10 Best Financial Reporting Software Shortlist
Here's my pick of the 10 best software from the 20 tools reviewed.
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.
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
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
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
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
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
Pros:
- Multi-user support and access permission levels
- Highly customizable reports
- Advanced analytics
Cons:
- Lacks group cash flow functionality
- Steep learning curve
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
Pros:
- Very responsive customer service
- User-friendly interface
- Connects to multiple data sources
Cons:
- Missing suppress-zeros functionality
- Expensive
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
Pros:
- Extensive product support and training guides
- Very responsive customer support
- Budgeting and forecasting features
Cons:
- Somewhat expensive for small teams
- Limited integrations
| Tools | Price | |
|---|---|---|
| Xledger | Pricing upon request | Website |
| LicenceOne | From €1/employee/month + €10 base fee/month | Website |
| Workiva | Available upon request | Website |
| FreshBooks | From $17 per month | Website |
| Sage Business Cloud Accounting | From $10/month | Website |
| Tipalti | From $447/month | Website |
| Insightsoftware | Pricing upon request | Website |
| Tagetik | Pricing upon request | Website |
| Cube | Available upon request | Website |
| Budgyt | From $399/month | Website |
Compare Software Specs Side by Side
Use our comparison chart to review and evaluate software specs side-by-side.
Compare SoftwareOther Options
Here are some more financial reporting tools that didn’t make the top 12 but are still worth checking out.
- Spreadsheet Server
Best Excel-based solution
- NetSuite
Best for global enterprises
- Xero
Best for startups
- Abacum
Best for teams with 100-500 users
- Sage Intacct
Best for ease of use
- Jedox
Best for data integration
- Board
Best for combining a web-based and an on-premise platform
- Foresight Intelligence
Best for automations
- IBM Cognos Controller
Best for financial close and consolidation
- Asset Vantage
Best for family offices and trusted wealth custodians
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?
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:
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.