As finance and accounting professionals, you probably already know how important it is to ensure that your financial planning and analysis (FP&A) software that can meet your needs and make your job easier. After all, having unfit software can make your tasks more difficult. Finishing up tasks can also take more time.

However, many other features could influence how well FP&A software is suited for a company. This differs from one company to another, depending on their goals. Here are some you should look for before taking a pick:

1. Data Migration & Security

You might need to migrate data from an old system (e.g., Microsoft Excel). There may also be a time when you need to integrate with another application (e.g., your ERP). As such, make sure you can do so easily and securely. This means ensuring data security throughout the process and ensuring the new software does not negatively impact your existing IT infrastructure.

2. Multiple Currency Support

When evaluating software, make sure the solution has an easy and seamless way to support multiple currencies. If you work with clients or suppliers in other countries, this is a must-have feature.

3. Search & Filter Options

Users who need to view large volumes of data need robust search and filter options built into the application. It helps them rapidly focus on what they are looking for while hiding irrelevant information that can clutter up their screen. These options can help one save time and accomplish more tasks in a day.

4. Data Visualization Tools

To remain competitive, finance teams must have real-time access to relevant key performance indicators (KPIs) via engaging visuals (e.g., graphs). Many FP&A solutions provide easy-to-use dashboards containing KPIs, charts, and more. It can help you identify issues quickly and plan for future changes.

5. Customizable Dashboards

It's critical that finance teams can customize their dashboards to fit specific business needs. For example, different KPIs may be important to the different people within your company. So, designing a dashboard with multiple customizable views is key. For example, if it’s nearing the end of the month, you might want to look at the company’s balance sheets. Having a balance sheet dashboard in the software can be handy.

This enables users to quickly change the metrics they want to see. As such, it would be easy to stay on top of daily tasks and plan for major changes in the future.

6. Scalability

Financial planning is always going to be very important to your company. So, when evaluating software, ensure that it can scale with your company as you grow from a few users into hundreds. This is especially important if you work for a global organization with employees across different countries. So when you choose as software, you aren’t just choosing a tool for the company’s present condition, but also for the future.

Is the provider you’re thinking of engaging investing in what seem to be important future aspects of FP&A such as predictive algorithms, dynamic financial modeling, and machine learning, among others? This will determine whether your provider will have the capacity to scale with you when changes arise. This is very important to consider so as to not change providers and tools every time your company experiences growth or an industry innovation arises.

7. Ease Of Use

One of the easiest ways to stay on top of daily tasks and plan for future changes is by choosing a solution that is easy to use. Make sure the software has intuitive features and an easy learning curve. If it's too difficult to learn, then employees will need more time to master and get used to it. This might mean they will find it hard to access data when they need it most.

8. Mobile Access

The software should be available on mobile devices to enable employees to access information anytime, anywhere. This feature is especially useful for remote workers or those who travel frequently.

9. Flexibility & Extensibility

As your business changes, it's important that the software you use also adapts easily to these changes. This means choosing a solution that not only fits in with your current processes but supports future requirements as well. For example, make sure the software can be easily extended or integrated with third-party applications when required.

For example, if you’re currently using a tool like QuickBooks, make sure the FP&A software you choose integrates with it easily. This will save time and reduce errors allowing your finance team to focus on what matters – driving business performance forward.

10. Third-Party Support

When choosing a solution, make sure it has extensive third-party support. This ensures that users can access help when they need it (e.g., via phone or email) as well as receive upgrades regularly without costly delays.

Conclusion

FP&A software is essential for any organization hoping to achieve long-term success in today's competitive environment. With so many options available though, how do you know which solution is right for your unique needs? When evaluating potential vendors, be sure to keep the above list in mind to quickly identify the right one for your business.