Finding the right FP&A software: The only 3 questions you need to ask

  • By Siqi Chen / CEO & CFO at Runway
  • Business and Culture
  • Nov 25, 2024
  • 3 Min Read

Most FP&A software doesn’t do what it’s actually supposed to.

A lot of these financial planning platforms have great dashboards and more features than you’ll ever need, but none of that actually makes you more efficient. Often, more features just mean more clutter.

You don’t just want features that sound good. You want more leverage. You want something that works better than spreadsheets, scales with your business, and adds real strategic value—whether it’s budgeting tools or advanced planning capabilities.

If that sounds like what you’re looking for, focus on asking these three simple questions:

1. What makes this better than spreadsheets?

Spreadsheets are amazing. They’re powerful, they’re easy to use, and you can do just about anything with them.

But if FP&A software is going to replace spreadsheets, it needs to actually make you more impactful. A great spreadsheet alternative should go beyond convenience—it should give you capabilities you just can’t achieve with a grid.

Ask yourself:

  • Will it make me more efficient? The best financial planning platforms automate manual processes and handle repeatable tasks better than spreadsheets ever could.
  • Will it make me more strategic? It should support you in being a stronger thought partner for your board, executive team, and department leads by helping you think through decisions.
  • Can it help me complete tasks faster? Whether it’s scenario planning, forecasting, or growth modeling, your financial planning platform should handle these seamlessly and save you time.
  • Can it help me communicate better? You work with multiple departments, so your platform should make communicating insights easier, not harder. If it doesn’t do that, it’s not worth the switch.

2. Will it align teams and simplify decision-making?

The right FP&A software shouldn’t just support your work. It should drive alignment across your entire company.

A modern financial planning platform should help non-finance people understand the story behind your numbers, see how different decisions impact your bottom line, and engage meaningfully in planning and budgeting discussions. It’s not just about replacing spreadsheets; it’s about transforming how your organization plans.

Ask yourself:

  • Will it create deeper alignment across the company? It should empower every department to see and clearly understand growth drivers—not just finance.
  • Will it support more efficient planning? Great budgeting tools enable cross-functional planning, like headcount, project, and commission planning.
  • Will it help teams understand growth levers and act on insights? A strong platform builds clarity so teams can make faster, better-informed decisions.

3. Will it automate my actuals by integrating with all my data sources?

You shouldn’t waste time on manual data updates and validation. Your FP&A software should streamline everything—pulling data automatically from your ERP, HRIS, and project management tools.

Your platform should sync actuals in real-time, simplify forecasting, and automate financial planning processes to eliminate human error. It should become your single source of truth, not just another system for you to manage.

Ask yourself:

  • Will I eliminate manual updates forever? Aim for zero copy-pasting, so you can focus on being more strategic.
  • Will it make closing my books easier? It should help you adjust the last close date easily, and automatically replace forecasts with actuals once you’re done.
  • Does it refresh data frequently and handle high volumes? You’ll want real-time or near real-time updates, especially if you’re making time-sensitive decisions.
  • Will it be the single source of truth I can confidently build my model on top of? You need to know that this system won’t break with each update. That it will create a unified view of your business, and be flexible enough to adapt as you scale.
  • Does it support pulling in all the metadata I need? From line items to cost centers, it should bring in every detail that matters to you.
  • Does it support multi-currency and multi-entity consolidation? If you operate globally or have a complex structure, this is non-negotiable.

Look beyond speed

Your financial planning platform should speed up your workflows and save you time. But saving time is table stakes. The right solution will also help you think through decisions carefully, and understand their impact on your numbers.

Ultimately, finding the right FP&A platform isn’t just about checking the most boxes. It’s about finding something that’s actually better than just using spreadsheets. Something that simplifies your work, builds alignment across your team, and transforms how you plan and strategize.

So make sure you’re asking the right questions, focusing on what truly matters, and not getting distracted by features you’ll never use.

Check out this video to see how Runway can help you make smarter decisions.

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