With FP&A software becoming important for nonprofits, learn how to pick the right solution from two leading options.
Sage Intacct Budgeting & Planning vs. Vena: Two Great Options, One Right Choice
As nonprofits contend with rising expectations, increasing competition, and evolving funding sources, the need for effective financial planning and analysis becomes urgent. Most nonprofits don’t have a tool for FP&A in place already, and it’s starting to seem like a missing asset.
Sage Intacct Budgeting & Planning (SIBP) and Vena can both deliver the comprehensive FP&A functionality that nonprofits are looking for. So which is the better choice? You’re asking the right team.
At JMT Consulting, we work with both solutions, eliminating any incentive to steer you towards one solution or the other. We also take a consultative approach that strives to connect clients with the right piece of software rather than push specific products. Our team is here to supply insider perspectives combined with objective insights about budgeting and planning software for nonprofits.
Budgeting and Planning
A cloud-based tool native to the Sage Intacct ecosystem, SIBP serves as a purpose-built budget and planning solution to help nonprofits make better use of their money. SIBP combines a deep and diverse toolkit with intuitive features and powerful safety measures.
Product Pros:
- Integration: SIBP fully integrates with Sage Intacct. Actuals travel from Sage Intacct automatically into SIBP, then a fully-built budget makes the reverse journey. For nonprofits with Sage Intacct in place (or planning to use it), choosing a complementary FP&A software builds a seamless link between all aspects of finance and accounting.
- Evolution: Sage Intacct has plans to invest aggressively and ambitiously in SIBP. Adopters can expect the solution to evolve fast in coming years as it adds stronger and more innovative features to further distinguish itself in the market.
- Cost: Nonprofits don’t have to break or even stretch their budget to add FP&A software to their toolkit. SIBP has a price point that’s accessible to any nonprofit, combined with a list of features that will meet and exceed the needs of many.
Product Cons:
- Scale: Compared to Vena, SIBP does not offer the same powerful features or massive scale. Some nonprofits will conclude that SIBP can’t meet 100% of their needs now or later and elect to invest in an alternative that can.
Vena delivers a deep suite of FP&A features including budgeting, rolling forecasting, CapEx and OpEx planning, variance analysis, cost allocations and many more. Most appealing for some users, Vena integrates seamlessly with Excel to introduce powerful features into a familiar interface.
Product Pros:
- Capability: Vena offers some of the strongest and smartest budgeting tools on the market, especially for the unique needs of nonprofits. It’s fair to call Vena the standard bearer in terms of the quality and quantity of features available.
- Scale: Nonprofits with complicated accounting needs or a large footprint can rely on Vena to handle the largest workloads. For nonprofits worried about outgrowing or overtaxing their FP&A solution, those concerns don’t apply to this piece of software.
- Integration: Vena integrates with most other major pieces of software, whether accounting or otherwise, through an API. Those integrations can save massive amounts of time and work while providing a 360-degree perspective into a nonprofit’s finances. Count on Vena to fit organically into whatever suite of software exists at your nonprofit already.
Product Cons:
- Cost: Compared to SIBP, Vena is more expensive. Some nonprofits will conclude it’s prudent to pay less for an alternative that can still meet most if not all of their needs.
Which Solution is Right for Me?
Choosing between SIBP vs Vena for nonprofits comes down to finding the right balance between cost and capability. Nonprofits that have large budgets to spend on FP&A software or large demands to place on that software will benefit from the expansive capabilities of Vena. Conversely, nonprofits with a tight tech budget or more limited needs find the affordable capabilities of SIBP more advantageous.
One way to guide the selection process is to think about the stage your nonprofit is at. If you are a small to mid-sized nonprofit, SIBP may offer everything you need at a price that fits comfortably into your budget. Larger nonprofits may need the extended feature set of Vena. Emerging nonprofits, especially those with rapid growth plans, might also want to choose Vena because it facilitates high-level financial planning and analysis from the earliest days of operation.
Budgeting and Planning Software for Nonprofits
The choice of the right FP&A software leads into the implementation followed by long-term management and optimization. JMT Consulting can assist from end-to-end, ensuring your solution delivers on expectations.
Chat with our experts to learn more about SIBP vs. Vena for nonprofits.
