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The 5 Best Financial Forecasting Software for business

Financial forecasting refers to the process of estimating or predicting future financial outcomes and performance based on historical data, trends, and assumptions. It involves using various quantitative and qualitative techniques to project revenues, expenses, cash flows, and other financial metrics over a specified period, typically one to five years.

The Best Financial Forecasting Software
The Best Financial Forecasting Software

Financial forecasting is a critical aspect of financial planning and decision-making for businesses, organizations, and individuals. It provides insights into the potential financial outcomes and helps in setting goals, budgeting, resource allocation, and evaluating the financial feasibility of projects or initiatives.

Key purposes of financial forecasting for business

The purpose of financial forecasting can vary depending on the entity or individual involved. It may be used for:

  • Budgeting and financial planning: Financial forecasts are used to develop budgets and allocate resources. They provide a roadmap for managing income, expenses, investments, and other financial activities.

  • Business planning and strategy: Organizations use financial forecasting to guide their strategic decision-making processes. It helps in assessing the financial impact of business strategies, identifying growth opportunities, and evaluating the potential risks and returns of different initiatives.

  • Investment analysis: Investors and financial institutions use financial forecasts to assess the financial viability and attractiveness of investment opportunities. It helps in evaluating the potential returns and risks associated with investment decisions.

  • Cash flow management: Financial forecasts play a crucial role in managing cash flow effectively. By projecting future cash inflows and outflows, organizations can anticipate and plan for cash requirements, ensuring sufficient liquidity to meet obligations and fund operations.

  • Performance evaluation: Financial forecasts serve as benchmarks for comparing actual financial results against projected figures. This evaluation helps in monitoring performance, identifying deviations, and taking corrective actions to achieve financial goals.

Financial forecasting relies on historical financial data, market trends, economic indicators, industry analysis, and assumptions about future conditions. Various techniques and models, such as trend analysis, regression analysis, time series analysis, scenario analysis, and sensitivity analysis, are employed to generate forecasts.

It's important to note that financial forecasting involves inherent uncertainties and assumptions, and actual financial outcomes may differ from the projections. Regular monitoring, updating, and refining of forecasts are necessary to ensure their relevance and accuracy in guiding financial decision-making.

The best financial forecasting software for business


Spreadym is a platform for a wide range of tasks of financial analysis, planning and forecasting. The platform is totally based on an Excel spreadsheet that helps to enormously decrease the period of employees’ adaptation and structure business analytics at short notice.

With Spreadym, you can monitor the results of your business activity directly in real time in Excel. The good point for analysis is also integrability. You can collect corporate data from other software that is installed in your business. Spreadym can integrate with various data sources, including ERPs, CRMs, and other financial systems. This allows for seamless data integration, ensuring that financial forecasts are based on accurate and up-to-date information.

The platform allows users to flexibly setup the structure of data storage and calculation models in a configuration that will totally meet the needs of business and accounting methodology. Advanced analytics features allow for scenario planning, what-if analysis, and variance reporting.

The platform supports a flexible scenario planning module that helps users implement multifactor scenarios and switch between them in a few clicks.

In spite that the platform is based on Excel spreadsheets, it overcomes its limitations to build more efficient financial forecasts.

Pros of Spreadym for financial forecasting

  • Excel-native

  • Scalable

  • Dynamic

  • Easy-to-install and easy-to-use

  • Scenario modelling module

  • Flexible report constructor

  • Real time tracking changes

  • Common workflow

  • Centralized data and metadata management

Workday Adaptive Planning

Workday Adaptive Planning is a cloud-based financial planning and forecasting software that offers robust features for budgeting, forecasting, and reporting. It provides a user-friendly interface and powerful modeling capabilities, making it a popular choice for medium to large-sized businesses.

Pros of Workday Adaptive Planning for financial forecasting

  • User-friendly interface

  • Powerful modeling capabilities

  • Collaboration and real-time updates

  • Integration with multiple data sources

  • Comprehensive reporting and analysis

Cons of Workday Adaptive Planning for financial forecasting

  • Cost: Workday Adaptive Planning is a premium solution, and its licensing and implementation costs may be higher compared to some other financial forecasting software options. The total cost of ownership should be carefully considered, particularly for smaller organizations with budget constraints.

  • Customization limitations: While Workday Adaptive Planning offers a wide range of features and customization options, highly complex or unique forecasting requirements may require additional customization that could be challenging to achieve within the software's framework.

  • Advanced training may be required: While Workday Adaptive Planning has a user-friendly interface, mastering its more advanced features and functionalities may require training and familiarization. Some organizations may need to invest time and resources in training their users to fully utilize the software's capabilities.

  • Performance limitations for large datasets: While Workday Adaptive Planning can handle significant data volumes, performance may be impacted when dealing with extremely large datasets or complex financial models. Organizations with substantial data requirements should carefully assess and optimize the software's performance to meet their needs.

  • Reliance on cloud-based infrastructure: Workday Adaptive Planning is a cloud-based software, and its availability and performance depend on internet connectivity and the reliability of the cloud infrastructure. Organizations operating in areas with limited internet connectivity or strict data security requirements may face challenges in adopting a cloud-based solution.

