Quick Overview
- 1#1: Microsoft Excel - The gold-standard spreadsheet for building complex financial models, DCF analyses, and scenario forecasting.
- 2#2: Macabacus - Excel add-in that automates formatting, auditing, and linking for professional financial modeling.
- 3#3: Google Sheets - Cloud-based collaborative spreadsheet for real-time financial modeling and team-based forecasting.
- 4#4: Anaplan - Connected planning platform enabling multi-dimensional financial modeling and enterprise-scale simulations.
- 5#5: Pigment - Modern FP&A platform for dynamic financial modeling, scenario planning, and real-time analytics.
- 6#6: Datarails - Excel-centric FP&A tool that automates data consolidation and reconciliation for financial modeling.
- 7#7: Vena Solutions - Excel-native platform for financial planning, budgeting, and integrated modeling workflows.
- 8#8: Planful - Continuous planning software with AI-powered financial modeling and predictive forecasting.
- 9#9: Cube - Spreadsheet-integrated FP&A platform for collaborative financial modeling and headcount planning.
- 10#10: Quantrix - Multi-dimensional modeling software for formula-free financial analysis and what-if scenarios.
Tools were ranked based on functionality (e.g., DCF modeling, scenario forecasting), user experience, reliability, and overall value, ensuring they meet the demands of modern financial planning and analysis.
Comparison Table
Financial modeling software is essential for analyzing data, projecting outcomes, and informing strategic decisions. This comparison table explores key tools—like Microsoft Excel, Macabacus, Google Sheets, Anaplan, Pigment, and more—to highlight features, pricing, and ideal use cases, helping readers identify the right fit.
| # | Tool | Category | Overall | Features | Ease of Use | Value |
|---|---|---|---|---|---|---|
| 1 | Microsoft Excel The gold-standard spreadsheet for building complex financial models, DCF analyses, and scenario forecasting. | other | 9.8/10 | 9.9/10 | 8.7/10 | 9.5/10 |
| 2 | Macabacus Excel add-in that automates formatting, auditing, and linking for professional financial modeling. | specialized | 9.2/10 | 9.6/10 | 8.4/10 | 8.7/10 |
| 3 | Google Sheets Cloud-based collaborative spreadsheet for real-time financial modeling and team-based forecasting. | other | 8.1/10 | 7.8/10 | 9.4/10 | 9.8/10 |
| 4 | Anaplan Connected planning platform enabling multi-dimensional financial modeling and enterprise-scale simulations. | enterprise | 8.7/10 | 9.2/10 | 7.5/10 | 8.0/10 |
| 5 | Pigment Modern FP&A platform for dynamic financial modeling, scenario planning, and real-time analytics. | enterprise | 8.5/10 | 9.2/10 | 8.0/10 | 7.8/10 |
| 6 | Datarails Excel-centric FP&A tool that automates data consolidation and reconciliation for financial modeling. | specialized | 8.3/10 | 8.7/10 | 8.5/10 | 7.8/10 |
| 7 | Vena Solutions Excel-native platform for financial planning, budgeting, and integrated modeling workflows. | enterprise | 8.4/10 | 9.2/10 | 7.6/10 | 7.9/10 |
| 8 | Planful Continuous planning software with AI-powered financial modeling and predictive forecasting. | enterprise | 8.2/10 | 8.7/10 | 8.0/10 | 7.6/10 |
| 9 | Cube Spreadsheet-integrated FP&A platform for collaborative financial modeling and headcount planning. | enterprise | 8.7/10 | 9.2/10 | 8.5/10 | 8.0/10 |
| 10 | Quantrix Multi-dimensional modeling software for formula-free financial analysis and what-if scenarios. | specialized | 8.2/10 | 9.1/10 | 7.0/10 | 7.8/10 |
The gold-standard spreadsheet for building complex financial models, DCF analyses, and scenario forecasting.
Excel add-in that automates formatting, auditing, and linking for professional financial modeling.
Cloud-based collaborative spreadsheet for real-time financial modeling and team-based forecasting.
Connected planning platform enabling multi-dimensional financial modeling and enterprise-scale simulations.
Modern FP&A platform for dynamic financial modeling, scenario planning, and real-time analytics.
