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The FP&A

Market Guide

A guide to 3rd

Generation

FP&A Tools

Contents

Author Bios 3

3rd Generation Planning Tools Introduion 4

Abacum 7

Aerys 8

Causal 9

Cube 10

Datarails 11

Farseer 12

Finmark 13

Forecar 14

Jirav 15

Mosaic 16

OnPlan 17

Phocas Soware 18

Pigment 19

Stratify 20

Vareto 21

Vendor Comparison Tables 22

• Planning Funions Supported 23

• Core Produ Funionality 24

• Indury Focus and Target Cuomer 25

• Soware Integrations 26 – 28

Produs to Watch 29

Conclusion 33

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The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

Paul Barnhur A.K.A “The FP&A Guy” is the CEO and founder of The FP&A Guy. He has over

a decade of experience in ﬁnance and FP&A working in travel, banking, SaaS and more. He is

recognized as a thought leader and inﬂuencer within the ﬁeld of FP&A and CFOTech. He has

met with over 50 CFOTech companies in the la year eaking to founders, senior leaders, and

participating in produ demos. He hos the popular podca FP&A Today. He is an advisory board

member at Born Capital where he helps identify and grow the next big thing in CFOTech. He also

provides training, consulting, and thought leadership for all things FP&A. Paul also enjoys reading

ﬁion, running, orts, and ending time outdoors and with his family.

linkedin.com/in/thefpandaguy/

Wouter Born is the founding partner at Born Capital, a venture capital ﬁrm ecializing in

#CFOTech: innovative technology for FP&A, Financial Close, Reporting and Finance Automation.

He is also the co-founder of CXO Soware (exit 2018) and former head of M&A at insightsoware.

Wouter has worked with FP&A technology companies for the pa 22 years. As consultant, sales,

entrepreneur, executive and inveor he has looked at the market from dierent angles. He uses his

deep underanding of the CFOTech indury to support the next generation of founders, to drive

innovation, to support other inveors (VC/PE) in making the right CFOTech invement decisions

and change the way the CFO oce drives value for every business. When he’s not busy working

on Born Capital deals or advising other entrepreneurs on how to grow their businesses. He’s

enjoying life with his lovely wife & two children. And, he loves windsurﬁng and cycling. You

can ﬁnd him on LinkedIn sharing daily insights on CFOTech, FP&A and Entrepreneurship.

linkedin.com/in/wouterborn/

Anders Liu-Lindberg is the co-founder and a partner at the Business Partnering Initute. He has

thirteen years of experience in the ﬁnance funion at the global tranort and logiics company

Maersk. He’s the co-author of the book ‘Create Value as a Finance Business Partner’ and a long-time

Finance Blogger on LinkedIn with 100,000+ followers and 180,000+ subscribers to his blog. He’s

also an advisory board member at Born Capital where he helps identify and grow the next big thing

in CFOTech. Finally, he’s a member of the board of direors at PACE – Proﬁtability Analytics Center

of Excellence where he supports the development of new analytics frameworks that can improve

proﬁtability in companies around the world. Anders is a vivid soccer fan and ends time watching

matches with his local soccer team wherever possible. He’s also been a semi-professional bowler

for more than 25 years and apart from that enjoys ending time with his wife and two kids.

linkedin.com/in/andersliulindberg/

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Authors

The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

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Would that lead to be possible results? I think you

know the answer – absolutely not.

The same approach is being used by companies,

ju doing accounting will only create insights aer the

ﬁnancial period ends and then it’s typically too late to

change direion. So, companies work with Financial

Planning & Analysis (FP&A) teams to create ﬁnancial

plans, monitor the execution, and advise the business

leaders to take correive measures. FP&A soware

helps businesses reamline this process.

FP&A soware makes life easier for ﬁnance and

accounting teams.

3rd Generation of FP&A soware

FP&A soware, originally referred to as Corporate

Performance Management (CPM) or Enterprise

Performance Management (EPM) soware has been

out there for the pa 40 years. So, to underand

what we mean by 3rd generation, let’s ﬁr look at

the evolution of FP&A soware:

The Fir Generation of FP&A soware included

solutions such as Hyperion, SAP BPC, and TM1. These

are very powerful, sophiicated solutions, but were

heavy weight on-premises solutions that typically took

more than 6 months to implement and involved massive

hardware cos, making these solutions only available

to very large companies with deep pockets. For these

large enterprises the TCO could be more than

$1 million in the ﬁr year alone.

Cloud-Based Second-Generation FP&A solutions

such as Anaplan, Planful, and Adaptive Insights had a

signiﬁcantly lower TCO, were faer to implement, and

oered increased scalability. These solutions were much

more appealing to middle-market buyers. However, the

implementations oen ill required extensive technical

knowledge and the produs were oen only used by key

FP&A users. Deite being signiﬁcantly less expensive

than ﬁr-generation solutions, companies would typically

pay between $25,000 and $100,000 per year and more

than $25,000 for a basic implementation.

3rd Generation FP&A soware is delivered as a

service and oers a user-centric design, low co, shorter

implementation times, many self-service features, native

ERP integration, and a quick/high ROI. The typical annual

TCO of a third-generation FP&A solution is $15k to $25k,

with a one-time implementation fee of $10k or less.

These 3rd Generation tools made FP&A soware a viable

solution for small to midmarket businesses (SMBs)

Although Microso Excel is ill the mo used FP&A

tool, this la generation of produs help you with

overcoming readsheet issues in a variety of ways by

creating governance, business user collaboration and

oering full web-based modeling and reporting.

3rd Generation FP&A Soware

Imagine a soccer coach never being present at the match for his team. There is no plan, and

the coach can only evaluate the results aerwards with the team. And, during the match the

players would have to ﬁgure out on their own how to make the be decisions without guidance.