Oracle Hyperion Planning

Oracle Hyperion Planning is an enterprise-grade financial planning and budgeting solution. It offers comprehensive forecasting capabilities, data integration, and advanced analytics. This software is well-suited for larger organizations with complex financial planning requirements.

Pros of Oracle Hyperion Planning for financial forecasting

  • Comprehensive financial planning and analysis

  • Integration with Oracle ecosystem

  • Scalability and performance

  • Security and governance

  • Customizability and flexibility

Cons of Oracle Hyperion Planning for financial forecasting

  • Complexity and learning curve: Oracle Hyperion Planning can be complex to implement and maintain, requiring specialized technical expertise. Organizations may need dedicated IT resources or external consultants to set up and optimize the software effectively. Additionally, new users may require training to fully utilize its capabilities.

  • Cost: Oracle Hyperion Planning is an enterprise-level solution and can be expensive, particularly for small to medium-sized businesses. Licensing fees, implementation costs, and ongoing maintenance expenses should be carefully considered before investing in the software.

  • Limited real-time capabilities: Compared to some other financial planning software, Oracle Hyperion Planning may have limitations in terms of real-time planning and analysis. Processing and calculation times may be longer, which can impact the timeliness of decision-making.

  • User interface: While Oracle has made improvements to the user interface over time, some users still find the interface to be less intuitive and user-friendly compared to other competing solutions. The software may require more training and familiarization for users to navigate and utilize effectively.

  • Reliance on Oracle ecosystem: Organizations that do not already use other Oracle products may face challenges integrating Oracle Hyperion Planning into their existing technology stack. This reliance on the Oracle ecosystem can limit flexibility in choosing alternative solutions.

IBM Planning Analytics

IBM Planning Analytics, formerly known as IBM Cognos TM1, is a comprehensive financial planning and analysis software. It combines advanced analytics, forecasting, and modeling capabilities with a user-friendly interface. IBM Planning Analytics is well-suited for organizations requiring complex financial planning and scenario analysis.

Pros of IBM Planning Analytics for financial forecasting

  • Robust functionality

  • Integration capabilities

  • Scalability

  • User-friendly interface

  • Collaboration and workflow management

Cons of IBM Planning Analytics for financial forecasting

  • Cost: IBM Planning Analytics is an enterprise-grade software, and the licensing and implementation costs can be significant, especially for smaller businesses. The total cost of ownership should be carefully considered, including licensing fees, implementation costs, and ongoing maintenance expenses.

  • Complexity: While the software offers powerful functionality, it can be complex to set up and configure. It may require technical expertise or dedicated IT resources to implement and maintain effectively.

  • Learning curve: Due to its advanced features and capabilities, there may be a learning curve for users who are not familiar with IBM Planning Analytics or similar financial planning software. Training and support may be necessary to maximize the software's potential.

  • Limited reporting capabilities: While IBM Planning Analytics offers robust financial modeling and analysis features, some users find that its reporting capabilities are not as strong. Customized reporting may require additional tools or integration with business intelligence solutions.

  • Reliance on IBM ecosystem: If your organization doesn't already use other IBM solutions or tools, integrating IBM Planning Analytics into your existing technology stack may require additional effort and potentially limit flexibility in choosing alternative solutions.


Anaplan is a cloud-based platform that enables collaborative financial planning, budgeting, and forecasting. It provides flexibility and scalability, allowing businesses to create custom models and adapt them as needed. Anaplan is popular among finance professionals for its powerful modeling capabilities and intuitive interface.

Pros of Anaplan for financial forecasting

  • Flexibility and scalability

  • Collaborative planning

  • Intuitive interface

  • Integration capabilities

  • Advanced analytics and scenario planning

Cons of Anaplan for financial forecasting

  • Learning curve: While Anaplan's interface is user-friendly, mastering the platform and its capabilities may require some learning and training, especially for users who are new to the system. Training and resources may be needed to maximize the software's potential.

  • Cost: Anaplan is a premium solution, and its licensing and implementation costs may be relatively higher compared to some other financial forecasting software options. The total cost of ownership should be carefully considered, particularly for smaller organizations with budget constraints.

  • Complexity of advanced customization: While Anaplan offers flexibility in modeling, making complex customizations may require more advanced knowledge or assistance from Anaplan experts. Highly customized or intricate forecasting models may require additional support or consulting services.

  • Limited reporting and visualization capabilities: Some users find that Anaplan's reporting and visualization features are not as robust as dedicated business intelligence tools. Creating customized reports and visualizations may require additional effort or integration with other reporting solutions.

  • Reliance on connectivity: Anaplan is a cloud-based platform, and its performance and availability depend on internet connectivity. If there are connectivity issues or disruptions, it may affect the accessibility and real-time collaboration features of the software.

It's important to note that the "best" software ultimately depends on your specific requirements, such as the size of your business, the complexity of your financial forecasting needs, integration capabilities, and budget. I recommend evaluating these options and conducting a thorough assessment to determine which software aligns best with your unique needs and goals.

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