Datarails is an FP&A platform tailored for Excel users, primarily designed to automate data consolidation, reporting, and planning. It allows finance teams to continue using their familiar Excel spreadsheets and financial models, focusing on delivering insights critical for business growth.
Datarails stands out for its ability to enhance the traditional Excel experience by integrating with various data systems, making it a unique tool in the FP&A landscape.
Despite its strengths, Datarails may not be the ideal solution for every business, especially in the following scenarios:
Datarails works best for smaller companies that aren’t looking to scale too quickly. A TechCrunch article detailing their Series B raise says that "Datarails will continue to focus squarely on SMBs.” So if you're a larger company (or if you're trying to grow into a more prominent company), Datarails won’t be the right solution for you.
While Datarails offers substantial benefits for FP&A functions, especially for small to medium-sized businesses using Excel, its limitations in terms of integration, scalability, and additional functionalities may lead some businesses to seek alternative solutions that better fit their evolving needs.
When seeking alternatives to Datarails, establishing clear evaluation criteria can help ensure you find a solution that best fits your finance function's needs. Here are some of the key criteria to consider:
The core functionalities of an FP&A platform, such as budgeting, forecasting, reporting, and analytics, are vital. A platform that offers comprehensive and advanced financial tools will enable more efficient and accurate financial management and decision-making.
A user-friendly interface is essential for quick adoption and minimal training requirements. The easier it is for your team to navigate the platform, the more efficiently they can perform their tasks, leading to improved productivity and reduced risk of errors.
The ability to seamlessly integrate with existing systems (e.g., ERP, CRM, HRIS) is crucial. Effective integration ensures data accuracy, reduces manual data entry, and enables a more holistic view of your company's financial health.
As your business grows, your FP&A platform should be able to scale with you. Scalability ensures that the platform will continue to meet your needs as you expand, without the need for costly and disruptive system changes or upgrades.
Cost-effectiveness is always a consideration, especially for small to medium-sized businesses. Understanding the total cost of ownership, including implementation, training, and ongoing support, is essential for budgeting and ensuring a good return on investment.
Reliable customer support is crucial for resolving issues swiftly and minimizing downtime. Good customer support includes accessible technical assistance, training resources, and user communities.
Careful consideration of these factors will lead to a more informed decision, ultimately benefiting your organization's financial operations and strategic planning.
Cube is a cloud-based FP&A solution designed to optimize spreadsheet usage for finance teams. It's built by financial experts, enabling seamless integration with Excel and Google Sheets. Cube is ideal for high-growth, midmarket companies looking for a scalable, efficient FP&A tool.
Key features:
Integrations: Cube supports bi-directional integration with major finance and business systems, including ERP, CRM, HRIS, and BI tools. Its compatibility with both Google Sheets and Microsoft Excel offers versatile user experiences.
Pricing: Cube's pricing starts at $1,250/month for smaller teams, with advanced packages for larger companies at $2,450/month, depending on the scale and FP&A needs.
Pros and cons:
Best for: Cube is ideal for SMBs and mid-market FP&A teams that require a scalable solution to grow with their organization's complexity.
Vena Solutions is a cloud-based analytics tool that automates and simplifies financial processes. It's designed for businesses that need to automate variance analysis, identify discrepancies, and build custom reports.
Key features:
Integrations: Vena integrates with numerous systems, including ERP, CRM, HRIS, and can import Excel and CSV files. It has native connectors with platforms like NetSuite, Sage Intacct, Salesforce, and others.
Pricing: Vena offers two plans: Professional and Complete. Specific pricing details are not publicly disclosed.
Pros and cons:
Best for: Vena is most suitable for SMBs and mid-market companies, though it can also cater to enterprise needs.
Pigment is an integrated planning tool designed for strategic finance operations. It assists in forecasting, data modeling, and report generation, ideal for businesses in rapidly changing industries.
Key features:
Integrations: Pigment offers broad integration capabilities, covering ERP, accounting, HRIS, billing, BI solutions, and spreadsheets, along with generic APIs for custom integrations.
Pricing: Pigment has three pricing plans, with specific quotes available upon request.
Pros and cons:
Best for: Pigment is well-suited for medium to large enterprises, particularly those in dynamic sectors.
Anaplan is a web-based application for planning and forecasting. It facilitates real-time decision-making with its comprehensive data access and analysis capabilities, making it a good fit for larger organizations with complex planning needs.
Key features:
Integrations: Anaplan's integration approach varies based on use cases, with specific details available on their platform.