The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

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The 1 and 2nd generation vendors are ill out there,

they are ill innovating, they have some great soware

that has helped many companies improve their FP&A,

and own a signiﬁcant part of the market. However, the

3rd generation vendors are built for a new type of user,

like agile companies, that are digitally native, preferring

point solutions over vendor andardization, that can

take quick decisions and are looking for a quick ROI.

If you recognize yourself in this proﬁle, then you should

consider 3rd generation FP&A solutions when

making your buying decision.

Market Dynamics

The 3rd generation soware market is booming. For

this guide we longlied more than 40 FP&A vendors,

all founded in the pa few years. This group of vendors

is ill a fraion of what is out there, as new produs are

being launched daily. Why are so many entrepreneurs

building new solutions for FP&A? There is a simple

reason for it. The lower mid-market and SMB market

is gigantic and mo companies that could beneﬁt

from an FP&A solution don’t own one.

The reason that this is happening now and not before

has to do with the evolution of technology and go to

market models. Until recently it was not possible to

build a sophiicated and powerful business solution

that required very lile implementation time. And, even

when this would have been possible it would have been

hard to sell such a produ without an enterprise sales

team running long sales cycles. Thanks to modern cloud

soware architeures and improved UI/UX techniques,

vendors can build more intuitive soware with a lower

learning curve and self-service features. These new

developments also allow for dierent go to market

models like produ led growth, try & buy, and short

proof of concepts.

The 3rd generation vendors are addressing a new

audience that has been traditionally underserved

and relied heavily on Microso Excel. They bring

the enterprise scale features to lower mid-market

and SMB companies.

The amount of venture capital ﬂowing into this category

has been very signiﬁcant. Many vendors in our market

guide have received signiﬁcant funding which allows

them to inve in R&D and scale their operations.

Seleion Criteria and Survey Process

This guide is primarily meant to highlight those

solutions in the market that are not yet covered by

major market research ﬁrms like Gartner, Forreer, etc.

This guide won’t tell you what the be 3rd generation

solution is or rank any vendors, but guides potential

buyers in their seleion process.

We arted the seleion process by researching the

market and longlied more than 40 FP&A tools. Once

we had put together an initial li, we screened the tools

on the li, looking for tools that met the following criteria:

• The produ ﬁts the 3rd generation deﬁnition

• Company has received signiﬁcant funding or has

an innovative produ and is looking to scale

• Produ is a ﬁnancial planning plaorm, not a ﬁnancial

modeling tool or a planning plaorm for other

departments such as marketing or procurement.

Aer reviewing our initial li with the above

requirements, we narrowed the li down to ju

over 20 vendors. We reached out to contas at each

company and sent surveys and received reonses

from 17 vendors. Aer receiving the reonses, we

removed two vendors, one because it was not fully

cloud-based, and one due to produ maturity. We

ﬁnally included 15 in the guide aer reviewing the

survey reonses.

For the survey, we asked each vendor the same set

of queions, and the queions were used to help

write the guide and to provide comparison tables

highlighting dierences between each vendor. In addition

to conduing a survey with each vendor, we did a demo

of the produs. For mo produs, we ent time with

the founders/senior leadership learning about the vision

and ory behind the produ. We have tried to capture

not only what we like about the produ, but also the

ory behind the company.

The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

Vendors

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The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

Company Overview:

Julio & Jorge founded Abacum in 2020. Jorge had experienced a clear market gap during his time as a CFO of multiple companies

and set out to create the tool he wished he had. Aer conduing cuomer research with over 100 companies, the founder’s belief was

validated that a need exied for a rategic ﬁnance-focused planning plaorm. Abacum is not focused on creating a produ at parity

with other planning tools but on creating something fundamentally dierent from the other tools in the marketplace. Abacum is a

Y combinator Winter 2021 graduate and raised $25M in funding during its la round in Nov 2021. The company and produ were born

with collaboration in mind and heavily focused on empowering aive collaboration. That is why it created a ‘notebook-yle’ interface

modeled aer soware companies such as Notion and Jupyter Notebooks.

Produ Overview:

Abacum’s planning plaorm is built around collaboration with a rong focus on ensuring the business can collaborate with ﬁnance.

This can be seen throughout the produ from the ability to easily comment back and forth to easy sharing of presentations with

internal and external akeholders from within the tool. The tool is built using multi-dimensional modeling with no limit to the number

of dimensions or metrics one can have. The tool connes to traditional tools such as your ERP, CRM, HRIS as well as your data

warehouse, which allows one to drill down to the transaional level of data. Abacum has built several templates to eed up the

implementation process while focusing on making the tool ﬂexible to meet the planning needs of dierent induries. The Abacum

produ oers three dierent plan tiers from arter to professional to meet the diverse needs of its cuomers.

What we like:

• Ability to easily share presentations with internal and external shareholders raight from the tool and the rong integration

with Google Slides

• The notebook experience in reporting creates a very collaborative experience among the teams

• The integration with readsheets, including the ability to support hybrid models with two-way Google Sheet integration

or Excel uploads

• Integration with collaboration tools such as slack

Founded: 2020

Founders: Jorge Lluch & Julio Martinez

Target Cuomer: SMBs – 50-2,000 employees, indury agnoic with rong tech presence

E Implementation Time*: 4 Weeks (2 phase process, 2-week Integration, 2-week plaorm training)

Abacum

www.abacum.io

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The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

Company Overview:

Acertys was founded by Martin Kratky and Hesam Ziaei with the goal of creating a uniﬁed data warehouse, planning, and reporting

application using the Microso technology ack. The founders ent over 20 years implementing planning tools, including TM1, and

saw an opportunity to embed a similar solution based on the Microso Azure ecosyem and utilizing Microso Power BI and Excel on

the frontend. Aerys set out to create a produ that integrated all this in one plaorm in a way that was easy to implement and could

serve the entire marketplace, from small businesses with pre-conﬁgured applications to large enterprises with the Aerys xP&A Suite.

