Discover the best cloud FP&A software for Oracle Netsuite in 2024 and let this be the year your plans, forecasts, and reports kickstart some serious business growth!
In this article, we highlight why Cloud FP&A software is an essential boost to NetSuite for your finance team to drive the decisions that maximize growth. We touch on the critical features to look for to get the most FP&A value from NetSuite.
We take a close look at the following NetSuite-integrated FP&A software from vendors:
- Limelight Software - best for ease of use.
- Vena Solutions - best Excel add-in solution.
- Workday Adaptive Planning - best for complex processes.
- Oracle PBCS - best for enterprise organizations.
Why Cloud FP&A Software is Essential for Businesses on NetSuite
Just as businesses outgrow their initial accounting systems like QuickBooks Online (QBO) or Xero to embrace the power of NetSuite, a similar evolution is happening with spreadsheets. If you find yourself on or transitioning to NetSuite, chances are your Excel processes are struggling to keep up with the increasing volume of data.
If you're already on NetSuite, chances are your reliance on Excel processes is hindering rather than aiding your progress.
The sheer volume of data, coupled with the need for quicker and more comprehensive information and reports, demands a more sophisticated solution. This is when Cloud FP&A software is not just a necessity but a catalyst for businesses on NetSuite looking to stay agile, informed, and ready for the next phase of growth.
In short, for growth-driven CFOs and their finance teams, FP&A can't be done on NetSuite and spreadsheets alone.
Here are 7 Features to Look for in Cloud FP&A Software
Choosing the right cloud FP&A software is a critical decision for any business. To make the selection process smoother, here are 7 features you should prioritize. These features are designed to cater to your financial planning and analysis requirements, ensuring effective management of your resources and financial performance.
- Direct Integration to Oracle NetSuite - An obvious one but needs to be pointed out. Seamless integration with Oracle NetSuite streamlines processes and enhances data accuracy, providing a cohesive financial ecosystem.
- Finance-Owned Data Modeling - Empower your finance team with the capability to model data with reporting hierarchies, rollups, and business drivers that provide instant insights to better navigate your business.
- Advanced Reporting and Analysis - Take your analysis to the next level with powerful reporting features designed for management, finance teams, department managers, and business users.
- Ease of Use and Administration - A user-friendly interface combined with efficient administration features ensures a smooth experience from implementation to daily use, promoting widespread adoption.
- FP&A Automation - Embrace automation to streamline financial planning and analysis processes, allowing your team to focus on strategic decision-making rather than mundane tasks that negatively impact productivity and morale.
- Quick to Deploy - Rapid deployment is crucial for minimizing downtime and ensuring your team can leverage the software's benefits immediately.
- Reliable Customer Support - Prioritize reliable customer support to promptly address any queries or issues, ensuring a positive user experience and continued success with the software.
Comparing the Top 4 Cloud FP&A Software Picks for Oracle Netsuite
There are several top-rated cloud FP&A software options available for Oracle Netsuite. These software solutions offer a range of features and capabilities to help businesses effectively manage their financial planning and analysis processes.
As finance teams seek optimal solutions for Financial Planning and Analysis (FP&A), it's crucial to compare top players in the field. Let's dive into brief overviews of Limelight Software, Vena Solutions, Workday Adaptive, and Oracle PBCS, exploring their strengths and weaknesses based on reviews and ratings from customer review sites G2 and Gartner's Capterra.
1. Limelight
Overview: Limelight is a cloud FP&A software known for seamless integration, innovative data modeling, and automated FP&A features.
Pros (G2/Capterra): User-friendly interface, rapid deployment, powerful modeling capabilities, and excellent customer support.
Cons (G2/Capterra): Limited third-party integrations, occasional complexity for advanced users.
Website: www.golimelight.com
2. Vena Solutions
Overview: Vena Solutions offers robust FP&A capabilities, including budgeting, planning, and reporting, with a focus on Excel integration.
Pros (G2/Capterra): Powerful Excel integration, flexible modeling capabilities, user-friendly interface.
Cons (G2/Capterra): Steeper learning curve, potential performance issues with large datasets.
Website: https://www.venasolutions.com/
3. Workday Adaptive Planning
Overview: Workday Adaptive Planning provides a cloud-based platform for FP&A, emphasizing scalability and collaboration.
Pros (G2/Capterra): Scalability, real-time collaboration, strong forecasting capabilities.
Cons (G2/Capterra): Some users find the interface less intuitive, and the initial setup complex. Pricing is on the higher end.
Website: https://www.workday.com/en-ca/products/adaptive-planning/overview.html
4. Oracle PBCS (Planning and Budgeting Cloud Service)
Overview: Oracle PBCS is part of the Oracle Cloud suite, delivering comprehensive planning and budgeting functionalities.
Pros (G2/Capterra): Robust reporting, seamless integration with Oracle ecosystem, scalable for large enterprises.
Cons (G2/Capterra): Learning curve, lengthy implementations, and administration are high costs.
Website: https://www.oracle.com/ca-en/performance-management/planning/
Tips for Evaluating Software
Choosing the best cloud FP&A software for your business requires careful consideration of your specific financial planning and analysis needs, as well as the capabilities and features offered by different software solutions. Here are a tips to make your software evaluation process productive:
1. Define Your Needs: Document Requirements
In the world of cloud FP&A, there are more choices than ever before. Before you embark on the software journey, take a moment to document your requirements. What are the must-haves, the deal-breakers, and the nice-to-haves? This list will guide you through the dense jungle of software options and help you separate the essentials from the extras.
2. Vendor Scorecard: Your FP&A Checklist
Now that you've got your requirements in hand, it's time to for the fun part – scheduling product demos.
Create a vendor scorecard that serves as your FP&A checklist. Think of it as your compass, pointing you toward the software that ticks all the right boxes. Assess the basics, integration with NetSuite, scalability, user-friendliness, forecasting capabilities, reporting finesse, and the robustness of their security. Let the scores reveal which software contenders to shortlist. Make sure to involve key stakeholders in the decision-making process to ensure that the chosen software solution aligns with their needs and requirements.
3. Test the Waters: POC Shortlist
Create a shortlist of the most promising candidates and give them a test drive. Let's put your potential FP&A software solution through its paces with a Proof of Concept (POC). Evaluate how they improve the current budgeting and reporting templates, their scalability under real-world conditions, and whether they seamlessly align with your financial processes. The POC is your chance to see if the software not only talks the talk but also walks the walk
4. Real Talk: Customer Reviews and References
Now, let's turn to the voices of experience. Customers, through their reviews and references, are the storytellers who've navigated the same waters you're about to embark on.
They're your opportunity to understand how the software has changed their processes, benefits gained, insights into the software’s performance, customer support, and any unforeseen challenges they might have encountered. This real talk with peers will help you make an informed decision and avoid any potential pitfalls.
Choosing the best cloud FP&A software for your business involves assessing your needs, researching and evaluating different options, considering pricing and budget, testing the software through demos, meeting with references, and involving key stakeholders in the decision-making process.
Taking these steps can help you make an informed decision and find the best budgeting & reporting software solution for your business - and level up your NetSuite FP&A game in the process.
Ready to take the next step today? Get in touch now and we'll gladly help you find the right solution for you.
