Find out more about Financial Reporting Software
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. 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.
Most Popular Financial Reporting Software
Best Financial Reporting Software
How to Choose The Best Financial Reporting Software
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 systems, 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 sort out the best Financial Reporting software 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 and basic unpaid plans from the vendors that are popular. With that method you will have the opportunity to test the important elements and you will get a good overview of the capabilities of each app. The best thing to do is to try services that currently have the highest results in our SmartScore and Customer Satisfaction Rating in the Sales and Accounting software category and choose the best Financial Reporting software for your company: FreshBooks reviews, Intacct, Xero, NetSuite ERP, Zoho Books, AccountEdge, Float, and KashFlow.
Financial reporting software is the basic of accounting and financial analytics which eliminates the difficulty of generating coherent reports which 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 Businesses. 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 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 one-size-fits-all. Large enterprises need to consider prominent vendors which promise to minimize accounting errors and to 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 streamlines tracking and invoicing. It allows you to collect payment online, and it 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 from 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-end 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 software 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. 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 are hosted on the client’s local server. They qualify as the most expensive ones, due 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 are 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 to pay for maintenance.
Key Features of Financial Reporting Software
Most financial reporting software 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.
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 end user training on new software. Therefore, consider products that use Microsoft Word and Excel to collect data and for narrative contributions, as they are easier to use.
- Real-time updates. The availability of real-time updates feature can reduce overall reporting time as well as time spent in revisions. For further efficiency, the updates should be automatically made to all linked documents and reports.
- Scalability. Solutions that charge by the contributor or by the 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 such as currency conversion, rounding, and number formatting. This can eliminate employee frustration and save them time while preparing financial reports.
List of Financial Reporting Software Companies
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Our site uses our special SmartScore™ algorithm to examine all the applications in the Accounting & Finance Software category so that we can help you pick the best possible application. It compares and contrasts the following aspects: key functionalities, collaboration tools, customization, available integrations, intuitiveness, help & support, how secure a software is, mobile support, ratings in media. Currently, FreshBooks is the leader in this category and we gave it the highest score in our tests. After thorough examination it received the best results among its competitors and we strongly suggest that you include it as one of the alternatives for your business.
A look at the general user satisfaction with the service in the Accounting & Finance Software category based on our unique algorythm that collects customer reviews, comments and opinions across a wide set of social media platforms in order to help you make an educated purchase decision.
Every vendor in the Accounting & Finance Software category will offer a different set of pricing plans for its app and each plan will include a different set of features. Below we list the overal pricing for the cheapest plan offered for each app. Please note that advanced features may have an extra cost.
An overview of what kind of devices and operating systems are supported by these B2B services in the Accounting & Finance Software category, including mobile platforms and web-based solutions.
Check which languages and countries are supported by the best B2B solutions in the Accounting & Finance Software category, including apps designed for international markets and created for multi-cultural groups of employees.
Examine what pricing packages are offered by the vendors in the Accounting & Finance Software category to see which one suits your business requirements and budget best. Keep in mind that certain apps can provide free or freemium accounts for you to test first.
A brief look at which groups of clients a specific B2B platform in the Accounting & Finance Software category is designed for, from small businesses and non-profits to big enterprises.
An overview of what styles of software deployement are provided by each B2B vendor in the Accounting & Finance Software category. Although the majority of modern SaaS services are cloud-hosted some solutions may offer an on-site deployment model too.