The founders believe the traditional approach of separating data warehousing, planning, and reporting creates siloes and comes with

a heavy co.

Produ Overview:

Aerys is a unique produ in that it has dierent produ oerings for small business and enterprise business within the same

plaorm. The plaorm provides a unique oering built upon the Microso tech ack allowing write-back capability in Power BI and

Excel. The produ for small business is built around a marketplace oering of pre-built templates that integrate and build a data

model to over 80 common SaaS tools. The Enterprise produ oers a complete planning plaorm that includes the ability to

write-back data direly to the tool using 8 Aerys Power BI visuals as well as an Excel Add-in.

What we like:

• The tool combines your planning, visualization, and data warehouse tools together in one plaorm

• Plaorm is integrated seamlessly into the Microso tech ack (Excel, Power BI, Azure)

• Aerys Visual Planning allows you to update scenarios visually and write it back to the data warehouse

• Aerys Apps are pre-conﬁgured applications designed to get you up and running in minutes

Founded: 2015

Founders: Martin Kratky & Hesam Ziaei

Target Cuomer: All induries, 10M+ revenue, indury agnoic

E Implementation Time*: SMB oering 1 day, Enterprise version <= 1 Week

Aerys

www.aerys.com

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The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

Company Overview:

Causal was founded in 2019 by Taimur who udied math, and Lukas who comes from a tech background. Taimur was exposed to

readsheets as a data scienti aer school and kept running into the typical issues one experiences with models. He kept trying to

solve the problems with code, which eventually led to him and Lukas geing together to develop a modeling tool for the masses that

solved the problems one typically faces with readsheets like Excel and Google Sheets. Causal has set out to replace Excel as the

#1 used number-crunching app and raised $20M in a series A earlier this year to aid with that goal.

Produ Overview:

Causal, unlike other business planning plaorms, does not art by building a data model from your ﬁnancial syem. Causal has

focused on building an intuitive number crunching app that allows companies to implement their models in Causal quickly. The

implementation process arts with Causal working alongside you to build your ﬁnancial models and then has you import and map

he data to your ﬁnancial models. This allows the implementation time to focus on learning how to model vs. ending time deﬁning

your data model before using the syem. One works closely with the cuomer support team throughout the implementation process

to build the models necessary to support the planning process. The produ oers three pricing tiers from the freemium plan to the

business model plan to meet the needs of the cuomers.

What we like:

• Soware connes with over 300 dierent applications, including many common ERP, CRM, HRIS, and billing applications

used by FP&A professionals

• Ability to quickly assess the program and build your ﬁnancial model with a free user license

• All models art with three easy-to-follow seions (inputs, calculations, outputs)

• One can eciently condu scenario analysis on any model by seleing scenario planning and adjuing any input variables

contained in the input seion on the ﬂy

Founded: 2019

Founders: Lukas Köbis & Taimur Abdaal

Target Cuomer: Early-age artup through IPO, typically 25-500 employees, indury agnoic

E Implementation Time*: 2 Weeks

Causal

www.causal.app

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The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

Company Overview:

Cube was founded by Chriina Ross & Josh Holat in 2018 aer ending many years working with and implementing dierent

tools in the marketplace. Research has shown that when companies aempt to fully embrace readsheets, they ultimately revert

back to readsheets and with that in mind Cube fully embraces readsheets (Google and Excel ) as a core part of the soware’s

funionality. The workﬂows, database, and processes are built with the readsheet in mind and the company describes the approach

they have taken as readsheet native. Cube believes this readsheet-native approach reduces the implementation time while

increasing the likelihood of produ adoption. Cube recently announced a $30M Series B funding round in June of 2022 as they

continue to build out and scale the produ.

Produ Overview:

Cube is a produ that brings your data together in OLAP cubes and allows you to plan, report, and visualize the data with its

bidireional integration with Excel and Google sheets. Cube has focused on creating a tool that fully embraces readsheets as a

core part of the soware’s funionality Cube will bring in any ﬁnancial or operational metrics you want to include in your planning.

The produ allows you to set up unlimited top level dimensions across multiple cubes with 8 top level dimensions in a single cube for

planning and reporting as part of the implementation process. Your reporting and planning occur in your readsheet where you can

easily bring back aual data and push your forecas into the data model. The produ includes three dierent pricing models to

meet the needs of its dierent cuomers from the Essentials package to the Enterprise package.

What we like:

• Bi-direional integration with Excel and Google Spreadsheets

• Allows you to leverage your exiing readsheet models as long as your readsheet contains dimensions available in the

cube data model

• Cube is a lightweight planning tool that is easy to use and implement

• Validation feature validates the entire workbook and identiﬁes all lines that do not return data for each update and correion

Founded: 2018

Founders: Chriina Ross & Josh Holat

Target Cuomer: Primarily midmarket typically 150 – 1,500 employees, indury agnoic

E Implementation Time*: Small < 1 week, Midmarket 2 weeks

Cube

www.cubesoware.com

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The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

Company Overview:

Datarails was founded in Israel by Didi Guﬁnkel, Eyal Cohen & Oded Har-Tal in 2015. The founders had the vision to create the ﬁr

enterprise application by allowing the data in Excel to be saved into a database. The founders did not set out with the idea of creating

an FP&A soware tool but a few years into running the business they came across the FP&A ace and realized the tool was a perfe

ﬁt for FP&A and focused the produ on being an FP&A plaorm designed around embracing Excel as your core tool for corporate

planning. Datarails views Excel as the operating syem for ﬁnance and ﬁnance professionals and recently raised $50M in a series

B bringing the tool funding to over $100M as they continue building out the tool.

Produ Overview:

The Datarails produ is focused on creating an Enterprise planning plaorm that embraces Excel as the core calculation engine.

