Financial planning software encompasses a range of tools that assist with budgeting, forecasting, cash flow analysis, and tax strategy. These software programs empower small business owners to make better decisions around resource allocation and growth, extracting deeper insights from the data found on profit and loss, balance sheet, and cash-flow financial statements.

The right financial planning tool can make it much easier to manage your finances and glean information on your business’s performance.

Top financial planning tools

The tools on this list are good options for small business owners seeking affordable, user-friendly financial planning solutions.

Prophix

Prophix’s Financial Performance Platform offers financial insights as well as streamlined workflows and data security controls. Prophix’s budgeting and planning, reporting, analytics, and financial consolidation features give you more control over your financial performance. Built-in automation and AI also eliminate manual, error-prone tasks.

“Prophix puts a lot of focus on small and medium businesses, and their large customer base reflects that,” wrote The Finance Weekly. Prophix also has high ratings from users on Gartner’s Peer Insights.

Datarails

Datarails is considered one of the best-priced options for small businesses: Its pricing is tailored according to your needs and based on what you wish to achieve. Mix-and-match features like financial reporting, planning, and analysis with plans based on the number of users and integrations you require.

Datarails also includes automation and AI to speed up financial planning tasks, with one notable difference. Users can keep their existing Microsoft Excel financial models and spreadsheets and use AI to automate repetitive processes. “The result is an extremely short implementation time of only 6–10 weeks and a high level of ROI off the bat,” wrote The Finance Weekly. If you’re looking for a quick, user-friendly solution, Datarails could be a good fit.

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Anaplan

Anaplan was ranked as one of the top financial planning software options by Gartner in 2024. This tool offers access to a wide range of data sources, including transactional and operational data. It also includes features to monitor performance and scale while mitigating risk across the financial planning process.

Anaplan also includes capabilities for functions outside of finance, such as sales, marketing, supply chain management, and HR. If you’re looking for a single source of insight for your business, Anaplan could be a good fit. Alternatively, you can choose to sign up only for the financial planning tools while forgoing the other options. Bear in mind that, because this tool is so advanced, pricing is likely to be higher than that of others on this list.

Workday Adaptive Planning

Workday Adaptive Planning is also a top choice from Gartner, as well as Capterra, TrustRadius, and G2. Across all review sites, it comes highly recommended, a rating of 4.7 out of 5 stars on Gartner Peer Insights.

You may already be familiar with Workday’s HR solutions; Adaptive Planning is part of Workday’s overall enterprise management cloud, a suite of tools that help run your business. Users can access Adaptive Planning as a stand-alone tool or add it to their Workday account. Regardless, Workday Adaptive Planning integrates with any data source from over 300 unique systems.

“Workday Adaptive Planning includes features for flexible budgeting, modeling, forecasting coupled with workforce, sales, and operational planning for total oversight of business performance,” wrote Wise.

Datarails is considered one of the best-priced options for small businesses: Its pricing is tailored according to your needs and based on what you wish to achieve.

Board

Board offers predictive analytics and financial planning tools that unify metrics, analytics, and reports in one place. It’s highly customizable, featuring prebuilt dashboards and reports that can be easily configured and added with no coding experience.

Board is also industry-agnostic, with clients in retail, supply chain management, sales, finance, and more. Reviewers also say that Board has great customer support and releases new features according to user feedback. Try Board if you know what features you need and want something specific to solve your financial planning challenges.

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How to choose the right financial planning tool for your business

Here’s a simple checklist of what to look for when comparing financial planning software:

  1. Scalability: Can the software grow with your business?
  2. User-friendliness: Is the interface accessible to non-technical users?
  3. Integration: Will it connect with your existing systems (ERP, CRM, banking)?
  4. Collaboration: Does it allow multiple users and departments to work together?
  5. Advanced analytics: Are robust reporting and scenario planning available?
  6. Customization: Can you tailor it to your processes?
  7. Security: Does it meet high standards for data protection and privacy?

Read reviews on sites like Gartner, Capterra, and TrustRadius to get honest insight into how other users have experienced each vendor. Look for feedback on customer support, in particular, to avoid the frustration of running into an issue and having no recourse for troubleshooting.

Price also tends to vary widely. “Calculate your all-in cost, including setup, monthly or annual subscription dues, and any additional fees to access premium features,” wrote Bankrate. “Consider additional services you might need (portfolio management, tax advice, access to a CFP) and whether they are included or available for an added fee.”

Features to look for in financial planning software

Before you start your research, figure out what key processes can be managed with the right software. Prioritize features that make financial planning more efficient and more insightful. Ultimately, this software should reduce calculation errors and help you keep track of your finances with little effort.

The ability to create, manage, and adjust budgets and forecasts is fundamental. Look for tools that support both short-term and long-term financial planning, allowing you to model different scenarios and adapt to changing business conditions. This includes a way to automatically generate key financial statements: profit and loss (P&L), balance sheet, and cash flow statements.

Many of the tools featured on this list utilize artificial intelligence to automate repetitive tasks, such as data entry, report writing, and data analysis. Look for ways AI can free up your time and reduce manual errors.

Finally, consider how your team will use the system. Is the interface easy to understand? Are there dashboards that can help you visualize KPIs, perform scenario planning, and integrate with your accounting systems and other tools? Features that make the platform navigable, with plenty of support options, help ensure you get the most bang for your buck.

CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.

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