FP&A software is gaining popularity thanks to the need for automation and upgrading all of the integrations and data sources that occur today in the finance function. At The Finance Weekly we put together comprehensive reviews of different FP&A software tools.
Finding the right FP&A software tool can be costly and time consuming, and we hope these reviews will help you save time and make the right choice for your company. This report will cover everything about Cube Software - customer feedback, software review sites such as G2, pros and cons, and pricing.
Who is Cube Software Meant For?
Cube’s FP&A software solution is built for Small and Medium sized Businesses (SMBs) and helps automate and consolidate financial data into “one source of truth”. Customers report that it helps save many hours on pulling data, reporting, and the month end close. Based on our research and customer feedback, Cube’s FP&A tool is best for:
Google Sheets users - Cube is one of the only FP&A software tools that caters natively to Google Sheets.
Startups and Small Businesses - Based on dozens of customer reviews, Cube is best for “small and lean” finance teams.
Cube Customer Reviews
Cube Software was founded in 2018 and has a wide range of both positive and negative customer reviews. Let’s take a look at an overview of the ratings from the most common software review sites:
G2 - 4.5 out of 5 stars overall
Trustradius - 8.8 out of 10 overall
Capterra - 4.6 stars out of 5 overall
Cube Software Pros
As an FP&A software for small businesses and startups, Cube provides many benefits to FP&A teams. After analyzing customer reviews and case studies we found that Cube provides the most value to companies in these 3 scenarios:
1) Automation, especially month end reporting - Like most FP&A software, Cube helps automate and consolidate manual processes. Things like variance analysis and month end reporting take far less time with Cube. Companies can then spend less time pulling and consolidating data and more time analyzing it.
2) Best for lean FP&A teams - Small and lean FP&A teams particularly enjoy the benefits of Cube, and many customers particularly note this in their reviews. Cube is particularly good for small finance teams that use Google Sheets. This helps them maintain one source of truth and eliminates issues with audit control and different versions.
3) Benefits spread to the rest of the company - Cube is meant for cutting down on manual work for the finance team, but some customers report that benefits are also felt throughout the company. Cube can help companies make smarter decisions with the increased access to data from the FP&A team.
Although Cube offers numerous advantages to FP&A teams, there are four scenarios in which their customers strongly perceive them to be lacking:
1) Some customers complain that its one-size-fits-all FP&A solution doesn’t fit - Implementing Cube’s one-size-fits-all FP&A solution means that it might fail to meet the specific needs of individual organizations. This lack of flexibility can hinder the organization's adaptation to changing business conditions and evolving financial strategies. Scalability may also be a concern, as Cube may struggle to handle increased data volume and complexity.
2) Limited dimensions hamper analysis - Cube Software provides its users with 8 dimensions, out of which 4 dimensions are predetermined by the company and cannot be changed (for example finance dimension and HR dimension). This limitation becomes challenging for companies that rely on detailed reports, as it significantly restricts the flexibility of their reporting capabilities because transferring data between the dimensions can be complicated and time consuming.
3) Slow importing processes - While Cube might be trying to help companies with its time-saving features, the simple act of importing data into Cube can prove to be a major setback, especially during crucial periods such as month-end-close, ultimately undermining its time-saving benefits.
4) No drill-down capabilities - Enabling a deeper understanding of the underlying factors contributing to the summarized figures is essential for FP&A professionals to make data-driven decisions, anticipate future financial outcomes, and provide valuable insights to drive organizational growth and success. However, Cube software can only publish drill-downs at a summary level, meaning users cannot explore further into the underlying components or elements of the report.
Cube software sets itself apart with its cheap pricing plans, especially their “Essentials” plan as it begins at a monthly price of $1,250. However, this is meant for one person or very small finance teams. Additionally, the cost increases due to the inclusion of a one-time implementation fee that is applicable to all plans. This fee typically varies between $5,000 and $10,000, depending on the implementation's complexity and the company's size. It is also important to note that consulting services are available for an additional cost of $250 per month and are limited to a maximum of 4 hours per month.
When assessing which FP&A software tool your company should implement, we at The Finance Weekly believe Cube is a great, affordable option for startups and small companies with basic finance functions or those that rely on Google Sheets.
For more information about different types of FP&A software and their comparisons check out our comparison and analysis of 5 of the top FP&A software in 2023.