DataRails vs. Vena
FP&A software assists CFOs, finance leaders, and FP&A experts in ensuring the financial health of their organization by tracking and analyzing current outcomes and forecasting future performance. These cutting-edge tools aid teams in streamlining, automating, and improving the accuracy and efficacy of tactical and strategic initiatives.
With providers of all shapes and sizes offering FP&A software, selecting the right platform for your specific needs can be difficult. That's why we've put together this list of the best FP&A tools on the market, including what each one is, how it can benefit you, and where you can find it. With a growing number of products on the market, it is only a sample of what is available, but it represents the best of the best.
Features:
Features | DataRails | Vena |
|---|---|---|
Maintaining Use | Designated in house customer success manager and FP&A consultant. No need for dedicated system administration | Need dedicated system administrator to maintain Vena use |
Excel Compatibility | Complete native Excel functionality. Internal financial models can be imported as well | Great Excel interface. Some users feel that the platform is quite rigid when formatting specific sets of data |
Power BI | Full Excel functionality with customized dashboard and no need to learn BI | Need to learn Power BI |
Integrations:
Integrations | DataRails | Vena |
|---|---|---|
HR+ Labor Planning | No dedicated part of the product but can analyze them in the database | Plans salaries, benefits, and taxes including pre-built logic for calculating unique benefits in each individual country |
Third Party BI Integrations | Integrates with all of the big software applications but has a wide variety of options in addition, with over 30 available integrations | Integrates with big platforms such as Netsuite and Salesforce, and Quickbooks |
Integrating Systems | CRM, ERP, HRIS and more | CRM, ERP, HRIS and more |
Functionalities:
Functionalities | DataRails | Vena |
|---|---|---|
Onboarding Engagement Time | 1-2 hours per week | 5-6 hours per week |
Available in | US, UK, and Canada | Wider Audience including Europe and Asia |
Audience | SMBs | Companies of all sizes |
Pricing & plans:
Pricing and Plans | DataRails | Vena |
|---|---|---|
Contract options | Monthly or yearly options | Minimum 1 year commitment (sometimes more) |
Price | Starting at $2k per month with no implementation fee | Starting at $30k per year+ implementation fee of approximately $30k= $60k |
Features and Functionality
For a cloud solution such as FP&A software, the combination of as many features as possible along with simplicity and usability is the key to a great product. In fact both companies do a great job of this. DataRails and Vena have a host of functionalities that allow companies to accurately budget and forecast error free and in a time saving manner through automation and integration. Financial analytics, scenario modeling, and financial close management are just a few of the features that both Vena and DataRails provide as 2 of the best solutions on the market.
However, the main feature and functionality difference is not in a specific service that either provides, but rather in how they provide it. DataRails has a higher compatibility with Excel which means the ease of use, familiarity, and implementation time all outrank Vena and gives them the edge in this category.
Slight Winner: DataRails
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Plans and Pricing
Both solutions offer different price and payment options, but DataRails beats out Vena in both categories. DataRails on average is less than half the price of Vena when calculated for the first year of payments (around $24k compared to approximately $60k). Vena’s significantly higher price is due to the one time implementation calculated into the first year, but even with their cheaper, long term option (3 years for approximately $120k), DataRails is still far less expensive. In addition to being cheaper, DataRails also offer monthly plans with no commitment- far more attractive than the minimum 1 year commitment that Vena offers.
Big Winner: DataRails
Built-In Solutions
Although DataRails has an easier-to-use platform that translates into faster implementation time because of its alignment with Excel, Vena provides more complex options of what can be done with its workflows. In addition to the time- saving workflows, report sharing, and version control that both solutions offer, Vena allows experts to dig a little deeper with reporting thanks to their innovative add ons such as Workforce Planning and Pre-Configured Solutions.
Slight Winner: Vena
Integrations
Both DataRails and Vena integrate with CRM, ERP, HRIS, or just about any system of choice. The big difference between the 2 companies lies in the number of data integrations from cloud applications and systems. Vena and DataRails both cover the biggest and most important native connectors such as NetSuite, Sage Intacct, Salesforce and Intuit QuickBooks. However, DataRails also integrates a host of big and small cloud applications such as Google Analytics, Oracle and HubSpot to name a few of the differentiators.
Winner: DataRails
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Summary
DataRails: The price, flexibility, and ease of use is hard to beat. However, what most customers enjoy the most about DataRails is the fact that its compatibility with Excel is so exact that it’s as if nothing’s changed. The ROI from day one, with the very limited time spent on training employees, are huge pros with this choice.
Vena: One of the most reliable FP&A software solutions founded over a decade ago, Vena’s compatibility with Excel and multitude of add-ons makes it a great choice for many financial teams. Catering to a wider range of customers both in terms of company size and location serves as a big advantage as well. The downsides, however, are the time it takes to implement (approx. 3-6 months), the price (more than 2x as expensive as DataRails), and greater rigidity.
