19 Best Financial Reporting Software Reviewed For 2024
Best Financial Reporting Software Shortlist
Here are the financial reporting solutions that I’ve examined and selected to cover in this article:
Our one-on-one guidance will help you find the perfect fit.
Maybe it's just me, but financial reporting is quite possibly one of my least favorite things about working in a financial function — I feel like it's the grown-up equivalent of getting your school attendance signed off by a parent. You might see it more favorably, but I'm over here thanking my lucky stars that financial reporting software exists.
Rather than spending my time sifting through mountains of data and hoping I didn't fat-finger an extra zero into the balance sheet, the software creates, analyzes, and distributes financial reports at whim, keeping everyone in the loop.
The only problem? There's just too much tech out there.
I went through the most popular financial reporting software options to find you the best tool for 2024. Let's get into it.
Why Trust Our Financial Software Reviews
My team and I have been testing and reviewing financial software since 2023. As current — or, ahem, historical — financial operators ourselves, we know how critical and difficult it is to make the right decision when selecting software.
We invest in deep research to help our audience make better software purchasing decisions. We’ve tested more than 2,000 tools for different finance use cases and written over 1,000 comprehensive software reviews. Learn how we stay transparent & our software review methodology.
Costs & Pricing for Financial Reporting Software
To kick things off, I collected pricing information about each tool. Here’s how they stack up, cost-wise:
| Tools | Price | |
|---|---|---|
| Xero | From $3.68/user/month (billed annually) | Website |
| Phocas | Pricing upon request | Website |
| Vena | Pricing upon request | Website |
| LicenceOne | From €1/employee/month + €10 base fee/month | Website |
| FreshBooks | From $7.60/user/month (billed annually) | Website |
| Sage Business Cloud Accounting | From $10/month | Website |
| Tipalti | From $447/month | Website |
| Insightsoftware | Pricing upon request | Website |
| Workiva | Available upon request | Website |
| Xledger | Pricing upon request | Website |
Compare Software Specs Side by Side
Use our comparison chart to review and evaluate software specs side-by-side.
Compare SoftwareHow to Choose Financial Reporting Software
As you work through this list, don't get caught up in the marketing of it all. Keep your organization, and yourself, in mind, considering:
- Functionality: Ensure the software meets your specific financial reporting needs, including budgeting, forecasting, and analysis capabilities. For example, if your organization requires detailed budget management and predictive analytics, look for software that offers these features.
- Integration: Look for software that integrates (well) with existing tools like Microsoft Excel and Power BI. This is crucial for data management and reporting, as it allows for smoother data flow and reduces the need for manual data entry.
- Scalability: Choose a solution that can grow with your organization and handle increasing data volumes. If you're part of a rapidly expanding company, you'd best look for software that can scale up to accommodate more users and larger datasets without compromising performance.
- User Experience: The software should be user-friendly to facilitate collaboration among your teams. A complex interface can hinder productivity, so look for solutions with intuitive navigation, pre-built templates, and customizable reports to make the user experience more efficient.
- Security: Prioritize software with robust security features to protect sensitive financial data. This is especially important for organizations handling confidential information — such as those in healthcare or government — as strong security measures help prevent data breaches and ensure compliance with regulatory standards.
Reviews of the Best Financial Reporting Software in 2024
Here are the best financial management reporting software tools on the market in 2024. I’ll go through the pros and cons of each tool, their features, and their ideal use cases.
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 and Integrations
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.
Pros and cons
Pros:
- Affordable
- Includes invoicing tools and automated receipt capture
- Unlimited users supported on all plans
Cons:
- Multiple currencies only available on the highest plan
- Limited features on entry-level plan
Phocas is a business intelligence and financial analysis software designed to provide organizations with comprehensive data analytics, visualization, and reporting capabilities. It's specifically tailored for businesses seeking to enhance their data-driven decision-making processes as it integrates with various data sources, including ERP systems, CRM software, and other databases.
