Best financial reporting software in 2025: Top 20 reviews

Key takeaways on financial reporting software

• To cut down on time spent manually entering and checking numbers, financial reporting software automates tasks like data collection and report generation.
• The best financial reporting tools let you create reports and dashboards that match your business needs and seamlessly integrate with software you already use, such as spreadsheets or ERP systems.
• Finance teams can use financial reporting software to quickly understand their financial situation and react to changes.

Why is financial reporting essential to a successful business?

CFOs rely on strong financial reporting to provide key stakeholders with important insights. Typically, businesses generate three main accounting financial statements as part of their reporting process: income statements, balance sheets, and cash flow statements. This data drives informed decision-making and, ultimately, business growth. 

Effective financial reporting also promotes real-time, productive discussions within the organization. For example, a CFO can quickly perform ad hoc reporting to assess the potential impact of reallocating funds, ensuring swift and informed decision-making.

What is financial reporting software?

Financial reporting software speeds up the financial reporting process with automation and analysis. It helps finance teams with these basic accounting tasks:

• Data collection
• Budget alignment
• Reconciliation
• Financial close and consolidation
• Creating financial statements

Types of financial reporting software

It’s important to note that different types of finance software will have different capabilities. 

Today, we'll discuss financial reporting software. However, during your search, you may also encounter:

• Accounting software
• Budgeting software
• Cash flow management software
• Corporate performance management software
• Financial consolidation software
• Financial analysis software
• Financial forecasting software
• Financial performance reporting software
• Financial planning software
• Financial planning & analysis (FP&A) software
• Financial statement software
• General ledger software
• Invoicing and payment software
• SEC reporting software
• Tax management software

Benefits of using financial reporting software

Using financial reporting software offers numerous advantages that can transform the efficiency and accuracy of your financial operations. Here are some key benefits:

Trend identification

Financial reporting software helps businesses identify trends by analyzing historical data and comparing it with current performance. 

By tracking patterns over time, companies can gain valuable insights into their financial health and market dynamics. This capability enables businesses to anticipate market shifts, recognize growth opportunities, and adjust strategies proactively. 

For example, a retail company might use trend analysis to identify seasonal buying habits, allowing them to optimize inventory and marketing efforts accordingly.

Real-time insights

Financial reporting tools provide real-time access to financial data, empowering stakeholders to make informed decisions swiftly. This immediacy is crucial for maintaining agility in a competitive market. 

With real-time insights, companies can respond promptly to emerging opportunities or challenges. 

For instance, a sudden drop in sales can be quickly identified and addressed with targeted promotional campaigns or adjustments in pricing strategies. The ability to act on up-to-date information helps businesses stay ahead of the competition and capitalize on market trends.

Time and labor cost savings

Automating financial reporting processes significantly reduces the time and labor required for manual data entry and report generation. This automation frees up valuable resources, allowing your finance team to focus on more strategic activities such as financial planning, analysis, and decision support. 

For example, instead of spending hours compiling monthly financial statements, the finance team can devote their efforts to identifying cost-saving opportunities or exploring new revenue streams. This increased efficiency leads to cost savings and improved overall productivity.

Accurate data and consequently informed business decisions

Automation in financial reporting minimizes human error, ensuring the data used for decision-making is accurate and reliable. 

Accurate data is the foundation of effective business strategies. When financial information is precise, business leaders can confidently make informed decisions that drive growth and profitability. 

For instance, accurate cash flow projections can help a company manage liquidity effectively, avoiding potential cash shortages and optimizing investment opportunities.

Better collaboration and cohesion across teams

Financial reporting software often includes features for sharing and collaboration, making it easier for teams across the organization to work together and stay aligned. 

Collaborative tools allow finance, operations, marketing, and other departments to access and analyze the same financial data, fostering a unified approach to achieving business goals. 

For example, a collaborative budgeting process ensures that all departments are working towards the same financial objectives, reducing the risk of misalignment and enhancing overall organizational cohesion.

Smaller chance of human error 

By automating data collection and reporting, financial reporting tools significantly reduce the risk of human error. 

Manual data entry is prone to mistakes, which can lead to inaccurate financial statements and misguided business decisions. Automation ensures that data is collected consistently and accurately, providing a reliable foundation for financial analysis. 

For instance, automated reconciliation processes can detect and correct discrepancies in financial records, ensuring that reports are precise and trustworthy. This reduction in errors enhances the credibility of financial information and supports better decision-making.

