- Business
Which financial planning software is available?
Since we are often asked about financial planning, we want to give as objective an overview as possible of the financial planning software that is available. The analysis is based on the current websites of the selected providers. You can also find an up-to-date overview including ratings of software providers on the OMR Review page on financial planning software.
First of all, though, we should briefly clarify what financial and cash flow planning are and what they have to do with enterprise planning.
What is enterprise planning (ERP)?
Enterprise planning, often also referred to as enterprise resource planning or ERP for short, means software that helps companies to plan and optimise the use of their resources (staff, capital, raw materials and so on).
As a rule, ERP systems are used by large companies or groups in order to plan, monitor and optimise their complex processes. Above all because the costs of ERP systems can quickly run into tens of thousands a month and because implementation usually stretches over several months.
Enterprise planning systems, or ERP systems for short, are therefore among the most extensive software products for companies. They map every area of a company, but particularly the following:
- Finance
- Sales & service
- Manufacturing
- Human resources (HR)
- Logistics (supply chain)
- Compliance (risk management)
Specifically, the three core functions (of large companies) are mapped in the finance area:
- Accounting
- Financial planning & analysis (FP&A, planning & controlling)
- Treasury (planning, managing and processing payment flows)
Figure: the 3 core functions in the finance area
What is the difference between financial planning and cash flow planning?
Financial planning and cash flow planning map sub-areas of the finance function; the difference lies in the objective of the planning.
The difference between the two types of planning is so great that in larger companies the financial plan and the cash flow plan are
- drawn up in different departments,
- by staff with different qualifications and
- using different tools
and monitored separately.
A more detailed comparison between the financial plan and the cash flow plan can be found here.
Is COMMITLY a financial planning software?
COMMITLY focuses exclusively on cash flow planning and supports companies in forecasting and monitoring how liquidity develops in the short and long term. We offer our customers a simple and fast way to plan and monitor how cash flow develops.
What is financial planning?
A company’s financial plan sets the revenue it expects against the expenses it expects over a period, with the aim of determining the profit. At the heart of a financial plan is a budgeted profit and loss account for a particular period, usually a financial year. The budgeted P&L is often accompanied by supporting calculations or detailed plans such as sales planning, an investment appraisal, financing planning and workforce planning.
In larger companies the financial plan is also broken down into (business) divisions or cost centres. There may also be a supporting calculation for taxes on income, of varying complexity. Strictly speaking, the budgeted balance sheet would also be part of financial planning. In practice, however, it is often neglected and replaced by the supporting calculations mentioned above.
The financial plan maps the accounts for a period. The accounts are therefore also the most important source of information. A financial plan without accounting is not possible.
Financial planning is therefore carried out in the planning & controlling department (financial planning & analysis, or FP&A for short). In controlling, that is, in comparing actual and budgeted figures, FP&A works together with the accounting department.
What is cash flow planning?
Cash flow planning determines a company’s future payment flows and sets them against one another in a systematic form.
The task of the cash flow plan is to show a company’s future available liquid funds, that is, the liquidity position on a particular day.
Cash flow planning is drawn up and monitored in the treasury function. Treasury is responsible for planning, managing and processing payment flows. Former employees from the banking sector are often deployed in treasury. The source of information for cash flow planning and monitoring is the company’s bank accounts.
Assumptions from the financial plan naturally feed into cash flow planning as well. But they first have to be “translated” into payment flows. Key words here: cash receipts vs. revenue, periodicity, service period. More on this here.
Which providers of financial planning software are there?
List of providers and link to LinkedIn
Here is the list of the companies analysed. They are listed alphabetically – a little unusual, but interesting for us, is the link to each LinkedIn profile including the number of followers on LinkedIn.
Table: financial planning software providers on LinkedIn (followers: as at 5 September 2020)
Financial planning software providers and the functional areas offered
Table: financial planning software providers and the functional areas offered
Financial planning software providers and the finance specialisms offered
Table: financial planning software providers and the finance specialisms offered
It is worth noting that LucaNet is the only company to highlight the preparation of separate and consolidated financial statements. That has to do with the functional split of the finance area discussed above. Planning (software) builds on the actual figures from the accounts. All providers therefore offer extensive interfaces to existing accounting systems.
Financial planning software providers and the industries highlighted
Table: financial planning software providers and the industries highlighted
Short profiles of the providers
Anaplan
Link to the provider: https://www.anaplan.com/de/
Anaplan is a global cloud-based planning software company headquartered in San Francisco, California.
