Skip to main content

There are seemingly countless financial reporting solutions available, so figuring out which one is best for you is tricky. You want to streamline and automate the process of creating, analyzing, and distributing financial reports within your organization but need to figure out which tool is the best fit. I've got you! In this post I make things simple, leveraging my experience consulting CEOs and executive teams, and my exposure to dozens of reporting tools to bring you this shortlist of the best financial reporting software.

What is Financial Reporting Software?

Financial reporting software is a digital tool that centralizes financial data, automates reporting processes, and enhances the accuracy and consistency of financial information, contributing to effective communication and reporting.

Key features such as report customization, data visualization, collaboration tools, and compliance functionalities simplify the preparation of financial statements, support regulatory requirements, and enable users to generate insightful reports for informed decision-making.

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.

Best for SaaS spend optimization

  • 30-day free trial
  • From €1/employee/month + €10 base fee/month
Visit Website
Rating: 5/5

LicenceOne is a software management platform designed to help businesses manage their software subscriptions, prevent unnecessary expenditure, and oversee employee access. It provides a comprehensive suite of features including cost optimization, spend management, and app usage tracking, which are geared towards saving companies money on their SaaS subscriptions.

Why I picked LicenceOne: I chose LicenceOne because it provides a comprehensive suite of features tailored for financial management, including cost optimization and spend management. These features are particularly beneficial for CFOs looking to maintain oversight of their company's software expenditures. LicenceOne distinguishes itself with a focus on SaaS spend management, offering tools to track app usage, manage renewals, and oversee user offboarding.

Standout Features and Integrations

Standout features include app discovery to automatically detect and update all online applications used within a company, cost optimization by identifying unused or underutilized licenses, and spend management to track spending by team and history with alerts. Additional features include managing renewals to avoid unexpected charges, tracking app usage to understand active use, and user offboarding to manage access and optimize licenses when employees leave the company.

Integrations include PayPal, Slack, Google Workspace, and Xero.

Pros and cons


  • Real-time monitoring and notifications for SaaS applications
  • License management capabilities
  • Automated discovery feature for monitoring SaaS usage


  • Limited integration with third-party accounting systems
  • No negotiation services or discounts for SaaS contracts

Best for complex reporting

  • Free demo available.
  • Available upon request
Visit Website
Rating: 4.6/5

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 and Integrations

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.

Pros and cons


  • Available via web and Android app
  • Automated ESG reporting
  • User-friendly interface
  • Comprehensive reporting features


  • No phone or live support
  • No mobile application for iOS

Best on a small budget

  • 30-day free trial
  • From $17/per/month
Visit Website
Rating: 4.5/5

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 and Integrations

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.

Pros and cons


  • Customizable invoices and email templates
  • Connects with your bank for easy reconciliation
  • Easy-to-use


  • No full audit trail
  • Limits on billable clients

Best for Excel-powered financial reporting

  • 7-day free trial
  • Pricing upon request
Visit Website
Rating: 4.5/5

Vena is a financial planning and analysis (FP&A) platform that leverages the familiarity of the Microsoft Excel interface while providing additional capabilities for budgeting, forecasting, planning, and reporting. It is designed to integrate with Excel, Power BI, PowerPoint, and Microsoft 365, offering a range of solutions for financial management.

Why I picked Vena: Vena does an excellent job of leveraging Microsoft Excel and enhancing utility for finance professionals without the need to learn an entirely new platform. As a financial reporting software, Vena provides robust planning and analysis features that include artificial intelligence for insightful financial data analysis, support for financial planning tasks, and data modeling capabilities for forecasting and scenario analysis. 

Standout Features and Integrations

Standout features aside from Vena's reporting capabilities include collaboration tools for multiple users to work on financial plans and reports simultaneously and a central database to ensure data security and consistency. The platform also includes custom workflow management, budgeting and forecasting, and CapEx, revenue, and workforce planning capabilities.

Integrations include QuickBooks, Salesforce, Sage Intacct, Oracle, SAP, NetSuite, Microsoft Dynamics 365 Business Central, Dropbox, OneDrive, SFTP, and SharePoint. Custom integrations are available through Vena API.

Pros and cons


  • Preconfigured templates and reports
  • Sophisticated financial modeling
  • Leverages familiar Excel interface


  • Setup may take a long time
  • Some compatibility issues with Mac

Best for small businesses

  • 30-day free trial available
  • From $10/month
Visit Website
Rating: 4.2/5

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 and Integrations

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,, Salesforce, Shopify, Gmail, Excel, Stripe, and PayPal.