Excel-centric FP&A tool that automates data consolidation and reconciliation for financial modeling.
Excel-native platform for financial planning, budgeting, and integrated modeling workflows.
Continuous planning software with AI-powered financial modeling and predictive forecasting.
Spreadsheet-integrated FP&A platform for collaborative financial modeling and headcount planning.
Multi-dimensional modeling software for formula-free financial analysis and what-if scenarios.
Microsoft Excel
otherThe gold-standard spreadsheet for building complex financial models, DCF analyses, and scenario forecasting.
Comprehensive financial function set combined with VBA extensibility for fully automated, bespoke modeling workflows
Microsoft Excel, accessible via office.com, is the gold standard spreadsheet software for financial modeling, enabling users to create sophisticated models with formulas, functions, pivot tables, and charts. It excels in building discounted cash flow (DCF) analyses, budgeting, forecasting, scenario planning, and sensitivity analysis through tools like Data Tables, Goal Seek, and Solver. Integrated with Power Query for data import/cleaning and Power Pivot for large-scale data modeling, it supports real-time collaboration and automation via VBA macros.
Pros
- Unrivaled library of financial functions (NPV, IRR, XIRR, PMT) and dynamic arrays for complex calculations
- Seamless integration with Power BI, Power Query, and add-ins like Stock Connector for real-time data
- Industry-standard compatibility ensures easy sharing and adoption in finance teams
Cons
- Steep learning curve for advanced VBA and array formulas
- Performance can lag with extremely large models without optimization
- Full advanced features require Microsoft 365 subscription
Best For
Finance professionals, analysts, and teams building customizable, scalable financial models from startups to enterprises.
Pricing
Included in Microsoft 365 Personal ($6.99/month) or Business plans ($6/user/month); free web version with limitations.
Macabacus
specializedExcel add-in that automates formatting, auditing, and linking for professional financial modeling.
One-click formatting library that applies investment banking-grade styles instantly across entire workbooks
Macabacus is a comprehensive Excel add-in tailored for finance professionals, enhancing financial modeling through automation of formatting, formula auditing, and data management. It accelerates model building with features like linked updates across workbooks, error detection, and one-click professional styling. Additionally, it integrates seamlessly with PowerPoint for generating pitch decks and reports directly from Excel data.
Pros
- Superior Excel formatting and style libraries for professional outputs
- Robust formula auditing and error-checking tools that save hours in model review
- Powerful integration with PowerPoint for automated slide and report generation
Cons
- Steep learning curve for advanced features despite intuitive basics
- Pricing is premium and subscription-only, which may deter solo users
- Heavily reliant on Microsoft Excel, limiting cross-platform flexibility
Best For
Investment banking analysts, private equity professionals, and corporate finance teams building complex Excel-based financial models under tight deadlines.
Pricing
Starts at $25/user/month (Build plan), $40/user/month (Pro), with Enterprise custom pricing; annual commitments required.
Google Sheets
otherCloud-based collaborative spreadsheet for real-time financial modeling and team-based forecasting.
Real-time multi-user collaboration with simultaneous editing and commenting
Google Sheets is a free, cloud-based spreadsheet platform from Google that allows users to build sophisticated financial models using formulas, pivot tables, charts, and data visualization tools. It supports essential financial modeling tasks like scenario analysis, forecasting, and DCF calculations through its extensive function library and Google Apps Script for automation. Ideal for collaborative environments, it enables real-time editing and sharing across teams without the need for desktop software.
Pros
- Completely free with unlimited storage for most users
- Real-time collaboration for team-based modeling
- Seamless integration with Google Workspace and add-ons like Google Finance data
Cons
- Performance lags with very large datasets compared to desktop tools
- Fewer advanced financial functions and no native VBA equivalent
- Requires internet connection, limiting offline use
Best For
Small teams, startups, and individual analysts seeking cost-effective, collaborative financial modeling without complex setup.
Pricing
Free for personal use; Google Workspace plans start at $6/user/month for advanced features and storage.
Anaplan
enterpriseConnected planning platform enabling multi-dimensional financial modeling and enterprise-scale simulations.
