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What is Financial Reporting Software?

Financial reporting software refers to solutions that are designed to help users perform financial and accounting tasks. This type of software varies from basic single-entry systems like bookkeeping and check writing to complex double-entry solutions. Leading vendors offer advanced functionality such as fixed assets and inventory. Financial reporting software can be beneficial for your company as it can help to keep your books accurate and you can also get timely reminders to avoid late penalties. Show more In today’s competitive business environment, a quality financial reporting software has become essential to cut accounting costs and boost efficiency. The best thing to do before shelling out your hard-earned money is to compare the features of leading apps in this category, especially FreshBooks which currently tops this group. Show less

How was this ranking made?

To devise this list of best Financial Reporting Software we have examined 360 trending apps currently available on the market, analyzing their features, how easy are they are to learn, customer service, available integrations with other systems and mobile device support using our exclusive SmartScoreTM rating algorithm. This ranking has been created by Nestor Gilbert, our SaaS authority dedicated to the Financial Reporting Software category.

List of Top 12 Financial Reporting Software

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1. FreshBooks

Our score: 9.8 User satisfaction: 99%

A winner of our 2019 Best Accounting Software Award, this robust cloud accounting app for small businesses makes billing easy and efficient. FreshBooks allows users to manage key processes easily from turning receipts into expense files to tracking billable hours. Special modules to manage projects and tax are also available.

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2. NetSuite ERP

Our score: 9.6 User satisfaction: 97%

A scalable cloud ERP solution for growing medium-sized businesses and large enterprises. It offers complete control and automation options in managing financials, billing, orders, inventory, fixed assets, and revenue. It also has different modules to help you bring together all your key business processes.

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3. Sage 50cloud

Our score: 9.6 User satisfaction: 100%

Sage50 Accounting is a comprehensive cloud-based accounting software that helps businesses of all kinds and sizes manage key processes from billing to tax management. It has modules to help manage orders, contacts, inventory, and suppliers. It also includes advanced reports generation for forecasting and different types of financial analyses.

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4. Spreadsheet Server

Our score: 8.5 User satisfaction: 95%

Spreadsheet Server is a platform designed to provide efficiency in accessing, reporting, and analyzing data from ERPs inside Microsoft Excel.

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5. Younium

Our score: 8.5 User satisfaction:

Younium is a well-integrated B2B subscription management software that handles recurring billing, payments, and automated revenue recognition. It offers streamlined management of B2B subscriptions and is the software of choice for businesses that don't use custom patches for billing customers.

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6. Float

Our score: 8.0 User satisfaction: 99%

Float is an online cash management and forecasting tool that helps you manage your business and keep on top of your cash flow. It helps users drill down into the details of their finances. Also, it helps users create possible scenarios and plan for them. It also has a robust reporting module.

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7. Sage Business Cloud Accounting

Our score: 9.3 User satisfaction: 96%

A comprehensive accounting software for freelancers and small businesses, this is one of the most easy-to-use web-based platforms available on the market. Users can manage key accounting processes like managing items, supplies, and customer accounts in one centralized hub.

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8. Zoho Books

Our score: 9.6 User satisfaction: 100%

Zoho Books is the winner of our 2017 Great User Experience Award. It is a smart accounting software designed for small businesses to better manage their finances and more efficiently control their cash flow. It is also user-friendly, with a clean design yet robust set of features that helps users generate actionable, data-based insights.

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9. FreeAgent

Our score: 9.5 User satisfaction: 93%

A financial management and accounting tool for freelancers and small businesses packed with comprehensive features including customizable invoices, automated bank feeds, and sales tax reports among others. It helps users be on top of their finances. The platform is also very easy to use, thanks to its sleek design.

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10. Xero

Our score: 9.5 User satisfaction: 97%

Xero is a popular online accounting app designed for the needs of small and medium businesses in any industry. It is one of the most user-friendly accounting solutions available today. Features include real-time tracking of accounts receivable, expenses, billing, and invoicing.

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11. DataRails

Our score: 8.9 User satisfaction: 100%

DataRails provides a unique Excel-based solution that bridges the gap between the regular, personal Excel and top-class business application standards.

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12. BluSignals

Our score: 8.0 User satisfaction: 100%

A trade indicator system designed to help investors, brokers, and traders in the stock market by supplying them with insights on two critical factors - Trends and Pivots - allowing them to have a clear picture of the price's direction and at which point the price will turn (upward or downward).

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Similar Categories:

In the event you didn't find just the solution you were looking for here's a list of various categories similar to Financial Reporting Software that you might want to browse through:

Financial Reporting Software Guide

Table of contents

Generating statutory filings and fulfilling financial reporting requirements were considered straightforward and easy tasks in the past. However, today, internal and external reports include data from multiple online programs, locations, and stakeholders–and often need detailed notations and descriptions. A good financial reporting software can make the task of preparing reports easy for your business. This buyer’s guide aims to give you useful tips to help you make informed comparisons to sort out the best Financial Reporting software platforms for enterprises from the average ones.

