My company is planning to change/upgrade our financial reporting and planning software. Hoping to get first hand experiences on specific software products that Proformative members have used and liked. We are a ~$50M company with ~20 reporting entities. Need a product with that facilitates both monthly budgeting and forecasting, as well as multi-year planning. Considering Prophix, but would like to have other suggestions and comments. Thank you, Paul
Financial Reporting and Planning Software
Answers
Have you checked out the products in the Exchange? May provide you with some user feedback that may be helpful.
We use Adaptive Planning and really like their reporting capabilities. We're a high growth company that is constantly adding new revenue streams, new departments, divisions, etc. so the maintenance of the set-up of Adaptive Planning gets tedious to keep up with these changes but that's more a attribute of our company than of the software. Overall, I recommend Adaptive Planning so I would recommend checking them out. We've also just viewed a demo of Vena software to automate some of our closing duties and they offer budgeting, reporting and forecasting as well. It looked like they had a really good platform so you could check them out as well.
Hi Paul
Do you have a prepared list of your functional and technical requirements that prioritize what you need in a new solution? While many packages may fit common needs, it's the requirements that are unique and complex in your environment that will influence which system best fits your needs.
Examples of some features that can make/break a decision:
1. What are your foreign exchange requirements for (a) foreign subs consolidation (b) foreign AR and AP revaluation (c) foreign loans? How much of this is handled within the GLs of each entity?
2. Do you have minority interests and changing levels of ownership that need to be tracked?
3. What are your forecasting/modeling requirements? Do you need to integrate with any ERP modules for product/pricing/supply chain data elements?
What does your current system fail to offer you?
What are your
Some other products to consider: Host Analytics, Alight
Regards
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