What is Financial Modeling Software?
blogFinancial Modeling Software is a suite of business tools designed to enable finance professionals to build and manage complex financial models. This type of software includes features that can help with data visualization and AI capabilities, as well as tools to consolidate data from various sources, collaborate on models in real-time, and more. Some of the best-known financial modeling software is Microsoft Excel, but a number of options are available to suit different needs.
One of the most common uses for financial modeling software is to project future financial outcomes given a set of assumptions. This can be used to support a variety of strategic initiatives, including planning mergers and acquisitions, assessing the viability of new business lines, or even forecasting the impact of changing your pricing strategies on customer retention or expansion plans.
Effortless Financial Modeling: Choosing the Right Software
Most modern FP&A solutions can simplify the financial modeling process by providing an easy-to-use solution to streamline the consolidation of business and financial data (without the need for IT support) and provide faster access to key metrics. Many can also enable a range of what-if scenario planning for more agile decision-making.
Jirav, for example, offers a cloud-based financial modeling tool that supports both budgeting and forecasting in an all-in-one solution. Its integrated and driver-based model allows users to create leadership-approved planning statements, automate analysis and reporting with multiple forecasting scenarios, and track changes in working capital with a click. Other benefits include shortening the budget/planning cycle, improving cost control, and aligning teams.
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