By embracing Excel Datarails allows you to bring any of your Excel models and use them with the planning plaorm without having to

rebuild them. Each inallation is a blank slate, and you can create as many data mappings as needed to load your data/dimensions

into the database. Every dimension can then be assigned aributes to provide further segmentation of your data such as adding

vendors to a certain account dimension. The dashboard and reporting plaorm integrates with PowerPoint and allows you to refresh

and manipulate data real-time in PowerPoint.

What we like:

• Allows you to continue using your Excel models

• Do not charge for implementation and allow month-to-month contras

• Allow as many dimensions/aributes as available in Excel rows to be ored in the database

• Ability to easily create and cuomize as many workﬂows as needed for your business

Founded: 2015

Founders: Didi Gurﬁnkel, Eyal Cohen & Oded Har-Tal

Target Cuomer: SMB’s 50 – 2,000 employees, indury agnoic

E Implementation Time*: 8 Weeks

Datarails

www.datarails.com

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The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

Company Overview:

Farseer founders view themselves as a band of rule-breaking problem solvers focused on solving planning challenges faced by

data-heavy companies. Farseer was founded in 2016, they operate from Croatia which was also their launching market. Eaern

Europe is an underserved market by the typical FP&A vendors allowing them to gain traion in the region. Farseer is focused on

oering a planning tool that takes many of the beneﬁts of a traditional readsheet and integrates them into a planning plaorm.

Farseer has been heavily focused on building a fa and robu calculation engine that can easily manage data-heavy companies.

Produ Overview:

Farseer is focused on being good at both consolidation and planning within the plaorm. One of the main rengths of the Farseer

plaorm is the robu calculation engine that is designed to work well for companies that have lots of complexity and data. Another

focus of the produ is the ability to easily adju any variable and to visually see the impa on your model. The produ does not

provide templates but focuses on leaving the model to each individual company to decide the be way to model within the tool.

What we like:

• Robu calculation engine that supports top-down and boom-up planning blended with machine forecaing

• Data import layout is easy to follow as all variables (Metrics) are in one tab and dimensions in other tab

• When building models, you can use prediive modeling or build your own models

• Ability to create a table with drivers, adju any variable and see the impa on the model

Founded: 2016

Founders: Luka Mijatović, Matija Nakić, Matej Trbara & Zrinko Dolić

Target Cuomer: Mid-market to enterprise focus, $20M & up Rev, indury agnoic with rong B2B presence

E Implementation Time*: 4-8 Weeks, with small businesses typically 5-10 days

Farseer

www.farseer.io

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The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

Company Overview:

Finmark was founded by Rami, Greg & Jeremy in 2020 with a focus on helping Midmarket companies plan beer. Rami

experienced the pain of a readsheet error ﬁrhand at a prior company when a modeling excel error within the ﬁnance

department resulted in having to lay o 78 people. This led to his belief that there mu be a beer way to plan than ju using

Excel readsheets. The company arted with a self-service model and today the implementation time for many cuomers is

as short as a few hours. The company is one the few serving companies of $1M or less in addition to the broader SMB marketplace.

Produ Overview:

Finmark has everything you would expe in a Midmarket planning tool including ERP, CRM, and HRIS integrations, dashboard reporting,

and a planning/modeling engine. A rength of the tool is its self-service implementation model which includes the ability to be up and

running on the plaorm in hours not days. Another thing that separates the Finmark plaorm from mo of the other planning tools is its

focus on not only providing planning for companies with an FP&A department but to make planning easily available for companies with

less than $1 Million in revenue and no FP&A department. The tool supports easy collaboration with the business to include commenting,

tasks, aachments, and notiﬁcations through slack and email.

What we like:

• For each modeling seion you can model in the tool or work in Excel/Google Sheets and then reintegrate your model back into the tool

• Scaled pricing model based on company revenue that arts as low as $50 a month and includes a free 30-day trial

• Benchmarks again similar companies to provide useful insights

• Upload your pitch deck into Finmark and get matched with potential inveors

Founded: 2020

Founders: Greg Lissy, Jeremy Neuberger & Rami Essab

Target Cuomer: SMB’s pre-revenue to $300M, indury agnoic

E Implementation Time*: Initial setup < 1 day

Finmark

ﬁnmark.com

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The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

Company Overview:

Steven and Logan arted the company aer ending many years working as fraional CFOs for series A and B, ventured backed

companies. They both found themselves regularly building ﬁnancial models in Excel and believed a beer way exied. They arted

Forecar with a focus on early-age artups and venture capital-backed companies. Forecar focuses on providing both a service

and a soware. In addition to providing soware for modeling your business, they provide ﬁnancial analy and fraional CFO packages

to help provide the ﬁnancial support you need to manage your business long term. The company has teamed up with several other

vendors in the artup ecosyem to support founders and early-age artups. In the words of the founders, we sell conﬁdence so

you can feel conﬁdent in front of your inveors.

Produ Overview:

The produ is oered as an annual subscription and has one of the lowe price points of any of our produs lied. When cuomers

sign up they are assigned a ﬁnancial analy who takes the lead in building the model with the support of the business. The soware is

ill young and is considered in beta deite having several hundred cuomers. The tool uses multi-dimensional modeling and provides

a great deal of ﬂexibility in ruuring your model. The tool is designed to help you build your model using both operational and ﬁnancial

data. They currently integrate with QuickBooks and have long-term plans to support other popular ERPs such as Xero, and NetSuite.

