Quick Overview
- 1#1: Microsoft Excel - Industry-standard spreadsheet software for building complex financial models, valuations, DCF analysis, and scenario planning.
- 2#2: Google Sheets - Cloud-based collaborative spreadsheet tool for real-time financial modeling, forecasting, and team-based analysis.
- 3#3: Macabacus - Excel add-in that automates formatting, auditing, and linking to streamline professional financial modeling workflows.
- 4#4: Anaplan - Connected planning platform enabling multidimensional financial modeling, budgeting, and predictive forecasting at scale.
- 5#5: Vena Solutions - Excel-native FP&A platform for integrated financial modeling, planning, and reporting with workflow automation.
- 6#6: Datarails - Excel-powered FP&A solution that automates data consolidation and advanced financial modeling for finance teams.
- 7#7: Pigment - Modern business planning platform with real-time financial modeling, scenario simulation, and collaborative forecasting.
- 8#8: Planful - Cloud-based EPM platform for continuous financial modeling, budgeting, forecasting, and performance management.
- 9#9: Quantrix - Multi-dimensional modeling software that eliminates spreadsheets' limitations for complex financial analysis.
- 10#10: Cube - FP&A platform that integrates data sources for collaborative financial modeling, reporting, and short-term planning.
Tools were selected based on robust feature sets (including DCF analysis, scenario planning, and real-time collaboration), reliability, user-friendly design, and strong value across use cases, from individual modeling to enterprise-scale operations.
Comparison Table
This comparison table explores top financial modelling software, from widely used platforms like Microsoft Excel and Google Sheets to specialized tools such as Macabacus, Anaplan, and Vena Solutions, aiding readers in assessing their options. It highlights key features, use cases, and suitability across roles and business sizes to help users make informed decisions for optimizing their financial modelling workflows.
| # | Tool | Category | Overall | Features | Ease of Use | Value |
|---|---|---|---|---|---|---|
| 1 | Microsoft Excel Industry-standard spreadsheet software for building complex financial models, valuations, DCF analysis, and scenario planning. | other | 9.6/10 | 9.8/10 | 8.4/10 | 9.2/10 |
| 2 | Google Sheets Cloud-based collaborative spreadsheet tool for real-time financial modeling, forecasting, and team-based analysis. | other | 8.7/10 | 8.2/10 | 9.5/10 | 9.8/10 |
| 3 | Macabacus Excel add-in that automates formatting, auditing, and linking to streamline professional financial modeling workflows. | specialized | 8.8/10 | 9.4/10 | 8.2/10 | 8.1/10 |
| 4 | Anaplan Connected planning platform enabling multidimensional financial modeling, budgeting, and predictive forecasting at scale. | enterprise | 8.7/10 | 9.3/10 | 7.4/10 | 8.1/10 |
| 5 | Vena Solutions Excel-native FP&A platform for integrated financial modeling, planning, and reporting with workflow automation. | enterprise | 8.7/10 | 9.2/10 | 8.0/10 | 8.3/10 |
| 6 | Datarails Excel-powered FP&A solution that automates data consolidation and advanced financial modeling for finance teams. | specialized | 8.2/10 | 8.5/10 | 8.8/10 | 7.5/10 |
| 7 | Pigment Modern business planning platform with real-time financial modeling, scenario simulation, and collaborative forecasting. | enterprise | 8.5/10 | 9.0/10 | 8.7/10 | 7.8/10 |
| 8 | Planful Cloud-based EPM platform for continuous financial modeling, budgeting, forecasting, and performance management. | enterprise | 8.4/10 | 8.7/10 | 8.0/10 | 8.1/10 |
| 9 | Quantrix Multi-dimensional modeling software that eliminates spreadsheets' limitations for complex financial analysis. | specialized | 8.4/10 | 9.2/10 | 7.1/10 | 8.0/10 |
| 10 | Cube FP&A platform that integrates data sources for collaborative financial modeling, reporting, and short-term planning. | enterprise | 8.0/10 | 8.2/10 | 8.5/10 | 7.5/10 |
Industry-standard spreadsheet software for building complex financial models, valuations, DCF analysis, and scenario planning.
Cloud-based collaborative spreadsheet tool for real-time financial modeling, forecasting, and team-based analysis.
Excel add-in that automates formatting, auditing, and linking to streamline professional financial modeling workflows.
