8 Best Financial Reporting Software

Financial reporting is a vital task, since it involves gathering, calculating, and arranging data from all financial areas of the organization, such as budgeting, forecasting, and creating balance sheets. All of these activities are incredibly time-consuming and demand expert skills to be prepared to become accurate results. In this article, we will explore the 8 Best Financial Reporting Software. 

What is Financial Reporting Software? 

Financial reporting software refers to technical tools and systems that allow firms to efficiently collect, process, analyze, and display financial data in an organized and comprehensible format. It automates the process of creating financial reports including income statements, balance sheets, cash flow statements, and so on. Financial reporting systems offer companies with accurate and up-to-date information that allows them to assess their financial performance, make educated decisions, meet regulatory obligations, and convey financial information to stakeholders.

8 Best Financial Reporting Software

Oracle NetSuite 

• Oracle NetSuite’s financial reporting software is a cloud-based system that enables firms to effectively generate, analyze, and circulate financial reports.
• Oracle is one of the most prominent brands in the financial software sector.
• Oracle netsuite offers holistic financial management which assists smooth payment processing management of multiple tax obligations.
• It includes the ability to create bespoke reports and see data in real time which saves up time to complete other tasks.
• In addition, this platform offers multidimensional reporting, consolidated reporting, and integrated financial analytics.
• Furthermore, there are Collaboration and distribution features, compliance and governance tools, and easy connection with other NetSuite modules. 

Freshbooks

• FreshBooks is a renowned cloud-based accounting and financial reporting software for small businesses and freelancers. 
• FreshBooks is a leading provider of accounting software for small and medium-sized businesses, with a primary focus on accounting.
•  However, it does feature basic financial reporting skills that are enough for the majority of small firms.
• Invoicing, expense tracking, and time tracking are some of the primary aspects of FreshBooks’ financial reporting software.
• In addition, it offers more than 100 integrations with payment gateways and other business tools to ensure the most accurate accounting data.
• The UI of this platform is user-friendly and accessible to people with basic accounting understanding. 

Vena

• To assist finance and operations teams in streamlining their financial planning, budgeting, forecasting, and reporting procedures, Vena is a corporate performance management (CPM) suite.
• The software helps businesses make better strategic decisions, improve financial visibility, and create more accurate and responsive planning cycles by combining workflow management, reporting automation, and predictive analytics.
• Vena’s robust cloud database collects and unifies your data by integrating with your source systems.
• Our solution consists of Excel templates with embedded logic for operational expense, COGS, and sales planning.
• Utilize the workflow to manage the submission and review processes, and share templates among organizations and departments.
• Workforce planning, capital planning, agile planning, and other add-ons are available for Vena’s financial planning and analysis software.

Anaplan 

• Anaplan is a performance management and planning tool that runs on the cloud. It facilitates quick data connections across teams, individuals, and organizations and speeds up and improves the accuracy of financial, operational, and reporting activities.
• This platform supports and develops complex models that compute and track a company’s overall performance.
• Furthermore, Anaplan assists in reporting and analyzing the important KPIs for upper management
• In addition, Link revenue planning, forecasting, and cross-enterprise to gain insight into your primary drivers and take advantage of expansion prospects.
• Connecting OpEx planning across corporate and business unit finance can help you maximize your expenses to revenue.
• Keep an eye on headcount expenditures to make sure they line up with headcount decisions and overall operating strategies.
• Establish financial discipline by carefully budgeting your expenses and allocating your resources to get the best possible financial results. 

Intuit QuickBooks 

• Intuit QuickBooks is an excellent starting financial analysis tool for freelancers and small or developing enterprises.
• This platform customizes templates to meet your company requirements and convert quotations to invoices from any device.
• Intuit Quickbooks offers expense management that entails tracking and managing spending efficiently.
• In addition, it allows you tomManage VAT and GST compliance. It automatically updates inventory and gets low-stock notifications. Discover vital company insights and create thorough reports.
• Intuit Quickbooks allows you to make multi-currency transactions. Financial consolidation is the process of combining financial facts to provide a holistic perspective.

Workiva 

• Workiva is a financial reporting application with easy document sharing capabilities. It’s an excellent platform for data visualization, bespoke views, and ad hoc reports.
• Workiva is a good choice since it provides for customized financial reporting for businesses of any size.
• Workiva’s automations contribute to the timely and accurate delivery of internal and external financial reports, such as budget-to-actual deviation reports, management reporting, internal controls, capital market transactions, and environmental, social, and governance (ESG) reporting.
• The solutions that assist teams manage company KPIs and debt covenant compliance appear to be very beneficial.
• Workday, Planful, Netsuite, Google Drive, Sage Intacct QuickBooks, Tableau, and SAP are among the integrated systems.

Sage Intacct 

• Sage Intacct automates time-consuming accounting tasks, saving you hours every week. From automatic AP to a general ledger that identifies abnormalities using AI, you’ll have more time to guide your organization’s growth.
• Our market-leading solutions will save you time and money when it comes to managing your employees, payroll, and finances. There will be no more manual data entering or difficult integration maintenance.
• Connect Sage Intacct to your other business tools, such as Salesforce, for a seamless, simplified data flow across platforms that meets your specific needs.
• Compare your budget against your actual spend in real time, avoid costly overruns, and keep your progress on track.
• Make data-driven choices with hundreds of pre-built real-time, multi-dimensional reports and dashboards. Give your teams the exposure they need to help your organization flourish.
• Compare your budget to your actual expenditure in real time to avoid costly overruns and stay on track.

Datarails

• Datarails is a leading financial planning and analysis software for small and medium-sized organizations. 
• While every FP&A software has some financial reporting features, Datarails stands out because it includes dashboards with live updates and visualizations, pre-built and configurable data models, 
• Dataralis offers an AI chatbot function that provides rapid responses with visuals for financial reporting. 
• The Drill down analysis on this platform allows you to filter details by location, date, or any other metric to gain deeper insights.
• Completely native Excel, making the move easy for finance experts and requiring a short implementation time (2 weeks).

Conclusion 

Financial reporting software improves the accuracy, timeliness, compliance, analysis, and scalability of critical financial reporting activities. This helps your company to make more informed decisions, satisfy regulatory obligations, and improve financial performance.

Without financial reporting software, it is more difficult to assure compliance with accounting standards and requirements. Therefore it becomes extremely crucial to choose the best Financial reporting software for your firm. 

Frequently asked Questions 

What are the main categories of financial reports?

The primary financial reports are the three GAAP financial statements:

• Income Statement
• Balance sheet
• The statement of cash flows

Other major financial reports, including the statement of shareholder equity and the contribution margin income statement, are usually targeted subdivisions of those three statements.

Why are Financial reporting important for businesses? 

Along with interactive dashboards, prioritize live reporting, data visualization, customizable options, and connection with a variety of software tools and platforms.
Security is also vital. Financial reporting software must secure critical corporate information, particularly if it is cloud-based or otherwise internet-connected. Security features should include user access limits and permissions—people who simply require the budget should not be allowed to go through vendor payment data, can be an example.

What are the advantages of a good financial reporting tool?

Modern FP&A and accounting teams invest in financial reporting tools to speed up reporting. A financial reporting solution seamlessly consolidates data from multiple source systems, saving time on manual and time-consuming tasks.

Automated consolidation eliminates the possibility of data mistakes caused by human data input errors, which can jeopardize your regulatory reporting and compliance.

Good financial reporting solutions offer elements that enable study of real-time data, such as ad hoc variance analysis tools and pre-built dashboards along with AI powered BI tools all wrapped in a safe cloud environment.