As part of financial management, you must keep track of transactions, gather and calculate information on gains and losses, make budgets and balance sheets, plan, report on finances, and make predictions.
When making a budget, estimate, balance sheet, or any other financial report, you must collect, calculate, and organize data from these areas. This is called financial reporting.
Doing all these things takes a lot of time and requires a lot of skill to get correct results. Because of this, companies now buy software for financial reporting to help them with these complex jobs.
An excellent financial reporting software can give you the following benefits:
- There are automation tools that keep track of your financial transactions.
- You can get records that are up to date right away whenever you want.
- It gives you tools for making predictions so you can make intelligent choices.
- There are budgeting and planning tools that can help you cut costs.
- There are business intelligence tools that can tell you if a business plan will make money or not.
This article will give you a list of the best Financial Reporting Software, compare the top 5, and go over the specifics of each one to help you choose the best one.
Best Financial Reporting Software
#1) Xero
Best for making small business jobs easier
Xero is one of the best financial accounting programs. You can try it for free for 30 days, and small businesses, accountants, and bookkeepers worldwide trust it to make their daily business chores easier.
Features:
- Processing paychecks
- It makes records that are specific to your needs.
- Make changes, send bills, and get paid.
- Instant currency exchange lets you pay in more than one currency.
Verdict: People who have used Xero say it is cheap, easy to use, and has excellent billing tools that can be very helpful for a small business. It is said that the cash reporting features are about average.
Price:
You can try it for free for 30 days.
Here are the price plans:
- Early: $11 per month
- Growing: $32 per month
- Established: $62 per month
Website: Xero
#2) Oracle Netsuite
The best because it has everything you need.
Financial reporting software like Oracle Netsuite makes reports that show you how your business is doing so you can take the proper steps at the right time. This programme in the cloud charges you based on the size of your business and the solutions it offers.
Features:
- Makes reports based on what you want.
- Cloud-based information is accessible from any location with just a web browser or mobile device.
- Tools to figure out and report taxes.
- Tools for making income statements and bank sheets.
Verdict: Oracle Netsuite users have said that small to medium-sized businesses should use the program. Oracle Netsuite is a well-known brand in this field. It offers a single platform for all a business’s needs, from accounting to handling orders.
Price: Get a price quote by calling them directly.
Website: Oracle Netsuite
#3) Workiva
Best for options that are easy to understand and can be used by any size business.
One of the best financial statement programs is Workiva, which makes hard chores easier for your business. This cloud-based system has automated features that make reports clear, accurate, and trustworthy.
Features:
- Gives you a report on your money whenever you want.
- Check out the analytics tools that don’t require you to know how to code.
- It lets you connect your data to the report, meaning the final report is 100% accurate, precise, and honest.
- You can manage all of your different companies from one place.
Verdict: Customers love Workiva because it’s accessible from any device, has great reviews, and is easy to use. However, the time and money required to master the programme are significant drawbacks.
Price: Get a price quote by calling them directly.
Website: Workiva
#4) Insight Software
It’s best for automatic reporting that never stops.
It has more than 5,000,000 people all over the world. It has automation features let it gather financial data and make financial reports independently. You can make every business choice in a planned way that is easy and correct.
Features:
- Financial reporting that is quick, cheap, and customizable.
- There are automated ways to enter data that will save you a lot of time.
- It works well with Microsoft, SAP, MRI, NetSuite, and other programs.
- With business intelligence tools, you can quickly make reports from your data.
- Stats about taxes.
Verdict: Some people who have used the software have said that the SMS alerts cost too much. People say that the customer service team is excellent. All in all, the software comes highly recommended.
Price: Get a price quote by calling them directly.
Website: Insight Software
#5) Sage Intacct
The best financial reporting programme works quickly and is easy to use.
Software called Sage Intacct helps you make financial statements. It gives you correct data insights and reports, which saves you a lot of time. Sage Intacct has added many new features, such as budgeting, planning, HR, and financial reports.
Features:
- Robust HR tools to keep your global staff interested.
- Get personalized studies or quick answers to help you make decisions.
- Tools for budgeting and planning in the cloud.
- It’s simple to share info or connect to other systems.
Verdict: Gartner says Sage Intacct has the best “Core Financials” score for mid-sized businesses (2020). Users like how easy this software is to use and recommend it to others.
Prices: Get a price quote by calling them directly.
