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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.

Highest User Rated
The top products as rated by users. When reviewing a product, users are asked to asses the product’s overall quality, ease of use, features & functionality, customer support and value for money.

BillQuick

4.50 (223 reviews)

"I purchased my first licenses of Billquick reluctantly, as an overpriced timesheet management system for my very small business and quickly began fighting to make it meet my partners needs for invoicing our clients. It was not pretty and there were times when we had serious discussions about whether this was the right fit for me. but the BQ team didn't give up and I am glad I did not. One advantage of a rough start was the opportunity to get to know and really appreciate the exceptional quality, skill, and patience of the support team assembled for BQ clients. Over the years, we have struggled and grown and improved our skills and processes together, and that is one of the exceptional things about this software and this company. They really do listen to their users and try to incorporate our priorities and needs into the upgrade process. The program is feature rich, and most companies won't need to use every feature that is available, but there are convenient and graceful ways to make each person's interface efficient, streamlined and comfortable. When the same program is usable for an intern on his first day and our power user when she is invoicing you know it is easy to use. I used to wish Quickbooks would get a better time management and invoicing capability so I could stop buying Billquick, but now I am trying to get rid of Quickbooks! The network versions work well, I can access the program over a VPN, and I have gone months without calls to the Support Team lately. Having grown from 5 to 30 employees since becoming a customer, I have to say, Billquick has been part of our path to success."

Barbara

July 2020

Rated Best Value for Money
The top products rated the best value for money by users. When reviewing a product, users are asked to assess the product’s overall quality, which includes assigning a specific rating for value for money.

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Deskera ERP is designed as a powerful and intuitive suite of business solutions with one goal in mind – to make digital transformation simple. This transformation has to be simple and economical. It is why Deskera... Read more

4.00 (16 reviews)

73 recommendations

For organizations seeking a solution that conforms to their existing operations, Multiview offers a suite of financial solutions. With Multiview, companies gain visibility over corporate data. The solution includes 14 m... Read more

4.50 (10 reviews)

47 recommendations

NetSuite is a business management software suite offered as a service that performs enterprise resource planning (ERP) and customer relationship management (CRM) functions. It is a horizontal package designed for an extensive r... Read more

45 recommendations

FINSYNC provides multi-user cash flow management in the cloud to US-based small and medium-sized businesses. Businesses can upgrade from payments to invoicing, bill pay, payroll, project tracking, time tracking, expense... Read more

4.50 (7 reviews)

41 recommendations

Sage Intacct is a provider of cloud-based financial management and accounting software. Sage Intacct's software solution is suitable for small to midsize accounting firms and can provide finan... Read more

23 recommendations

AccuFund is an online accounting and financial reporting solution designed specifically for the nonprofit industry. Integrated into one, AccuFund's Accounting suite helps nonprofit organizations and government agencies report f... Read more

4.00 (26 reviews)

16 recommendations

Aplos fund accounting is a cloud-based system designed specifically to serve the needs of churches and nonprofit organizations. Aplos fund accounting is available on a standalone basis or within an integrated suite with online ... Read more

16 recommendations

Plooto saves you hours of work by automating Accounts Payable (AP) and Accounts Receivable (AR) workflows. Trusted by thousands of accounting professionals, Plooto transforms AP and AR services, making them more efficient, stre... Read more

4.00 (34 reviews)

16 recommendations

Budgyt simplifies the budgeting process for both businesses and non-profits. It is a user-friendly interface hosted on the cloud so that multiple users can work on the same budget, at the same time, using the same format. Admin... Read more

5.00 (16 reviews)

14 recommendations

Vena is a financial planning and analysis (FP&A) solution that helps businesses across various industry verticals to manage different business operations such as budgeting, planning, revenue forecasting, and more. V... Read more

4.50 (12 reviews)

13 recommendations

Your cloud-based, all-in-one business management solution. Striven is ready for your business right out of the box. With fully integrated accounting, CRM, inventory, project management, human resources features, it's the only s... Read more

5.00 (12 reviews)

13 recommendations

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 indu... Read more

4.50 (56 reviews)

11 recommendations

Financial Edge NXT is a cloud accounting solution from Blackbaud that provides transparency across teams, security, compliance, and reduces the need for manual processes. The system is a fund accounting solution that provides a... Read more

10 recommendations

Workday Adaptive Planning, founded in 2003, provides a web-based system for budgeting, forecasting and reporting. The solution is suitable for a wide variety of company sizes. Delivered over the Web in a software-as-a-service (... Read more

9 recommendations

Purpose-built to meet the needs of the modern nonprofit and government agency, MIP Fund Accounting® empowers organizations to track by fund, manage restrictions based on unlimited funding sources, and meet complex reporting... Read more

4.00 (65 reviews)

9 recommendations

Centage’s Planning Maestro is a cloud-native planning & analytics platform that delivers year-round financial insight, transforming how companies budget, forecast and report performance. Centage delivers a lev... Read more

4.00 (40 reviews)

9 recommendations

Oracle JD Edwards EnterpriseOne is a cloud-based Enterprise Resource Planning (ERP) and supply chain management solution that provides ERP applications and tools for finance, consumer goods, human resources, distribution and ma... Read more

8 recommendations

Jirav is a cloud-based financial planning and reporting solution that is designed to give businesses the proper tools to examine historical data and build accurate financial models and plans. With Jirav, users are able to accur... Read more

5.00 (11 reviews)

8 recommendations

Limelight is a cloud-based accounting solution which caters to businesses in manufacturing, insurance, higher education, healthcare and telecom. The solution allows users to manage orders, track failed transactions, manage bill... Read more

4.50 (19 reviews)

5 recommendations

Fintainium is a cloud-based platform built for businesses looking for a comprehensive accounts payable, accounts receivable, and consumer payment solution. The Fintainium Payment Hub consists of payment, invoice, and business i... Read more

5 recommendations

Popular Financial Reporting Software Comparisons

Buyer's Guide

Last Updated: July 8, 2020

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.
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  • 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.
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  • 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.