TrustRadius
Vena Solutions provides a financial process automation solution to automate Corporate Performance Management, accounting and budgeting, Regulatory & Compliance, and other finance-related processes. It is scaled for medium to large-sized organizations.https://media.trustradius.com/product-logos/K0/bg/0ZXHVCE0ZJPA.JPEGHarness the Power and Flexibility of Excel with a Vena Solutions Database and Workflows!We use Vena Solutions for budgeting, forecasting and salary increase planning. Vena Solutions allows us manage our spreadsheet distribution and data collection from all departments across our university. We collect department data for each of these processes and save the data into the Vena Solutions database. Data is automatically consolidated and aggregated per our requirements for use in advanced management reports as well as ad hoc reports.,Vena's strength is allowing the use of all features and functionality in Excel while also providing workflow and approval processes that can be managed on a department by department basis. Having the database with saved data behind the Excel interface allow for consolidation of data and reporting at multiple organizational levels, along with providing the flexibility needed to build reports exactly as needed for each financial process. Intuitive and powerful workflow functionality allows us to pre-determine our distribution cycle for spreadsheets including managing the review process, which also captures full auditing. As administrators, we can view the status of each department's work and the point at which each is in the workflow using the easily navigated management tools. Version and change control of spreadsheets allows us to track changes made to spreadsheets from one year to the next as new requirements surface. End users who have been accustomed to using Excel for budgeting and other processes required very little training, and we were able to enhance our previous blank Excel templates with pre-filled data for actuals, prior year budgets and personnel budgets. This allows department managers to focus on creating an accurate budget rather than spending time doing data entry and off-system analysis (which they often don't do). Users commented that implementing Vena was the best implementation we've had. Customer support is great and very responsive! The training consultants are also very knowledgeable in Excel functions and provide ways to enhance templates and reporting by providing a combination of Vena and Excel solutions. Vena Solutions provides users with extended Excel functionality and flexibility, especially for spreadsheet-driven processes. Vena can store a wide variety of data, allowing us to use Vena for financial processes, reporting, operations planning and human resource planning.,When first learning to use Vena, it may seem that reports can't be created as easily as in other solutions - there's no drag and drop from a selection of fields. However, once the Vena tool is learned, reporting becomes much easier. The flexibility of Vena may also be a downside for some administrators. A vision for what a template or report should look like and do is needed as building a template or report starts with a blank Excel workbook. Vena isn't the flashiest budgeting tool available, but we believe the flexible functionality outweighs the looks of other software.,10,Vena Solutions has allowed us to automate and consolidate our budgeting and forecasting processes, thereby reducing manual data entry time, spreadsheet consolidation time and human error, resulting in improved turnaround time and more accurate budgets and reporting data. Budget administrators no longer have to check each worksheet for accuracy of accounts used and can easily see where more budget balancing work is required. Providing current financial information to users within the budgeting template has helped users create more accurate budgets. Our previous approval process required passing around of paper Excel documents for signature. This can all be done within Vena now, so paper movement is no longer required. Managers can also request department users to resubmit budgets as necessary through the approval process. We estimate the ROI for Vena became positive between year 2 and 3. The savings is mainly due to lower labor costs as we had not invested in any budgeting solution prior to using Vena.,Adaptive Suite, Xlerant, Alight Planning and IBM Cognos,IBM Cognos,275,3,Annual Budgeting - We have a two step process that uses assumptions to create tuition, fees, enrollment and other revenue budgets, as well as apply inflation increases to expense lines. The second phase uses the first phase to allocate portions of the first phase to departments and serves as a target budget for each department. Annual forecasting - We require departments to estimate fiscal year end revenue and expense amounts based on actuals and budgets through a portion of the fiscal year. Salary Increase Planning - Managers allocate salary increases (based on an allocated amount) to personnel within the departments using percentage changes, flat changes or hourly dollar amounts.,We did not expect to be able to use data collected from one process for a different process, but with the flexibility of the Excel templates and Vena solution, we have been able to do so. Previously, we had to reconstruct data from one process for use in another. For example, we use the salary increase planning data collected in the Fall in our annual budgeting process for the following year budget. Being able to create very customized reports that don't aggregate data on the same level - we can include data at the revenue or expense account level and also at the department level in the same report to meet our internal reporting requirements.,We would like to use Vena for our annual audited financial statements so that we won't have to manually update stand alone spreadsheets, statements and footnotes when our actuals are updated during the financial statement preparation time period. We would like to use Vena to collect interdepartmental billing data on a monthly basis, which would be able to validate data in ways that isn't possible with standalone spreadsheets.,10,Implemented in-house,Yes,Change management was a small part of the implementation and was well-handled,When interviewing users of other solutions during reference calls, we found that none of the users were able to make any updates to their solutions - they all had to go back to the software company for any changes. This also did not allow them to use the solution for other processes without the software company being involved in the solution. Vena was able to train our main Vena administrator during the implementation (administrator built the templates with guidance from the Vena consultant) and has since been able to roll out new templates, reports and new processes with minimal help from Vena. The main Vena administrator was able to train other administrators in template and report building via 1 hour training sessions over about an 8 week time period. Other training has been done on an ad hoc basis as necessary. Sometimes it was hard to communicate over webex what our requirements were so the consultant would know how to guide us in template building, but this was not a significant problem especially considering the very large and complicated standalone workbook we had been using.,10,9,Yes,Our data, data model and reports were inadvertently deleted by our IT department. Vena provided excellent support in trying to help us recover the data and were available as needed to help with the restoration. Early in our use of Vena, we encountered a bug that disconnected some of the data details from the main data elements, and the Vena consultant worked over the weekend to restore the links in the data and fixed the bug as well. We were very appreciative and do not receive that kind of service from most software providers. We haven't encountered any major problems with the Vena solution in the last couple of years, but I would expect excellent customer service if we do in the future.
Unspecified
Vena Solutions
24 Ratings
Score 8.8 out of 101
<a href='https://www.trustradius.com/static/about-trustradius-scoring' target='_blank' rel='nofollow noopener noreferrer'>trScore algorithm: Learn more.</a>TRScore

