5 Financial Analytics Software for Businesses

March 8, 2022
5 Financial Analytics Software for Businesses


Harnessing the power of technology, financial analytics software are transforming business operations and planning. Financial analytics, a subset of Business Intelligence (BI) and EPM (Enterprise Performance Management), has become indispensable in the modern business environment. Using financial analytics tools, companies can examine huge volumes of financial and other data – to identify patterns and predict trends, boost revenues and slash costs.

According to Gartner, financial analytics involves the use of software applications to examine all the data produced by an organisation. This includes financial and accounting information, as well as other data, such as capturing customer interactions, monitoring supply chains, deep diving into historical trends, and more.

As the business world has increased in complexity, companies need to deploy more sophisticated tools to understand what is going on and to plan. Financial analytics improves on traditional financial analysis because of its ability to capture larger volumes of data as well as to drill down to a highly detailed level. Financial analytics does not only reveal historical trends but using predictive analytics, it can peer into the future. Some of the critical issues that financial analytics can provide answers to include:

  • What is the profitability of different products/services?
  • What are the most valuable customer segments?
  • What risks are the business currently facing and what are the potential future challenges?
  • How are different sales channels performing?
  • What future events could impact stock price performance?

Key Features of Financial Analytics Software

Real-time Data Integration

In today’s fast-paced business environment, the ability to process real-time data is paramount. Leading financial analytics tools excel in seamlessly integrating real-time data, providing users with instant insights into market trends, financial performance, and other critical metrics. The real-time data integration feature enhances decision-making by ensuring that analyses are based on the most current information available.

Advanced Forecasting Capabilities

Beyond basic predictions, modern financial analytics tools leverage advanced forecasting capabilities powered by sophisticated algorithms. These tools go beyond traditional trend analysis, incorporating machine learning and artificial intelligence to forecast financial outcomes with a higher degree of accuracy. Businesses can anticipate market trends, demand fluctuations, and financial risks, enabling them to formulate proactive strategies.

Customization and Scalability

Every business is unique, and financial analytics tools recognize this diversity by offering robust customization options. These tools can be tailored to align with specific industry requirements, business processes, and reporting preferences. Additionally, scalability ensures that the tool grows alongside the business, accommodating increased data volumes and expanding analytical needs.

User-Friendly Interface

A user-friendly interface is a cornerstone of effective financial analytics tools. Intuitive design and ease of navigation make these tools accessible to a wide range of users, not just financial experts. A well-designed interface enhances user experience, facilitating quicker adoption and utilization across different departments within an organization.

The Best Financial Analytics Software in 2024

The way businesses generate and collect information today has changed significantly from the recent past. Traditional reporting and business planning activities are no longer able to capture the complexity of data. There are many software packages and tools that enable businesses to develop the insights needed to operate in this new environment. There are many business intelligence options available in the market. We’ve identified the best BI applications that have specific modules for financial analytics. We’ve narrowed down the list of best financial analytics tools in terms of features and usability.

1. Jedox

  • SaaS-based solution for BI within seamlessly integrated software platform
  • Deployable in the cloud, on premises or hybrid
  • Facilitates business planning, reporting, data consolidation and financial analytics
  • Offers Excel Add-in enabling data modeling, ad hoc and predictive analytics, KPI reporting, budgeting, forecasting activities within the familiar Excel environment

2. Zoho Analytics

  • BI and analytics platform
  • Deployable in the cloud, on premises
  • Can be used across various functional areas and by a wide range of users for their reporting and analytics needs
  • Allows users to easily create and share powerful reports in minutes
  • With the latest 5.0 release Zoho Analytics has become even more stronger with features like Zoho DataPrep, a Unified Data Management and Analytics Platform, Deep Augmented capabilities like Zia insights and Conversational BI, data storytelling features