Get to know each product with free trial

A good course of action is to sign up for at least a few free trials or demos and basic unpaid plans from popular financial reporting software providers. With that method, you will have the opportunity to test the important elements and you will get a good comparison of the capabilities of each app. The best thing to do is to try software tools that currently have the highest rankings in the SmartScore and Customer Satisfaction Rating in our financial reporting software reviews and choose the best Financial Reporting software for your company: FreshBooks reviews, Intacct, Xero, NetSuite ERP, Zoho Books, AccountEdge, Float, and KashFlow.

Targeted Businesses

Financial reporting software is a basic component of accounting and financial analytics, which eliminates the difficulty of generating coherent reports that become more and more confusing as the business grows. This doesn’t mean, however, that large businesses are the only ones that can benefit from it:

  • Financial Reporting Software for Small Business. Even startups and small businesses could benefit from automated financial reporting, ideally using a cloud-based, single-purpose accounting package rather than complex ERP suites.
  • Financial Reporting Software for Medium Businesses. Due the fact that they are developing fast, mid-sized businesses ought to start with a simple solution, which can cope with their growth and accept bigger information-load in the future. The perfect solution is to consider their assets and financial regulations they have to comply with and to choose a program accordingly.
  • Financial Reporting Software for Large Businesses. This is probably where financial reporting software is most needed, in particular, one that is industry-specific, rather than a one-size-fits-all. Large enterprises need to consider prominent vendors that promise to minimize accounting errors and reduce the number of hours spent on optimization, processing, and making important fiscal decisions.

What are Examples of Financial Reporting Software?

  • FreshBooks: One of the best cloud solutions for small companies that streamline tracking and invoicing. It allows you to collect payment online and is packed with advanced analytic features.
  • Intacct: Another highly-efficient cloud solution for small and medium businesses that provides statistics and key figures to help companies make smarter decisions.
  • QuickBooks: Simple and very popular software for small businesses that are just beginning to manage accounts receivable. It checks invoices and purchase orders and eases business transactions.
  • Xero: An online accounting app for businesses of all scales and industries, but also individual accountants and bookkeepers. It focuses on collaboration and keeps teams connected wherever they are.
  • NetSuite ERP: A scalable and complete ERP solution that automates both front- and back-end processes, and offers customizable views with key performance indicators.

Types of Financial Reporting Software

One of the things that makes choosing financial reporting tools so difficult is the variety of programs that can be used for the purpose. They range all the way from basic tool suites to ultra costly and accurate programs. The list of features can also be categorization criteria, as certain programs do nothing but calculate payroll requirements, while others are more robust and they allow users to prepare taxes and forecast future accounting difficulties and even do some custom branding. The basic division criterion is deployment, depending on which you can choose between:

  • On-premise financial reporting systems. These are covered with a single license, and hosted on the client’s local server. They qualify as the most expensive ones, due to the fact that they require complex setup and occasionally some hardware installation.
  • Software-as-a-service (SaaS) financial reporting systems. These are usually paid per month, and hosted on the vendor’s server. The business owner is not responsible for installation, updating, and maintenance.
  • Cloud-hosted financial reporting systems. Most of these offer free basic plans and qualify as the most affordable ones due to their universal access and the fact that the client doesn’t need to update them or pay for maintenance.

Key Features of Financial Reporting Software

Most financial reporting tools include the following essential features:

  • Basic accounting tasks – Small businesses can easily take care of their accounting needs with software that offers basic features like invoicing (both by snail mail and email), client and vendor management, financial report generation, and income and expense tracking.
  • Automation – The software should enable you to automate processes like recurring payments, automatic billing, and past-due notifications to save you time.
  • Estimate and quote creation – You can use customized templates to create estimates and quotes for clients; these can be automatically converted into invoices.
  • Tax preparation – Financial reporting software can also help with your taxes by including features, such as tax reporting and multiple tax rates, and automatic tax calculations. You should be able to easily email all necessary files to your accountant.
  • Multiuser access – Most financial reporting software can be used by multiple users. This will help you to give access to your accountant and financial consultants, too.
  • Purchase orders – There are also financial reporting solutions that include the capability to generate purchase orders. This feature allows users to transform estimates and quotes within the platform automatically. Thus, you can avoid double entries and related errors.

