FYIsoft Review

FYIsoft, Inc.
Product:
Vendor:
Founded:
Headquarters:
FYIsoft
FYIsoft, Inc.
2012
Naples, FL
Ownership:
Customers:
Deployment Model:
Free Trial:
Private
Unknown
Cloud, On-Premise
No
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FYIsoft At A Glance

Good: Integration with ERP software and general ledgers, AI functionality to project future revenue and expenses, more advanced security than spreadsheets.
Bad: Not suitable for single-entity QuickBooks users.
Bottom Line: Financial reporting and analysis software that empowers finance teams in large companies to improve their productivity.

Product Overview

FYIsoft, a financial reporting and analysis solution, helps finance and accounting teams streamline their processes. It’s intended for companies with multiple locations, divisions or entities that need to consolidate their reports and analyses. FYIsoft integrates with most general ledgers and enterprise resource planning (ERP) software, so companies can get advanced financial features without having to replace those systems.

Additional benefits of the software include:

  • AI-powered tool that can analyze large amounts of data to forecast budgeting and other scenarios
  • Improved accuracy of data, since it’s automatically pulled from another system
  • Better security than manual spreadsheets
  • Self-service functionality for end users
  • Flexibility to adapt to an organization’s changing needs

FYIsoft has three solutions that all integrate into a single platform. They are:

  • ReportFYI (financial reporting)
  • AnalyticsFYI (analytics)
  • BudgetFYI (budgeting)

Features

Here are some of the key features of each solution.

ReportFYI – This software pulls data from a general ledger, and users can easily build reports using the “building block” methodology that combines desired rows and columns of data. The reports are then automatically sent to a group of users under the “organization tree”. The reports can be sent ad-hoc or scheduled in advance, and they can be sent in a variety of formats, such as PDFs or secure URLs. Within each individual report, users can drill down into the transaction details. There’s also a multi-entity reporting feature that lets users consolidate all their reporting needs for multiple divisions or locations, and the CurrencyFYI feature translates multiple currencies into a single currency. Other features of ReportFYI include data auditing, the ability to pull forecast numbers from Excel, rolling forecasts, a report library and side-by-side balance sheets.

AnalyticsFYI – AnalyticsFYI uses AI technology to help users create forecast models by analyzing historical data and predicting trends. It can project future revenue using GDP/revenue correlation data and help users predict expenses by applying historical financial ratios. Users can also slice and dice their financial data and create ad-hoc analyses using built-in templates. In addition, AnalyticsFYI has an industry benchmarking feature that lets users compare their financial performance against their competitors or similar companies in the industry. They can filter that data by company size, SIC code and other criteria.

BudgetFYI – With this software, users can create short-term and long-term budget scenarios using built-in templates that pre-populate data. It supports unlimited hierarchies and budget segmentations, and users can make changes to them with the drag-and-drop interface. Users can also work on multiple budget scenarios simultaneously. What’s more, the approval workflow engines help users stay on top of budget approvals and keep an audit trail of documented budget milestones, approvals and changes.