Connected planning platform enabling multidimensional financial modeling, budgeting, and predictive forecasting at scale.
Excel-native FP&A platform for integrated financial modeling, planning, and reporting with workflow automation.
Excel-powered FP&A solution that automates data consolidation and advanced financial modeling for finance teams.
Modern business planning platform with real-time financial modeling, scenario simulation, and collaborative forecasting.
Cloud-based EPM platform for continuous financial modeling, budgeting, forecasting, and performance management.
Multi-dimensional modeling software that eliminates spreadsheets' limitations for complex financial analysis.
FP&A platform that integrates data sources for collaborative financial modeling, reporting, and short-term planning.
Microsoft Excel
otherIndustry-standard spreadsheet software for building complex financial models, valuations, DCF analysis, and scenario planning.
Advanced formula auditing with trace precedents/dependents for transparent, error-resistant financial models
Microsoft Excel is the gold standard spreadsheet application for financial modeling, enabling users to build complex models for forecasting, valuation, budgeting, and scenario analysis using powerful formulas and functions. It supports advanced data manipulation via Power Query, large-scale analysis with Power Pivot, and visualization through dynamic charts and pivot tables. As the de facto industry standard, Excel integrates seamlessly with other Microsoft tools and offers extensive customization through VBA macros and thousands of add-ins. Its flexibility makes it indispensable for financial professionals worldwide.
Pros
- Comprehensive financial functions like NPV, IRR, XIRR, and PMT tailored for modeling
- Dynamic arrays, Power Query, and Power Pivot for handling massive datasets efficiently
- VBA automation, auditing tools, and vast ecosystem of templates/add-ins
- Superior compatibility and integration with enterprise systems
Cons
- Steep learning curve for advanced features and best practices
- Prone to manual errors in complex models without strict controls
- Performance slowdowns with extremely large files
- Collaboration requires Microsoft 365; limited in free versions
Best For
Finance professionals, investment bankers, and analysts building flexible, auditable financial models in a spreadsheet environment.
Pricing
Included in Microsoft 365 subscriptions ($6.99/month Personal; $6/user/month Business); perpetual license ~$160; free web version with limitations.
Google Sheets
otherCloud-based collaborative spreadsheet tool for real-time financial modeling, forecasting, and team-based analysis.
Real-time multi-user collaboration allowing simultaneous edits with live updates and version history
Google Sheets is a cloud-based spreadsheet platform that serves as a versatile tool for financial modeling, offering functions for forecasting, budgeting, scenario analysis, and data visualization. It supports complex formulas, pivot tables, charts, and custom scripting via Google Apps Script, making it suitable for building dynamic financial models. Integrated with Google Workspace, it enables seamless collaboration and data import from external sources like CSV, Google Forms, and APIs.
Pros
- Real-time collaboration with multiple users editing simultaneously
- Free access with robust templates and add-ons for financial modeling
- Seamless integration with Google ecosystem for data import/export
Cons
- Performance slows with very large or highly complex models
- Lacks some advanced Excel functions and VBA-equivalent power
- Requires stable internet; limited offline functionality
Best For
Small teams, freelancers, and educators needing affordable, collaborative financial modeling without heavy computational demands.
Pricing
Free for personal use; Google Workspace business plans start at $6/user/month for advanced features and storage.
Macabacus
specializedExcel add-in that automates formatting, auditing, and linking to streamline professional financial modeling workflows.
Bank-grade one-click formatting and style libraries that instantly professionalize Excel models to investment banking standards
Macabacus is an advanced add-in for Microsoft Excel and PowerPoint tailored for finance professionals, enhancing financial modeling through automation, formatting, and auditing tools. It streamlines complex tasks like formula linking, data manipulation, error checking, and seamless integration between spreadsheets and presentations. By enforcing best practices and bank-grade formatting, it accelerates model building and reporting workflows significantly.
Pros
- Extensive automation for Excel formatting, linking, and formula auditing saves hours on modeling tasks
- Seamless Excel-to-PowerPoint integration for consistent, professional presentations
- Robust error-checking and compliance tools ensure model accuracy and reliability
Cons
- Requires Microsoft Office, limiting use to Excel/PowerPoint environments
- Subscription pricing can be steep for individual or small-team users
- Initial learning curve for advanced features despite intuitive interface
Best For
Investment bankers, financial analysts, and consultants building complex Excel models and presentations in high-stakes finance environments.
