Introduction

Financial management encompasses different processes that are an essential part of the everyday life of businesses and FP&A teams. Among those processes is financial planning.In this field, a financial planning software for SMBs plays a pivotal role in streamlining and enhancing the planning process. By leveraging technology, these software tools empower businesses to optimize the utilization of financial resources and ensure long-term financial security by offering budgeting, forecasting, and performance tracking tools, thus empowering SMBs to make informed decisions and drive growth.

Overall, implementing financial planning software is a strategic process that empowers organizations and FP&A teams to take control of their finances, make informed decisions, and work towards achieving their financial objectives. In this post, we are going to focus on financial planning software for SMBs.

The market size of financial planning software was $3.7 billion in 2021. It is projected to experience substantial growth and reach $16.9 billion by 2031, with a compound annual growth rate (CAGR) of 16.6% from 2022 to 2031.

Recently, businesses have invested heavily in advanced technologies like AI, robotic process automation, to enhance customer experience, improve financial performance, and boost operational efficiency. AI adoption boosts productivity by 27–133%, with SMBs reporting median annual savings of $7,500 and 25% saving over $20,000.

Why is Financial Planning so Important?

Planning processes are central for businesses as they provide a framework for setting financial goals and objectives, guiding decision-making, and ensuring strategic direction. It helps businesses allocate resources effectively by assessing available financial resources and optimizing their utilization to support various activities.

Financial planning also involves creating budgets and forecasting future scenarios, enabling businesses to anticipate income and expenses, plan for cash flow needs, and identify potential risks and opportunities. By conducting risk analysis and scenario modeling, businesses can effectively manage financial risks, develop contingency plans, and make informed decisions.

Additionally, financial planning allows businesses to evaluate their financial performance, track key performance indicators, identify areas for improvement, and make goal-based decisions. It plays a vital role in determining capital needs, evaluating investment options, and assessing financial viability. Moreover, financial planning facilitates transparent communication with stakeholders, instilling confidence and fostering trust.

In summary, comprehensive financial planning enhances financial stability, profitability, and long-term success for businesses.

What is Business Financial Planning Software?

Financial planning software for Financial Advisors – Tools for advanced planning, including tax planning, social security, and liability management. They often serve both individuals and businesses. In fact, 79% of SMBs use two or more financial tools with 13% juggling five or more, creating data fragmentation challenges and integration issues.Taking into consideration the end user we can find planning solutions for:

• Financial planning software for Individuals – Tailored for personal finances, these tools are user-friendly for tracking retirement, investments, and savings goals. Many offer free versions to encourage paid conversions.

• Financial planning software for Financial Advisors – Tools for advanced planning, including tax planning, social security, and liability management. They often serve both individuals and businesses.

• Financial planning software for Businesses (SMBs & Enterprises) – They often require multiple integrations and automation to consolidate data from various tools.

For most of these users whether they are individuals using spreadsheets or companies with complex spreadsheets, the go-to solution for financial planning is Excel but with the right financial planning software companies can significantly improve their financial planning processes and outcomes.

While Excel is a widely used tool for financial modeling and analysis, it comes with some constraints that software solutions might solve, like real-time updates for your financial data and KPIs, being your single source of truth, and ensuring accurate and reliable information for informed decision-making. Hence, dedicated financial planning software offers numerous advantages and can enhance a company’s financial planning in several ways.

Why do You Need a Financial Planning Tool and What are The Benefits?

Financial planning software programs for businesses are tools designed to help businesses manage and analyze their financial information, forecast future financial scenarios, and create financial plans. The term can be used interchangeably with FP&A software.

It typically offers a range of features and functionalities to assist businesses in making informed financial decisions and optimizing their financial performance. Trying to quicken their processes as much as possible while providing a robust but flexible solution that can adapt to their business needs.

Overall, business financial planning software helps businesses streamline their financial planning processes, improve accuracy in forecasting, and make data-driven financial decisions. It provides a centralized platform to manage and analyze financial information, leading to better financial control and long-term success.

Learn more about Financial planning and analysis in our comprehensive guide on what is FP&A.

