Planful's no slouch
Updated February 19, 2024

Planful's no slouch

Cory Abrahamson | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User

Modules Used

  • Structured Planning
  • Reporting
  • Consolidation

Overall Satisfaction with Planful

HomeServices uses Planful primarily as a consolidation tool, we are a decentralized organization where our subsidiaries use several different general ledger vendors and each of them has a unique chart of accounts. We have translation tables setup for each subsidiary, so as each sub loads their financials we can easily translate the information to get a company-by-company or consolidated view of the organization. We are also are able to use assign attributes within the hierarchy to view results in a non-traditional format, which involves allocating results between business segments. We also use Planful as a forecasting tool, the Structured Planning module has made this process very simple as the templates are very easy to setup and complete. We also use the Structured Planning module to assist with our 10-year plan, which the templates are very easy to complete. Before Planful, we were using Oracle Hyperion, which was at the end of life, the Oracle replacement was not cost-effective for us so we chose Planful from a handful of vendors that were brought in.
  • Planful is integral in our month-end close process as we are able to use the software to consolidate our financials
  • Financial reporting is easy to use and once there is an understanding of column and row sets, building custom reports is a breeze
  • Forecasting via the Structured Planning module is easy to setup and once completed, the templates can be updated very easily
  • User setup can be confusing, security attributes can be tricky to get correct
  • Password reset does not work, we now have single sign on setup though so this is no longer an issue
  • Before Planful, we were using excel for our forecasting and 10 year plans, so implementing the Structured Planning module was a key benefit for us. It didn't take us long to realize that this was a huge benefit.
  • The ease of reporting in Planful was such an upgrade from our previous tool, where you needed to be an expert to learn how to build reports. Planful is intuitive in the report building process and very easy to understand.
Most of our companies were using their local GL's for their internal financial reporting. Once we showed them how to use report collections, where one report can be run for many different variables, such as department, business segment, etc, our subsidiaries started using Planful for their internal reporting. We also have each of our subsidiaries update their forecast on a monthly basis, we can easily compare this to our own internal forecast so we can collaborate together to see how things will shape up for the future months.
Previously to using Planful, we were not doing a subsidiary level forecast on a monthly basis. Planful has allowed us to add this level of detail to our forecast process so we can get a much more accurate view of how we are performing on a company-by-company basis.

Having the unified suite of tools all in one platform has been a huge win for us.
Very well, the Hyperion module we were using was rather old, but the reporting capabilities of Planful were far ahead of anything in that version of Hyperion. Spotlight would be the one tool that would lag behind Hyperion as the excel report building in Hyperion was very easy as Spotlight can be a little tricky to learn.

Do you think Planful delivers good value for the price?

Yes

Are you happy with Planful's feature set?

Yes

Did Planful live up to sales and marketing promises?

Yes

Did implementation of Planful go as expected?

Yes

Would you buy Planful again?

Yes

At the beginning of Covid, there were many unknowns as most businesses didn't know what they would be able to do in specific states. The Structured Planning module worked well for me as I was able to run through all kinds of scenario options to help us determine our path forward.

I do really enjoy working in the Structured Planning module but the templates could open/close quicker, it can take a bit of time if you have a lot of templates to go through to update.

Planful Feature Ratings

Long-term financial planning
9
Financial budgeting
9
Forecasting
9
Scenario modeling
10
Management reporting
9
Financial data consolidation
10
Journal entries and reports
9
Multi-currency management
Not Rated
Intercompany Eliminations
9
Minority Ownership
9
Local and consolidated reporting
10
Detailed Audit Trails
9
Financial Statement Reporting
10
Management Reporting
9
Excel-based Reporting
10
Automated board and financial reporting
10
Personalized dashboards
Not Rated
Color-coded scorecards
Not Rated
KPIs
9
Cost and profitability analysis
9
Key Performance Indicator setting
9
Flat file integration
10
Excel data integration
10
Direct links to 3rd-party data sources
Not Rated
Pixel Perfect reports
10
Customizable dashboards
Not Rated
Report Formatting Templates
10
Drill-down analysis
9
Formatting capabilities
9
Report sharing and collaboration
10
Publish to Web
Not Rated
Publish to PDF
10
Report Versioning
9
Report Delivery Scheduling
10
Pre-built visualization formats (heatmaps, scatter plots etc.)
Not Rated
Predictive Analytics
Not Rated
Multi-User Support (named login)
9
Role-Based Security Model
9
Multiple Access Permission Levels (Create, Read, Delete)
9
Report-Level Access Control
9
Single Sign-On (SSO)
10
Responsive Design for Web Access
Not Rated
Dashboard / Report / Visualization Interactivity on Mobile
Not Rated

Planful Features and Attributes

i would give Planful a very high score regarding their support. Any time we've submitted a ticket, we get a prompt response from the support team. We also have monthly calls with our Planful rep and if there are any issues, we can bring them up on this call as well. Since we migrated to Planful in 2017, we've had a minimal number of critical issues come up and those were able to be addressed quickly.
The software's user interface is visually appealing and also incredibly intuitive, making it a easy to navigate even for the beginner user.