What we like:

• The hands-on approach to building your model by assigning a ﬁnancial analy to work closely with you until your model is built

• Financial service packages oered to help support you long-term not ju during the initial build

• Ability for inveors to direly access company presentations and for founders to track inveor intere in their business

• Ability to use proven indury benchmarks to improve your modeling assumptions

Founded: 2018

Founders: Logan Burche & Steven Plappert

Target Cuomer: Pre-Seed to Series B artups, indury agnoic

E Implementation Time*: 2- 4 weeks includes working with a modeling eciali to build a model

Forecar

www.forecar.co

bpidk.org

The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

Company Overview:

Martin CEO & Co-Founder at Jirav, ent many years at a CFO consulting ﬁrms helping companies build ﬁnancial models, raise

capital, and develop accounting and ﬁnance processes. Aer doing this for several years he realized a gap exied in the marketplace

and set out to create the tool he wishes he had when working in ﬁnance, and that is how Jirav was arted. Martin sees Jirav as a tool

that assis Finance leaders, Business leaders, Accountants and Financial advisors to beer help their businesses make smart

data-informed decisions. Jirav focuses on small to midmarket businesses with up to 350 employees and has a rong focus on helping

accounting ﬁrms oer advisory services through the Jivav plaorm and this includes being the preferred FP&A solution for CPA.com.

Produ Overview:

Jirav was designed and built with the goal of always ensuring your 3-atement model ties out and that your balance sheet is always in

balance as you make changes to your ﬁnancial projeions. The produ is designed with accountants and small business owners in mind,

and this can be seen in the simple and raighorward design of the produ from the easy driver-based planning to the cuomization

of reports and dashboards. The tool provides all the basics you would expe in a planning tool data integration, dashboarding, reporting,

planning, and modeling. The tool uses its own calculation engine that makes it easy to foreca using key drivers. Jirav oers three

produ oerings from the arter plan to the enterprise plan to meet the needs of its dierent cuomers.

What we like:

• Every plan has a 3-atement model that always ties out, this is a core concept of Jirav

• Cuom Tables work similarly to extra tabs in your Excel model for forecaing operational data or building a booms-up model

to integrate into your plan

• Easy to build and dilay cuom visuals and KPIs

• The ability to quickly and easily add drivers to every account in your model when forecaing

Founded: 2015

Founders: Martin Zych & Steve Turner

Target Cuomer: Typically, 10-350 employees, indury agnoic

E Implementation Time*: 3 -5 Weeks

Jirav

www.jirav.com

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The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

Company Overview:

Mosaic a rategic ﬁnance plaorm was born out of experiences Bijan, Brian, and Joe, the cofounders, had at Palantir working in

ﬁnance. Joe shares how he ent 7 months implementing a popular FP&A planning tool only to be told by the business they would

not use it, and then by his CFO to go back and do beer. He went back and built his own tool that pulled all the data together across

the company and the business noticed the improvement and ﬁnance soon had 200 users logging in. Mosaic was born out of this

experience and others which the cofounders experienced aer they each le Palantir to be CFOs. These experiences taught them

that the bigge challenge preventing ﬁnance from being more rategic was the data problem and the inability to easily integrate

the data.

Produ Overview:

The Mosaic produ was built to address this data problem and is built on four key pillars: 1. Data 2. Business Analytics 3. Planning

4. Collaboration. The tool is focused on automating the core processes and leaving the edge cases to readsheets. The tool comes

pre-conﬁgured with over 125 SaaS metrics, 35+ reporting and analytics templates, and 30+ automated data integrations. All metrics are

integrated throughout the syem and available to use in modeling and planning. The planning plaorm comes with four dierent planning

models (Headcount, topline, Income atement, and baseline). Each planning model is designed to allow you to easily update each key

line item in the process using common driver methods or by building your own cuom formulas. Mosaic is a very ruured tool designed

to tightly integrate within your tech ack for B2B SaaS Companies with at lea $10M in funding. Mosaic oers three pricing packages

that provide access to dierent areas of the produ.

What we like:

• Ability to integrate billing data along ERP, CRM, and HRIS data

• 125+ out-of-the box SaaS Metrics available upon implementation

• Ability to download/export key data into data tables that are augmented with key metrics. Examples include revenue, headcount,

employee li, opportunities, and forecas

• Indury eciﬁc focus on B2B SaaS

Founded: 2019

Founders: Bijan Moallemi, Brian Campbell & Joe Garafalo

Target Cuomer: B2B SaaS, Series A-D with min of $10M in funding

E Implementation Time*: 2-4 Weeks

Mosaic

www.mosaic.tech

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The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

Company Overview:

David Greenbaum founded OnPlan in 2016 because he saw a gap in FP&A tool oerings for smaller companies. David ent the

ﬁr 20 years of his career working in ﬁnance and FP&A and aer having the CEO ﬁnd an error in a highly visible model, he realized

how fragile readsheets models were and the need for a beer way. With OnPlan he has focused on providing a tool that will scale

with companies from day one to IPO. OnPlan focused on building the tool in such a way that cuomers could keep readsheets

but get the beneﬁts of a Cloud-based plaorm. This is why they built the tool with Google Sheets as the core calculation engine but

made it compatible with Excel and Google Sheets.

Produ Overview:

OnPlan’s tagline is “Fa and Flexible”. OnPlan is unique in its approach using Google Sheets as its core calculation engine while

using Google BigQuery technology to ore and query the data. OnPlan utilizes Google Sheet Syntax and therefore no ecial

scripting language is needed to use the soware. The produ is designed with an emphasis on being both fa and ﬂexible and

that is why they use a 3-age implementation process that allows for immediate value out of the box while they end the

time necessary to implement the unique cuomizations needed for every business. OnPlan oers three dierent produ

oerings from the Essentials plan to the Growth+ plan to meet the dierent needs of its cuomer base.

