Vena in Insurance - Finance and Accounting
May 12, 2023

Vena in Insurance - Finance and Accounting

Megan Holmes | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User

Overall Satisfaction with Vena

The Finance department uses Vena for budgeting and planning, ad hoc reporting, expense analysis, financial statement reporting, and reconciliations. Other departments in the organization use Vena during the annual budgeting process and for monthly expense review and reporting. It provides a standard format to reference across departments and easily compare.
  • Reconciliations
  • Financial reporting
  • Ad hoc reporting
  • Problem-solving (to easily chase down details for variances/etc)
  • Creating and customizing reports can be time-consuming on the front end.
  • The sections and blocks can be difficult to grasp to many end-users (seem duplicative).
  • More standardized best practices templates would be helpful.

Do you think Vena delivers good value for the price?

Yes

Are you happy with Vena's feature set?

Yes

Did Vena live up to sales and marketing promises?

I wasn't involved with the selection/purchase process

Did implementation of Vena go as expected?

I wasn't involved with the implementation phase

Would you buy Vena again?

Yes

  • Saved considerable time for monthly close by streamlining reporting and entries
  • Saved considerable time and effort for reconciliations by standardizing input and output and ability to send reviews to different users and track completion
  • Saved a lot of headache when tracking down variances
Our organization participates in a quarterly call with our Vena representative to go over any questions or issues and learn about any updates. Unlike many check-in calls, these are actually really helpful and keep everyone on track. Also, my experience with Vena support has been exceptional. Vena is incredibly quick to respond and address any problems and personally walk you through any solutions if need be.
The amount of time that the Finance and Accounting department saves during the monthly close and financial reporting has enabled much faster business decision making when needed. Also, we have many ad-hoc reports that provide many different views of our data that are easily accessible and able to update quickly.
Vena is very well suited for reconciliations. It is easy to send out, complete, and review for all parties. The historical reconciliations are also saved in Vena for reference. One area for improvement is the level of complexity for outside users during the budget process. A more straightforward template for users who are only in the software once a year and and are not in the Finance department would be helpful.

Vena Feature Ratings

Long-term financial planning
Not Rated
Financial budgeting
10
Forecasting
10
Scenario modeling
Not Rated
Management reporting
10
Financial data consolidation
10
Journal entries and reports
10
Multi-currency management
Not Rated
Intercompany Eliminations
Not Rated
Minority Ownership
Not Rated
Local and consolidated reporting
Not Rated
Detailed Audit Trails
10
Financial Statement Reporting
10
Management Reporting
10
Excel-based Reporting
10
Automated board and financial reporting
Not Rated
XBRL support for regulatory filing
Not Rated
Color-coded scorecards
Not Rated
KPIs
Not Rated
Cost and profitability analysis
Not Rated
Key Performance Indicator setting
Not Rated
Not Rated
Flat file integration
Not Rated
Excel data integration
Not Rated
Direct links to 3rd-party data sources
Not Rated
Pixel Perfect reports
Not Rated
Report Formatting Templates
Not Rated
Drill-down analysis
10
Formatting capabilities
10
Integration with R or other statistical packages
Not Rated
Report sharing and collaboration
9
Publish to Web
Not Rated
Predictive Analytics
Not Rated
Multi-User Support (named login)
10
Multiple Access Permission Levels (Create, Read, Delete)
10
Report-Level Access Control
Not Rated