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.
Top 10 Most Popular 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 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 do 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 demo 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.
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 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 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. 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 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 Score Read More
FinancesOnline uses our proprietary SmartScore™ method to evaluate all the services in the Financial Reporting Software category to help you pick the best possible service. It pays attention to the following metrics: essential modules, collaboration features, custom elements, integration, simplicity, customer support, security, support for mobile devices, media rating. As of now, FreshBooks is the leader in this category and is recommended by our experts. Following thorough evaluation it got the best results among its competitors and our experts strongly suggest that you consider it as one of the solutions for your company.
User Satisfaction Read More
A look at overall user satisfaction with the solutions in our Financial Reporting Software category calculated using our unique algorythm that collects customer reviews, comments and opinions across a broad range of social media platforms to help you make an educated investment decision.
Pricing Read More
Each vendor in the Financial Reporting Software category will have a different set of pricing packages for its app and each package will include a varied group of tools. Below we list the overal pricing for the cheapest plan provided for each service. Please note that advanced features may have an extra cost.
Devices Supported Read More
An overview of what type of devices and operating systems are supported by the listed B2B services in the Financial Reporting Software category, including mobile platforms and web-based solutions.
Laguages Supported Read More
Check which languages and countries are served by the top B2B services in the Financial Reporting Software category, including services aimed at international markets and prepared for multi-cultural groups of employees.
Pricing Model Read More
Find out which pricing models are offered by the vendors in the Financial Reporting Software category to see which one suits your business preferences and budget best. Be aware that specific solutions can offer free or freemium accounts for you to try out first.
Customer Types Read More
An overview of which groups of customers a given B2B service in the Financial Reporting Software category is designed for, from small businesses and non-profits to big enterprises.
Deployment Read More
A summary of what kinds of product deployement are supported by each B2B vendor in the Financial Reporting Software category. Although almost all modern SaaS services are cloud-based there are services may offer an on-site deployment model as well.