Hands-On Review Of Cube Software (2024)
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I’ve started seeing more and more chatter around Cube Software for FP&A and finally had a chance to take it for a spin. Get ready for a deep-dive, hands-on review of one of the newest FP&A platforms.
Key Takeaways
Cube software is primarily used for financial planning and analysis (FP&A).
It streamlines and enhances various FP&A processes, including budgeting, forecasting, and financial reporting, by integrating directly with Excel and Google Sheets. This allows businesses to leverage the familiarity of spreadsheets while adding the functionality of advanced FP&A tools, facilitating more efficient and accurate financial management.
Cube pricing starts at $1,500 a month for lean finance teams, $2,800 a month for growth companies, and custom pricing for larger customers.
The Genesis of Cube
The inception of Cube can be traced back to a clear and pressing need within the FP&A domain: the need for a solution that bridges the gap between the versatility and familiarity of spreadsheets and the robust functionality of specialized financial software.
This gap often left finance teams in a bind—either stick with the flexible but error-prone and time-consuming spreadsheets or migrate to powerful but complex and expensive FP&A software that required a steep learning curve and significant change management efforts.
Cube was developed as a response to these challenges, with a vision to simplify financial planning and analysis for businesses of all sizes. The founders of Cube, drawing from their own experiences in finance and business operations, recognized the integral role spreadsheets played in financial tasks.
However, they also acknowledged the limitations of spreadsheets when it came to scalability, data integrity, and real-time collaboration. Cube’s mission, therefore, centered on enhancing the spreadsheet experience rather than replacing it, by providing a layer of automation, control, and insight that traditional spreadsheets lack.
By focusing on these core issues, Cube aimed to address several pain points of traditional FP&A processes:
- Data Silos and Integration Challenges: Cube’s development prioritized seamless integration with existing business systems, including ERP and CRM platforms, to automate data flow and eliminate silos.
- Error-Prone Manual Processes: Recognizing the risk of errors in manual data entry and formula management, Cube introduced automated data consolidation and validation features to ensure accuracy and reliability.
- Limited Access to Real-Time Insights: Cube’s solution allows for real-time data updates and scenario analysis, meeting strategic finance teams with the information they need to make informed decisions quickly.
- Complexity in Collaboration and Version Control: With Cube, finance teams can collaborate within the familiar environment of their preferred spreadsheet tool, with added benefits like version control and audit trails to streamline workflow and enhance productivity.
The software’s appeal is further bolstered by its recent achievements, including being named the number one solution for implementation and ROI on the prestigious G2 platform.
Core Features of Cube
Cube’s innovative approach to financial planning and analysis hinges on three core features that collectively redefine how FP&A teams interact with data, perform analysis, and share insights. These features address long-standing challenges in the FP&A domain, offering a blend of simplicity, accuracy, and strategic foresight.
Seamless Integration with Excel and Google Sheets
My favorite feature, and the core selling point of Cube is its seamless integration with Excel and Google Sheets, platforms that are deeply ingrained in the workflows of finance professionals. This integration is not merely about data transfer; it’s about enhancing these familiar environments with powerful FP&A functionalities. Cube acts as a bridge, bringing the robustness of enterprise-level software into the spreadsheets where many finance professionals feel most at home.
This integration allows users to pull in data from various sources directly into their spreadsheets, apply Cube’s analytical tools, and then manipulate and analyze the data using the spreadsheet functions they already know. The result is a more dynamic approach to financial planning and analysis, where the limitations of spreadsheets are overcome without sacrificing their flexibility and user-friendliness.
Simplification and Automation of Financial Reporting
No more manually updating reports!
Financial reporting, often a time-consuming and error-prone process, is significantly streamlined with Cube. The platform automates data consolidation and validation, ensuring that reports are not only produced faster (sometimes in only a few hours) but are also more accurate and reliable. The automation functionality blew me away.
Cube’s version control and audit trail functionalities add another layer of integrity, making it easy to track changes and maintain a single source of truth. This simplification and automation of the reporting process free up valuable time for finance teams, allowing them to focus on variance analysis and strategic activities rather than data management and error correction.
Dynamic Forecasting and Budgeting
Cube Planning revolutionizes forecasting and budgeting by introducing flexibility and real-time capabilities into these critical processes. With Cube, strategic finance teams can quickly adjust forecasts and budgets as new data becomes available, ensuring that their financial plans reflect the latest business conditions.