This is what Anaplan says about itself:
“Agility and resilience – now more than ever – continuously optimise your company’s performance with Anaplan Connected Planning: planning, forecasting, scenario modelling and performance management in real time.”
Anaplan product demo: budgeting and forecasting
Solutions are offered for the following areas:
- Finance (FP&A)
- Sales
- Supply chain
- HR
- Marketing
- IT
Listed under finance:
- Corporate budgeting
- Financial forecasting
- Strategic planning
- Sales planning
- Operating expenditure (OPEX) planning
- Capital expenditure (CAPEX) planning
- Cash flow management
- Financial consolidation
- Enterprise planning
The following industries are highlighted
- Banking & capital markets
- Consumer goods
- Insurance
- Retail
- Technology
- Telecommunications
Highlighted customers:
- Del Monte
- Axa
- Amer Sport
- Tata Steel
- Stepstone
- RSA
- Legal & General
- Accor Hotels
- RWG – Rotterdam World Gateway
Deployment:
- Cloud
Board
Link to the provider: https://www.board.com/de#gref
Board is a Swiss company focusing on business intelligence, corporate performance management and analytics. The company was founded in 1994 in Chiasso, Switzerland.
This is what Board says about itself:
“Analyse. Simulate. Plan. – Board, the no. 1 among decision-making platforms, gives you full control over your business planning and performance. Reach your objectives and drive digital change in your company.”
Video: Board and integrated business planning
The following solutions are offered:
- Finance
- Supply chain
- HR
- Sales
Listed under finance:
- Sales planning
- Overheads and other costs
- Workforce planning
- Investment planning
- P&L and balance sheet calculations
- Automatic cash flow
The following industries are highlighted:
- Retail
- Manufacturing
- Financial services
- Professional services
- Automotive
- Food & beverage
Highlighted customers:
- More than 3,000 customers
- Coca-Cola
- Puma
- VW
- KPMG
- U.S. Navy
- Mitsubishi Electrics
Deployment:
- Cloud
- On-premise
Statements on implementation:
“BOARD was implemented as a planning solution within 7 months and used for budget planning for the first time at the same time.”
From the article: “Selecting, introducing and using a BI tool within a year”
CCH Tagetik
Link to the provider: https://www.tagetik.com/de
CCH Tagetik was founded in 1986 as a consultancy based in Lucca, Italy. In 2017 Tagetik was acquired by Wolters Kluwer, a global leader in information services and solutions for professionals in finance, healthcare, tax, accounting, risk and compliance, and law.
This is what Tagetik says about itself:
“Unified performance management software – go beyond the possibilities of your traditional CPM software with a comprehensive, all-in-one transformation platform developed specifically for the “office of finance”.”
Video: Budgeting & Planning Demo – CCH Tagetik
The following functional solutions are offered:
- Budgeting, planning, forecasting
- Profitability analysis
- Cash flow planning and analysis
- Consolidated accounts & consolidation
- Financial reporting
- Disclosure management
- Compliance & regulatory reporting
- Advanced analytics & dashboarding
The following industries are highlighted:
- Banking & financial services
- Insurance
- Manufacturing
- Automotive
Highlighted customer references:
- Daimler
- Randstad
- Rabobank
- Metro Group
Deployment of the services:
- Cloud
- On-premise
Corporate Planning
Link to the provider: https://www.corporate-planning.com/de/
Corporate Planning is a German company based in Hamburg. For more than 30 years, Corporate Planning has been offering software for managing mid-sized companies. Corporate Planning has offices in Germany, Austria and Switzerland.
This is what Corporate Planning says about itself:
“The controlling software for companies and groups – the Corporate Planning solution supports operational controlling, strategic controlling, integrated financial planning and consolidation. In a single software solution we offer you everything you need to manage your company successfully.”
Video: liquidity management with the Corporate Planner Cash software
These functional areas / components are offered:
- Operational controlling
- Financial controlling
- Sales controlling
- Consolidation
- HR controlling
- Liquidity management
- Data analytics
- Investment controlling
- Cost controlling
- Risk management
The following industries are highlighted:
- Housing and real estate
- Health and social care
- Transport and logistics
- Motor trade
- Service companies
- Trading companies
Highlighted customers:
- IDS-Gruppe Holding
- J. Bauer GmbH & Co KG
- Dr. Kade Pharmazeutische Fabrik
- Möhlenhoff
- BMV Mineralöl Versorgungsgesellschaft
Deployment:
- On-premise
- Partly cloud (“hybrid solution”)
Statements on implementation:
“Implemented quickly and easily – thanks to short implementation times and fast data imports from all common upstream systems, the Corporate Planning solution is ready to use immediately. Would you like to introduce the system in your company yourself? Simply attend one of our introductory training courses. If you need professional support with the introduction, our team of consultants will be happy to help.”
