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What is Abacum?
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Abacum is a Financial Planning and Analysis (FP&A) platform, designed to automate, analyze, and forecast for strategic impact. It puts an end to the struggle associated with spreadsheets, driving business results more efficiently. The platform allows finance teams to generate rapid revenue forecasts, manage scenarios, and plan headcount. It also automates tasks such as the creation of board decks, performance tracking, and reforecasting reports. Abacum centralizes both operational and financial Key Performance Indicators (KPIs) in real-time for in-depth analysis. Additionally, it structures workflows to maintain accountability for budget owners. The use of automation in FP&A is a primary feature of Abacum.
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Intuitive, easy-to-use product and great service for implementation.
Presentation front-end is very flexible for reporting and presented in a modern UI.
- Speed at which modelling & tables can be built. This has been pivotal for us, as it's allowed us to build & review at a much better pace and not be restricted by modelling inefficiencies. - Cohesion with the Finance team and key stakeholders. Abacum has become our one source of truth for financial reporting. - Support from the Abacum team. Through all touch points Abacum has provided incredible customer service. From the onboarding, to our account manager and the ticketing system. They have always been on hand to support with queries, find solutions and give our feedback right back to the Abacum product team to implement.
The ADP integration didn't go as planned, which was unfortunate and we had to scrap it or build a custom one via SFTP uploads. It would be nice if you could customize what you bring over through the integration itself to avoid that. I also still think their Excel add-in has a ways to go. It would be great if you could pull dimensionality through the add-in (e.g., specify each row/column/cell which version, time period, account, etc. you're pulling in instead of pulling everything from a model in all at once). That would really unlock a lot for me. Finally, I wish the manual uploads were a little easier to maintain in Abacum. We have a lot of data that still needs to be manipulated in Excel in some way (e.g., ASC 842 leases, our revenue inputs which come from a separate system, etc.), so it would be nice if there was a more intuitive way to bring over these spreadsheets and link/maintain them that isn't just Google Sheets.
Complicated back end. Even adding basic forecasting assumptions feels too complicated e.g. inflation increases, payrise assumptions. There still seems to be issues with locking versions.
- Some of the modelling can be a little clunky - mainly with the use of dimensions. We've had difficulty assigning dimensions further down the modelling hierarchy where they haven't been activated before and it's led to inefficient time trying to solve. - The formatting of tables and spaces is limited. I know this is a work in progress, but we've been a bit restricted by the formatting capabilities e.g. not easily being able to shift around columns or format custom variances. - Switchover date - we've had a lot of issues with this process, as it's limited our ability to report on YTD forecast and variances. The Abacum team have been supportive but it's resulted in more manual workarounds.