TrustRadius
A Simply Amazing Consolidation Tool
https://www.trustradius.com/corporate-performance-management-cpmVena SolutionsUnspecified8.824101
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May 29, 2018

A Simply Amazing Consolidation Tool

Score 9 out of 101
Vetted Review
Verified User
Review Source

Overall Satisfaction with Vena Solutions

We acquired a couple of companies in different geographies. Each of these companies' finance departments uses different IT systems, however, the common thing among all finance teams is the use of Excel. We chose Vena Solutions for the very reason, familiar Excel look and feel and its compatibility with Excel. Vena easily integrates with Microsoft Excel. All our finance teams across the world like Vena and import their financial statements from different ERP systems into Vena. The corporate will consolidate all these financial statements, do variance analysis using Vena.

We developed some fancy dashboards using Vena too. Finance controllers are assigned tasks in Vena and they are tracked for timely consolidation of financial reports. The audit trail feature in Vena is robust, if any data is changed, Vena will show the name of the person who updated it.
  • Easy integration with Excel. The tool looks familiar as it looks similar to Excel.
  • Great customer support from Vena support team.
  • It has all the advantages of Excel without the limitations of Excel like the audit trail, version control etc.
  • Audit trail feature helps in identifying the source of updates on the data.
  • Efficient aggregation and consolidation tool. The volume of data we handle could not be handled by Excel efficiently. Vena solved the problem.
  • Like any tool, it takes some time to use the advanced features in the tool. It took me some time to master the report building from scratch.
  • People who know Excel love this product. People who are not familiar with Excel find it difficult.
  • The user experience can be improved. The tool can be made more intuitive.
  • We are able to meet our deadlines without increasing the headcount. It made our financials controllers and financial analysts more effective.
  • We did not spend much time on training our users. As the tool is very similar to excel the finance users started using it from day one.
  • This tool is the best value for money when compared to other products in the market.
We explored using Hyperion. However, our top management did not approve it as it was expensive for us. We are glad we chose Vena as it is within our budget and does what we need. Further, the customer service of Vena Solutions is good. Vena is not a flash tool, it meets our needs. Vena is constantly rolling out updates and increasing the features.
We use Vena Solutions to consolidate financial statements from various subsidiaries. We use it for variance analysis, budgeting, forecasting. We developed some dashboards, as our CFO likes visuals. We are using to track the tasks by financials controllers to meet the deadlines.

Vena Solutions Feature Ratings

Long-term financial planning
9
Financial budgeting
9
Forecasting
8
Scenario modeling
8
Management reporting
9
Financial data consolidation
9
Journal entries and reports
8
Multi-currency management
Not Rated
Intercompany Eliminations
Not Rated
Minority Ownership
Not Rated
Local and consolidated reporting
Not Rated
Detailed Audit Trails
Not Rated
Financial Statement Reporting
9
Management Reporting
8
Excel-based Reporting
9
Automated board and financial reporting
9
Personalized dashboards
Not Rated
Color-coded scorecards
Not Rated
KPIs
Not Rated
Cost and profitability analysis
Not Rated
Key Performance Indicator setting
Not Rated
Benchmarking with external data
Not Rated
Flat file integration
Not Rated
Excel data integration
Not Rated
Direct links to 3rd-party data sources
Not Rated