How to Choose the Best Financial Planning Software

When selecting financial planning software, it’s crucial to conduct thorough research and consider various factors. You should start to create a list of vendors, good places to start are G2 and Capterra.

Here you will be able to see customer reviews for the different vendors. After you have a list of 5-10 vendors, we recommend proceeding with the first demos. Afterward, scope the list down to 2-3 that best suit your needs.

Here’s some points to help you choose the best solution for your needs.

Review Features and Benefits

Evaluate the features and benefits offered by different financial planning software solutions. Consider whether they align with your specific financial needs and objectives. Look for functionalities that fit your needs such as budgeting software tools, forecasting capabilities, investment analysis, and reporting features to ensure comprehensive support for your financial planning efforts.

Determine price point and available budget

Set a clear budget for investing in financial planning software and compare it with the pricing of various options available in the market. Consider both upfront costs and ongoing subscription fees.

View customer history and reviews

Research the reputation of financial planning software providers by reviewing customer testimonials, case studies, and online reviews.

Prioritize Privacy & Security

Prioritize the privacy and security of your financial data when selecting a financial planning software solution. Ensure that the software provider adheres to industry-standard security protocols and compliance regulations.

Best 10 Financial Planning Software tools in The Market

The following planning tools offer varying degrees of complexity, scalability, and pricing options, allowing businesses to choose the one that best fits their needs and budget. Implementing the right financial planning software tool can greatly enhance a mid-sized business’s ability to effectively manage its finances, make informed decisions, and achieve its growth objectives.

In our breakdown of the best financial planning tools, we include pricing, differentiation features, and our expert opinion on each, making it easy for every FP&A team to make the best buying decision. 

1. Abacum

G2 rating (July 2025): 4.8/5 See all our G2 reviews

Summary: Abacum empowers businesses with faster scenario analyses, automated budgeting workflows, streamlined leadership approvals, and effective consolidation of bottom-up and top-down forecasts. By providing faster access to insights and enhanced analytics, Abacum automates essential budgeting processes, consistently delivering tangible value to its users.

Abacum stands out as the premier choice in financial planning software, offering a complete solution tailored to businesses. Designed with finance teams in mind, Abacum automates data consolidation, provides customizable dashboards, and integrates seamlessly with Excel and Google Sheets, ensuring flexibility and accessibility for collaborative teams.

Key features: Headcount planning, what-if analyses, vendor-level budgeting, reporting templates, budget approvals, and core collaboration functionalities are some of the core features for Abacums financial Planning Software.

Top Features:

• Granular Modeling Capabilities: Abacum provides sophisticated granular modeling capabilities, enabling in-depth analysis at the most detailed level of financial structures.

• Complex Scenario Planning: Abacum facilitates effortless complex scenario planning, accommodating multifaceted assumptions and variables for a comprehensive understanding of financial outcomes.

• Automated Data Consolidation: Abacum automates the consolidation process, seamlessly merging data from diverse sources to ensure accuracy and efficiency in analysis.

• Customizable Dashboards: Abacum allows users to customize dashboards to their specific needs, enabling easy visualization of complex financial insights.

• Collaborate with Non-Finance Stakeholders: Abacum fosters collaboration beyond finance teams, providing a platform for seamless communication and data sharing with stakeholders across departments.

• Other features:

• Streamlined Implementation: Abacum’s dedicated implementation team ensures you receive continuous support and training, enabling you to complete your financial planning process on time

• Flexible Integrations: Abacum offers extensive and flexible integrations with popular applications, ensuring seamless connectivity and data exchange across platforms.

• Native Excel and Google Sheets Compatibility: Abacum’s compatibility with Excel and Google Sheets provides users with a familiar environment for data manipulation and analysis.

• Real-time Forecasts: Abacum lets you stay ahead of the curve by making sure your forecasts are always up to date with the most current data.

• Customized Planning Templates: Abacum offers customizable templates that provide an intuitive way to prepare your financial plans.

• Exceptional UX and UI: Abacum boasts an outstanding user experience (UX) and user interface (UI), driving widespread adoption among stakeholders across your organization. Abacum prioritizes user-friendliness and intuitiveness.