Benefits of Financial Reporting Software:

  • Simplified financial processes. In some companies, reports are created by employees who do not have a background in finance. It can be time-consuming to provide these employees with end-user training on new software. Therefore, consider products that use Microsoft Word and Excel to collect data for narrative contributions, as they are easier to use.
  • Real-time updates. The availability of a real-time updates feature can reduce overall reporting time as well as time spent on revisions. For further efficiency, the updates should be automatically made to all linked documents and reports.
  • Scalability. Solutions that charge by contributor or report, and those that limit the number of contributors are not ideal applications. Shun these types of solutions and focus on selecting a simple financial reporting solution that makes it easy to produce virtually any type of report, including customized presentations and reports that usually take time to prepare.
  • Workflow management. The software should be able to automate the reporting process, including tasks such as setting and managing deadlines for contributions, delegating responsibilities, managing reviews and sign-offs, sending alerts when required, tracking edits and sources, and showing the latest report status when needed.
  • Easier number handling. The financial reporting software should make it easy for users to handle numbers accurately by providing features like currency conversion, rounding, and number formatting. This can eliminate employee frustration and save them time while preparing financial reports.
  • Expense management. With a financial reporting solution, you can see where your money goes. You can then determine whether those expenses are essential or not. Thereon, you can decide which expenditures to keep, to ensure the smooth operation of your business.

Cost of Financial Reporting Software

The cost of financial reporting software varies depending on the type or the deployment of the solution. For example, if you select an on-premise platform, you need to pay upfront hundreds or even thousands of dollars. That is because you will be acquiring a lifetime license for that software. If you intend to use it on several computers, then it will be costlier.

Meanwhile, if you select a cloud-based or SaaS solution, then you can cut down costs marginally. Because the vendor hosts the software, you do not need to perform maintenance or patch updates on your end. Plus, you can adjust your subscription according to the number of users per month. However, if you already have a fixed number of seats, then you can opt to pay for the software yearly, which can avail you of a discount if the vendor offers it.

  • SMEs move to the cloud. Small and medium enterprises are leaning more towards cloud-based accounting and financial reporting tools. Indeed, according to a market report, over 50% of businesses are predicted to choose SaaS offerings. One of the main reasons for this is the faster deployment of the solution.
  • Consolidated systems. While a financial reporting software sounds like it is dedicated only to creating financial reports, it does have accounting features. As a result, there are businesses that opt to acquire this kind of solution rather than a standalone accounting platform. This way, they can consolidate multiple systems and reduce costs in the process.
  • Visual reporting. A driver of change in the financial reporting niche is the need of business owners and executives to have visual reporting. Instead of a long list of numbers and rambling paragraphs, they prefer graphs and charts. That is why vendors are also working to include visual reporting tools in their platforms.

List of Financial Reporting Software Companies

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Product name:
Category:
Smart Score:
Price:
User Satisf.
User reviews:
ValuPay reviews

ValuPay

Financial Reporting Software
8.0
By quote
95%
Quantower reviews

Quantower

Financial Reporting Software
8.0
$40
97%
Eqvista reviews

Eqvista

Financial Reporting Software
8.0
$2
100%
Pacoship reviews

Pacoship

Financial Reporting Software
8.0
$100
100%
Reach Reporting reviews

Reach Reporting

Financial Reporting Software
8.0
$149
100%
Spreadsheet Server reviews

Spreadsheet Server

Financial Reporting Software
8.5
By quote
95%
OptionTrax reviews

OptionTrax

Financial Reporting Software
8.0
$50
97%
PlaceCPM reviews

PlaceCPM

Financial Reporting Software
8.0
$350
96%
Bix2X reviews

Bix2X

Financial Reporting Software
8.0
By quote
100%
Asset Vantage reviews

Asset Vantage

Financial Reporting Software
8.0
By quote
100%
EXUS reviews

EXUS

Financial Reporting Software
8.0
By quote
95%
HedgeGuard reviews

HedgeGuard

Financial Reporting Software
8.0
€1,400
100%
BeyondSquare FinAlyzer reviews

BeyondSquare FinAlyzer

Financial Reporting Software
8.0
By quote
100%
DataRails reviews

DataRails

Financial Reporting Software
8.9
By quote
100%
DirectID reviews

DirectID

Financial Reporting Software
8.0
By quote
97%

Things to consider when you invest in a SaaS

SaaS software offers many advantages such as easy setup, access, and integration as well as data security. To choose the best system for your needs, you need to do your homework thoroughly. To start, begin with the following tips to consider and analyze the various products:

Know your needs: First, be certain about your firm’s needs and requirements. Why do you need to invest in a SaaS solution? What tasks and objectives do you intend to achieve with the solution? If you are certain about your needs, you can easily find an appropriate platform that fulfills them.

Compare features and price: Make a shortlist of SaaS systems that offer the features you need and are within your budget. Read online reviews of the shortlisted programs to learn what each one offers.

Use the free trial and extend it if necessary: Subscribe to the free trials of the shortlisted solutions and check out their features firsthand. This will help you to understand if the system offers what you need to boost your firm’s efficiency and productivity. Request an extension of the free trial if the time is too short to learn about the app’s effectiveness.