What we like:

• Produ syntax in OnPlan being the same as Google for the calculation engine but being able to use the produ without using

Google Sheets

• Easy to create and collaborate on various ‘what-if’ scenarios

• The tool comes with several out-of-the-box be-praice forecaing apps that you can easily implement

• Ability to link your board deck in OnPlan to Google Slides for easy updating

Founded: 2016

Founders: David Greenbaum

Target Cuomer: 50-500 employees, indury agnoic

E Implementation Time*: Initial deployment 2 Weeks, further cuomization can take another month or two depending on

cuomer needs

OnPlan

onplan.co

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The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

Company Overview:

Phocas soware was originally founded in 1999 as a SaaS-based data analytics and Business intelligence (BI) plaorm with no

planning capabilities. But, in 2021 they raised $34 Million to expand the core produ oering to include ﬁnancial atements and

a budgeting & forecaing model. The company is indury agnoic but has a rong focus on supporting diributors, retailers,

and manufaurers. The company decided to build a ﬁnancial planning produ aer receiving repeated reques from cuomers

to add such an oering to the overall plaorm. The company allows its cuomers to buy any of its three core modules, data

analytics, ﬁnancial reporting, budgeting, and forecaing separately or as a bundle.

Produ Overview:

Phocas Soware is dierent from the other tools on the li by oering a vertically integrated company-wide BI tool and planning

plaorm. The focus is on making planning easy and raight forward by integrating all your company data within the tool and allowing

write-back capabilities within your data visualizations and throughout the plaorm. The produ also integrates with several ERP

syems that are common in the manufauring and diribution ace where many other tools do not have dire integrations

with these tools. You can budget and foreca using any data source available in the databases you have hooked up to

Phocas Soware and the long-term goal is to support all operational and ﬁnancial planning companywide.

What we like:

• Core analytics module makes all your data warehouse data available throughout the tool

• You can buy any or all modules available (Analytics, Financial Statements, Planning)

• Robu ﬁnancial atements reporting module that makes it easy to create cuom P&Ls for dierent users throughout the business

• Easily handles multiple budgets and currencies within the tool

Founded: 1999

Founders: Myles Glashier, Paul Magee, & Phil Dodds

Target Cuomer: $4-$150 million, diribution and manufauring markets

E Implementation Time*: 12 Weeks assumes integration with non-andard ERP

Phocas Soware

www.phocassoware.com

bpidk.org

The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

Company Overview:

Pigment was founded in 2019 in France by Eléonore Creo and Romain Niccoli with the goal of taking on readsheets to become

the go-to planning and forecaing plaorm for forward-thinking companies. With this goal in mind, Pigment raised two rounds of funding,

including $73 million of funding in Q2 2022. The company founders saw that other parts of the business had powerful tools to manage

data and to aid with modeling and forecaing and ﬁnance was ill using Excel and set out to solve this problem. They found that Excel

was breaking for many of the companies they worked with, and this led to the founding of Pigment. Pigment arted by focusing on FP&A

departments it sees itself as much more than a ﬁnancial planning plaorm: a business-wide planning solution that allows all business

leaders to work on the numbers that maer with their teams in real-time.

Produ Overview:

The Pigment produ was built with three core tenants in mind collaboration, ﬂexibility, and scalable modeling capabilities. The

produ’s goal is for the calculation engine to be powerful and ﬂexible enough to replace the use of Excel and readsheets for modeling.

The produ’s building blocks are dimensions, transaions, and metrics, which can be consolidated into boards. When importing your

data, you can create the dimensions you need to manage your business. The tool allows you to easily group metrics together and provides

the ability to diagram how a metric ﬂows through the entire syem. The diagram tool will show you the dependencies for that metric; its

workﬂow, formulas, and how it aes other metrics. The produ also has workﬂow, communication, and reporting capabilities built

into the tool.

What we like:

• Robu and ﬂexible drag and drop yle calculation engine

• Strong organizational-wide planning plaorm

• The diagram modeling capability for a metric shows precedent and dependent diagram and how the metric impas other

metrics in the model

• Ability to create and load data at the vendor level as part of the data import process

Founded: 2019

Founders: Eléonore Creo & Romain Niccoli

Target Cuomer: 400+ employees for tech companies, non-tech $100M+ revenue, indury agnoic

E Implementation Time*: 6-10 Weeks, basic soware training is 8 hours

Pigment

aerys.com

bpidk.org

The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

Company Overview:

Stratify was founded in 2020 by Brian Camposano and is built around the concept of increasing collaboration between ﬁnance

and the business on both the planning and reporting side and promotes itself as a rategic ﬁnance tool. The company was incubated

with Madrona Venture Labs, has raised ~$10M in venture capital invement to-date, and is focused on building a continuous rategic

planning plaorm. Stratify provides a ruured data model with conﬁgurable business logic and be-in-class model templates vs.

a blank canvas modeling plaorm. Furthermore, they are focused on using artiﬁcial intelligence and machine learning throughout

the produ to drive beer decision-making company-wide. The company currently serves cuomers in the SMB to Midmarket ace.

Produ Overview:

The produ has 3 primary models for planning ﬁnancial, workforce, and sales, and plans on releasing a marketing planning model

next. The produ is focused on building a plaorm that can support all ﬁnancial and operational planning. The produ comes with

a ruured data model and includes business logic out of the box that is conﬁgured to meet the cuomer’s business needs. The

plaorm is designed to ensure you underand every driver and assumption that aes your planning models. One unique feature of

the tool is the decision to track workforce planning by bringing in the HRIS syem data, for current workforce, and also the Applicant

Tracking Syem (ATS) data, for planned workforce, so the business can automatically reconcile headcount within Stratify.

What we like:

• Use of “tasks” throughout the syem to create automated workﬂows that involve non-ﬁnance akeholders in planning without

having to work in a readsheet

• Automated performance anomaly deteion for outliers in your data

• Cuomer data is anonymized and aggregated and as the cuomer base grows will be used to provide benchmarking data

and to train the syem algorithm

• Brings in not only your HIRS data but also your ATS data

Founded: 2020

Founders: Brian Camposano

Target Cuomer: <1,000 employees, $5-$200M in revenue, indury agnoic

E Implementation Time*: ~2 weeks for aivation/conﬁguration

Stratify

www.ratifytech.com

bpidk.org

The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

Company Overview:

Vareto was founded in 2020 by Kat Orekhova & Lalit Singh with the goal to build an enterprise FP&A tool designed to augment and

automate the ﬁnance process without replacing Excel. Vareto believes any FP&A tool needs to take a hybrid approach and be able

to work with Excel. This belief came from Kat’s experience working in FP&A at Facebook. Prior to arting Vareto, Kat interviewed over

50 cuomers and saw an opportunity to improve the FP&A processes with a new tool. The company’s mission is to help companies

operate beer by enabling ﬁnance and business to work beer together.

