Check out our list of free Financial Analysis Software. Products featured on this list are the ones that offer a free trial version. As with most free versions, there are limitations, typically time or features.
If you'd like to see more products and to evaluate additional feature options, compare all Financial Analysis Software to ensure you get the right product.
Jirav is the next generation of business planning software. Our all-in-one Budgeting, Forecasting, Reporting, and Dashboarding solution offers faster implementation and a more intuitive interface at total cost that better meets the needs of businesses between 5 to 500 employees. Jirav offers the fastest time to value through native integrations that help to automatically connect in minutes to systems including NetSuite, Intacct, QuickBooks, and Xero so you can start planning right away.
Fathom provides a suite of in-depth analysis tools and metrics which help you see exactly how well your business is performing. These tools and metrics help to assess profitability, cash flow, growth and other key performance indicators (KPIs). Fathom seamlessly integrates with Xero, QuickBooks Online/Desktop and MYOB; or import financials & non-financials via Excel. Create beautiful reports and dashboards: Whether presenting to a client, reporting to the bank, or updating your management t
Qvinci's popular financial consolidation product will automatically sync and consolidate financial reports from popular software programs such as QuickBooks, Xero, and Excel for up to 10,000 locations.
PivotXL is an innovative provider of complete Corporate Performance Management (CPM) solutions. PivotXL combines a centralized database, sophisticated workflow, powerful reporting and best of all full built on-top of Excel to create a cloud-based financial planning and analysis (FP&A) solution. Unlike traditional software that replaces Excel with rigid with non-user friendly applications, PivotXL allows you to stay in excel and helps finance professionals to get trusted numbers.
Quovo account connectivity is the lifeblood of digital finance. The next transformative innovation in your industry likely involves connecting to customer account data. Quovo is a data platform that provides connectivity to financial accounts and is now a part of @Plaid.
Data visualization for business finances. Instantly. It’s time you have the tools that are powerful enough to provide you detailed analytics about your business, but advanced enough to take the stress out of the process. There are plenty of solutions out there that claim to provide the meaningful information you need, but they either require a rocket scientist or are useless for your specific needs. Wouldn’t it be great if there was a solution that met you in the field and gave you the power
Financial analysis software allows companies of all sizes to assess their financial performance and plan for the future by using current and historical financial data. This information tells the company how they are currently operating, where there is room for improvement and growth, and where (if any) cut backs or additional resources are needed. Financial analysis software gives businesses the capability to benchmark their business against industry standards, and use financial reports to make timely, data-driven decisions. This software also takes large, complex data sets and turns them into easy-to-understand graphic presentations that are clearly focused on a specific type of analysis that is easy to understand.
In the past, and even in the present in some cases, a large amount of spreadsheets and worksheets were used to merge and consolidate financial data. This data was then used to explain to a company’s managers and stakeholders, most of whom have little or no financial background, what all those numbers meant. Not only is this style of financial analysis very time consuming, but it is more susceptible to human error, and doesn’t provide the in-depth detail and visual reports that financial analysis software can provide.
Good financial analysis software should help a company make smart decisions and allow them to draw conclusions from the data and analysis. It should provide enough data insight to aid a business in preparing for the future, such as applying for extra financing, moving into a new market, or even selling the business. It’s also important to remember that the right financial analysis software for an investor or small company might not be the right tool for a large corporation that is involved in a complex project. The functionality and depth of reporting capabilities of the software should be reviewed before purchasing to make sure it can support the needs of a businesses finance and accounting teams.
Key Benefits of Financial Analysis Software
The main function of financial analysis software is to consolidate and compare financial transactions and accounting entries while ensuring the accuracy of accounting data and tracking financial KPIs. In turn, this data is used to communicate the information to internal and external stakeholders, and assess the information to develop forecasts and financial goals.
Effective financial communication to stakeholders — Presenting financial information in a clear and concise format is essential when communicating with external stakeholders such as lenders, investors, and other strategic partners. Financial analysis software helps companies present this data in a direct and honest way, while clearly stating objectives.
Financial health assessment — The analysis of a company's financial health brings several factors into play, such as profitability, cash flow, leverage, and liquidity. Financial analysis software assists in organizing and displaying the figures that create these components of a business’ financial health.
Investment and financing decisions — Every company will most likely be required at some point to make key financing and/or investing decisions that require further analysis of their financial standing and performance. Some of these decisions that need to be made by managers or external stakeholders include long term investments, raising capital through shares or loans, and shareholder dividends.
Develop financial goals— Knowing where a business currently stands financially helps them plan better for the future, and part of the planning process is creating realistic and attainable goals. Using financial analysis software gives companies better financial perspective and allows them to create useful goals, such as a certain profit margin or saving enough cash to buy new equipment.
Forecasts— Financial forecasting is crucial to any company, as it allows them to prepare for the future and determine the expectations of future results. This is usually achieved by having insight into past results and what factors were at play that altered those outcomes. Financial analysis software has the ability to accurately track and report past financial results, which in turn can be used to plan for the future more precisely.
Accounting departments — Accounting departments and accountants leverage financial analysis software to ensure the accuracy of accounting data and to track financial KPIs, which can then be used to plan a company’s financial direction for the future. They also use financial analysis software to generate reports for financial compliance purposes.
Managers — Managers from any department within an organization can benefit from utilizing dashboards and reports that provide details on the financial performance of their teams. Financial analysis software can also provide further insight into their department that they normally wouldn’t have access to, such as profitability and loss data, market trends, or financially wasteful activities.
FP& A teams — Financial Planning & Analysis teams use financial analysis software to create, update and analyze balance sheets, cash flow statements, and profit and loss reports. These three main reports are then used to communicate the financial performance and health of a company at a certain point in time.
Among the many advantages and features of financial analysis software, the following are some common features typically found in this type of software.
Forecasting — Forecasting tools allow companies to use prior financial data to better predict revenues, expenses, and other costs of doing business. Forecasting is not an exact science, rather an educated guess on a series of metrics, and financial analysis software empowers businesses to track and report these metrics.
Consolidation — Consolidation is necessary for any organization to collect and combine financial data for reporting purposes. There are also complex adjustments and calculations that have to be made once data is consolidated, and financial analysis software helps to organize and accurately prepare this data.
KPIs — Key Performance Indicators are used to determine the current condition and health of a company’s business model. There are various KPIs that a company can use to measure performance, but the most popular are gross and net profit margin, accounts receivable, and the ability to pay bills (current ratio).
Dashboard Reports — These dashboards are created using financial data that allow the user to drill down, filter, and interact with the various reports and graphics. They consolidate data in a few clicks, and analyze multiple large data sets that help solve complex analytical problems. Executives use these dashboards and reports for complete visibility into the entire organization to make data-driven decisions, while analysts are able to dive deeper into the complex data for more insights.
Bad data — Financial analysis software is only as good as the data it is provided. If that data is incorrect, corrupt, or in the wrong format, the output is useless and can be a waste of time, money, and resources to the company. When the data is entered or inputted into the software sloppily, it creates a wide range of problems, metrics don’t match, and the whole analysis process is stalled. Also, the analyst can try to accomplish too much with not enough data, therefore making decisions that might not account for special circumstances.
Too many technologies — If a firm is using several different reporting and data management systems, it might be tedious and overwhelming to keep all of the information accurate and up-to-date. In addition, it might be very difficult or impossible to integrate each software into one another, causing the user to access multiple systems at once. This can create human error, organizational issues, and inaccurate data.