Pros and cons


  • Customer Learning Curriculum
  • Mobile app
  • Supports multiple currencies


  • API is not user-friendly
  • Limited features with basic plan

Best for large organizations

  • Free demo available.
  • From $447/month
Visit Website
Rating: 4.3/5

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 and Integrations

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.

Pros and cons


  • Supplier screening and validation
  • Automatically codes invoices
  • Internal controls over financial reporting and risk assessment tools


  • Somewhat of a learning curve
  • No batch downloads

Best for custom reporting

  • Free demo available
  • Pricing upon request
Visit Website
Rating: 5/5

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 and Integrations

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.

Pros and cons


  • Custom and ad hoc reporting options
  • Quick data imports
  • Familiar look and feel of a spreadsheet


  • Maybe too expensive for small teams
  • Limited analytical tools

Best comprehensive solution

  • Free demo available.
  • Pricing upon request

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 and Integrations

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.

Pros and cons


  • Multi-user support and access permission levels
  • Highly customizable reports
  • Advanced analytics


  • Lacks group cash flow functionality
  • Steep learning curve

Best for growing teams

  • Free demo available.
  • Available upon request
Visit Website
Rating: 4.5/5

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 and Integrations

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.

Pros and cons


  • Very responsive customer service
  • User-friendly interface
  • Connects to multiple data sources


  • Missing suppress-zeros functionality
  • Expensive

Best for simple projects

  • Free trial available
  • From $399/month

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 and Integrations

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.

Pros and cons


  • Extensive product support and training guides
  • Very responsive customer support
  • Budgeting and forecasting features


  • Somewhat expensive for small teams
  • Limited integrations
Tools Price
LicenceOne From €1/employee/month + €10 base fee/month
Workiva Available upon request
FreshBooks From $17/per/month
Vena Pricing upon request
Sage Business Cloud Accounting From $10/month
Tipalti From $447/month
Insightsoftware Pricing upon request
Tagetik Pricing upon request
Cube Available upon request
Budgyt From $399/month
Preview Image - <h2 class="c-block__title b-summary-table__title c-listicle__title h3" > Compare Software Specs Side by Side</h2>

Compare Software Specs Side by Side

Use our comparison chart to review and evaluate software specs side-by-side.

Compare Software

Other Options

Here are some more financial reporting tools that didn’t make the top 12 but are still worth checking out.

  1. Spreadsheet Server

    Best for live data reports

  2. NetSuite

    Best for global enterprises

  3. Xero

    Best for startups

  4. Abacum

    Best for teams with 100-500 users

  5. Sage Intacct

    Best for ease of use

  6. Xledger

    Best for complex ERP needs

  7. Jedox

    Best for data integration

  8. Board

    Best for combining a web-based and an on-premise platform

  9. Genius Sheets

    Best for QuickBooks data exports

  10. IBM Cognos Controller

    Best for financial close and consolidation

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


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?

You can, and many businesses certainly do, but unless your business is very small or simple, or you have an Excel genius on staff, it’s going to be time-consuming. If you want any sort of forecasting, reconciliation, visualization, or data integration, you’re looking for software or at least a plug-in.

What are the three required financial statements?

The big three required financial statements are a balance sheet, income statement, and cash flow statement. You want software that can produce these just for their usefulness, but if your company has (or wants) investors or is on the market to be sold, you need to be able to produce these.

What features should I look for in financial reporting software?

In addition to interactive dashboards, look for live reporting, data visualization, flexibility for customizations, and integration with a range of software apps and platforms.

Security is also important. Financial reporting software needs to protect sensitive business information, especially if it’s a cloud-based or otherwise internet-connected option. Security features should include user access controls and permissions—people who only need the budget shouldn’t be able to go rooting around in vendor payment data and so on.

How does financial reporting software help?

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.

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.

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.

Other Finance and Accounting Software Reviews

In the market for some other finance and accounting software as well? Check out these reviews:

Forecasting Software

Billing Software

Retail POS Systems

Expense Tracking Software

Small Business Inventory Management Software

Payroll Services


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.

By Simon Litt

Simon Litt is the Editor of The CFO Club, where he shares his passion for all things money-related. Performing research, talking to experts, and calling on his own professional background, he'll be working hard to ensure that The CFO Club is an indispensable resource for anyone seeking to stay informed on the latest financial trends and topics in the world of tech.

Prior to editing this publication, Simon spent years working in, and running his own, investor relations agency, servicing public companies that wanted to reach and connect deeper with their shareholder base. Simon's experience includes constructing comprehensive budgets for IR activities, consulting CEOs & executive teams on best practices for the public markets, and facilitating compliant communications training.