Produ Overview:

Vareto’s produ is made up of 4 produ lines Planning, Reporting, Explorer, and Data Manager. The tool integrates with your andard

ERP, HRIS, CRM, and various data warehouse syems to bring all your data together in the data manager. The tool brings in your detailed

transaional data from the dierent syems so you can drill down to the lowe level of data. The reporting seion allows you to easily

create reports with visuals focused on ﬁnance and business executives. Reporting includes the ability to automate BVA analysis and

narrate the ory direly in the tool. The Planning seion includes a robu calculation engine and pre-built modules for managing

headcount and expense reporting. The core modeling template keeps the look and feel of a traditional readsheet and includes

three table modes, free-form, time period, and headcount for modeling.

What we like:

• The modeling engine has three tables for building models (free-form like Excel) a time period table, and a headcount table

• Comes with pre-built metrics, and the ability to create fully cuomized metrics based on individual business needs

• Modeling Excel-like interface including funions and ability to easily link pages together much like tabs in a readsheet

• Headcount and expense modeling includes the ability to create cuom views for each department in the business

Founded: 2020

Founders: Kat Orekhova & Lalit Singh

Target Cuomer: SMB to Enterprise, indury agnoic

E Implementation Time*: Several weeks

Vareto

www.vareto.com

bpidk.org

The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

Vendor

Comparison

bpidk.org

The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

bpidk.org

Planning Solutions Supported

Abacum

Aerys

Causal

Cube

DataRails

Farseer

Finmark

Forecar

Jirav

Mosaic

OnPlan

Phocas Soware

Pigment

Stratify

Vareto

Company*

Financial

Sales

Operational

Marketing

Procurement

Supply Chain

* As self-reported by each company

The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

bpidk.org

Produ Funionality

Abacum

Aerys

Causal

Cube

DataRails

Farseer

Finmark

Forecar

Jirav

Mosaic

OnPlan

Phocas Soware

Pigment

Stratify

Vareto

Company*

Account

Reconciliation

Financial

Consolidation

Dashboards /

Performance Reporting

Business

Intelligence

Support

Multi-Currency

* As self-reported by each company

The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

bpidk.org

Indury Focus and target cuomer

Abacum Indury Agnoic, Mo cuomers in Tech ace 50 – 2,000 Employees, $20M+ funding

Aerys Indury Agnoic $10M+ Revenue

Causal Indury Agnoic Early-age to IP0, 25 – 500 Employees

Cube Indury Agnoic ~150 – 1,500 Employees

DataRails Indury Agnoic 50 – 2,000 Employees

Farseer Indury Agnoic Mid-market to Enterprise companies

primarily in Europe

Finmark Indury Agnoic Pre-rev to $300M Revenue

Forecar Indury Agnoic Pre-Seed to Series B+

Jirav Tech, Manufauring, E-commerce, 10 – 350 Employees

Professional Services, IOT, BioTech, NFP

Mosaic B2B SaaS Series A – D, min $10M Funding

OnPlan Indury Agnoic 50 – 500 Employees, $5 – $100M Revenue

Phocas Soware Indury Agnoic $4 – $150M Revenue

Pigment Technology, IT, Financial Services, 400+ Employees tech

Professional Services, Retail $100M+ rev non-tech

Stratify Indury Agnoic < 1,000 Employees & $5 - $200M Revenue

Vareto Indury Agnoic Mid-market to Enterprise

Company*

Indury Focus

Market Size/

Target Cuomer

The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

* As self-reported by each company

Abacum

DATEV

Aerys

Freshbooks, Katana

Causal

Cube

DataRails

Oracle

Farseer

Finmark

Zoho, Wave

Forecar

Jirav

Mosaic

OnPlan

Phocas Soware

Pigment

Stratify

Financialforce

Vareto

Company**

Microso

Dynamics 365

Netsuite

Quickbooks

SAP (S/4 HANA)

Sage Intac

Xero

Other

bpidk.org

ERP Integrations

The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

* The above li includes native ERP integrations (conneors) available at time of publication. Many vendors lied in the guide can work with you to integrate other data sources as needed that are not lied

in the above table.

** As self-reported by each company

Abacum

Aerys

Teamwork, Zoho

Causal

Cube

DataRails

Keap, Zoho

Farseer

Finmark

Forecar

Jirav

Mosaic

Zoho

OnPlan

Saas Optics, NetSuite CRM

Phocas Soware

Pigment

Dynamic 365

Stratify

Vareto

NetSuite CRM

Company**

Hubot

Pipedrive

Salesforce

Other

bpidk.org

CRM Integrations

The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

* The above li includes native CRM integrations (conneors) available at time of publication. Many vendors lied in the guide can work with you to integrate other data sources as needed that are not lied

in the above table.

** As self-reported by each company

Abacum

Greenhouse

Aerys

Causal

20+

Cube

DataRails

Farseer

Finmark

Juworks, Zeneﬁts

Forecar

Jirav

Mosaic

OnPlan

XeroHR

Phocas Soware

Pigment

Greenhouse, Lever

Stratify

20+

Vareto

20+

Company**

ADP Workforce Now

Bamboo

Guo

HiBob

Paylocity

Personio

Rippling

Workday

Other

* The above li includes native HRIS integrations (conneors) available at time of publication. Many vendors lied in the guide can work with you to integrate other data sources as needed that are not lied

in the above table.