The FP&A platform supports multi scenario analysis, allowing users to model different financial outcomes based on varying assumptions and instantly see the impact of these scenarios. This dynamic approach to scenario planning, forecasting, and budgeting not only improves accuracy but also enhances the strategic value of financial planning, empowering businesses to navigate uncertainty with confidence.
Implementation and User Experience
Step-by-Step Walkthrough of the Implementation Process
- Initial Consultation and Setup:
The first step involves a consultation with the Cube team to understand the organization’s specific FP&A needs. This is followed by a straightforward setup process where Cube is integrated with the company’s existing Microsoft Excel and Google Sheets environments, along with any necessary connections to ERP and CRM systems for retrieving data and data consolidation. - Data Mapping and Customization:
Next, finance teams work with their Cube account manager to map their data sources into the platform, ensuring that all relevant financial data flows seamlessly into Cube. During this phase, customization options are explored, allowing the setup to be tailored to the unique reporting and analysis needs of the business. - Training and Onboarding:
Cube offers comprehensive training sessions to ensure that users are comfortable with the platform. These sessions cover everything from basic navigation to advanced features, empowering teams to make the most of Cube’s capabilities. - Deployment and Go-Live:
Once training is complete and the system is configured, the deployment phase begins. Companies can start using Cube for their financial reporting, forecasting, and analysis tasks, with ongoing support from the Cube team to address any questions or adjustments.
Real-Life Implementation Examples
One non-profit organization transitioned from housing their budget in a Google Sheet to using Cube, eliminating formula breaks and manual errors while gaining a single source of truth for their financial data. This move not only secured their budgeting process but also streamlined their monthly reporting, cutting down report building time significantly.
Another example comes from a real estate company that adopted Cube to organize their KPIs and financial data. The simplicity of Cube allowed them to connect their accounting systems directly to their spreadsheets, providing department leaders with the tools to create their own forecasts and track budget to actuals within a familiar spreadsheet environment.
User Testimonials Highlighting Cube’s Impact
Users have praised Cube for its simple implementation process, noting that they were “up and running in less than a month after signing the contract.” The platform’s ease of use and the availability of the support team were also highlighted, with one user mentioning they could “sleep better at night knowing that all my information is correct and accurate” thanks to Cube.
Another testimonial comes from a user who appreciated Cube’s flexibility and responsiveness to feature requests, stating, “Cube helped us to take a huge step forward in our planning and reporting… The team has been very responsive to our requests and the tool meets our needs overall”
Advanced Features and Analytics
Beyond the core functionalities that make Cube a standout FP&A tool, it’s the platform’s advanced features and analytics capabilities that truly showcase its potential to transform financial planning and analysis. These sophisticated elements afford finance teams not just more profound insights but also a more granular control over their data, which is invaluable in today’s fast-paced and data-driven business environment.
Custom Dashboards
Cube’s custom data visualization dashboards are a central feature, enabling users to visualize how key assumptions affect the business and see business performance indicators at a glance. These dashboards are fully customizable, allowing teams to tailor the view to their specific needs, whether that’s tracking cash flow, monitoring budget variances, or analyzing revenue streams.
The ability to configure dashboards to display real-time data means decision-makers have immediate access to the insights needed to guide strategic planning and operational adjustments.
P&L Reporting
Profit and Loss (P&L) reporting with Cube is designed to be both flexible and comprehensive, providing a detailed view of financial performance over any given period. Cube simplifies the creation of P&L reports, enabling finance teams to drill down into the data for a deeper understanding of revenue sources and expense drivers.
This level of detail is crucial for identifying trends, understanding the impact of financial decisions, and optimizing for profitability.
Advanced Data Integration
Perhaps one of Cube’s most powerful features is its advanced data integration capabilities. Cube can connect with a wide range of ERP systems, accounting software, and other data sources, ensuring a seamless flow of information into the FP&A process.
This integration is pivotal for maintaining data accuracy, consistency, local and reporting currencies, and completeness, providing a solid foundation for all financial analysis and reporting activities.
Pricing and Value for Money
Cube, like many FP&A software platforms, likely offers a tiered pricing model that scales with the size of the business, the number of users, and the complexity of the needed features. Cube pricing starts at $1,500 a month for lean finance teams, $2,800 a month for growth companies, and custom pricing for larger customers.
