Best Financial Modeling Software in 2023

Determining the best financial modeling software in 2023 can be overwhelming. There are numerous options all claiming to solve your modeling and planning problems. In fact, if you search for “Best Financial Modeling Software” on Google, you’ll find over 600 million results. Making things even more complicated, every company has wildly different selling points and pricing structures.

To help make your decision easier, we’ve developed a 4-prong framework to assist you in deciding what’s important to you and your business.

All financial modeling software can be viewed from 4 separate perspectives: Agility, Scalability, Structure and Pricing.


When we talk about agility with respect to financial modeling, we’re looking to answer the question: can you create any type of model that works for your business?

Traditional Spreadsheets

Traditional spreadsheets are known for their agility. When you open a new workbook in Excel, you’re met with a blank canvas of cells. This offers you the ability to create a model tailored to your business. An additional benefit is that traditional spreadsheets can be used by just about everyone. They don’t require special Admins to develop or configure the models. In summary, traditional spreadsheets can answer ‘yes’ to the question above.

Enterprise Planning Tools

Enterprise Planning Tools are not agile. The main reason for this is that they are limited in their customizability. This category of tools does not offer the same “blank canvas” style of model creation. Rather, you’ll find preset options that you can configure to best-fit to your organization. These tools can also require consultants and experts during both creation and maintenance, and as a result cannot successfully answer the agility question.

Quantrix | Financial Modeling Tools

Quantrix is designed expressly for modelers and planners. Similar to traditional spreadsheets, Quantrix models begin as a blank slate that can be used to create models specific to your business needs. Your creations are only limited by your imagination. Additionally, many users are able to build their models on their own. Resources can be provided if users wish to get extra help or consulting work. Quantrix is able to answer “yes” to the question raised above.


When referring to scalability with respect to financial modeling software, we’re trying to answer the question: can you modify, expand, and grow your model over time?

Traditional Spreadsheets

Traditional spreadsheets struggle with scalability. Much of this struggle can be attributed to the formula writing. Formulas are written and maintained in cells. That means adding new products, years or regions to a model can be complicated and time consuming. As a result, spreadsheets tend to not be very scalable.

Enterprise Planning Tools

Enterprise Planning Tools are designed to be scalable. Their ability to expand in the presence of changes, makes them powerful assets for companies. As long as your business fits into the available configurations, then it should be possible to scale your models over time. Enterprise Planning Tools are able to answer “yes” to the scalability question.

Quantrix | Financial Modeling Tools

Quantrix offers among the most powerful scalability. Business models don’t look the same year over year. New products and regions can be added with a single click. This is possible because formulas are separated from the cells. No matter how many columns or rows you add, the formulas won’t break. Quantrix easily answers “yes” to the scalability question.


When referring to structure with respect to financial modeling software, we’re trying to answer the question: how well does the modeling software reflect your actual business structure and how easy is it to change?

Traditional Spreadsheets

Using Traditional Spreadsheets, you may be able to put together a model that accurately represents your business, at least in the beginning. The difficulty begins when your business grows or changes. For example, if you add a new product to your model, are you confident that type of change is properly mapped and connected throughout the rest of it? Chances are, you’re not.

Enterprise Planning Tools

Enterprise Planning Tools can be adjusted to accommodate changes to your business, but it can be time and/or money intensive. In many cases, if you want to make an update, such as a new product, you’ll need to utilize consultants or raise an IT ticket to get the job done. As a result, this category of software is limited.

Quantrix | Financial Modeling Tools

Quantrix structure is easy to build and maintain. Model expansion is greatly simplified. Adding a new category can be done by a modeler (not an admin), by simply hitting “Enter.”  The changes are instantly replicated throughout the rest of the model. With Quantrix, you’re not only able to create models that represent your company, you can do so even as your business or external factors change.


Another major factor in purchasing software is the price. The price of software comes in two forms: the financial cost and the time cost.

Traditional Spreadsheets ($)

Traditional Spreadsheets are generally inexpensive and sometimes even free with the purchase of your computer. For smaller use cases, this is a great option. However, once your models become larger, the time needed to manage, maintain and audit can overcome the “free” nature of the tool.

Enterprise Planning Tools ($$$$)

Enterprise Planning Tools are the most expensive monetarily. Not only is the software pricey, the consultants/experts required to implement, maintain and manage the model can skyrocket the deal size. They are scalable tools so time savings may be found when expanding models – however, it will likely be modest compared to the original sticker price.

Quantrix | Financial Modeling Tools ($$)

While Quantrix isn’t free, it doesn’t carry a hefty price-tag in comparison to the Enterprise Planning Tools. It’s a scalable tool, that’s easily maintained and even offers ways to audit all the changes made in a model. That, combined with a fast multi-dimensional calculation engine, means that you’ll also save time. This extra time can be used to create new models, plan, and answer important business questions.


Your use case and needs will help to guide your decision. Check out the chart below to see our final results.


Quantrix is the complete package. If you would like to see how Quantrix can improve your business, book a demo today!

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