Talk to the vendor: Finally, talk to each provider about the assistance and support they can offer. Try to discuss the cost and get discounts. Ask about the training and consultation they provide to help you to utilize the app effectively.

Frequently asked questions about Financial Reporting Software

What is the best financial reporting software?

The best financial reporting software is FreshBooks. It is a cloud accounting solution that has received accolades because of its intuitive features, particularly when it comes to billing. It also simplifies complex processes, making accounting and financial reporting enjoyable. And that is just a couple of reasons why its customers are highly satisfied.

Another factor is the streamlining of work processes by FreshBooks. The solution includes a time tracking feature, thus making it easier for users to generate client invoices. This way, they can be certain that they are billing clients for the right amount of hours. On top of that, the software has an online payment tool. It can interface with third-party payment processors like Stripe and PayPal to make payments more convenient for clients. Of course, it is also convenient for businesses, as they can receive payments easily.

Furthermore, FreshBooks has native mobile apps for iOS and Android. Therefore, users can still work on tasks on the go.

What are the benefits of financial reporting software?

The benefits of financial reporting software are centered primarily on giving owners, executives, and managers a comprehensive view of their financial standing using visual reports.

Visual reporting. Financial reporting solutions are turning towards graphs and charts for reports. This allows users to understand their financial status at a glance.

Faster number crunching. Handling numbers is always a challenge and ensuring that they are accurate is more so. With a financial reporting tool, users can expect on-point currency conversion, number formatting, and round-offs.

Automated workflow. Because of their intelligent foundations, financial reporting software can automate workflows. This is beneficial when managers need to assign tasks and track their deadlines. It can also be helpful in generating regular reports.

Real-time data synchronization. Whenever a line or a number is updated, that change is synchronized with reports immediately. As such, users can always look forward to accurate charts and graphs.

What are the features of financial reporting software?

The features of financial reporting software can vary depending on the vendor. However, there are features that are common and key to every financial reporting tool you encounter.

Basic accounting tools. You would be hard-pressed to find a financial reporting solution that does not have basic accounting tools. As such, you can always find invoicing, income tracking, and expense monitoring features.

Tax management. One of the backbone features of financial reporting platforms is the tax management module. It can include multiple tax rates as well as automatic tax calculations.

Estimates and quotes. If you are always producing estimates and quotes, then you can benefit from templates of such. Financial reporting solutions offer those, allowing you to shave off seconds or minutes from the process.

Multiuser access control. If you have a sizeable finance and accounting department, you may want to have several team members on board the software. With a multiuser setting, you can ensure that they have access to tools that can streamline their work processes. Meanwhile, you can make certain that they only access data and execute certain actions only with permission control.

What is the easiest financial reporting software to use?

The easiest financial reporting software must have a clean interface with tools that are easily recognizable and accessible. On top of that, it needs to be friendly even to those who are not familiar with such platforms. And the following examples meet those standards:

FreshBooks. One of the drivers of FreshBooks’ popularity is its ease of use. SMEs like it because they can find their way around the interface without much trouble.

Sage Business Cloud Accounting. From a well-known name in the accounting and financial solutions field comes a cloud-based software that is known for its ease of use. It centralizes customer accounts and key accounting processes to streamline tasks.

Zoho Books. This platform offers a supreme user experience because of its clean design and user-friendly interface and tools.

What is a good free financial reporting software?

A good free financial reporting software must have the most basic reporting tools and accounting essentials on top of being costless. On that note, the following solutions meet those requirements:

Wave. This solution is a go-to for small businesses and startups because it has the necessary accounting and financial reporting tools. It is also easy to configure and users can employ it to manage their finances immediately.

SlickPie. This open-source accounting software has a robust tax management module. On top of that, it has a robust automation feature that eases the burden of accountants, finance officers, and tax managers.

Divvy. With this software, you can better control your expenses. It includes real-time tracking for transactions and can provide instant insights.

 

Nestor Gilbert

By Nestor Gilbert

Senior writer for FinancesOnline. If he is not writing about the booming SaaS and B2B industry, with special focus on developments in CRM and business intelligence software spaces, he is editing manuscripts for aspiring and veteran authors. He has compiled years of experience editing book titles and writing for popular marketing and technical publications.

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FinancesOnline is available for free for all business professionals interested in an efficient way to find top-notch SaaS solutions. We are able to keep our service free of charge thanks to cooperation with some of the vendors, who are willing to pay us for traffic and sales opportunities provided by our website. Please note, that FinancesOnline lists all vendors, we’re not limited only to the ones that pay us, and all software providers have an equal opportunity to get featured in our rankings and comparisons, win awards, gather user reviews, all in our effort to give you reliable advice that will enable you to make well-informed purchase decisions.

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