Intuitive user interface
- Ease of navigation
- Availability of pre-built templates
- Customizability of reports and dashboards
- Speed and performance of the software
Onboarding (10% of total weighting score):
To evaluate the onboarding experience for each platform, I considered the following:
- Availability of training videos
- Interactive product tours
- Comprehensive documentation
- Access to live webinars
- Availability of chatbots for instant support
Customer Support (10% of total weighting score):
To assess each software provider’s customer support services, I considered the following:
- Availability of 24/7 support
- Response time to queries
- Quality of the knowledge base
- Multi-channel support options
- Customer service rating
Value for Money (10% of total weighting score):
To evaluate the value for money of each platform, I considered the following:
- Price compared to features offered
- Availability of a free plan or trial
- Frequency of updates and new features
- Scalability of pricing plans
- Hidden costs or fees
Customer Reviews (10% of total weighting score):
To get a sense of overall customer satisfaction, I considered the following when reading customer reviews:
- Overall satisfaction rating
- Commonly mentioned pros and cons
- User feedback on performance and reliability from finance teams
- Ease of implementation feedback
- Quality of customer support feedback
Trends in Financial Analytics Software
In my research, I sourced countless product updates, press releases, and release logs from different financial analytics software vendors. Here are some of the emerging trends I’m keeping an eye on:
- Natural Language Processing (NLP) in Financial Analysis: NLP helps users interact with financial data using conversational language. This makes data analysis accessible to non-technical users. Vendors like Infosys BPM are integrating chatbots and digital assistants to provide real-time financial insights.
- Scenario Planning and Simulation: Tools are increasingly offering advanced scenario planning features. These allow businesses to model different financial outcomes based on varying assumptions, helping in strategic decision-making. StratifyTech has highlighted this as a crucial trend in FP&A tools.
- Real-Time Data Integration: The demand for real-time data dashboards is growing. Financial analysts need to access updated information instantly to make informed decisions. Companies like Netguru are emphasizing this feature in their latest software solutions.
- Enhanced Data Security Measures: With growing cyber threats, financial analytics tools are incorporating stronger data security protocols. Cybersecurity mesh architecture is becoming popular to protect sensitive financial data. RIB Software has noted this as a key trend in business intelligence tools.
- AI-Driven Insights and Automation: Generative AI and machine learning algorithms are being used to automate complex financial analyses and provide predictive insights. IBM has pointed out that generative AI advancements are significantly impacting financial analytics.
What is Financial Analytics Software?
Financial analytics software is used to analyze datasets and gain actionable insights into a company's financial performance. Financial professionals, such as analysts, accountants, and CFOs, generally use these tools to make informed decisions based on data.
These tools help users by providing a comprehensive view of their financial data, enabling better forecasting and performance improvement. Features like real-time reporting, budget tracking, and financial forecasting help with visualizing data and making strategic decisions. Overall, these tools offer significant value by enhancing decision-making and improving financial outcomes.
Features of Financial Analytics Software
When selecting financial analytics software, keep an eye out for the following key features:
- User-friendly interface: Provides easy navigation, allowing users to access different sections without needing extensive accounting knowledge.
- Custom dashboards: Offers customizable dashboards that visually represent data, helping users focus on key insights and trends.
- Integration capabilities: Enables integration with other tools, such as QuickBooks or other financial management tools, for automatic data import and export in various formats.
- Statistical data analysis support: Facilitates the interpretation of financial data, enabling key stakeholders to extract actionable insights.
- Research and investigation tools: Assists in market research, competitor analysis, risk management, and understanding customer needs for better decision-making.
Comparative reporting: Generates comparative reports to evaluate business performance against competitors and track progress over time. - Cloud computing support: Provides cloud-based access, allowing users to work from anywhere without the need for software installation.
- Real-time reporting: Offers real-time insights, enabling quick decision-making based on current data.
Benefits of Financial Analytics Software
Implementing financial analytics software can provide several benefits for your team and your business. Here are a few benefits you can look forward to:
- Improved decision-making: Access to real-time financial data and comprehensive reports helps your team make informed decisions quickly.
- Enhanced forecasting: Advanced forecasting tools allow for better prediction of future financial outcomes based on historical data.
- Cost management: Track project budgets versus actuals to keep an eye on spending and identify areas where costs can be reduced.
- Scenario planning: Create and analyze different financial scenarios to understand the potential impact of various business decisions.
- Resource allocation: Allocate resources efficiently by understanding the financial implications of resource utilization.
- Profitability tracking: Monitor the profitability of projects and business units to ensure financial goals are being met.
- Regulatory compliance: Ensure your business meets financial reporting standards and regulatory requirements with accurate and timely data.
Costs and Pricing of Financial Analytics Software
Selecting financial analytics software requires an understanding of the various pricing models and plans available. Costs vary based on features, team size, add-ons, and more. The table below summarizes common plans, their average prices, and typical features included in financial analytics software solutions:
Plan Comparison Table for Financial Analytics Software
| Plan Type | Average Price | Common Features |
| Free Plan | $0 | Basic analytics, limited data storage, and community support |
| Personal Plan | $15-$30 per user, per month | Advanced analytics, custom reporting, and email support |
| Business Plan | $50-$100 per user, per month | Team collaboration features, enhanced security, and premium support |
| Enterprise Plan | $200-$500 per user, per month | Full customization, dedicated account manager, advanced integrations, and SLA |
Financial Analytics Software FAQs
Here are some answers to common questions about financial analytics software:
What software does a financial analyst use?
Financial analysts often use tools like Microsoft Excel, SQL, Python, and Tableau. These tools help in retrieving, analyzing, and visualizing financial data. Your team might also rely on specialized platforms like Bloomberg Terminal or FactSet for more advanced market data and analytics.
Which software tools are commonly used for financial analysis?
For financial analysis, tools like the Balance Sheet, Income Statement, and Cash Flow Statement are essential. These documents help you assess a company’s operational and financial performance, aiding in key decision-making processes.
What are the most commonly used reports for financial analysis?
The most commonly used reports for financial analysis include comparative statements, common size statements, trend analysis, ratio analysis, funds flow analysis, and cash flow analysis. Combining analytics capabilities with these financial statements can help you understand different aspects of your company’s financial health and performance.
What are the top software skills for a financial analyst?
Top software skills for a financial analyst include proficiency in Microsoft Excel, SQL, Python, and specialized financial modeling software. Knowledge of accounting software like QuickBooks or ERP systems like SAP can also be beneficial.
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