Best Financial Reporting Software Shortlist
Here are the financial reporting solutions that I’ve examined and selected to cover in this article
- Sage Intacct - Best for ease of use
- Workiva - Best for complex reporting
- Oracle NetSuite - Best for global enterprises
- Cube - Best for growing teams
- Freshbooks - Best on a small budget
- insightsoftware - Best for custom reporting
- CCH Tagetik - Best comprehensive solution
- Budgyt - Best for simple projects
- Xero - Best for startups
- Tipalti - Best for large organizations
- Spreadsheet Server - Best Excel-based solution
- Sage Business Cloud Accounting - Best for small businesses
Below I’ve provided a detailed evaluation of each of the financial reporting software options that made my list. For each, I’ve included a screenshot to show you the user interface, a summary of key features, integrations, some noteworthy pros and cons, and any available pricing information.
What is Financial Reporting Software?
Financial reporting software automates data collection, generates financial reports, and helps finance teams analyze your company’s historical financial data to more accurately predict future trends.
Quality financial reporting software gives company executives greater visibility into business performance, and streamlines the financial reporting process to produce financial statements and custom reports with greater accuracy and efficiency than manual processes allow.
Financial reporting software helps internal users by preparing annual budgets and producing ad-hoc financial reports to analyze performance across departments. It’s also crucial for providing up to date financial statements to external users, including regulators, auditors, lenders, and stockholders.
Overviews of the Best Financial Reporting Software
Here’s my assessment of each financial reporting software that I chose for my top list and what features I think set it apart from the competition.
1. Sage Intacct - Best for ease of use
Sage Intacct is a cloud-based financial reporting software solution that supports growing companies that have an in-house accountant or accounting team.
Why I picked Sage Intacct
Sage Intacct is ideal for growing organizations as it allows you to customize workflows, automate financial reports, and see advanced audit trails.
Standout features include "Intelligent GL" (General Ledger), which lets you scan thousands of transactions in minutes to identify irregularities and inaccuracies to speed up consolidations.
I think Sage Intacct would be a good fit for organizations with multiple operating divisions or subsidiaries looking to improve their monthly, quarterly, and annual financial consolidation and reporting processes.
Integrations include Salesforce, Workato, Solver, Versapay, Omnidek, Tipalti, Paychex, Workiva, and hundreds of others.
Pricing: Custom pricing upon request.
Free Trial: Free product demo available
Pros
- Workflow automations
- User-friendly interface
- Industry-specific solutions
Cons
- Opaque pricing
- No ability to edit manual payments
2. Workiva - Best for complex reporting
Workiva is a financial reporting tool with convenient document collaboration features. It’s a great platform for data visualization and creating customized views and ad hoc reports.
Why I picked Workiva
I chose Workiva because it allows for customized financial reporting for organizations of all sizes.
Standout features include automations designed to streamline data collection and financial reporting processes across your organization.
Workiva’s automations help to improve the timeliness and accuracy of internal and external financial reports, including budget-to-actual variance reports, management reporting, internal controls, capital market transactions, and environmental, social, and governance (ESG) reporting.
I think the tools that help teams monitor business KPIs and debt covenant compliance seem particularly useful.
Integrations include Workday, Sage Intacct, Netsuite, Google Drive, QuickBooks, Tableau, Planful, and SAP.
Pricing: Custom pricing available upon request
Free Trial: Free product demo available
Pros
- Comprehensive reporting features
- User-friendly interface
- Automated ESG reporting
- Available via web and Android app
Cons
- No mobile application for iOS
- No phone or live support
3. Oracle NetSuite - Best for global enterprises
NetSuite is a comprehensive financial reporting solution that works best for large organizations as it integrates financials, inventory management, enterprise resource planning (ERP), commerce, and supply chain management.
Why I picked NetSuite
I chose Oracle NetSuite because it can give organizations across all industries impactful insights into their operational performance.
Standout features include embedded analytics, user-friendly dashboards, and the ability to download specific data for any time period you need. It’s a highly flexible financial reporting software that can handle large volumes of data.
I like that Oracle’s dashboards are role-specific, and can be customized by each user, depending on what they need.
Integrations include Shopify, Amazon Supply Chain, ShipStation, Adobe Commerce, Microsoft Excel, BIRST, Adaptive, and Oracle Analytics Cloud.
Pricing: Custom pricing available upon request
Free Trial: Free product demo available
Pros
- Highly customizable
- Pre-built dashboards and analytics
- ERP functionality
Cons
- May be too expensive for small businesses
- Steep learning curve
4. Cube - Best for growing teams
Cube is a web-based financial planning and analysis (FP&A) software that is ideal for growing businesses. Managers can create strategic plans, perform sensitivity analyses, and synchronize company data across multiple systems.
Why I picked Cube
I chose Cube because it’s a basic financial reporting tool with the familiarity of Excel and Google Sheets. By using a familiar spreadsheet-like structure, teams can pick it up pretty quickly and handle budgeting, forecasting, and reporting of financial data with configurable workflows.
Standout features include automated audit trails, customizable dashboards, and stored data rules for financial consolidations and general ledger account mappings.