Navigating through the various functionalities of the software is a breeze. The well-designed menu layout and logically organized features make it easy to find what you need without any unnecessary complications. I appreciate how the developers have taken the time to streamline the user interface, resulting in a seamless and efficient workflow.

Furthermore, the software's customization options are a standout feature. Users have the flexibility to tailor the interface and settings to suit their specific needs and preferences. This adaptability adds a personal touch, making Planful not just a tool but an extension of the user's workflow.

Overall, I am thoroughly impressed with the usability of Planful. I would highly recommend Planful to anyone seeking an intuitive and efficient solution for a financial reporting solution.
We only load data on a monthly basis to Planful, so real-time financial data isn't an option that we've looked to use this product for at this time.
One of our biggest pain points in our prior software was eliminations, we were able to build dynamic journals which automated the process and always assured that the entries balanced. Setting up the journals is fairly straight-forward and the dynamic journals are breeze to use and maintain.
This was a few years ago, but our cyber team wanted us to get single sign-on(SSO) setup for Planful and they wanted it done in a rush. We submitted a ticket as normal, but in addition since there was a demand to get this done ASAP, we also reached out to our client manager. Our client manager was able to get the ticket the appropriate support so that we could get SSO implemented in a very short time period.

Using Planful

100 - For some background on us, we are a holding company that operates and manages 35+ real estate companies across the country. We use Planful as our primary reporting tool for financials and highlights/metrics. We have report collections built in Planful so that it's easy to run office level financials with the click of one button and any ad-hoc reporting as needed.
4 - The in-house support group is made up primarily of financial and business analyst positions. The administration of Planful is fairly simple, the reporting can take a bit longer to understand but there are some great online courses in the online Planful Academy that can help users go from a beginner to intermediate/expert user in no time.
  • Financial Analysis
  • Financial Reporting
  • Budgeting
  • Forecasting
  • Dynamic journals to assist with elimination entries
  • Human Capital Management
These are the primary drivers:
User-Friendly Interface: The user interface of Planful stands out for its intuitiveness. The simplicity in navigation and accessibility of features ensures that our team can maximize productivity without the need for extensive training. This user-friendly approach contributes immensely to a smooth workflow within our organization.

Reliability and Performance: In the time we've been using Planful, it has consistently demonstrated a high level of reliability and performance. The software operates seamlessly, handling our tasks efficiently without any significant downtime or performance issues. This reliability is crucial for maintaining our operational continuity.

Regular Updates and Improvements: The commitment of Planful to continuous improvement is evident through regular updates. These updates not only introduce new features but also enhance the overall performance and security of the software. It's reassuring to know that we are investing in a product that adapts and grows along with our business.

Evaluating Planful and Competitors

Yes - Prior to Planful, we used Oracle Hyperion as our financial reporting software. The version we were on was no longer supported by Oracle and the replacement was not a cost-effective option for us. Planful was a significantly more affordable option and we felt was a better fit for our company.
  • Cloud Solutions
  • Scalability
  • Ease of Use
  • Other
We were looking for a cloud solution product, that was intuitive and the reporting could be customized to fit each of our business segments. We were also acquiring several companies a year at this time, so we wanted a product where adding new companies to the hierarchy was fairly simple.
We have two instances of Planful and we would have preferred to keep it as one, if we could go back we would have pushed for one instance.

Planful Support

ProsCons
Quick Resolution
Good followup
Knowledgeable team
Problems get solved
Kept well informed
No escalation required
Support understands my problem
Support cares about my success
Quick Initial Response
Difficult to get immediate help
We purchased the premium support, mainly as our timelines for month-end reporting are very short, so we wanted to be certain that if we have issues, they can be addressed immediately. Looking back, we've hardly ever had any issues, but it is comforting knowing that if we need it, we have it.

Using Planful

ProsCons
Like to use
Relatively simple
Easy to use
Technical support not required
Well integrated
Consistent
Quick to learn
Convenient
Feel confident using
Familiar
None
  • User Administration
  • Scenario Adminstration
  • User Administration
  • Scenario Administration
  • Data Loads