Stephen Hambling on Kybos Diary of a CFO provides his top hints and tips when choosing Financial Planning and Analysis software.
Selecting a new FP&A software solution is a significant decision for any finance team. The right platform can strengthen planning, forecasting, reporting, and decision-making across the business. The wrong one can lead to frustration, slower adoption, and a longer path to value. If you are currently reviewing the market, a structured approach will help you move from a long list of vendors to a confident final decision. Below is a practical guide to help you assess your options and choose a solution that fits your organisation’s needs.
Start with independent market research
A good first step is to understand the broader market and identify the main providers in the FP&A space. Independent analyst reports can be a useful way to narrow your initial list and focus on established vendors with proven capabilities.
Many finance leaders begin with well-known analyst evaluations such as the Gartner Magic Quadrant. The Gartner Magic Quadrant is a market research reports that provides a graphical, four-quadrant snapshot of technology vendors’ positions in specific, fast-growing industries. It evaluates providers based on two main criteria: Ability to Execute and Completeness of Vision, mapping them as Leaders, Challengers, Visionaries, or Niche Players. Jedox is recognised as leader for the third year running in the 2025 Gartner® Magic Quadrant™ report.
In addition to the Gartner Magic Quadrant is the BARC survey. For over two decades, BARC has delivered rigorous, independent evaluation to support enterprise strategy and technology selection. The 2026 BARC survey offers direct insights from finance and planning professionals, providing the most current user-driven rankings and feedback across the planning software landscape. Jedox has been recognised as a leader, once again reinforcing its position as the most adaptable planning and performance management platform for finance teams worldwide.
This type of research should not make the decision for you, but it can help you build an informed starting point and ensure you are considering credible options.
Identify the best fit platform
Once you have a view of the market, the next step is to identify which solutions appear to be the best fit for your organisation. At this stage, it is important to look beyond reputation alone. Consider factors such as:
- The size and complexity of your business
- Your industry and planning requirements
- The level of modelling flexibility you need
- Reporting and dashboard capabilities
- Integration with your existing systems
- Ease of use for finance and non-finance users
- The quality of implementation and ongoing support
A solution that works well for a large global enterprise may not be the right choice for a mid-sized organisation. Equally, a platform that looks impressive in theory may not align with your internal processes or the skills of your team. The goal is to identify software that fits your business in practice.
Keep the initial demo list manageable
It is common to move from market research into product demonstrations, but this stage needs to be handled carefully. If you invite too many vendors into the process, your team may quickly experience demo fatigue.
In most cases, three to five initial demonstrations are enough. This gives you enough variety to compare approaches without overwhelming stakeholders or losing focus. A shorter list also makes it easier to remember what stood out and where each provider differed.
During these demonstrations, pay close attention not just to the software itself, but also to how clearly the vendor or partner understands your requirements. A strong demonstration should feel relevant to your business rather than generic.
Create a shortlist of FP&A software providers
After the first round of demonstrations, you will usually narrow the field down to two or perhaps three providers. At this point, a second demonstration or more detailed review is entirely normal.This stage allows you to revisit the most promising options with sharper questions and greater clarity. Your team will now have a better understanding of what matters most, whether that is workflow, modelling capability, reporting structure, or long-term maintainability.A second review should help confirm whether the software can genuinely support your planning processes, rather than simply presenting well in a sales environment.
Arrange a hands-on workshop
One of the most valuable steps in the selection process is also one of the most overlooked: asking for a hands-on workshop. Software can often look polished in a demonstration. However, there is a big difference between watching a solution being presented and actually using it. A workshop gives your team the opportunity to get under the surface and experience how the platform works in a more realistic setting.Ideally, this session should last between two and four hours and involve three or four key stakeholders from your business. It should allow your team to explore:
- How intuitive the system feels in day-to-day use
- How models, workflows, and processes are structured
- What sits behind the screens and reports
- How easily changes can be made
- How well the platform supports your real planning requirements
This kind of practical session often reveals more than a polished demonstration ever could. It gives you a much clearer sense of whether the platform will work for your team in reality.
Assess the implementation partner
Choosing FP&A software is not only about the technology. It is also about the people who will help you implement and support it. A workshop is an excellent opportunity to evaluate your implementation partner as well as the software itself. You need confidence that they understand your business, can translate requirements clearly, and can guide your team through the implementation process in a practical and constructive way.
This matters because implementation is a partnership. The quality of that relationship can have a major impact on project success, user adoption, and long-term value. A good partner will not simply present a product. They will listen carefully, ask the right questions, and explain the solution in a way that makes sense for your organisation.
Refine the scope before finalising the proposal
Another advantage of a hands-on workshop is that it helps both sides refine the likely scope of the project. By this point, the software provider and implementation partner should have a clearer understanding of your requirements, priorities, complexity, and timeline. That makes it easier for them to shape a more accurate proposal for both licensing and implementation.
This benefits your organisation because you are less likely to receive a broad estimate that later changes significantly. It also benefits the provider because they can better align their recommendation with what you actually need. A more refined scope leads to better planning, clearer expectations, and a stronger basis for decision-making.
Look beyond licence costs
When reviewing proposals, many organisations focus first on software licence costs. These are usually straightforward to obtain and are often based on user numbers or a similar pricing structure.
However, it is essential not to overlook implementation costs. The implementation effort will depend on the shape of your requirements, including model complexity, data integration, reporting needs, user training, and any tailored development. As a broad rule of thumb, implementation costs can often be similar to the cost of the licences, and in more complex cases they may be higher. Budget planning should reflect the full cost of delivering a successful solution, not just the price of access to the platform.
Make a decision based on long-term fit
As you move towards a final decision, it is worth stepping back and asking a simple question: which option is the best long-term fit for your business? The answer should not rely on a single demonstration, a market ranking, or a licence quote alone. It should come from a balanced assessment of:
- How intuitive the system feels in day-to-day use
- How models, workflows, and processes are structured
- What sits behind the screens and reports
- How easily changes can be made
- How well the platform supports your real planning requirements
The right FP&A software should support your team not just at the point of purchase, but throughout implementation, adoption, and future growth.
In summary
Choosing FP&A software is a process that benefits from structure, discipline, and practical evaluation. Independent market research can help you identify credible providers. A focused demo process can help you compare options efficiently. A hands-on workshop can give you a far better understanding of how the software and implementation partner will perform in practice. And a realistic view of both licence and implementation costs will support better investment decisions.
If you take the time to work through each stage carefully, you will be in a much stronger position to select a solution that genuinely fits your organisation and delivers lasting value.
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Kybos is a dedicated UK Jedox gold partner. We build planning and analysis solutions that deliver value fast using accountancy qualified consultants. Whether you want a fully customised application or to build upon an existing solution, Kybos consultants are here to help.