Integrations include Quickbooks, Salesforce, Sage Intacct, Xero, NetSuite, Google Sheets, and HubSpot.
Pricing: From $1,250/month
Free Trial: Free product demo available
Pros
- Connects to multiple data sources
- User-friendly interface
- Very responsive customer service
Cons
- Expensive
- Missing suppress-zeros functionality
5. Freshbooks - Best on a small budget
Freshbooks is accounting software that’s very affordable and easy to use, which I think is ideal for small businesses, freelancers, and solopreneurs.
Why I picked Freshbooks
I added Freshbooks to my list because it’s a great all-around solution for small businesses and freelancers who don’t need the complex financial reporting software that makes up most of this list.
Standout features include annual and interim financial statements, bank account synchronization, and detailed tax reporting.
In addition to the basic financial reporting functionality, I like that Freshbooks also gives you tools for invoicing, client management, payments, and expense management.
Integrations include Hubspot, QuickBooks, Google Sheets, PayPal, Gmail, WooCommerce, Square, and Shopify.
Pricing: From $8.50/month
Free Trial: 30-day free trial
Pros
- Easy-to-use
- Connects with your bank for easy reconciliation
- Customizable invoices and email templates
Cons
- Limits on billable clients
- No full audit trail
6. insightsoftware - Best for custom reporting
With insightsoftware you can easily export data from your ERP or enterprise performance management (EPM) to Excel and bring all the data together in a customized dashboard.
Why I picked insightsoftware
I added insightsoftware to my list because of the highly customizable reports it delivers in Excel. It integrates planning across departments and effectively manages workflows.
Standout features include A/P and A/R aging, pre-configured queries, audit trails, and easy configuration of forms, reports, and dashboards. The auto-prep and formatting tools clean up your data exports automatically, so they’re ready to use immediately.
I like how the drag-and-drop report creator makes it easy for team members to create their own custom financial reports.
Integrations include Microsoft Dynamics, Sage Intacct, Oracle NetSuite, and SAP.
Pricing: Custom pricing available upon request.
Free Trial: Free product demo available
Pros
- Familiar look and feel of a spreadsheet
- Quick data imports
- Custom and ad hoc reporting options
Cons
- Limited analytical tools
- Maybe too expensive for small teams
7. CCH Tagetik - Best comprehensive solution
CCH Tagetik Wolters Kluwer helps you use historical financial data to create more accurate budgets, financial plans, and forecasts.
Why I picked CCH Tagetik
I chose CCH Tagetik for its data analytics capabilities and advanced reporting features. Even with its steep learning curve, it’s ideal for large businesses and organizations that need a full-featured financial reporting software solution.
Standout features include advanced analytics, business intelligence tools, what-if scenario analysis, and activity-based and driver-based costing models that can help you see what’s going on behind different financial statement line items.
CCH Tagetik’s Profitability Analysis and Analytic Information Hub helps you drill down and review your profit margins for different customers, products, and salespeople.
Integrations include SAP, Oracle, Microsoft Dynamics, Workday, Qlik, and MS PowerBI, among others.
Pricing: Custom pricing available upon request
Free Trial: Free product demo available
Pros
- Advanced analytics
- Highly customizable reports
- Multi-user support and access permission levels
Cons
- Steep learning curve
- Lacks group cash flow functionality
8. Budgyt - Best for simple projects
Budgyt is a cloud-based software with advanced financial planning and reporting tools.
Why I picked Budgyt
I chose Budgyt because it’s simple to use, and all plans include unlimited users.
Standout features include multi-department budget collaboration, transaction-level data analysis, agile forecasting, complete audit trails, and user-based permissions and access controls. Budgyt is ideal for startups and small businesses as it’s simple to use.
I like that Budgyt also has a lot of educational resources and guides available to users in the form of webinars, videos, in-person training, and documentation.
Integrations include Quickbooks, Xero, ConnectWise, Great Plains, Oracle NetSuite, Sage Intacct, SAP, PeopleSoft, and Lawson.
Pricing: From $399/month
Free Trial: Free trial available
Pros
- Budgeting and forecasting features
- Very responsive customer support
- Extensive product support and training guides
Cons
- Limited integrations
- Somewhat expensive for small teams
9. Xero - Best for startups
Xero is a popular accounting platform used by businesses of all sizes across many different industries.
Why I picked Xero
I added Xero to my list because it’s extremely easy to use and offers all the necessary financial reporting tools for small businesses and startups.
Standout features include automated reconciliations, bank balance projections, AI-powered cash flow predictions, and customizable financial reports that allow users to easily reorder, add, and delete different columns as needed.
Xero supports multiple currencies and unlimited clients and users. They also have extensive support and online tutorials available, making it easy to learn the platform and accounting features.
Integrations include Shopify, HubSpot, MailChimp, Float, Accelo, and many more. Xero integrates with over 1,000 apps.
Pricing: From $13/month
Free Trial: 30-day free trial available
Pros
- Unlimited users supported on all plans
- Includes invoicing tools and automated receipt capture
- Affordable
Cons
- Limited features on entry-level plan
- Multiple currencies only available on the highest plan
10. Tipalti - Best for large organizations
Tipalti is a leading finance automation software with financial reporting functionality.