Why I picked Phocas: I chose Phocas because it offers customizable financial statements, including balance sheets, profit and loss statements, and cash flow reports, which can be tailored to meet the specific needs of any organization. The platform's ability to generate real-time financial reports ensures that businesses always have up-to-date information at their fingertips. Additionally, Phocas offers features for financial forecasting, allowing users to create detailed predictions based on historical data and trend analysis.
Standout Features and Integrations
Standout features include collaborative tools that enable users to share reports and dashboards with team members, data visualization tools to transform complex financial data into intuitive charts, graphs, and dashboards, and an AI feature that allows users to ask questions and receive relevant insights and reports quickly.
Integrations include Oracle, QAD, MAM Software, Khaos Control, SYSPRO, Retail Express, Sympac, Microsoft, Acumatica, Xero, Epicor, IFS, Sage, Accolent, MYOB, Enapps, Kerridge, SAP, Datafile, Netsuite, and more.
Pros and cons
Pros:
- Forecasting capabilities
- Real-time data and analytics
- Extensive customizations for reports and dashboards
Cons:
- Learning curve for new users wanting to maximize the features
- Set up and configuration can be time consuming
Vena is a flexible financial planning and analysis (FP&A) platform that automates key financial consolidation and reporting processes. It features a native Excel interface as well as integrations with Microsoft Power BI and PowerPoint, making it easy to adopt for most finance teams.
Why I picked Vena: I chose Vena for its easy-to-use Excel interface, custom reporting, and dashboard features, and ability to quickly integrate and consolidate data from ERP/GL, CRM, and HRIS systems. Additionally, 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 include audit trails, variance analysis, workflow management, scenario modeling, automated reconciliations, real-time dashboards, ad-hoc reporting, and collaboration tools.
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
Pros:
- Preconfigured templates and reports
- Sophisticated financial modeling
- Leverages familiar Excel interface
Cons:
- Setup may take a long time
- Some compatibility issues with Mac
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
Pros:
- Real-time monitoring and notifications for SaaS applications
- License management capabilities
- Automated discovery feature for monitoring SaaS usage
Cons:
- Limited integration with third-party accounting systems
- No negotiation services or discounts for SaaS contracts
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
Pros:
- Customizable invoices and email templates
- Connects with your bank for easy reconciliation
- Easy-to-use
Cons:
- No full audit trail
- Limits on billable clients
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, Monday.com, Salesforce, Shopify, Gmail, Excel, Stripe, and PayPal.
Pros and cons
Pros:
- Customer Learning Curriculum
- Mobile app
- Supports multiple currencies
Cons:
- API is not user-friendly
- Limited features with basic plan
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
Pros:
- Supplier screening and validation
- Automatically codes invoices
- Internal controls over financial reporting and risk assessment tools
Cons:
- Somewhat of a learning curve
- No batch downloads
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
Pros:
- Custom and ad hoc reporting options
- Quick data imports
- Familiar look and feel of a spreadsheet
Cons:
- Maybe too expensive for small teams
- Limited analytical tools
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
Pros:
- Available via web and Android app
- Automated ESG reporting
- User-friendly interface
- Comprehensive reporting features
Cons:
- No phone or live support
- No mobile application for iOS
Xledger is a cloud-based financial management system that offers automation for a significant portion of accounting and financial tasks, providing a unified solution with robust support and a comprehensive range of features. Its market-leading automation, real-time insight, and scalability make it well-suited for organizations with complex ERP needs, positioning it as a preferred choice for businesses with intricate and specialized requirements.
Why I Picked Xledger: As a financial reporting software, Xledger excels in providing comprehensive, real-time financial insights that are crucial for decision-making in any dynamic business environment. Its ability to offer instant access to financial data across various dimensions—including projects, departments, and entire companies—makes it a valuable tool for businesses with complex structures. Xledger supports extensive drill-down capabilities, which allow users to explore the underlying details behind financial summaries. This capability is enhanced by robust compliance features that ensure reports meet global financial standards, making Xledger an ideal choice for organizations operating in multiple regulatory environments.
