Running a business without managing your finances is like trying to cook a fantastic meal without keeping an eye on the stove – you risk burning the entire dish you so carefully prepared. In fact, 44% of startups fail because they run out of cash. This just shows how important a company's financial health is for it to prosper.
Managing business finances can seem daunting, but what if we told you that there are apps that can do all this for you, some of them even coming with expert support?
In this article, we'll cover the best financial analysis software solutions for companies of all sizes.
Fuelfinance is one of the best cloud-based financial management solutions, acting as your own fractional CFO. The tool comes with unlimited support from our team of financial experts.
Our goal is to streamline all your financial processes without the need for multiple tools. What sets Fuelfinance apart is its exceptional user-friendliness, making it accessible even for those without prior experience in financial management.
Here are its key features:
Our tool includes a variety of third-party integrations, including QuickBooks, Stripe, Gusto, Wise, HubSpot and others, along with cheat sheets that help you understand different financial terms and simplify your financial management.
While most other financial analysis software tools focus on large companies, Fuelfinance is startup-friendly, as we know that small business financial management can be even more challenging than enterprise-level due to limited resources.
We've worked with clients in all phases of their businesses, and articles on our blog can help you figure out how to do financial analysis, everything you need to know about startup financing, obtaining seed funding and many other topics that startup founders may be interested in.
Fuelfinance has a 4.9 rating on G2, but here are some case studies.
Case study #1
Petcube, a globally recognized company specializing in smart devices for pets, has switched from another financial software to Fuelfinance, which resulted in finding solutions that were five times more efficient and ten times cheaper. This boosted profitability an gave them confidence in the future of the business.
Case study #2
O0 Design, a full-stack design studio, turned to Fuelfinance to help them get in charge of their complex finances. Today, they have an impressive 2x YoY growth, attributing their success to making decisions rooted in robust, data-driven insights provided by our tool.
Case study #3
Hampton, an exclusive membership community for CEOs, reached an impressive revenue of $23 million per member. Fuelfinance successfully tracked Hampton's financial dynamics, customizing its financial reports to adapt to the evolving needs of this fast-growing business.
*Fuel offers monthly and quarterly payments, with the possibility to save thousands of dollars on a financial department.
Hop on a free 30-minute call with us to see how we can help you!
Microsoft Excel
Source: Capterra.com
The most widely used spreadsheet editor can also serve as a financial analysis tool, especially for small businesses that don't want to purchase additional software just for their finances.
It supports many languages, from Chinese and Japanese to Hebrew and Indonesian.
Here are its key features:
Microsoft Excel has a huge base of users and an overall rating of 4.7 on G2, but some users report that its interface isn't really up-to-date.
You can purchase only Excel for $159.99 or get it as a part of Microsoft 365 for business in one of the following plans:
Source: Capterra.com
Cube is user-friendly FP&A software designed to help you improve financial planning and analysis by automating manual processes, reducing errors and promoting collaboration among finance teams.
It's used by freelancers, midsize and small businesses, but also large enterprises.
Here are its key features:
The tool has an overall rating of 4.5 on G2, with some users reporting having issues with adding different integrations.
Source: G2.com
Causal is financial analysis software whose strongest feature is dynamic financial modeling. It can adapt to businesses of all sizes, and it promotes collaboration thanks to its interactive dashboards.
Here are its key features:
The tool has an overall rating of 4.6 on G2, with some users reporting that it has a somewhat steep learning curve.
Source: G2.com
Datarails is a platform for financial planning and analysis that can be used either as an add-in for Excel or on its own. If you're used to managing your finances in Excel, the good news is that you can keep using it but with some advanced features.
Here are its key features:
The tool has an overall rating of 4.7 on G2, with users reporting that some features are unresponsive and take a lot of time to load.
See also: Datarails competitors & alternatives
Pricing is custom-made for every client, based on the features you need, the number of users and the number of integrations you want to add, helping you customize financial modeling for your startup.
Source: G2.com
LiveFlow is a financial tool you can add to Excel or Google Sheets to enrich them with advanced financial analysis features without switching between the apps all the time.
This platform has various options, such as tracking your vendor spending, cash flow forecasting, revenue tracking etc.
Here are its key features:
The tool has a high rating of 4.9 on G2 with many positive reviews, the only issue being the lack of integrations.
It starts at $500 per month, but you need to contact the company to get a custom quote.
Here are the criteria to keep in mind when choosing financial analysis software for your startup or company.
Here are the main features to look for:
When choosing the best solution for your company, it's essential to set a realistic budget, depending on the phase of your business.
All financial analytics tools we've mentioned offer different plans based on the number of users and other factors.
Some even have forever-free plans, but they're limited in terms of the number of users, features and integrations.
Look for financial analysis software that integrates with the tools you're already using to avoid switching from app to app, wasting your time and possibly accidentally losing some data in the process.
The list of integrations is long, and here are some of them:
Choosing the best financial management software is not an easy task since it depends on various factors, such as the size of your company, features and integrations you need.
Fuelfinance is an all-in-one financial software that will help you make smarter business decisions. It comes with unlimited support from our financial experts, who can serve as your fractional CFO, eliminating the additional costs of hiring consultants, bookkeepers and accountants.
Schedule a free demo to discover how we can help your startup reach financial success.
It's a tool that analyzes and interprets financial data, helping you make better business decisions. It can have various features, the most common being budgeting, financial forecasting and financial statement analysis.
There are many excellent tools on the market, but if you're looking for a comprehensive and user-friendly tool you can use for all aspects of financial analysis, Fuelfinance could be the best option for you.
Yes, it can do financial analysis to an extent, but today, there are plenty of tools that have more features than Excel and are more user-friendly.
Yes, SQL is the most commonly used programming language among financial analysts.
