Best Financial Projection Software: The Complete Guide
Hello and welcome to the ultimate guide on the best financial projection software. If you're looking for a tool to help you forecast your company's financial performance, you're in the right place. In this article, we'll explore the top financial projection software on the market, their features, pros and cons, and more. Let's get started!
1. QuickBooks Online
QuickBooks Online is a popular cloud-based accounting software that provides powerful financial projection tools. With its forecasting feature, you can create projections for up to 5 years and view your cash flow, income statement, and balance sheet. QuickBooks Online also integrates with other financial tools, such as PayPal and Square, making it a comprehensive solution for small businesses.
Pros:
- Easy to use
- Comprehensive reporting
- Integrates with other financial tools
Cons:
- Expensive compared to other options
- Limited customization options
2. LivePlan
LivePlan is a business planning software that offers financial projection tools. With its forecasting feature, you can create projections for up to 3 years and view your cash flow, income statement, and balance sheet. LivePlan also includes other features, such as a pitch builder and a dashboard for tracking progress.
Pros:
- Easy to use
- Includes other business planning features
- Reasonably priced
Cons:
- Limited customization options
- Only offers projections for up to 3 years
3. PlanGuru
PlanGuru is a financial planning and analysis software that offers comprehensive financial projection tools. With its forecasting feature, you can create projections for up to 10 years and view your cash flow, income statement, and balance sheet. PlanGuru also includes other features, such as scenario planning and a dashboard for tracking progress.
Pros:
- Comprehensive financial projection tools
- Offers projections for up to 10 years
- Includes other financial planning features
Cons:
- Expensive compared to other options
- Steep learning curve
4. ProjectionHub
ProjectionHub is a financial modeling software that offers financial projection tools for startups and small businesses. With its forecasting feature, you can create projections for up to 3 years and view your cash flow, income statement, and balance sheet. ProjectionHub also includes other features, such as a loan amortization calculator and a dashboard for tracking progress.
Pros:
- Easy to use
- Reasonably priced
- Includes other financial modeling features
Cons:
- Only offers projections for up to 3 years
- Limited customization options
5. Excel
Excel is a spreadsheet software that offers financial projection tools. With its forecasting feature, you can create projections for any time period and view your cash flow, income statement, and balance sheet. Excel also includes other features, such as charts and graphs for visualizing data.
Pros:
- Widely used and familiar
- Flexible and customizable
- Includes other features for data analysis
Cons:
- Steep learning curve for advanced features
- Requires manual data entry and maintenance
6. Wave
Wave is a free accounting software that offers basic financial projection tools. With its forecasting feature, you can create projections for up to 2 years and view your cash flow and income statement. Wave also includes other features, such as invoicing and receipt scanning.
Pros:
- Free to use
- Easy to use
- Includes other basic accounting features
Cons:
- Only offers projections for up to 2 years
- Limited customization options
7. Sage Intacct
Sage Intacct is a cloud-based accounting software that offers financial projection tools. With its forecasting feature, you can create projections for up to 5 years and view your cash flow, income statement, and balance sheet. Sage Intacct also includes other features, such as project accounting and revenue recognition.
Pros:
- Comprehensive financial projection tools
- Offers projections for up to 5 years
- Includes other accounting features
Cons:
- Expensive compared to other options
- Steep learning curve
8. Planful
Planful is a financial planning software that offers comprehensive financial projection tools. With its forecasting feature, you can create projections for up to 10 years and view your cash flow, income statement, and balance sheet. Planful also includes other features, such as scenario planning and a dashboard for tracking progress.
Pros:
- Comprehensive financial projection tools
- Offers projections for up to 10 years
- Includes other financial planning features
Cons:
- Expensive compared to other options
- Steep learning curve
9. Prophix
Prophix is a financial planning and analysis software that offers financial projection tools. With its forecasting feature, you can create projections for up to 10 years and view your cash flow, income statement, and balance sheet. Prophix also includes other features, such as scenario planning and a dashboard for tracking progress.
Pros:
- Comprehensive financial projection tools
- Offers projections for up to 10 years
- Includes other financial planning features
Cons:
- Expensive compared to other options
- Steep learning curve
10. Anaplan
Anaplan is a cloud-based planning software that offers financial projection tools. With its forecasting feature, you can create projections for any time period and view your cash flow, income statement, and balance sheet. Anaplan also includes other features, such as scenario planning and a dashboard for tracking progress.
Pros:
- Flexible and customizable
- Offers projections for any time period
- Includes other financial planning features
Cons:
- Expensive compared to other options
- Steep learning curve
Advantages and Disadvantages of Financial Projection Software
Financial projection software offers many advantages, such as:
- Helps businesses plan for the future
- Provides insights into cash flow and income
- Allows for scenario planning
- Automates calculations and reduces errors
However, financial projection software also has some disadvantages, such as:
- Can be expensive
- May require training to use effectively
- May not be customizable enough for some businesses
Alternative to Financial Projection Software
If you're looking for an alternative to financial projection software, you may want to consider working with a financial advisor or accountant. These professionals can help you create projections and provide insights into your financial performance. They can also help you with other financial planning tasks, such as tax planning and investment management.
FAQs
Q: Can I create financial projections without software?
A: Yes, you can create financial projections using tools like Excel or even pen and paper. However, using financial projection software can save you time and reduce errors.
Q: What should I look for in financial projection software?
A: When choosing financial projection software, consider factors like price, features, ease of use, and customization options. You may also want to read reviews and compare different options before making a decision.
Q: How often should I update my financial projections?
A: It's a good idea to update your financial projections regularly, such as monthly or quarterly. This can help you stay on top of your finances and make informed decisions.
Conclusion
And there you have it, the ultimate guide on the best financial projection software. We hope this article has helped you find the right tool for your business's needs. Remember to consider factors like price, features, and ease of use when choosing financial projection software, and don't forget to update your projections regularly. Happy forecasting!