Critical features of financial reporting software

Here's what the best financial reporting software solutions offer:

Automation workflows 

Financial reporting software automates many routine tasks, such as pulling updated data from your source systems, streamlining the reporting process, and reducing the workload on your finance team.

By automating these workflows, businesses ensure that financial data is consistently updated and accurately reflected in reports without manual intervention. 

For example, the software can automatically retrieve transaction data from accounting systems, update financial statements, and generate monthly performance reports. This not only saves time but also reduces the risk of errors associated with manual data entry.

Additionally, automated workflows can trigger alerts for anomalies or discrepancies, ensuring that potential issues are identified and addressed promptly. Overall, automated workflows enhance efficiency, accuracy, and timeliness in financial reporting, allowing finance teams to focus on more strategic tasks.

Custom financial report creation 

Financial reporting software allows for the creation of custom financial reports tailored to an organization's specific needs. 

Standard reports like balance sheets, income statements, profit and loss statements, and cash flow statements are essential for regulatory compliance, tax purposes, and performance assessment. 

However, businesses often require more detailed or specific insights to inform strategic decisions. Custom financial report creation enables organizations to generate reports that reflect their unique financial circumstances and operational priorities. 

For instance, a company might need a detailed expense analysis report to identify cost-saving opportunities or a custom revenue report that breaks down sales by product line and geographic region. 

By providing the flexibility to design and generate bespoke reports, financial reporting software helps businesses gain deeper insights into their financial health, supporting data-driven decision-making and strategic planning.

Flexible dashboards 

Flexible dashboards allow users to customize their view of financial data, displaying key metrics and reports in an intuitive, easily accessible format. Some features of a flexible dashboard include:

• Customizable layouts
• Real-time data updates
• Interactive visualizations
• Data integration
• User-friendly interface
• Advanced filtering and segmentation
• Collaboration tools
• Alerts and notifications

Easy drill-downs 

These tools offer the ability to drill down into financial data, a vital feature of financial reporting software because it enhances the depth, accuracy, and usability of financial data analysis. Here's why this feature is critical:

• Granular data access: Move from high-level summaries to detailed transactions to identify root causes and understand factors driving financial performance.
• Scenario analysis: Explore how different factors affect financial outcomes, aiding strategic planning and risk management.
• Quick insights: Quickly access needed data within the same platform, eliminating the need to sift through spreadsheets or request additional reports.

Data validation and error-checking 

Financial reporting software includes data validation and error-checking features to ensure the integrity and reliability of financial data. Here's what these essential features provide:

• Elimination of errors: Automated mechanisms identify and correct errors, ensuring accurate, discrepancy-free reports.
• Consistency: Enforces consistency in data entry and processing, reducing the risk of conflicting or duplicated information.
• Regulatory compliance: Ensures financial reports meet regulatory standards like GAAP or IFRS.
• Audit trails: Creates detailed audit trails for documenting changes and corrections, aiding in audits and maintaining compliance.
• Risk reduction: Minimizes errors to reduce the risk of poor decision-making, enhancing strategic planning and risk management.

Source system integrations 

The best financial reporting software integrates with your ERP, HRIS, and other source systems that house critical information about your finances, payroll, and compliance. This integration ensures a seamless flow of data and reduces the need for manual data entry. 

Here’s why these integrations are crucial for realistic financial reporting:

• ERP (Enterprise Resource Planning): Integrates financial data with business processes for a comprehensive operational view. (e.g., Oracle NetSuite, SAP S/4HANA)
• CRM (Customer Relationship Management): Links sales and customer data with financial metrics for revenue and profitability insights. (e.g., Salesforce, HubSpot)
• HRIS (Human Resource Information System): Connects payroll and employee data to manage labor costs and analyze HR decisions' financial impact. (e.g., Workday, ADP)
• BI (Business Intelligence) tools: Combines data from various sources for advanced analytics and visualizations. (e.g., Tableau, Power BI)
• Accounting software: Ensures accurate data entry and streamlines financial close processes. (e.g., QuickBooks, FreshBooks)
• Invoicing and payment systems: Tracks receivables and payables for improved cash flow management. (e.g., Stripe, PayPal)
• Tax management software: Automates tax calculations and compliance reporting. (e.g., Avalara, TurboTax)
• Budgeting and financial planning tools: Supports scenario analysis and long-term financial planning. (e.g., Cube, Anaplan, Planful)
• Financial consolidation software: Merges data from multiple entities for a unified financial view. (e.g., Cube, BlackLine, OneStream)

Advanced security

Financial reporting software must be secure, preferably SOC 2 Type 2 compliant, to protect your business's financial information. Advanced security features protect sensitive financial data from unauthorized access and breaches.