Hyperblock® technology for real-time calculation of massive, multi-dimensional models
Anaplan is a cloud-native connected planning platform that excels in financial modeling, budgeting, forecasting, and scenario analysis for enterprises. It uses a proprietary in-memory calculation engine and multi-dimensional modeling to handle massive datasets and complex, driver-based models without coding or spreadsheets. The platform supports real-time collaboration, integrations with ERP systems, and cross-functional planning across finance, sales, and supply chain.
Pros
- Infinite scalability for billion-cell models via Hyperblock technology
- Real-time collaboration and multi-dimensional data modeling
- Seamless integrations with ERP, CRM, and BI tools
Cons
- Steep learning curve requiring training for full utilization
- High enterprise-level pricing with custom quotes
- Performance optimization needed for extremely large custom builds
Best For
Large enterprises and finance teams needing scalable, integrated planning across departments.
Pricing
Custom enterprise subscription pricing, typically starting at $1,000+ per user per year, based on users, modules, and data volume.
Pigment
enterpriseModern FP&A platform for dynamic financial modeling, scenario planning, and real-time analytics.
Visual block-based modeling with Metrics Trees for hierarchical, no-code financial logic building
Pigment is a cloud-based business planning platform designed for finance teams to create dynamic financial models, budgets, and forecasts through a visual, no-code interface. It supports real-time collaboration, scenario planning, and integration with data sources like ERP and CRM systems for accurate, scalable planning. The tool leverages AI for insights and automates reporting, making it suitable for enterprise-level financial modeling and strategic decision-making.
Pros
- Powerful visual modeling with drag-and-drop blocks for complex scenarios
- Real-time collaboration and instant recalculations across models
- Seamless integrations with BI tools, ERPs, and HR systems
Cons
- Enterprise-focused pricing can be steep for SMBs
- Steeper learning curve for advanced custom modeling
- Limited out-of-the-box templates compared to specialized tools
Best For
Mid-to-large enterprises with finance teams seeking collaborative, scalable financial planning beyond spreadsheets.
Pricing
Custom quote-based pricing, typically starting at $50,000+ annually for enterprise plans based on users and modules.
Datarails
specializedExcel-centric FP&A tool that automates data consolidation and reconciliation for financial modeling.
Excel-powered data unification that automates pulling and reconciling data from disparate sources into live, collaborative models
Datarails is an FP&A platform that integrates data from multiple sources like ERPs, CRMs, and banks directly into Excel, enabling finance teams to automate financial modeling, consolidation, and reporting without leaving their familiar spreadsheet environment. It streamlines month-end close, forecasting, and scenario analysis with real-time data unification and advanced analytics. Ideal for Excel-heavy workflows, it transforms disparate spreadsheets into a cohesive financial planning solution.
Pros
- Seamless Excel-native interface for familiar financial modeling
- Powerful automation for data consolidation and reconciliations from 100+ sources
- Robust forecasting, scenario planning, and real-time dashboards
Cons
- Pricing can be steep for small teams or startups
- Requires strong Excel proficiency to maximize value
- Limited standalone mobile app; best on desktop
Best For
Mid-sized enterprises and FP&A teams that rely on Excel for complex financial modeling and need automated data integration.
Pricing
Custom quote-based pricing, typically starting at $10,000-$25,000 annually for mid-sized teams, scaling with users and features.
Vena Solutions
enterpriseExcel-native platform for financial planning, budgeting, and integrated modeling workflows.
Native Excel interface that turns uncontrolled spreadsheets into governed, enterprise-grade financial models
Vena Solutions is an Excel-native FP&A platform designed for financial planning, budgeting, forecasting, and reporting, enabling finance teams to leverage familiar spreadsheets for complex modeling. It integrates deeply with Excel while adding enterprise features like workflow automation, data consolidation from ERPs (e.g., NetSuite, SAP), and real-time dashboards. Vena excels in transforming spreadsheets into governed, scalable financial models without requiring users to learn new interfaces.
Pros
- Seamless native Excel integration for powerful, flexible modeling
- Robust FP&A tools including advanced forecasting and scenario planning
- Strong integrations with ERPs and data connectors for consolidated reporting
Cons
- Steep learning curve for non-Excel experts and advanced templates
- Enterprise pricing can be high for smaller teams
- Heavy reliance on Excel may limit non-spreadsheet users
Best For
Mid-to-large enterprises with Excel-proficient finance teams needing scalable FP&A without abandoning spreadsheets.
