Searching for the best financial reporting software for your business?

Save yourself time and stress. We’re here to help you find the right financial reporting software solution for your work.

What is financial reporting software?

Financial reporting software helps businesses automate the collection of financial data and more accurately track trends that impact business goals. Financial reports provide business owners greater visibility and insight into the workings of their business.

What 5 key Financial Reporting Software features should I look for?

Dashboards

Capture data on business and financial health and collate that information in an easy-to-scan display. Configure dashboards to summarize information for a specific audience, e.g., business owner or accountant.

Data export

Financial reports help track business performance and increase transparency with decision makers, investors and regulatory agencies. As such, it’s important that data from dashboards and reports can be exported to CSV or PDF files to be easily shared with these parties.

Customization

Create custom fields, views and formatting to track the information most important to your business. Look for the ability to drag-and-drop to change formatting and layout options, group data together in different ways and drill down into data for a detailed analysis.

Integration with other tools

Ensure seamless transfer of data between applications. This is especially important if your business outsources payroll or has industry-specific requirements, such as inventory tracking or fixed asset depreciation.

Multi-user access

Shared reports with accountants/bookkeepers can streamline tax preparation and filing. Ensure systems have tracked changes for accountability and accuracy.

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Showing 1 - 20 of 187 products
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Showing 1 - 20 of 187 products

NetSuite

With an integrated system that includes ERP, financials, commerce, inventory management, HR, PSA, supply chain management, CRM and more – NetSuite enables fast-growing businesses across all industries to work more effectively by a...Read more

No reviews yet

21 recommendations

FundCount

FundCount is an integrated accounting and investment management solution that helps small to large businesses track, analyze and report investments across portfolios. It allows users to manage all operations related to partnership...Read more

4.57 (7 reviews)

Jedox

Jedox is a cloud-based Enterprise Performance Management software solution that delivers self-service budgeting, planning, and forecasting across finance, sales, HR, and other business functions. Companies of all sizes and industr...Read more

4.41 (113 reviews)

3 recommendations

Spreadsheet Server

Connect your ERP to Excel in real-time. insightserver works as an intuitive Microsoft Excel add-on, providing live data from 140+ Financial Systems into Excel for reporting and analysis, including drill-down. Empower users to...Read more

4.36 (14 reviews)

A2X

A2X is an ETL and financial management solution that helps businesses automate accounting for multiple eCommerce platforms, such as Walmart, Shopify, Etsy, Amazon, and eBay. A2X allows businesses to integrate the platform with se...Read more

Windward Core

Windward Studios is a reporting and document generation solution that provides a data-powered document creation system for OEM, enterprises and system integrators. The solution offers the ability to edit, personalize and design do...Read more

4.80 (41 reviews)

Longview Tax

Longview is the leading provider of integrated enterprise performance solutions for predictive planning, tax, consolidation, and analytics. Longview’s intelligence-driven connected finance model brings together people processes, a...Read more

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JD Edwards EnterpriseOne

Oracle JD Edwards EnterpriseOne is an enterprise resource planning software with primary features such as real estate management, human capital management, environmental health and safety and commodity trading. What is JD...Read more

4.13 (136 reviews)

3 recommendations

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Up Your Cash Flow

Up Your Cash Flow is an on-premise budgeting and cash flow forecasting solution for small and mid-sized businesses. It is designed to help the CPA’s, CFOs, controllers and consultants to perform financial analysis and create cash ...Read more

0.00 (2 reviews)

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Planful

Planful (formerly Host Analytics) is a cloud-based performance management solution that helps in the automation of financial processes. Planful is suitable for midsize to large businesses. Key features include dashboards, financia...Read more

4.28 (40 reviews)

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Software pricing tips

Read our Financial Reporting Software Buyers Guide

Subscription models

  • Per employee/per month: This model allows you to pay a monthly fee for each of your employees.
  • Per user/per month: Users pay a monthly fee for users—normally administrative users—rather than all employees.

Perpetual license

  • This involves paying an upfront sum for the license to own the software and use it indefinitely.
  • This is the more traditional model and is most common with on-premise applications and with larger businesses.

