Searching for the best financial reporting software?

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.
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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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Recommendations: Sorts listings by the number of recommendations our advisors have made over the past 30 days. Our advisors assess buyers’ needs for free and only recommend products that meet buyers’ needs. Vendors pay Software Advice for these referrals.
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Showing 1 - 20 of 200 products
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Showing 1 - 20 of 200 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

4.10 (818 reviews)

37 recommendations

Sage Intacct

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 financial reporting and operational insight...Read more

4.19 (321 reviews)

32 recommendations

PriceDemo

Plus & Minus

Plus & Minus is an integrated enterprise resource planning (ERP) financial solution built around a single-file , single-format system. It offers collaborative tools for managing sales, accounting, purchasing and reporting operatio...Read more

4.93 (14 reviews)

31 recommendations

FreshBooks

FreshBooks takes billing out of your hands and puts it on autopilot. Set up automated invoicing, online payment options (ACH and Credit Card), and late payment reminders to get paid 2x faster. Next, boost team productivity with pr...Read more

4.47 (3657 reviews)

19 recommendations

Multiview ERP

Multiview Financials is the flagship ERP system developed, sold, implemented, and supported by Multiview Financial Software. Multiview is designed for organizations ranging in size from rapidly growing small businesses to large en...Read more

4.40 (10 reviews)

18 recommendations

PriceDemo

ExpensePoint

ExpensePoint is a cloud-based solution designed to help small to large businesses automate employee expense reporting. It enables users to generate, submit, approve and process reports for multiple expenses on a unified platform. ...Read more

4.87 (279 reviews)

15 recommendations

OnPlan

OnPlan is a sales forecasting and budgeting solution that helps businesses create financial models using what-if scenarios and SaaS benchmarks. Features include rolling financial forecasts, template management, scenario planning, ...Read more

4.93 (14 reviews)

15 recommendations

PriceDemo

DataRails

DataRails is a financial planning and analysis platform that automates financial reporting and planning, while enabling finance teams to continue benefiting from the familiar spreadsheets and financial models of Excel. Automatin...Read more

4.80 (35 reviews)

14 recommendations

BQE CORE Suite

BQE Core makes it easier and more profitable to run your business. It organizes information, automates repetitive tasks and allows your firm to spend more time providing service to your clients instead of managing internal process...Read more

4.42 (544 reviews)

13 recommendations

Adaptive Planning

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 (Saa...Read more

4.48 (174 reviews)

12 recommendations

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

Divvy

Divvy is a free cloud-based accounting and expense management solution for businesses. Key features include managing payments and subscriptions, building strategic budgets, automated expense reports and virtual cards. Divvy t...Read more

4.70 (243 reviews)

11 recommendations

Budgyt

Budgyt is a new and improved way to budget, built to deliver the speed, precision, and flexibility today’s finance teams need. Take control when building & managing budgets for multiple departments and/or projects, and save up to ...Read more

4.80 (30 reviews)

10 recommendations

Jirav

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 accurate...Read more

4.83 (12 reviews)

10 recommendations

Planning Maestro

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 level of sophistica...Read more

3.96 (47 reviews)

9 recommendations

PriceDemo

Pilot

Pilot is a cloud-based accounting solution that assists small to medium-sized businesses with financial reporting and cash flow analysis. Its key features include accounts payable/receivable, bookkeeping, data export, expense calc...Read more

4.85 (20 reviews)

7 recommendations

PriceDemo

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

4.37 (15 reviews)

7 recommendations

PBS Accounting

PBS Accounting is robust professional level accounting software that fits a wide range of businesses and grows with your company. The CashPoint version acts as back end accounting for NCR Counterpoint. Flexible, up to the minute r...Read more

4.52 (31 reviews)

6 recommendations

Limelight

Limelight is a cloud-based accounting solution which caters to businesses in manufacturing, insurance, higher education, healthcare and telecom. The solution allows users to generate custom reports, plan and forecast budgets, all ...Read more

4.55 (22 reviews)

6 recommendations

PriceDemo

Teampay

Teampay empowers employees to make necessary purchases quickly without sacrificing control and visibility for the finance team. With Teampay’s spend management platform, finance teams can set spend policies, automate purchase requ...Read more

4.62 (13 reviews)

6 recommendations

Emburse Nexonia Expenses

Nexonia is a configurable expense management solution that eliminates manual reporting, ensures compliance, and helps control your T&E spend. Customers choose Nexonia for tight integrations with ERP's and accounting systems, ...Read more

4.53 (635 reviews)

5 recommendations

Buyers Guide

Last Updated: May 23, 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.