Xledger Standout Features and Integrations
Features include real-time reporting, automation of core financial processes, scalable cloud architecture, integrated project management, advanced budgeting and forecasting, multi-currency and multi-entity support, robust security protocols, comprehensive audit trails, and intuitive dashboards for financial analytics.
Xledger natively integrates with several other tools and platforms to provide a seamless workflow experience. These integrations include Microsoft Excel, Salesforce, Power BI, Bank APIs for automated banking transactions, HR systems, procurement software, project management tools, customer relationship management (CRM) systems, electronic payment processing platforms, and tax compliance software.
Pros and cons
Pros:
- High degree of automation for financial processes
- Comprehensive multi-entity and multi-currency support
- Real-time financial reporting and analytics
Cons:
- Potentially high cost for smaller businesses
- Slight learning curve for new users
Other Financial Reporting Software Options
Here are some more financial reporting tools that didn’t make the top 12 but are still worth checking out.
Related 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
- Expense Tracking Software
- Payroll Services
- Retail POS Systems
- Inventory Management Software
Selection Criteria For Financial Management Reporting Software
Selecting financial reporting software involves evaluating its functionality and how well it meets specific use cases. The criteria relate to the needs and pain points of software buyers, ensuring the tool is suitable for its intended use.
Here's what I thought mattered most:
Core Financial Reporting Software Functionality: 25% of Total Weighting Score
- Generating financial statements
- Budgeting and forecasting
- Compliance and audit support
- Consolidation of financial data
- Real-time financial analysis
Additional Standout Features: 25% of Total Weighting Score
- Advanced data visualization tools
- Integration with other business systems (e.g., ERP, CRM)
- Customizable reporting templates
- AI-driven insights and predictive analytics
- Mobile accessibility for on-the-go reporting
Usability: 10% of Total Weighting Score
- Intuitive user interface
- Drag-and-drop report builders
- Customizable dashboards
- Role-based access control
- Minimal learning curve
Onboarding: 10% of Total Weighting Score
- Availability of training videos and tutorials
- Interactive product tours
- Pre-built templates for quick setup
- Chatbots for instant support
- Webinars for in-depth training
Customer Support: 10% of Total Weighting Score
- 24/7 availability
- Multiple support channels (phone, email, chat)
- Dedicated account managers
- Comprehensive knowledge base
- Fast response times
Value For Money: 10% of Total Weighting Score
- Competitive pricing models
- Transparent pricing structure
- Flexible subscription plans
- Cost-benefit analysis
- Discounts for long-term commitments
Customer Reviews: 10% of Total Weighting Score
- Overall satisfaction ratings
- Commonly reported issues
- Praise for specific features
- Feedback on customer support
- User testimonials and case studies
Financial Reporting Software Trends in 2024
Financial reporting software is evolving in many of the same ways as other financial software, though there are few unique things to pay attention to. Here are some key trends to watch in 2024.
AI and Machine Learning Integration
AI and machine learning are being integrated into financial reporting software. These technologies help automate data analysis and provide predictive insights. This trend is important for improving decision-making accuracy.
Real-Time Data Processing
Real-time data processing is becoming a standard feature. It allows businesses to access up-to-the-minute financial information. This is crucial for timely decision-making and maintaining a competitive edge.
Blockchain for Enhanced Security
Blockchain technology is being adopted for financial reporting. It offers enhanced security and transparency in financial transactions. This trend is significant for reducing fraud and ensuring data integrity.
Cloud-Based Solutions
Cloud-based financial reporting solutions are on the rise. They offer scalability and remote access to financial data. This is particularly important for businesses with distributed teams.