3. Quickbooks

  • One of the most feature-rich accounting solutions for small businesses
  • User-friendly and accessible platform, providing all the tools needed for day-to-day financial management
  • Ability to track and record business information at high level of detail – providing treasure trove of “small” data
  • Can generate reports but requires integration with other data analysis/reporting tools to provide more advanced Financial Analytics, like Zoho or Netsuite

4. Hyper Anna

  • Award winning AI-powered analytics platform and a leading software of choice for major companies such as Microsoft, IAG, Westpac and Singtel
  • Focus is on “democratizing” access to data
  • AI scans data and presents insights in seconds – empowering users

5. NetSuite

  • NetSuite ERP is an all-inclusive, enterprise-level platform best-suited for larger businesses
  • Used by more than 27 thousand organizations around the world
  • Provides real-time visibility into operational and financial performance
  • Single integrated suite of apps covering accounting, order, and inventory management
  • Can provide automated reporting as well as detailed financial analytic capabilities

Skills Required for Financial Analysis Software

Data Interpretation and Analysis

1. Proficiency in Data Interpretation:

  • Ability to interpret complex financial data accurately.
  • Understanding the nuances of various financial metrics and their implications.

2. Data Visualization Skills:

  • Competence in translating data into visually compelling charts and graphs.
  • Utilizing data visualization tools within the software for effective communication.

Financial Acumen

1. Financial Statement Analysis:

  • Mastery of analysing income statements, balance sheets, and cash flow statements.
  • Identifying trends, ratios, and anomalies that impact financial health.

2. Industry Knowledge:

  • Staying abreast of industry-specific financial nuances.
  • Applying industry knowledge to contextualise financial analysis outcomes.

Technical Proficiency

1. Software Navigation:

  • Navigating the features and functions of the financial analysis software efficiently.
  • Understanding the tool’s interface for seamless workflow.

2. Familiarity with Advanced Features:

  • Utilizing advanced features such as predictive analytics and scenario modeling.
  • Leveraging the software’s capabilities for in-depth financial insights.

Critical Thinking and Problem-Solving

1. Scenario Analysis:

  • Ability to perform scenario analysis for assessing potential outcomes.
  • Evaluating the impact of various factors on financial projections.

2. Problem-Solving Skills:

  • Addressing financial challenges through logical and strategic problem-solving.
  • Formulating solutions based on the insights derived from the software.

Communication and Presentation

1. Effective Communication:

  • Communicating financial insights in a clear and concise manner.
  • Conveying complex financial information to stakeholders with varying levels of expertise.

2. Presentation Skills:

  • Creating compelling presentations using the software’s reporting and visualization tools.
  • Tailoring presentations to the audience, whether it be executives, investors, or team members.

Continuous Learning

1. Adaptability to Updates:

  • Staying updated with the latest features and updates of the financial analysis software.
  • Embracing a mindset of continuous learning to enhance software proficiency.

2. Professional Development:

  • Pursuing relevant training and certifications in financial analysis and software usage.
  • Participating in workshops and industry events to stay informed about best practices.

How to choose the best financial analytics tool for your business

When choosing between the different financial analytics platforms or apps available, it is helpful to start with an organizational needs assessment to determine which features are a must and which are optional. Then use a checklist to assess the different options. These factors include:

  • Number of users
  • Licensing and pricing options
  • On premises, Cloud or Hybrid implementation
  • Scalability and upgrades
  • Ability to integrate with existing systems or applications such as Oracle and Windows
  • Compatible platforms (Windows/IOS/Android)
  • Customer support

How you can start benefiting from financial analytics today

Financial analytics can provide unmatched insight into business drivers, operational issues, and the impact of external factors. If you are not using financial analytics yet, you are missing out on insights and perspectives that can dramatically improve your operations and results.

At Pangaea X, we can help you effectively use the wealth of financial data your business already possesses. Meet and hire the best data specialists in the world using our user-friendly platform. Get in touch today to start benefiting from the power of financial analytics.

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