Vena Solutions Reviews

Vena Solutions
24 Ratings
<a href='https://www.trustradius.com/static/about-trustradius-scoring' target='_blank' rel='nofollow noopener noreferrer'>trScore algorithm: Learn more.</a>
Score 8.8 out of 101

Do you work for this company?

Show Filters 
Hide Filters 
Showing 1 of 24 Vena Solutions ratings and reviews.
Clear all filters
Overall Rating
Reviewer's Company Size
Last Updated
By Topic
Industry
Department
Experience
Job Type
Role

Reviews (1-1 of 1)

Companies can't remove reviews or game the system. Here's why.
Lori Lambert profile photo
Score 10 out of 10
Vetted Review
Verified User
Review Source

Implementation

10
The Vena consultant had great knowledge of both the Vena solution and Excel and Excel functions. He was able to help suggest ways to build our templates that met our requirements using Excel functions we had not previously considered using. And we have been able to use the Excel information he provided in other ways outside of Vena. He was very patient and flexible as we learned the Vena tool and created templates.
Read Lori Lambert's full review

Feature Scorecard Summary

Customizable dashboards (1)
10
Report Formatting Templates (1)
10
Drill-down analysis (1)
10
Formatting capabilities (1)
10
Report sharing and collaboration (1)
10
Publish to PDF (1)
10
Report Versioning (1)
10
Report Delivery Scheduling (1)
10
Pre-built visualization formats (heatmaps, scatter plots etc.) (1)
10
Multi-User Support (named login) (1)
10
Role-Based Security Model (1)
10
Multiple Access Permission Levels (Create, Read, Delete) (1)
10
Long-term financial planning (13)
9.0
Financial budgeting (14)
9.5
Forecasting (12)
8.5
Scenario modeling (12)
8.8
Management reporting (15)
8.1
Financial data consolidation (14)
9.6
Journal entries and reports (6)
9.1
Multi-currency management (5)
9.6
Intercompany Eliminations (7)
6.7
Minority Ownership (3)
9.1
Local and consolidated reporting (11)
9.7
Detailed Audit Trails (14)
9.7
Financial Statement Reporting (14)
9.6
Management Reporting (15)
8.8
Excel-based Reporting (16)
9.6
Automated board and financial reporting (10)
8.1
Personalized dashboards (8)
7.2
Color-coded scorecards (5)
6.2
KPIs (6)
6.5
Cost and profitability analysis (4)
9.6
Key Performance Indicator setting (6)
6.5
Benchmarking with external data (2)
8.5
Flat file integration (14)
9.4
Excel data integration (15)
9.7
Direct links to 3rd-party data sources (10)
9.6

About Vena Solutions

Vena Solutions says it offers intuitive budgeting, planning and forecasting software for medium to large sized organizations. Vena says it embraces Microsoft Excel and turns it into an enterprise cloud solution with a centralized database, sophisticated workflow, powerful reporting and advanced analytics. Unlike traditional software that replaces Excel with rigid, hard-to-use applications with a steep learning curve, Vena promises an easier way for finance and sales professionals to get trusted numbers and insights – fast.