• Multi-Currency Support: Abacum allows users to evaluate financial data in multiple currencies, facilitating comprehensive analysis in a global business environment.

• User-Based Controls: The platform offers robust user-based controls, ensuring data security and integrity through permissions management and audit trails.

• Centralized Formulas and KPIs: Abacum provides a centralized repository for formulas and key performance indicators (KPIs), streamlining calculations and reporting processes.

• Detailed Drilldown and Audit Trail: Users can easily drill down into data and access detailed transaction-level information, supported by comprehensive audit trails for transparency and accountability.

• Effective Reporting and KPI Analysis: Abacum empowers users with powerful business reporting and KPI analysis tools, facilitating informed decision-making and strategic planning.

• Comprehensive Financial Planning: With its comprehensive feature set, Abacum supports various aspects of financial business planning, from budgeting and forecasting to scenario analysis and reporting.

• Robust Security Measures: Abacum prioritizes financial data security and privacy, implementing robust measures to safeguard sensitive financial information. With advanced encryption protocols, secure data storage practices, and stringent access controls, users can trust Abacum to protect their confidential data from unauthorized access or breaches, ensuring compliance with industry regulations and standards.

• Advanced Features: Abacum empowers FP&A teams by automating data wrangling, integrating with diverse data sources, and facilitating data reconciliation.

Access to Real-Time Data: Abacum ensures access to real-time data, empowering agile decision-making and proactive financial management for a competitive edge in dynamic market environments.

Who is this tool for: Abacum is best suited for FP&A managers at mid-market startups and scaleups that are in need of a robust but flexible planning solution.

Pros: Automated budgeting, seamless integrations, flexible scenario planning, intuitive UI.

Cons: Implementation costs, learning curve for advanced features.

Support options: Abacum offers a fully dedicated support team, plus resources like an academy and regular updates about new features.

Bottom Line: It’s an all-in-one solution for SMBs seeking powerful automation and real-time financial insights.

2. Microsoft Dynamics

G2 / Capterra ratings (July 2025): 4/5 / 4.4/5

Summary: At its core, Microsoft Dynamics is an accounting and CRM solution. While these are its main strengths, additional modules, like the finance module, provide real-time visibility, seamless integrations, and advanced forecasting capabilities for effective financial oversight.

By centralizing data, Microsoft Dynamics empowers businesses to efficiently oversee budgets and adapt them as needed. Flexible budgeting scenarios, automated calculations, and real-time updates let finance teams make informed adjustments and maintain financial agility.

Key features: Flexible budgeting scenarios, automated calculations, and real-time updates empower finance teams to adapt quickly and make better decisions.

Who is this tool for: It’s best suited for mid-market customers already using Microsoft Dynamics as their ERP, leveraging seamless data integration.

Pros: Real-time visibility, integrated solution for Microsoft ERP users, advanced forecasting.

Cons: Steep learning curve, works best if you’re already an MS Dynamics user.

Support options: Customers generally praise Microsoft’s support options, with detailed documentation and a strong support team. The platform’s complexity can require ongoing assistance.

Bottom Line: A well-rounded finance module for those committed to the Microsoft ecosystem.

How does Abacum compare with Microsoft Dynamics:

3. Workday Adaptive Planning

G2 / Capterra ratings (July 2025): 4.3/5 / 4.5/5

Summary: Workday Adaptive Planning helps enterprises make agile decisions through robust modeling and analytics. It’s designed to help organizations confidently adapt to changing conditions using a user-friendly, cloud-based app.

Key features: Multiple dimension modeling, OfficeConnect for Microsoft Office integration, version control, formula validation, and cash-flow-based planning all create a comprehensive experience for customers.

Who is this tool for: Large enterprises (700+ employees) that need a robust system to handle huge data volumes. Its scalability sets it apart.

Pros: Deep modeling capabilities, strong suite of enterprise features, real-time collaboration.

Cons: Learning resources could be improved, might be overkill for smaller teams.

