Variance Reporting with Vena Reports

Variance reporting is a core function of any finance team helping stakeholders understand how actual performance compares to budgets and forecasts. With Vena Reports, you can create dynamic, Excel-based variance reports that bring clarity, consistency, and drill-down capability to your planning process.

This guide walks you through how to build a robust variance report in Vena and apply best practices to ensure your reports are actionable and accurate.

Step 1: Define Your Comparison Versions

Before building the report, identify which versions you’ll compare. Common comparisons include:

  • Budget vs. Actuals
  • Forecast vs. Prior Forecast
  • Scenario vs. Baseline

Make sure your planning models in Vena include a clear Version dimension. All your inputs (budget, forecast, actuals) should be stored as distinct versions to enable clean comparisons.

Step 2: Build the Report by Creating a New Excel Workbook

Open Excel and launch Vena Report Builder. Select the appropriate model and follow these steps:

  1. Define your layout (e.g., versions as columns, accounts as rows)
  2. Design your report with the assigned layout.
  3. When mapping columns, rows and pages. Where applicable, use dynamic mappings to automate your report and to avoid manual updates.

This creates a flexible report that updates based on selected parameters.

Step 3: Add Calculated Columns for Variance

To show differences between versions, insert Excel formulas directly in the sheet:

  • Variance ($): =Actual – Budget
  • Variance (%): =(Actual – Budget)/Budget

Label columns clearly and apply conditional formatting to highlight positive vs. negative variances using color (e.g., green for favorable, red for unfavorable).

💡 Pro Tip: Use Vena’s cell references or named ranges to keep formulas consistent across updates.

Step 4: Enable Drill-Transactions for Root-Cause Analysis

Vena allows users to drill to transactions to investigate discrepancies. To activate:

  • Set up a Drill Transactions staging table
  • Ensure underlying actuals are loaded to the required granularity
  • Then in the report configure the Set Drill Transactions Table

This is especially useful for large organizations where variances need to be explained at a line-item or department level.

Step 5: Add Commentary Sections

To turn your variance report into a performance management tool, include areas for users to input explanations. These can be:

  • Free-text commentary fields tied to each department

This contextualizes the numbers and supports more informed decision-making.

Step 6: Automate and Share

Use Vena’s Workflow to distribute the variance report template to contributors on a recurring schedule (monthly, quarterly). Once submitted, reports can be consolidated for Finance or Executive review.

For broader visibility, use Vena Dashboards to create visual summaries with KPIs, charts, and traffic-light indicators.

Variance reporting in Vena turns your financial data into insight. By building structured reports that compare versions, include clear variance metrics, and allow for explanation, you empower your team to not just see the numbers—but act on them.

If you need help creating a custom variance reporting solution in your Vena environment, contact QueBIT at info@quebit.com or reach out to your consultant.