Over 500 companies use Vena to get trusted insights that drive faster, smarter business decisions.

Vena Solutions Features

Budgeting, Planning, and Forecasting Features
Has featureLong-term financial planning
Has featureFinancial budgeting
Has featureForecasting
Has featureScenario modeling
Has featureManagement reporting
Consolidation and Close Features
Has featureFinancial data consolidation
Has featureJournal entries and reports
Has featureMulti-currency management
Has featureIntercompany Eliminations
Has featureMinority Ownership
Has featureLocal and consolidated reporting
Has featureDetailed Audit Trails
FInancial Reporting and Compliance Features
Has featureFinancial Statement Reporting
Has featureManagement Reporting
Has featureExcel-based Reporting
Has featureAutomated board and financial reporting
Has featureXBRL support for regulatory filing
Analytics Features
Has featurePersonalized dashboards
Has featureColor-coded scorecards
Has featureKPIs
Has featureCost and profitability analysis
Has featureKey Performance Indicator setting
Has featureBenchmarking with external data
Integration Features
Has featureFlat file integration
Has featureExcel data integration
Has featureDirect links to 3rd-party data sources
BI Standard Reporting Features
Does not have featurePixel Perfect reports
Has featureCustomizable dashboards
Has featureReport Formatting Templates
Ad-hoc Reporting Features
Has featureDrill-down analysis
Has featureFormatting capabilities
Has featurePredictive modeling
Does not have featureIntegration with R or other statistical packages
Has featureReport sharing and collaboration
Report Output and Scheduling Features
Does not have featurePublish to Web
Has featurePublish to PDF
Has featureReport Versioning
Has featureReport Delivery Scheduling
Data Discovery and Visualization Features
Has featurePre-built visualization formats (heatmaps, scatter plots etc.)
Does not have featureLocation Analytics / Geographic Visualization
Has featurePredictive Analytics
Does not have featureSupport for Machine Learning models
Does not have featurePattern Recognition and Data Mining
Does not have featureIntegration with R or other statistical packages
Access Control and Security Features
Has featureMulti-User Support (named login)
Has featureRole-Based Security Model
Has featureMultiple Access Permission Levels (Create, Read, Delete)
Has featureReport-Level Access Control
Does not have featureTable-Level Access Control (BI-layer)
Does not have featureField-Level Access Control (BI-layer)
Has featureSingle Sign-On (SSO)
Mobile Capabilities Features
Has featureResponsive Design for Web Access
Does not have featureDedicated iOS Application
Does not have featureDedicated Android Application
Has featureDashboard / Report / Visualization Interactivity on Mobile
Additional Features
Has featureEmbrace all the Power and Flexibility of Microsoft Excel
Has featureDrive Powerful CPM Enterprise Functionality
Has featurePowerful Workflow, Audit and Reporting
Has featureIn-memory Computing (IMC) Technology
Has featureMobile & Tablet Accessibility

Vena Solutions Screenshots

Vena Solutions Integrations

Microsoft Dynamics, Oracle, SAP, Sage, Salesforce, Quickbooks, Deltek, FinancialForce

Vena Solutions Competitors

Pricing

Does not have featureFree Trial Available?No
Does not have featureFree or Freemium Version Available?No
Has featurePremium Consulting/Integration Services Available?Yes
Entry-level set up fee?Optional

Vena Solutions Customer Size Distribution

Consumers
0%
Small Businesses (1-50 employees)
5%
Mid-Size Companies (51-500 employees)
35%
Enterprises (> 500 employees)
60%

Vena Solutions Support Options

 Free VersionPaid Version
Phone
Live Chat
Email
Forum/Community
FAQ/Knowledgebase
Social Media
Video Tutorials / Webinar
Customer Support Portal

Vena Solutions Technical Details

Deployment Types:SaaS
Operating Systems: Unspecified
Mobile Application:You don't need to download an app or change a setting to use Vena on your mobile device: just open your browser, go to Vena (vena.io), and log in as you normally do. The Contributor interface is fully responsive, so it can adjust to any size screen, regardless of the type of device you have.
Supported Countries:United States of America, Canada, United Kingdom, Australia, South Africa, Europe
Supported Languages: Vena supports any localization capabilities already native within Excel. Vena Cloud supports English, Spanish, and French. If a specific language is required please don’t hesitate to ask.