Pricing: Anaplan offers Basic, Professional, and Enterprise editions, with prices varying for each and not publicly listed.
Pros and cons:
Best for: Anaplan is best for large enterprises that have robust IT support for implementation.
OneStream is a comprehensive financial planning and accounting system designed to support CFOs, controllers, and finance teams. It offers an all-in-one platform for financial consolidation, budgeting, forecasting, and reporting, streamlining financial planning processes.
Key features:
Integrations: OneStream integrates with various open GL/ERP systems, including Oracle, SAP, and Microsoft Dynamics, featuring pre-built Integration Connectors with comprehensive capabilities.
Pricing: Specific pricing details for OneStream are not publicly disclosed.
Pros and cons:
Best for: OneStream is ideal for large enterprises, especially those involved in mergers and acquisitions or with complex financial reporting requirements. It might be excessive for smaller organizations due to its scale and potential cost.
Prophix is a financial management software that specializes in financial consolidation, budgeting, analysis, planning, and reporting. It provides a spreadsheet-style interface for financial data analysis and organization.
Key features:
Integrations: Prophix is designed to integrate with other business systems like ERP and CRM. However, users note that integrations can be complex.
Pricing: Prophix's pricing is kept private, but it is reported to be in line with industry standards.
Pros and cons:
Best for: Prophix is most suited for organizations looking to automate and streamline slow, manual FP&A processes, leveraging its pre-built functionalities for efficiency.
IBM Planning Analytics is a robust business intelligence and performance management platform. Built on the IBM Cognos Analytics platform, it helps organizations streamline their financial and operational planning processes.
Key features:
Integrations: Offers seamless integration with various systems, including ERP systems like SAP and Oracle, CRM systems like Salesforce, and BI tools like IBM Cognos Analytics or Power BI. Also provides APIs and SDKs for custom integrations.
Pricing: IBM Planning Analytics is priced at $150/user/month (excluding taxes).
Pros and cons:
Best for: IBM Planning Analytics is most suitable for medium to large enterprises, especially those needing detailed forecasting models or integration with existing IBM solutions.
Planful is a performance management and financial planning software designed to provide real-time performance data insights. It automates and aligns planning processes, aiding businesses in operational data integration and reporting enhancement.
Key features:
Integrations: Planful supports integration with finance, accounting, ERP, CRM, HRIS, spreadsheets, data warehouses, and BI tools, thanks to its pre-built connections and open-access RESTful APIs.
Pricing: Planful's pricing is not publicly disclosed but is said to be higher than the market average.
Pros and cons:
Best for: Planful is ideal for larger companies with extensive FP&A teams aiming to extend their influence beyond the finance department.
Workday Adaptive Planning offers comprehensive tools for forecasting, budgeting, and modeling. It connects financial and HR data for deeper insights and includes capabilities for tracking KPIs, creating what-if scenarios, and real-time collaboration.
Key features:
Integrations: Workday Adaptive Planning integrates seamlessly with various cloud-based, on-premise, and file-based applications.
Pricing: Pricing details for Workday Adaptive Planning are customized based on package features, company size, and user types.
Pros and cons:
Best for: Workday Adaptive Planning is a good fit for large enterprises looking for a transformative, company-wide FP&A solution, particularly those needing strong capabilities outside of traditional finance and FP&A roles.
Mosaic is a cloud-based FP&A solution geared towards SMBs, offering insightful business operation views through its advanced dashboards, reporting tools, automated data reconciliation, and forecasting capabilities. It emphasizes agile planning and quicker decision-making by integrating insights from various systems like ERP, CRM, HRIS, and billing systems.
Key features:
Integrations: Mosaic consolidates insights from diverse systems (e.g., ERP, HRIS, CRM), though users report challenges with data importation and integration, suggesting some limitations in this area.
Pricing: Mosaic does not publicly disclose detailed pricing information but outlines the general scope of what their plans offer.
Pros and cons:
Best for: Mosaic is particularly suitable for small to medium-sized businesses that prioritize agile planning and quick decision-making. However, companies outside the SaaS domain or those needing rapid implementation might find it less fitting.
While Datarails has its strengths, exploring these alternatives can provide additional insights and functionalities that might be more aligned with your organization's specific requirements. With careful consideration and thorough evaluation, you can select an FP&A tool that not only meets your current needs but also supports your strategic goals and future growth.
Want to learn why customers are choosing Cube over Datarails? Request a free demo today.