** As self-reported by each company

bpidk.org

HRIS Integrations

The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

Produs

to watch

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The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

bpidk.org

The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

Produs to Watch

As we went through the guide and reviewed every tool, we quickly realized we could not

highlight all the tools in the marketplace. In addition to covering 15 FP&A planning tools we

wanted to highlight some other tools in the marketplace that people should keep an eye on.

The tools lied below made the produs to watch li because the produ was either ill

in beta, the produ was not a traditional planning tool or did not meet other criteria for full

inclusion. However, we wanted to include some tools that we believe have potential and

should be watched by the marketplace moving forward.

Company Overview:

Cobbler was founded in 2019 and is a company-wide ﬁnancial communication and automation tool that works with your other

soware programs including your planning tool. The tools primary focus is around automation of common FP&A tasks and focuses

on deteing anomalies in your ﬁnancials, automating Budget Versus Auals analysis, presenting your budget to department holders, and

aiding with headcount planning. Applications for Cobbler include assiing in a so close by identifying entries that might potentially be

missing from the books, managing your Budget Versus Auals analysis company-wide with departmental views that include the

ability to adju auals based on business hand-shake agreements, and headcount planning.

Founded: 2019

Founders: Jaime-lee Salazar, Nate Barbeini, & Shawn Rice

Cobbler

www.cobbler.io

Company Overview:

Doubleﬁn was founded in 2019 by former FP&A executives from fortune 100 tech companies like Microso and Google.

Doubleﬁn is an operational FP&A solution that allows business users to work closely with FP&A during the planning process.

Their launch produ is a headcount planning solution for companies with 100 to 1,000 employees. Doubleﬁn allows employee

centric companies (e.g., tech and consulting companies) to plan beer and rategically make the be choices. Doubleﬁn

connes to ERP, HRIS and other FP&A tools.

Founded: 2019

Founders: Warren Wang & Tord Svensson

Doubleﬁn

www.doubleﬁn.com

Company Overview:

MODLR was founded in 2015 in Auralia by Ben Hill and is an enterprise-grade corporate performance management tool. The produ

integrates with many of your andard ERP, CRM, and HRIS produs and is designed to be indury agnoic. MODLR supports both

ﬁnancial and operational planning, automates ﬁnancial close and consolidation, and includes a robu reporting plaorm that uses AI

technology. The reporting tool includes the ability to type in queions and have data returned based on the queion asked. The tool

uses a cube technology like other planning tools such as TM1 and can support cuomers of all sizes and induries.

Founded: 2015

Founders: Ben Hill

MODLR

www.modlr.co

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The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

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The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

Company Overview:

Stargazr is focused on using AI to provide the business with smart recommendations within the manufauring indury. Stargazr

includes a value driver model, collaboration tool, and the use of AI for prediive analytics and smart recommendations. The value

driver feature focuses on allowing you to uncover the ﬁnancial impa of various operational drivers throughout your business.

Stargazr will provide you with daily recommendations to help initiate co savings and solve manufauring bolenecks

based on your data.

Founded: 2020

Founders: Juan C. Roldán & Raﬁ Wadan

Stargazr

argazr.ai

Company Overview:

Runway is a ﬁnancial-analytics and forecaing produ for growth companies. Siqi and Arya are serial entrepreneurs and have had

a lot of success with previous businesses. Several large inveors have made announcements of their invement in Runway. Examples

are A16Z and Hyphen Capital. The company is ill pre-revenue and too early to include in our guide, but the solution looks promising.

The tool appears to oer an araive interface that can manage complex modeling tasks using natural language. Their driver-based

scenario modeling is intuitive and easy to set up. The solution is designed to quickly give insights into business decisions like new hires,

an increased advertising budget, or new fundraising. We are excited about the potential this tool has in the planning market when

it reaches the general market release.

Founded: 2020

Founders: Siqi Chen and Arya Asemanfar

Runway

runway.com

Conclusion

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The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

bpidk.org

Cloud has changed all that. A wide range of SaaS tools

are now available at aordable price points making

planning tools available to SMBs. This has signiﬁcantly

expanded the market for planning tools leading to a gold

rush in arting new planning tool companies. As we have

described in this Market Guide it’s the 3rd Generation of

planning tools.

As we have shown, signiﬁcant capital has been inveed

in this market. It’s expeed to go on as the companies

showcased in this market guide continue to build

their produ and expand on their early commercial

successes. However, it’s also our expeation that not all

these companies will emerge as winners once the du

has seled.

We created this guide to provide more tranarency

to the marketplace. We know many ﬁnance and FP&A

professionals are looking for resources to help them

decide on which planning tool to use.

We have compared features across all the planning

tools to the extent possible and told the ory of each

of them. We have also shared our views on what

features we like from the tools.

This guide is not meant to be like Gartner’s Magic

Quadrant or The Forreer Wave where we pass judgment

on which tools are the be. It’s ill too early days for

that. However, it’s our intention to create this guide yearly

and continue to provide more visibility into the planning

and more widely CFOTech market for ﬁnance and FP&A

professionals.

We appreciate any feedback you may have for this guide

and suggeions for how to improve for the next edition.

You can reach out to any one of Wouter, Paul, and Anders

and ﬁnd our conta information below. We hope that you

will ﬁnd this guide insighul and that it will help you and

your company make the be possible choices when it

comes to planning tools going forward.

Conclusion

There was a time when a planning tool was reserved for blue chip companies. They required

large on-premises inallations and countless hours of expensive consulting cos. On top of

that, you had to add high per-user license fees. And at be what you got was a complex model

that required ecialis to operate, maintain, and change when needed. The wor part was

that it was dicult to underand for mo business leaders. Mo other companies were uck

with readsheets and ran manual and error-prone processes.

The FP&A Market Guide – A guide to 3rd Generation FP&A Tools

bpidk.org