Pricing
Starts at $20/user/month (billed annually) for Fundamentals, up to $40/user/month for Pro, with Enterprise custom pricing.
Anaplan
enterpriseConnected planning platform enabling multidimensional financial modeling, budgeting, and predictive forecasting at scale.
Hyperblock in-memory engine enabling instant recalculations on billions of data points
Anaplan is a cloud-based connected planning platform specializing in financial modeling, budgeting, forecasting, and performance management for enterprises. It leverages an in-memory calculation engine called Hyperblock to handle massive multidimensional datasets with real-time updates and scenario analysis. Users build dynamic models through a no-code interface, enabling collaborative planning across finance, sales, and supply chain teams without relying on spreadsheets.
Pros
- Scalable Hyperblock engine for real-time modeling on large datasets
- Strong collaboration and integration capabilities with ERP/CRM systems
- Advanced scenario planning and what-if analysis tools
Cons
- Steep learning curve for non-technical users
- High implementation and licensing costs
- Overkill for small businesses or simple modeling needs
Best For
Mid-to-large enterprises requiring enterprise-grade, collaborative financial modeling and integrated planning across departments.
Pricing
Custom enterprise pricing starting at ~$1,000/user/month or $10,000+/month for workspaces; billed annually with add-ons for modules.
Vena Solutions
enterpriseExcel-native FP&A platform for integrated financial modeling, planning, and reporting with workflow automation.
Excel-native platform that governs and scales spreadsheets into enterprise-grade financial models
Vena Solutions is an Excel-native corporate performance management (CPM) platform designed for financial planning, budgeting, forecasting, and reporting. It empowers finance teams to build and manage complex financial models directly in Excel while adding enterprise controls like workflow automation, version control, and real-time collaboration. Integrated with Power BI for advanced analytics, Vena transforms spreadsheets into scalable, auditable solutions for FP&A processes.
Pros
- Seamless native integration with Excel for familiar financial modeling
- Robust workflow automation and collaboration tools
- Powerful reporting and analytics via Power BI integration
Cons
- Steep initial implementation and setup time
- Pricing can be high for small to mid-sized teams
- Requires strong Excel proficiency to maximize capabilities
Best For
Mid-to-large enterprises with Excel-savvy finance teams seeking scalable FP&A and modeling without switching tools.
Pricing
Custom quote-based pricing; typically $100-$250 per user/month depending on modules and scale.
Datarails
specializedExcel-powered FP&A solution that automates data consolidation and advanced financial modeling for finance teams.
Excel-native financial modeling with automated, real-time data integration from multiple enterprise systems
Datarails is an FP&A platform that enables finance teams to perform financial modeling, budgeting, forecasting, and reporting directly within Excel, automating data consolidation from multiple sources like ERPs, CRMs, and banks. It eliminates manual reconciliations and spreadsheet chaos by centralizing data while preserving familiar Excel workflows. The tool provides real-time insights, scenario analysis, and AI-powered intelligence to enhance decision-making.
Pros
- Seamless Excel integration allows users to leverage existing skills without learning new interfaces
- Automates data consolidation and reconciliations from disparate sources, saving significant time
- AI-driven insights and real-time scenario modeling enhance forecasting accuracy
Cons
- Pricing is enterprise-oriented and may be prohibitive for small businesses
- Advanced features require initial setup and Excel proficiency
- Limited flexibility for highly custom or non-standard financial models compared to dedicated tools
Best For
Mid-sized finance teams reliant on Excel who seek to automate FP&A processes without disrupting workflows.
Pricing
Custom pricing based on users and features; typically starts at $10,000+ annually for mid-market teams.
Pigment
enterpriseModern business planning platform with real-time financial modeling, scenario simulation, and collaborative forecasting.
Hyperdimensional modeling that handles multiple dimensions simultaneously for flexible, scalable financial planning
Pigment is a cloud-based business planning platform designed for financial modeling, forecasting, budgeting, and analytics, enabling finance teams to build dynamic, multidimensional models without traditional spreadsheets. It supports scenario planning, driver-based modeling, and real-time data integration from sources like ERP and CRM systems. The tool emphasizes collaboration with interactive dashboards and reports, making it suitable for enterprise FP&A processes.