Denzhorn
Link to the provider: https://www.denzhorn.de/
Denzhorn is a specialist founded in 1994 that develops software systems for integrated corporate planning, consolidation, business intelligence and strategic corporate management for medium-sized and large companies.
This is what Denzhorn says about itself:
“Corporate management with a system – in more than 25 years in business we have developed from a software provider into a consultancy and systems integrator. Alongside our outstanding business plan software we offer a whole range of selected instruments with which you will noticeably optimise your business processes. Guaranteed!”
Product video: BPS-ONE performance and finance system
The following functional solutions are offered:
- Corporate planning
- Consolidation
- Business intelligence
- Corporate management
- Professional consulting and implementation
The following industries are highlighted:
- Services
- Trade
- Industry
Highlighted customers:
- Igepa Group
- medika
- Vossko
- Kyberg Group
- Bögra
- Borries Markier-Systeme
- Privatbrauerei Lasser
- Gaplast
- GS Kunststofftechnik
- Hatico
- HDG Bavaria
- Avia Bantleon
- Juchem Gruppe
- Meckatzer
- Noch
- Örtlinghaus
- Schleich
Customers:
More than 2,000 customers worldwide
Deployment:
- On-premise
IDL
Link to the provider: https://www.idl.eu/
IDL is a company with more than 30 years of experience in integrated data processing solutions. The company is based in Berlin; its correct name is IDL Beratung für integrierte DV-Lösungen GmbH. IDL operates in Germany, Austria and Switzerland.
This is what IDL says about itself:
“Solutions for finance and controlling – the IDL CPM Suite brings together in a single platform functional software modules and apps covering consolidation, planning, reporting and regulatory reporting through to business intelligence with analysis and dashboarding.”
The following functional solutions are offered:
- Consolidation
- Planning
- Reporting
- Reporting & regulatory reporting
- Country-by-country reporting
- ESEF reporting
- Data management
- Corporate management
These industry solutions are highlighted:
- FinRep bank reporting
- Public administration
- Professional sports
Highlighted customers:
- Cremer
- Bayern LB
- Wiesbaden
- Altana
- Eintracht Frankfurt
- Elring Klinger
- Wanzl
Deployment:
- On-premise
- Cloud
Infor – CloudSuite Financials
Link to the provider: https://www.infor.com/de-de/products/cloudsuite-financials
Infor is a worldwide provider of business software that was founded in 2002 as an ERP software company. Infor is now the third-largest maker of business software after SAP and Oracle, based in New York, USA.
This is what Infor says about itself:
“Modern solutions for finance and procurement professionals – CloudSuite™ Financials & Supply Management is an integrated software solution for finance and quotation management. This suite combines modern finance functions with tools for tracking quotations and optimising order processes. The end-to-end, fully integrated functions were developed specifically for today’s users.”
Video: What customers like about Infor CloudSuite Financials
Solutions are offered for the following functional areas:
- Manufacturing
- Finance
- HR
- Asset management
- Sales & service
- Supply chain & logistics
The following industries are highlighted:
- Automotive industry
- Banking and financial services
- Construction
- Chemical industry
- Distribution
- Retail
- Energy and resources
- Healthcare
- High tech and electronics
- Hospitality and catering
- Industrial manufacturing
- Food and beverage industry
- Aerospace industry
- Logistics and 3PL
- Machinery
- Mechanical and plant engineering
- Fashion
- Public sector
- Professional services
Customers:
More than 65,000 customers worldwide
Deployment:
- Cloud
Statements on implementation:
“Ready to use in less than 16 weeks.”
Jedox
Link to the provider: https://www.jedox.com/de/
Jedox is a German public limited company from Freiburg im Breisgau. The company was founded in 2002 and is backed by, among others, the KfW bank and venture capital firms. Further company locations are in Frankfurt/Main, Düsseldorf, Paris and Boston.
This is what Jedox says about itself:
“Accelerate your planning process – Jedox software for enterprise performance management and business intelligence optimises planning, budgeting and forecasting across every functional area – from finance through sales and HR to procurement and other departments. Improve your business processes by integrating your financial controlling with your operational plans, raise data quality and shorten planning cycles throughout the company.”