This approach allows companies to select a plan that best fits their needs and budget, ensuring they’re not paying for unnecessary functionalities.
The balance between cost and features is a critical aspect of evaluating any FP&A software. Cube’s unique selling points, such as its seamless integration with popular spreadsheet tools and its robust customer support, add significant value, especially for businesses that rely heavily on Excel or Google Sheets for their financial tasks.
Moreover, the positive user testimonials regarding Cube’s impact on their FP&A tasks suggest that the platform provides a strong return on investment by saving time, reducing errors, and enabling more strategic financial planning.
When assessing the overall value Cube provides to its users, consider not only the direct costs but also the indirect benefits, such as increased efficiency, enhanced data accuracy, and improved decision-making capabilities. These factors contribute to the long-term value of the software and should be weighed against the subscription price.
Case Studies and Success Stories
Cube has made significant strides in transforming FP&A processes across various industries, from real estate and non-profit organizations to technology startups and food & beverage companies. These case studies and success stories highlight the scalability, exceptional customer support, and tangible benefits that Cube users have experienced.
Real Estate Sector Transformation
A real estate company with 501-1,000 employees faced challenges in forecasting and tracking KPIs within spreadsheets. The transition to Cube allowed them to upgrade to a formal product without the lengthy implementation cycles typically associated with such a shift. Cube’s simplicity and flexibility helped organize their existing data chaos and scale with their growth. The ability to connect KPIs and data directly to accounting systems and then to Excel or Sheets streamlined their financial workflows, providing a single source of truth for their financial data.
Non-Profit Organization Management
For a non-profit organization managing between 51-200 employees, the implementation of Cube revolutionized how they stored and reported their budget. Transitioning from a Google Sheet to Cube resolved issues with formula breaks, manual errors, and the lack of an audit trail. Cube offered them a reliable platform for storing budget updates and generating reports, significantly reducing the time needed for report building. The ease and speed of implementation, coupled with ongoing support, were particularly valued by this organization.
Food & Beverage Industry Success
In the competitive food & beverage industry, a mid-sized company found Cube to be an ideal solution for creating custom dashboards and brand-level P&Ls. Cube’s user-friendly interface and robust data integration capabilities allowed the company to drill down to detailed information while maintaining the high-level overview desired by executive teams. The recent enhancements, such as the ‘remove 0 rows from results’ feature, streamlined data retrieval, making Cube an invaluable tool for their FP&A department.
Technology Sector Efficiency
A technology company with 51-200 employees highlighted Cube’s effectiveness in managing reporting through Google Sheets. The integration of Cube into their models on Google Sheets enhanced their FP&A processes, allowing for better management of financial data. Despite noting a lack of some features, the user appreciated Cube’s ability to integrate with their existing tools and simplify their reporting processes.
Final Thoughts: Who Should Consider Cube
Given its strengths, Cube is particularly well-suited for organizations that are looking for a powerful yet user-friendly FP&A solution. Businesses that rely heavily on Excel or Google Sheets for their financial planning and analysis will find Cube’s seamless integration with these platforms a significant advantage. Cube’s ability to simplify complex financial processes without requiring users to abandon the familiar spreadsheet environment makes it an ideal choice for companies of all sizes.
Moreover, Cube’s scalability and flexible pricing model mean that it can grow with an organization, accommodating evolving FP&A requirements without necessitating a switch to another system. Whether a small startup or a large enterprise, any organization seeking to enhance its financial analysis, streamline reporting, and improve decision-making processes would benefit from considering Cube.
Frequently Asked Questions
Where is Cube software located?
The company was founded in 2018 and is headquartered in New York.
Who is the CEO of Cube FP&A?
Cube CEO Christina Ross is a 3x CFO and former finance transformation leader. As a well-recognized expert in all things FP&A, she is passionately mission-driven to help finance leaders become the heroes of every org.
What are financial cubes?
Financial cubes refer to a data structure used in business intelligence and FP&A software to represent financial data in a multi-dimensional array. These cubes allow for the storage, analysis, and visualization of data across various dimensions (e.g., time, product lines, geographic regions), enabling complex queries, reporting, and analysis to support financial decision-making.
Have any questions? Are there other topics you would like us to cover? Leave a comment below and let us know! Also, remember to subscribe to our Newsletter to receive exclusive financial news in your inbox. Thanks for reading, and happy learning!
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