FPA Tool Summary

Common FP&A Tools Overview:

• Spreadsheets:
  • Massively flexible but not scalable for distributed processes.
  • Nightmares with data entry, consolidation, and versioning.
• BI/Data Analytics Tools:
  • Great for consolidation/versioning but not for data entry/writeback.
  • Challenging for budgeting and forecasting tasks.
• Conventional EPM Tools:
  • Solve many problems but are complicated and inflexible.
  • Require specialist IT support and may lead finance teams to work around them.

Challenges with FP&A Tools:

• Complications in Scaling Solutions:
  • EPM tools add complexity and technical knowledge.
  • Leaving solutions open like a spreadsheet leads to bad practices and headaches.
• 'Tarpit Idea':
  • Many tools try to solve spreadsheet-EPM challenges but often fall short.

FP&A Tool Recommendations:

• Planful: Moves away from Excel.
• PivotXL, DR, Vena: Built on top of Excel.

User Feedback on FP&A Tools:

• Focus on efficiency and not just reporting.
• Tools like Alteryx, PowerQuery, and SQL can automate recurring reports.
• Anaplan, Adaptive Insights, OneStream are recommended FP&A tools.
• Recommendations for leveraging data warehouse and business intelligence solutions.
• Consider self-service tools like Datarails or pre-built cubes like Hyperion Planning.

Pros and Cons of FP&A Tools:

• Pros:

  • Flexibility in tools like Excel.
  • Automation and streamlining options.
  • Recommendations for various FP&A software solutions.

• Cons:

  • Challenges in scaling and complexity.
  • Issues with data entry, consolidation, and versioning.
  • Considerations for cost, maintenance, and customization.

The consensus is on the need for tools that balance flexibility, scalability, and ease of use to address the challenges faced by FP&A teams in their reporting and planning processes.