Video: Jedox Demo – Simplified Planning, Analytics & Reporting
The following solutions are offered:
- FP&A › planning, budgeting and forecasting
- FP&A › financial consolidation
- Integrated business planning
- AIssisted™ Planning
- Sales planning for Salesforce
- Planning with Qlik
Highlighted customers:
- Apleona
- Fiat
- Sanofi
Deployment:
- Cloud
- On-premise
Information on implementation:
“Fast implementation – thanks to its smart technology, Jedox has very short implementation times. Jedox planning solutions can usually go live within three months.”
LucaNet
Link to the provider: https://www.lucanet.com/de/
LucaNet is a company from Berlin. LucaNet was founded in 1999 by 2 students in order to develop a system that met the requirements of the controlling and consolidation departments of mid-sized companies and large groups. Today more than 2,700 customers in 50 countries work with the all-in-one solution for consolidation, planning, reporting and analysis.
This is what LucaNet says about itself:
“Simply intelligent – financial performance management – can you still see the wood for the trees? Or are you getting lost in confusing Excel files? Financial performance management (FPM for short) creates clarity. Our intelligent FPM software solutions simplify the preparation of consolidated accounts, financial planning, analysis and reporting for you. And they give you a comprehensive overview – from past figures through actual data to planned financial data.”
Video: Financial planning and controlling made easy
The following solutions are offered:
- Financial statements
- Separate financial statements
- Consolidated financial statements
- Municipal consolidated accounts
- IFRS 16
- Planning
- Financial planning and budgeting
- Predictive analytics
- Forecasting and scenario planning
- Investment controlling
- Reporting
- Management reporting
- BI and dashboarding
- Disclosure management and ESEF reporting
- Tax accounts and e-balance sheet
Highlighted customers:
- More than 2,700 customers worldwide
- Zoologischer Garten Berlin
- Toshiba Electronics Europe
- Engel & Völkers
- Lorenz
- Tom Tailor
- Van Laack
- Vaude
- Condor
- Eventim
Deployment:
- Cloud
- On-premise
SAP financial planning and analysis, consolidation
Link to the provider: https://www.sap.com/S4HANA
SAP is a listed software group based in Walldorf, Baden-Württemberg. By revenue, SAP is the third-largest listed software company in the world. SAP was founded in 1972.
This is what SAP says about itself in the area of business planning:
“Software for business planning and consolidation – the SAP Business Planning and Consolidation (SAP BPC) application covers planning, budgeting, forecasting and financial consolidation. With it you can easily adjust your planning and forecasts, accelerate budget and closing cycles and reliably comply with accounting standards.”
Video: An introduction into SAP Integrated Business Planning for demand
The following functional solutions (business planning and consolidation) are offered:
- Unified planning and consolidation
- Microsoft Office and web reporting
- Budgeting and forecasting
- Integrated financial intelligence
- External and internal consolidation
- SAP S/4HANA integration
Further solutions offered are:
- Enterprise performance management
- Financial planning and analysis
- Accounting and financial close
Highlighted customers:
- Airbus
- Graphic Packaging International
- AIG
Deployment:
- Cloud
- On-premise
Unit4
Link to the provider: https://www.unit4.com/de
Unit4 is a Dutch company founded in 1980 and based in Utrecht. The company has 26 offices worldwide.
This is what Unit4 says about itself:
“Take your company to a new level – with Unit4’s ERP software you create not only a better workplace for your staff but also a better way of working. That gives your people the freedom to concentrate on what matters: their success and the company’s.”
Video: Unit4 PSA Project Management, Budget & Planning
The following functional solutions are offered:
- Enterprise resource planning (ERP)
- Financial planning & analysis (FP&A)
- Human capital management (HCM)
Listed under financial planning & analysis:
- Planning, budgeting and forecasting
- Sales planning and controlling
- Analysis and reporting
- Corporate performance management
- Workforce planning and analysis
- Consolidation
- IFRS 16
These industries are highlighted:
- Higher education
- Non-profit organisations
- Professional services
- Public sector
Highlighted customers:
- Alten
- fh St. Pölten
- war child
- Heifer International
- metro vancouver
- Keyrus
- Magnox
- Manchester Metropolitan University
- SwissLife
- Villeroy & Boch
Deployment:
- Cloud
Credits: Photo by Diggity Marketing on Unsplash