Rated best value for money

FinancialForce Accounting

FinancialForce Financial Management (FM) is a cloud-based system built to provide a complete financial management solution for sales and services-orientated companies of all sizes. FinancialForce FM has several inherent appli...Read more

3.81 (44 reviews)

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Infor CloudSuite Financials

Infor CloudSuite Financials is a solution suite that provides financial functionality coupled with a source-to-settle supply management offering. The solution is role-based, mobile responsive and delivered in the cloud. It deliver...Read more

3.36 (7 reviews)

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Xero

Xero is an accounting system designed for small and growing businesses. Xero connects small businesses with their trusted advisors and provides business owners with instant visibility of their financial position. As a web-based so...Read more

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Vena

Vena is a complete planning platform that leverages the familiarity and flexibility of an Excel interface within the Vena Growth Engine. Its technology and methodology powers the growth of over 950 companies around the world. Vena...Read more

4.35 (13 reviews)

3 recommendations

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Prophix

Prophix is a financial management solution used for financial consolidation, budgeting, analysis, planning and management reporting. The solution provides a spreadsheet-style interface that helps users to analyze financial data an...Read more

4.54 (70 reviews)

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Busy Accounting Software

BUSY – An integrated business accounting and management software for Micro, Small & Medium Enterprises (MSMEs). With over 400,000 licenses sold in over 20 countries, it is one of the leading business accounting software in India, ...Read more

4.50 (14 reviews)

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IBM Planning Analytics

IBM Planning Analytics is a planning, forecasting and analysis solution that helps supply chain professionals gain accurate insights into current demand and future trends in order to optimize inventory levels and control costs. Or...Read more

4.25 (10 reviews)

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QuickBooks Desktop Pro

QuickBooks Pro helps to automate the billing and invoicing process and work order management from a single reconciliation window. With 'Bank Account Reconciliation' feature, users can link their bank accounts and define workflows ...Read more

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TallyPrime

TallyPrime provides business functionalities including accounting, finance, inventory, sales, purchase, point-of-sales, manufacturing, job costing, payroll, and branch management. The accounting module enables support tasks such a...Read more

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Zoho Books

Zoho Books comes with automatic bank feeds, collaborative client portal, accounting and taxing, online payments, invoice templates and analytical reports. The system allows users to manage multiple time sheets of different project...Read more

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Popular Financial Reporting Software Comparisons

Buyers Guide

Last Updated: March 10, 2022

Financial reporting software helps businesses automate the collection of financial data and more accurately track trends that impact business goals. Financial reports provide business owners greater visibility and insight into the workings of their business, including:

  • Financial history
  • Adherence to tax laws
  • Compliance with SEC standards (e.g., Form 10-K and Form 10-Q)
  • Business travel and expenses
  • Employee and department productivity
  • Return on investment (ROI) for business ventures

Despite these advantages, roughly 30 percent of the accounting software buyers that contact Software Advice are not using a financial reporting system. This puts them at a greater risk for bad investments and possible violations of various federal and state tax laws.

Whether you’re looking to invest in financial reporting software for the first time or looking to upgrade your current system to better align with your business or industry needs, this guide can help you make a more informed purchase decision.

Here’s what we’ll cover:

What Is Financial Reporting Software?
Features to Look for in a Financial Reporting System
Key Purchase Considerations
What Type of Buyer Are You?

What Is Financial Reporting Software?

Financial reporting is a critical function of business accounting. Reports provide decision makers with a snapshot of current financial standing and given enough time, can offer insights into trends that affect profitability.

Reports also play an integral role in tax planning and preparation. Due to various federal, state and local tax laws, accurate financial reporting is key to remaining compliant and fiscally responsible. As such, financial reports help business owners reduce tax liability and make smart investment decisions.