Website: Sage Intacct
#6) CCH Tagetik Wolters Kluwer
Best for being a complete financial tool that has everything you need in one place.
You can get real-time results based on your company’s data with CCH Tagetik Wolters Kluwer, software for analyzing financial statements. It has automation and business intelligence features.
Features:
- It has budgeting, planning, and forecasting tools that help you make better choices.
- You can use automation and financial intelligence tools to make a yearly report, budget book, or earnings presentation.
- More advanced data tools for guessing what will happen.
- Use features that let you see success from all sides to make more money.
Verdict: People say that the software can sometimes be complicated to understand, but that’s because it has so many features. The software is complex to learn at first, but it’s easy to use once you get the hang of it.
Price: Get a price quote by calling them directly.
Website: CCH Tagetik Wolters Kluwer
#7) FYISoft Financial Reporting Software
Best for making reports that are correctly formatted and ready to be given.
FYISoft Financial Reporting Software is quick and straightforward to use. It can be set up in the cloud or on-premises and uses business intelligence tools to make financial accounts.
Features:
- Combines info and makes reports for businesses with more than one entity.
- Makes perfectly written reports and can be used immediately for presentations.
- Features for budgeting and planning.
- Analytics features are driven by artificial intelligence.
Verdict: People who have used FYISoft Financial Reporting Software have said great things about how fast and easy it is. People also like the function that lets them send reports.
Price: Get a price quote by calling them directly.
Website: FYISoft Financial Reporting Software
#8) Freshbooks
Best because it’s cheap
Freshbooks is software for making personal financial statements that can help small companies. Freshbooks has a lot of extra tools, from billing to budgeting to financial reporting.
Features:
- Some accounting tools make real-time reports with information about profits and losses.
- The expense tracking tool lets you keep an eye on your extra costs.
- The mileage tracking feature tracks how many miles you drive for work, which can help you save money on taxes.
- A mobile app that does more than make invoices and track miles.
Verdict: Users said they got good customer service when they first started using the software, but over time, the fees went up, sometimes by as much as two times what they were before.
Overall, Freshbooks is good software for small businesses that need to keep track of their finances and make budgets.
Price:
There is a free trial.
Prices that follow are as follows:
- Lite: $7.50 per month
- Plus: $12.50 per month
- Premium: $25 per month
- Select: Custom pricing
Website: Freshbooks
#9) Workday Adaptive Planning
Best for providing options that can be expanded
You can try Workday Adaptive Planning for free for two days and use it to make budget reports. You can use their budgeting, planning, forecasting, and monitoring tools. Gartner has named them a Leader in the 2021 Magic Quadrant.
Features:
- With the profitability analysis feature, you can make choices that will help you make the most money.
- The budgeting expenses tool helps you keep track of the money you spend.
- Solutions for HR.
- Features for consolidation, validation, and reports that are hosted in the cloud.
Verdict: Workday is one of the best programmes for making business reports. The scalable features are unique, and the customer service is top-notch.
Price: You can try it for free. Get a price quote by calling them directly.
Website: Workday Adaptive Planning
#10) Budget
Best for being easy to use and having good customer service
The cloud-based financial system Budgyt is simple, cheap, and easy to use for your business. They developed features that could simplify planning, reporting, forecasting, and closing.
Features:
- You can make decisions with the help of continuous forecasts.
- Features for budgeting.
- It has features like hyperlinking and measurements that make it easier to close.
- Make reports that look good, are polished, and are correct.
Verdict: Budgyt’s financial reporting tools are average, but the planning tools are great. In general, the programme is suitable for small businesses.
Price:
There is a free trial for 30 days.
Price plans are:
- Easy: $239 per month
- Plus: $479 per month
- Pro: $838 per month
- Enterprise: Customized pricing
Website: Budget
Conclusion
To write this piece, we did a lot of research on Financial Reporting Software. We found the best software in the business, compared them, and then made our choice.
We may conclude the following:
- Financial reporting is essential for every business, but doing it by hand takes time. That’s why it’s better to have tools to help you with financial reporting.
- There is financial reporting software out there that does a lot more than show numbers. Pick the one that eliminates the most issues for the least amount of money.
- These are the best: Workiva, Sage Intacct, Workday Adaptive Planning, CCH Tagetik Wolters Kluwer, DataRails, FYISoft Financial Reporting Software, and QuickBooks Online.
- QuickBooks Online, Xero, Freshbooks, DataRails, and Budget work well for small companies.