Support options: While Workday provides learning resources, some users feel it doesn’t cover all their needs. Overall support is solid but can vary in responsiveness.

Bottom Line: Great for large enterprises seeking extensive modeling and planning features.

How does Abacum compare with Workday Adaptive Planning:

4. Anaplan

G2 / Capterra ratings (September 2023): 4.6/5 / 4.5/5

Summary: Anaplan is a dynamic platform for data-driven decision-making, letting businesses adapt to market changes fast. Its flexible architecture streamlines planning and drives agile operations enterprise-wide.

Key features: It boasts a strong calculation engine, the ability to plan at any level of granularity, real-time collaboration, and extensive modeling and simulation features.

Who is this tool for: Perfect for large enterprises (>1000 employees) needing to manage complex, interconnected planning processes.

Pros: Powerful engine for complex modeling, real-time collaboration, handles massive datasets.

Cons: High cost, steep learning curve, might exceed smaller orgs’ needs.

Support options: Implementation often relies on third-party consultants. The Anaplan Community is quite active, though some users find official support lacking.

Bottom Line: A top-tier choice for enterprises needing large-scale data modeling and advanced planning.

How does Abacum compare with Anaplan:

5. NetSuite Planning and Budgeting

G2 / Capterra ratings (September 2023): 4.0/5 / 4.1/5

Summary: NetSuite Planning and Budgeting streamlines finance operations by automating planning, budgeting, and forecasting processes. It enables efficient plan creation, what-if scenario modeling, and report generation. Tries to minimize manual tasks, so finance teams can focus on strategic analysis, driving impactful insights, and improving the company’s financial position.

Key features: The premier ERP that can integrate with your business bank accounts and provide customizable reports.

Who is this tool for: Ideal for businesses already using NetSuite ERP, looking to extend capabilities with planning and budgeting.

Pros: Deep integration with NetSuite ERP, flexible reporting, reduces manual processes.

Cons: Extra cost if you’re not on NetSuite, can be challenging for new users.

Support options: NetSuite maintains an extensive resource center and offers strong customer service. Training materials and best-practice guides are also available.

Bottom Line: An efficient pick for NetSuite users who need fully integrated planning and budgeting.

How does Abacum compare with NetSuite:

6. Datarails

G2 / Capterra ratings (September 2023): 4.7/5 / 4.8/5

Summary: Datarails is a comprehensive financial planning and analysis platform that seamlessly automates financial reporting and planning processes. It offers the convenience of working with familiar Excel spreadsheets and financial models, empowering finance teams to leverage their existing skills and maximize productivity.

Key features: It provides templates for both reporting and forecasting, data collaboration, robust version control, audit trail, or analysis in excel feature are among its highlighted features.

Who is this tool for: Smaller SMBs and fractional CFOs who want to maintain Excel familiarity but need automation for multiple clients or teams.

Pros: Retains Excel interface, strong version control, built-in automation features.

Cons: Limited scalability for larger organizations, reliant on Excel skillset.

Support options: Datarails offers an academy with in-depth product resources, plus responsive customer support.

Bottom Line: An excellent choice for smaller businesses or finance pros who lean heavily on Excel.

How does Abacum compare with Datarails:

7. Xero

G2 / Capterra ratings (September 2023): 4.3/5 / 4.4/5

Summary: Xero is a user-friendly accounting software solution that simplifies financial tasks and seamlessly integrates with banks for AI-powered reconciliation. With a centralized platform, users can efficiently manage all their accounting needs, saving valuable time on mundane tasks.

Key features: Among its key features we would highlight bill payments, expense claims, bank connections, payment acceptance, project tracking, and fixed asset management.

Who is this tool for: Ideal for small and mid-market businesses that need something more advanced than QuickBooks but aren’t ready for an enterprise-level solution.

Pros: Easy-to-use interface, reliable bank feeds, wide range of integrations.

Cons: Some users report slower customer support, limited advanced features for complex finance needs.

Support options: Xero provides guides, courses, and robust knowledge articles, though support reviews are mixed.

Bottom Line: A great next step for small businesses seeking a more flexible alternative to basic accounting software.