Given the impact that financial reports have on the success or failure of a business, it’s no surprise that financial reporting is the number one capability requested by accounting software buyers who contacted Software Advice in 2015 and 2016:

Top-Requested Accounting Software Capabilities: 2015 and 2016

Top-Requested Accounting Software Capabilities: 2015 and 2016

 

The following are three financial reports common across industries that you should make sure your financial reporting system supports:

  • Balance sheet. Also called the statement of financial position, the balance sheet represents the exact financial standing of an entity on any given date. It contains information on a business’s assets, liabilities and equity.
  •  
  • Profit and loss (P&L). Also known as the income statement, the P&L shows the company’s financial performance (net profit or loss) over a specified period of time. It contains information on a business’s revenues, costs and expenses.
  •  
  • Cash flow statement. The cash flow statement indicates the movement in cash and cash equivalents (bank accounts, government bonds etc.) entering and leaving a company during a specified period of time. The movement in cash flows is broken down into three categories: operating activities, investing activities and financing activities.

Additional financial reports that you may or may not require based on your business or industry needs include sales tax return, fixed asset depreciation, accounts aging and expense reporting.

Features to Look for in a Financial Reporting System

Of course, the single most important function of a financial reporting tool will be to report on important financial and performance metrics, i.e., balance sheet, P&L and cash flows. However, there are several other features you should consider as you evaluate systems. These include:

Dashboards Capture data on business and financial health and collate that information in an easy-to-scan display. Configure dashboards to summarize information for a specific audience, e.g., business owner or accountant.
Data export Financial reports help track business performance and increase transparency with decision makers, investors and regulatory agencies. As such, it’s important that data from dashboards and reports can be exported to CSV or PDF files to be easily shared with these parties.
Customization Create custom fields, views and formatting to track the information most important to your business. Look for the ability to drag-and-drop to change formatting and layout options, group data together in different ways and drill down into data for a detailed analysis.
Integration with other tools Ensure seamless transfer of data between applications. This is especially important if your business outsources payroll or has industry-specific requirements, such as inventory tracking or fixed asset depreciation.
Multi-user access Shared reports with accountants/bookkeepers can streamline tax preparation and filing. Ensure systems have tracked changes for accountability and accuracy.

Key Purchase Considerations

Depending on your business and industry needs, you may require additional report options not listed above. As such, when evaluating financial reporting software, keep the following criteria in mind:

Industry needs. For example, nonprofits and government agencies often require a fund accounting module to keep track of funds and report on spending associated with each grant and/or donation they’ve received. Whereas, a manufacturing company might require reporting on the depreciation of fixed assets.

It’s also important to verify whether your industry has specific tax laws or SEC requirements that dictate financial reporting compliance.

Deployment options. Financial reporting software is available in both on-premise and cloud-based systems. Typically, the up-front costs associated with cloud-based software are much lower than with on-premise; however, costs for these deployment options eventually converge, for the most part. You can use our Total Cost of Ownership calculator to analyze the short-term versus long-term cost differences between on-premise and cloud-based systems.

Don’t let security concerns bar you from choosing a cloud-based option, either. In a 2015 report on consumer confidence with cloud-based accounting, 28 percent of users surveyed reported that moving their accounting to the cloud actually increased the security of their financial data.

What Type of Buyer Are You?

Small business. Most small businesses are well-served by purchasing financial reporting software in-suite, as one application included in a larger accounting platform. This helps ensure that financial reporting is fully integrated with other key accounting processes, such as budgeting and forecasting, payroll and billing and invoicing. Examples of this type of system include Xero and QuickBooks Online.

Financial reporting in QuickBooks Online

Company snapshot in QuickBooks Online

Midsize and growing businesses. In our recent investigation into accounting software buyer trends, we found that nearly 60 percent of buyers are looking to replace their existing accounting platform for a more advanced solution. We also found that financial reporting was the top-requested feature, leading us to believe that some buyers may be looking to upgrade this specific functionality.

As such, organizations that outgrow the reporting capabilities offered by basic accounting solutions might consider supplementing their existing system with a stand-alone financial reporting software, such as Adaptive Insights. This could help curb the costs of an entire accounting system upgrade while meeting more advanced reporting needs.

However, buyers that require a greater depth of functionality and accounting regulations across the entire platform would be better suited investing in a financial reporting system rooted in a larger financial management platform, such as NetSuite or Intacct.