FYIsoft Review

FYIsoft, Inc.
Product:
Vendor:
Founded:
Headquarters:
FYIsoft
FYIsoft, Inc.
2012
Naples, FL
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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 available in real time if deployed in the cloud.
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.

Target Market

FYIsoft targets finance and accounting teams in large and enterprise organizations in many industries, such as health care, restaurants, retail, insurance, utilities and construction. We’ve listed 10 of its clients below.

  • Applebee's
  • Chicago Bulls
  • Coca-Cola
  • Goodwill
  • Innodata
  • Mutual of America
  • Nutrisystem
  • Piedmont Airlines
  • Taco Bell
  • 21st Century Oncology

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Implementation/Integration

FYIsoft offers quick implementation, however, the process can vary depending on the client’s needs and requirements. The process typically includes a project kick-off meeting, data integration and training.

As mentioned, FYIsoft integrates with many ERP software and general ledgers. Some examples of those solutions are Acumatica, Infor, Microsoft Dynamics 365, Sage, and SAP.

Customer Service & Support

Users can contact support via phone or email, and they can also submit an online ticket request.

Pricing

Pricing is not publicly available, so please contact the vendor directly for a quote.

Shortcomings

FYIsoft isn’t available in real time if it’s deployed in the cloud.

Screenshots

FYIsoft, Inc. Screenshot 1
FYIsoft, Inc. Screenshot 2
FYIsoft, Inc. Screenshot 3

About

FYIsoft’s mission is to provide a powerful software that helps finance and accounting teams, especially those in organizations with complex needs, simplify their processes. Its team members have extensive experience in key areas, such as finance, enterprise resource planning and information technology, and they have served as CFOs, analysts and consultants in the past. FYIsoft was founded in 2012 and is located in Naples, FL.

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