How does Abacum compare with Xero:

8. QuickBooks Online

G2 / Capterra ratings (September 2023): 4.0/5 / 4.3/5

Summary: QuickBooks Online is a cloud-based accounting software. It provides a comprehensive suite of features aimed at simplifying crucial financial tasks such as budgeting and forecasting, expense tracking, invoicing, and financial reporting. By leveraging QuickBooks, users can efficiently manage their finances and streamline their business operations.

Key features: One notable feature of QuickBooks Online is its planning tool. It allows users to set up and monitor different scenarios for their plans, track variances, and gain insights into the financial performance of the business.

Who is this tool for: Perfect for small businesses and self-employed professionals needing an affordable, easy-to-use accounting suite.

Pros: Simple interface, cost-effective, well-known solution with plenty of guides.

Cons: May lack advanced features for larger SMBs, occasional syncing issues.

Support options: A thorough support page and training are available, though responsiveness varies.

Bottom Line: A solid choice for smaller organizations seeking an accessible, all-in-one accounting solution.

How does Abacum compare with QuickBooks Online:

9. Jedox

G2 / Capterra ratings (September 2023): 4.3/5 / 4.4/5

Summary: Jedox is a dynamic planning and performance management platform that empowers organizations to exceed expectations with their plans.

Key features: Some of Jedox’s key features are different permissions for different users, a robust ETL process, the ability to run some code in order to automate some tasks, or an Excel add-in.

Who is this tool for: Ideal for finance teams within larger enterprises that need a flexible and fully customizable planning environment.

Pros: Robust customization, Excel add-in, strong ETL, code-based automation.

Cons: Might be too complex for smaller teams, requires significant setup.

Support options: Jedox offers an academy, videos, calendars and training centers, plus direct support to help you navigate the platform.

Bottom Line: Ideal for enterprises seeking deeply customizable, code-friendly solutions.

How does Abacum compare with Jedox:

10. OneStream

G2 / Capterra ratings (September 2023): 4.6/5 / 4.8/5

Summary: Intelligent finance platform that simplifies financial operations. It streamlines corporate performance management (CPM) processes, including planning, financial close & consolidation, reporting, and analytics, all within a single, adaptable solution.

Key features: It has powerful features including consolidations, expanded financial reporting, account reconciliations (RCM), and the utilization of OneStream XF. OneStream XF is a highly flexible solution, enabling the creation of customized reports and dashboards with ease. The platform also excels in task automation and offers the functionality of report books, making it a comprehensive and versatile financial consolidation and planning platform.

Who is this tool for: Enterprises ready to elevate their Corporate Performance Management processes and unify multiple finance workflows.

Pros: Comprehensive CPM suite, strong consolidation, customizable dashboards, robust automation.

Cons: Implementation can be lengthy, more suited to larger companies.

Support options: OneStream’s support portal includes extensive FAQs, detailed documentation, and a Community Message Board that encourages collaboration among users and experts.

Bottom Line: It’s a strong contender for enterprises that need an all-in-one CPM platform with extensive functionality.

How does Abacum compare with OneStream:

Conclusion: Elevate your financial planning with Abacum!

Abacum is your comprehensive financial planning platform designed to automate workflows and provide real-time insights so you can spend more time on strategic planning.

It’s a complete solution for mid-sized companies, transforming how you plan, forecast, and strategize.

If you’re uncertain about which financial planning tool fits your business, Abacum is a top choice. It’s the leading planning software for mid-market companies across diverse industries.

Here are the main reasons why you’ll appreciate Abacum for financial planning:

• Streamlined Implementation: Abacum’s team offers constant support to ensure you wrap up planning on time.

• User-Friendly Experience: Simple workflows that even non-finance folks can use.

• Integrated Financial Planning: Data integrations save you from manual data consolidation.

• Real-time Forecasts: Always keeps your forecasts current.

• Customized Planning Templates: Offers intuitive ways to design your financial plans.

• Exceptional UX and UI: Smooth interface that drives organization-wide adoption.

• Advanced Features: Automates data wrangling, integrates with diverse sources, and reconciles seamlessly.