Why I picked Tipalti
I picked Tipalti because, in addition to its financial reporting and automation capabilities, it also gives you tools for internal controls over financial reporting (ICFR), procurement, and international accounts payable.
Standout features include the automatic validation of suppliers before approval, and internal control and risk assessment tools.
I like that Tipalti screens suppliers on an ongoing basis to avoid any suspicious payees on the Anti-Narcotics, Anti-Terror, and OFAC lists. It also supports instant reconciliations, so you can detect fraudulent payments faster.
Integrations include Oracle NetSuite, Sage Intacct, Microsoft Dynamics, Xero, and SAP.
Pricing: From $149 per month.
Free Trial: Free product demo available
Pros
- Internal controls over financial reporting and risk assessment tools
- Automatically codes invoices
- Supplier screening and validation
Cons
- No batch downloads
- Somewhat of a learning curve
11. Spreadsheet Server - Best Excel-based solution
Spreadsheet Server from insightsoftware (featured earlier in this list) is a user-friendly add-in for Microsoft Excel that provides analysis and live reporting of data from your ERP solution.
Why I picked Spreadsheet Server
I added Spreadsheet Server to my list because of its ability to add data from all major ERPs into Excel with in-depth and highly customizable financial reporting. You can build a range of reports and dashboards using critical business data.
Standout features include report templates, customizable reports and dashboards, role-based user permissions, variance analysis, and ad-hoc reporting tools.
Integrations include Excel, Oracle NetSuite, SAP Business One, CMiC, SYSPRO, Workday, MYOB, Sage, and BannerFlow.
Pricing: Custom pricing available upon request.
Free Trial: Free product demo available
Pros
- Highly customizable
- Pre-configured data queries
- Excel integration
Cons
- Only supports eight languages
- May have a learning curve for those not familiar with Excel-based solutions
12. Sage Business Cloud Accounting - Best for small businesses
Sage Business Cloud Accounting only costs $10 a month, but it has all your basic financial reporting needs covered.
Why I picked Sage Business Cloud Accounting
I picked Sage Business Cloud Accounting because it’s an affordable cloud-based financial reporting tool that seems like it would be a great fit for small teams and startups.
Standout features include full audit trails, cash flow management and forecasting, automated tax reporting tools, and inventory tracking.
I like Sage’s library of user support and training videos, and all of the other educational resources available for users, like Sage University and the Customer Learning Curriculum.
Integrations include Netcash, HubSpot, Monday.com, Salesforce, Shopify, Gmail, Excel, Stripe, and PayPal.
Pricing: From $10/month
Free Trial: 30-day free trial available
Pros
- Supports multiple currencies
- Mobile app
- Customer Learning Curriculum
Cons
- Limited features with basic plan
- API is not user-friendly
Other Options
Here are some more financial reporting tools that didn’t make the top 12 but are still worth checking out.
- Younium - Best for recurring billing and automated revenue recognition
- Board - Best for combining a web-based and an on-premise platform
- Asset Vantage - Best for family offices and trusted wealth custodians
- Jedox - Best for data integration
- IBM Cognos Controller - Best for financial close and consolidation
- Genius Sheets - Best for QuickBooks data exports
- Foresight Intelligence - Best for automations
Selection Criteria For Financial Reporting Software
Here’s a summary of the main selection and evaluation criteria I used to develop my list of the best financial reporting software for this article:
Core Functionality
Financial reporting software should come equipped with the following core functionalities:
- Connect to your general ledger
- Generate core financial statements (balance sheet, income statement, statement of cash flows)
- Create budgets and forecasts
- Analyze historical financial data
- Drill down into individual financial statement line items
- Consolidate intercompany financial statements
Key Features
Some key features that are nice to have in a financial reporting tool include:
- Budget versus actual comparisons (variance reports)
- Customizable user dashboards
- Ad-hoc reporting tools
- Financial models
- Scenario planning and what-if analysis tools
- Currency conversion capabilities
- Top-side adjustments
- Financial analytics
Usability
Financial reporting software should be easy to use and allow for quick data exports and imports to and from Excel, respectively. Financial reporting software should include convenient export and sharing options, as you'll need to be able to share financial reports in a convenient, digestible format with both internal and external users.
The majority of software tools charge extra fees for any additional users, or seats needed. Keep in mind that everyone in your organization doesn't need to use financial reporting software. Typically, users are limited to finance and accounting teams, and upper management.
People Also Ask
Here are my answers to some common questions people have about financial reporting software.
Can you use Excel for financial reporting?
What are the three required financial statements?
What features should I look for in financial reporting software?
Other Finance and Accounting Software Reviews
In the market for some other finance and accounting software as well? Check out these reviews:
Small Business Inventory Management Software
Conclusion
There are many reliable financial reporting software for your specific use case, so I hope this guide helps you find the best reporting tool for your team.
If you want to stay connected, subscribe to our newsletter and receive weekly resources and expert advice from financial leaders.