Customizable Dashboards
Customizable dashboards are gaining popularity. They allow users to tailor their financial reports to specific needs. This trend is valuable for providing personalized insights and improving user experience.
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.
Features Of Financial Reporting Software
When choosing financial reporting software, it is essential to understand the key features that will help streamline your financial processes and ensure accurate reporting. The right software can make a significant difference in how efficiently and effectively you manage your financial data. Here are the most important features to look for in financial reporting software:
- User-Friendly Interface: A simple and intuitive interface ensures that users can navigate the software easily, reducing the learning curve and increasing productivity.
- Customizable Reports: The ability to customize reports allows you to tailor the financial data to meet specific business needs, providing more relevant insights.
- Real-Time Data Access: Access to real-time data ensures that you are always working with the most current information, which is crucial for making timely decisions.
- Integration Capabilities: Seamless integration with other business systems, such as ERP and CRM, ensures that data flows smoothly across different platforms, reducing the risk of errors.
- Automated Processes: Automation of routine tasks, such as data entry and report generation, saves time and reduces the likelihood of human error.
- Security Features: Robust security measures protect sensitive financial data from unauthorized access and breaches, ensuring compliance with regulatory requirements.
- Scalability: The software should be able to grow with your business, accommodating increasing amounts of data and more complex reporting needs as your company expands.
- Collaboration Tools: Features that facilitate collaboration, such as shared access and real-time updates, enable team members to work together more effectively.
- Mobile Access: The ability to access the software from mobile devices ensures that you can manage your financial data on the go, providing flexibility and convenience.
- Customer Support: Reliable customer support ensures that any issues or questions are addressed promptly, minimizing downtime and disruptions to your financial processes.
Choosing financial reporting software with these features will help ensure that your financial management is efficient, accurate, and adaptable to your business's evolving needs. By focusing on these key aspects, you can make a more informed decision and select a solution that best fits your requirements.
Benefits Of Financial Reporting Software
In today's fast-paced business environment, financial reporting software has become an essential tool for organizations looking to streamline their financial processes and gain a competitive edge. This software offers a range of benefits that can significantly enhance the efficiency and accuracy of financial management. Below are five primary benefits of financial reporting software for users and organizations.
- Improved Accuracy: Financial reporting software reduces the risk of human error by automating calculations and data entry, ensuring that financial reports are accurate and reliable.
- Time Efficiency: By automating repetitive tasks and streamlining data collection, financial reporting software saves valuable time for finance teams, allowing them to focus on more strategic activities.
- Enhanced Data Analysis: The software provides advanced analytical tools that enable users to gain deeper insights into financial data, helping organizations make informed decisions based on comprehensive analysis.
- Regulatory Compliance: Financial reporting software helps organizations stay compliant with regulatory requirements by automatically updating to reflect changes in financial reporting standards and providing audit trails.
- Real-Time Reporting: With real-time data processing capabilities, financial reporting software allows users to generate up-to-date financial reports quickly, facilitating timely decision-making and improving overall business agility.
Investing in financial reporting software can transform the way organizations manage their finances, leading to increased accuracy, efficiency, and compliance. By leveraging the advanced features of this software, businesses can gain valuable insights and make more informed decisions, ultimately driving growth and success.
Costs And Pricing Of Financial Reporting Software
This section provides an estimate of average financial reporting software plans and costs. The pricing varies based on the plan type and the features offered.
| Plan Type | Average Price (per month) | Common Features |
|---|---|---|
| Free | ... it's free! | Basic income/expense tracking, invoicing, limited reporting capabilities |
| Personal | $10 - 50 | Income/expense tracking, invoicing, basic financial statements, limited users |
| Business | $50 - 150 | Multi-user access, recurring invoicing, expense reporting automation, payroll |
| Enterprise | $150+ | Customizable fields, automated reporting, project costing, advanced integrations |
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.
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I can't choose your business's financial statement software for you, but I hope this information helps make the decision as easy as possible.
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