Pros
- Multidimensional modeling for complex scenarios without hierarchies
- Seamless integrations and real-time collaboration
- Intuitive no-code interface with powerful analytics
Cons
- High cost suitable only for larger organizations
- Learning curve for advanced customizations
- Limited free tier or trial depth for testing
Best For
Mid-to-large enterprises with FP&A teams needing scalable, collaborative financial modeling beyond spreadsheets.
Pricing
Custom enterprise pricing, typically starting at $100+/user/month with annual contracts; quote-based.
Planful
enterpriseCloud-based EPM platform for continuous financial modeling, budgeting, forecasting, and performance management.
Dynamic Planning engine for agile, assumption-driven financial models with unlimited what-if scenarios
Planful is a cloud-based Financial Performance Platform designed for enterprise planning and analysis (FP&A), offering tools for budgeting, forecasting, financial consolidation, and reporting. It excels in financial modeling through driver-based planning, scenario analysis, and dynamic spreadsheets that support multi-dimensional data handling. The platform integrates with ERPs like NetSuite and SAP, enabling real-time collaboration and continuous planning for finance teams.
Pros
- Robust driver-based modeling and scenario planning for complex forecasts
- Seamless ERP integrations and real-time data synchronization
- Excel-like interface with collaborative workspaces for team efficiency
Cons
- High implementation costs and time for full deployment
- Steeper learning curve for non-technical users
- Pricing scales quickly for smaller organizations
Best For
Mid-sized to enterprise finance teams needing scalable FP&A with advanced modeling beyond spreadsheets.
Pricing
Quote-based enterprise pricing; typically starts at $50,000+ annually depending on modules and users.
Quantrix
specializedMulti-dimensional modeling software that eliminates spreadsheets' limitations for complex financial analysis.
Native multi-dimensional arrays with matrix-based formulas that automatically propagate across dimensions
Quantrix Modeler is a multidimensional spreadsheet platform tailored for complex financial modeling, forecasting, and planning. It transcends traditional spreadsheets like Excel by enabling native multi-dimensional arrays that handle time, products, regions, and other dimensions seamlessly. The software excels in scenario analysis, risk modeling, and large-scale data manipulation without formulas breaking or performance lagging.
Pros
- Superior multi-dimensional modeling prevents errors in complex financial structures
- High performance with massive datasets and real-time calculations
- Robust scenario and sensitivity analysis tools for forecasting
Cons
- Steep learning curve for users accustomed to Excel
- Limited community and third-party integrations compared to mainstream tools
- Enterprise pricing can be prohibitive for small teams
Best For
Mid-to-large enterprises and finance professionals building scalable, dimensionally rich financial models that exceed Excel's limits.
Pricing
Custom quote-based pricing for enterprise licenses, typically starting at $2,000+ per user annually with free trials available.
Cube
enterpriseFP&A platform that integrates data sources for collaborative financial modeling, reporting, and short-term planning.
Cube-based multi-dimensional engine for efficient handling of large-scale financial models and what-if scenarios
Cube is a cloud-based financial modeling platform designed for FP&A teams to build scalable, multi-dimensional financial models without relying on traditional spreadsheets. It combines a familiar spreadsheet interface with a powerful underlying cube engine for real-time data processing, scenario planning, and forecasting. Key capabilities include seamless integrations with ERP, CRM, and HR systems, enabling automated data flows and collaborative model building.
Pros
- Intuitive spreadsheet-like interface familiar to Excel users
- Real-time collaboration and version control for teams
- Strong multi-dimensional modeling for complex scenarios
Cons
- Pricing is enterprise-focused and expensive for small teams
- Learning curve for advanced cube features
- Reporting and visualization tools lag behind dedicated BI platforms
Best For
Mid-sized finance teams transitioning from spreadsheets to scalable FP&A modeling.
Pricing
Custom pricing starting at around $1,500-$3,000/month for teams, with enterprise plans scaled by users and data volume.
Conclusion
The top 10 tools include spreadsheets, add-ins, and modern platforms, with Microsoft Excel as the unrivaled industry standard for complex financial modeling, valuations, and scenario planning. Google Sheets excels as a cloud-based option for real-time collaboration, while Macabacus stands out as a streamlined Excel add-in for automating workflows. Each offers unique value, but Excel remains the cornerstone for diverse financial needs.
Dive into Microsoft Excel to leverage its industry-leading features—whether building DCF models, valuations, or scenario plans—starting your financial modeling journey with a tool trusted by professionals worldwide.
Tools Reviewed
All tools were independently evaluated for this comparison