Pricing
Custom quote-based pricing; typically starts at $50,000+ annually for mid-sized deployments, scaling with users and modules.
Planful
enterpriseContinuous planning software with AI-powered financial modeling and predictive forecasting.
Signal Engine for AI-driven predictive intelligence and automated anomaly detection in financial models
Planful is a cloud-based Enterprise Performance Management (EPM) platform designed for financial planning, budgeting, forecasting, and reporting, with robust financial modeling capabilities through driver-based planning and scenario analysis. It enables finance teams to build dynamic models, perform what-if simulations, and integrate data from multiple sources in real-time. The platform bridges traditional Excel workflows with modern collaborative tools, making it suitable for mid-to-large enterprises seeking scalable FP&A solutions.
Pros
- Seamless Excel integration via add-in for familiar modeling
- Real-time collaboration and multi-dimensional modeling
- AI-powered predictive forecasting with Signal Engine
Cons
- High cost unsuitable for small businesses
- Steep initial implementation and customization time
- Limited flexibility for highly bespoke models compared to pure modeling tools
Best For
Mid-market to enterprise finance teams needing integrated FP&A with advanced driver-based financial modeling and forecasting.
Pricing
Custom enterprise pricing, typically starting at $50,000-$100,000 annually based on users and modules, with no public tiered plans.
Cube
enterpriseSpreadsheet-integrated FP&A platform for collaborative financial modeling and headcount planning.
Multidimensional spreadsheets that combine Excel familiarity with OLAP-style data cubes for dynamic modeling
Cube is a cloud-based financial planning and analysis (FP&A) platform designed for building scalable financial models, budgeting, forecasting, and reporting. It offers a familiar spreadsheet-like interface with multidimensional data modeling, real-time integrations from ERPs, CRMs, and HR systems, and collaborative workflows. Ideal for finance teams transitioning from Excel, it provides version control, scenario planning, and automated reporting without sacrificing flexibility.
Pros
- Spreadsheet-like interface reduces learning curve for Excel users
- Powerful multidimensional modeling and real-time data integrations
- Strong collaboration tools with version control and workflows
Cons
- Pricing can be steep for smaller teams
- Advanced features may require initial setup time
- Limited offline capabilities compared to desktop tools
Best For
Mid-sized finance teams seeking a scalable alternative to spreadsheets for collaborative FP&A.
Pricing
Custom pricing; starts around $1,500/month for Growth plan, scales to Enterprise with add-ons.
Quantrix
specializedMulti-dimensional modeling software for formula-free financial analysis and what-if scenarios.
Dimensional modeling that automatically propagates changes across multiple dimensions without manual formula adjustments
Quantrix Modeler is an advanced multi-dimensional spreadsheet platform designed for complex financial modeling, planning, and analysis. Unlike traditional tools like Excel, it uses dimensional modeling to create scalable, error-resistant models that handle large datasets and intricate relationships effortlessly. It excels in forecasting, budgeting, scenario planning, and risk analysis for finance professionals.
Pros
- Multi-dimensional modeling enables scalable, formula-free models that reduce errors
- Handles massive datasets and complex scenarios without performance issues
- Strong integration with databases and BI tools for enterprise workflows
Cons
- Steep learning curve for users accustomed to Excel
- Higher pricing limits accessibility for small teams
- Limited community and third-party resources compared to mainstream tools
Best For
Enterprise finance teams and analysts building complex, dynamic financial models requiring scalability and precision.
Pricing
Custom enterprise pricing starting at around $1,000/user/year; free trial available, contact sales for quotes.
Conclusion
Microsoft Excel claims the top spot, solidifying its status as the go-to tool for building complex financial models, DCF analyses, and scenario forecasting. Macabacus, an Excel add-in, excels at automating formatting and auditing for professional workflows, while Google Sheets distinguishes itself with cloud-based collaboration and real-time team use, offering flexible accessibility. The top three tools collectively showcase different strengths, but Excel remains the ultimate choice for its versatility and widespread reliance.
Begin your financial modeling journey with Microsoft Excel—its robust features and universal familiarity make it an ideal starting point for building accurate, dynamic financial plans.
Tools Reviewed
All tools were independently evaluated for this comparison