Critical security features to look for include:

• Full encryption: Ensures data encryption both at rest and in transit.
• Authorization and user management: Customizes controls to provide the right access to the right users.
• Multi-factor authentication (MFA): Adds an extra layer of security with text or app-based authentication.
• Single sign-on (SSO): Simplifies access through multiple apps using SSO.
• Role-based access and permissions: Limits access to sensitive data and provides dimension-based security by department, entity, or territory.

Best financial reporting software tools on the market

Let’s start our review of the top financial reporting tools. 

1. Cube

Cube is an AI-powered, cloud-based FP&A platform that empowers teams to drive better reporting, planning, and business performance without disrupting typical workflows.

Cube integrates with both Excel and Google Sheets, so you can create reports in familiar apps and then share them with your CEO, department leaders, or board members. Many companies (like SmugMug) use Cube's reporting capabilities to inform their budgeting and planning, saving weeks of work. 

Cube offers faster time to value with the use of powerful AI automation and analysis (most companies onboard within two weeks) and is competitively priced.

Convinced? Book your free demo with Cube today.

Features

• Automated data consolidation: Connect data from numerous sources to create a single source of truth that can be used to quickly create custom and ad hoc reports.
• Multi-scenario analysis: Model how changes to key assumptions affect overall outputs seamlessly.
• Endless integrations: Find integrations for spreadsheets (Google and Excel), accounting & finance, HR, ATS, billing & operations, sales & marketing, and more.
• Customizable dashboards: Design, build, and share customizable reports across your organization without leaving Cube.
• Native Excel and Google Sheets integration: Cube is compatible and bi-directional with any and all spreadsheets. We work with both, and many teams find Cube a powerful Google Sheets unlock, improving financial transparency across the organization.
• Keep your Excel models: Work how you work, only better. Cube doesn't replace your back end with proprietary formulas or add hidden columns to your reports.
• Multi-currency support: Evaluate your finances in your local and reporting currencies.
• User-based controls: User controls, validations, and an audit trail ensure that the right data goes to the right people at the right time.
• Dive into your data with drill-down: Ensure accurate reports by knowing where your data comes from, down to the individual cell. Get straight to the transactions and history behind a single data cell in just one click.
• Audit trail: Track and account for changes via this historical record to ensure your data stays clean.
• Built-in roll-up logic: Easily aggregate values across time periods and other parameters with built-in formulas.

➡️ See more features here.

Pros

• Powerful reporting and KPIs: Automate and analyze important data.
• Streamline manual data: Reduce errors, and improve collaboration to enable smarter business decisions in a fraction of the time.
• Collaborate easily:  Communicate with your team, industry-leading FP&A experts, and an award-winning support team.
• Integration-rich: Connect with dozens of applications.
• Real-time data: Stay informed on cash flow with easy-to-update actuals and the ability to drill down into cells.

Cons

• Business use only: Use it for mid-sized businesses, not as a personal finance app.
• English only: Note the lack of multilingual support.

Pricing

Starting at $2,000, Cube includes:

• Universal spreadsheet experience
• Unlimited users
• Unlimited saved templates
• Unlimited dimensions

2. Oracle NetSuite

Oracle NetSuite features a user-friendly interface where organizations can access real-time analytics and advanced reports.

The platform enables serious automation, from data collection and journal entries to account reconciliation. Customers appreciate the cloud function, allowing them to access important financials anywhere.

Features

• Provides tax management: Comprehensive management of various tax obligations.
• Manages accounts receivable and payable: Streamlines payment processing and collections.
• Handles cash management: Efficiently manages company cash flow.
• Maintains a general ledger: Keeps detailed records of financial transactions.
• Manages payments: Facilitates smooth payment processing.
• Offers comprehensive financial management: Holistic financial oversight and management.

Pros

• Gain real-time insights: Obtain up-to-date information on profitability ratios, margins, tax liabilities, and cash flow.
• Automate administrative processes: Streamline repetitive tasks to save time and reduce errors.
• Integrate with Cube: Seamlessly work with Cube for enhanced functionality.

Cons

• High learning curve: Be prepared for a steeper learning curve.
• High price tag: Expect higher costs compared to some competitors.
• Limited customization: Customization options may be less flexible.

Pricing

NetSuite provides custom pricing. Their pricing model operates on a one-time implementation fee for initial setup, and an annual subscription. Users pay for a core platform license that includes financial reporting, and the addition of optional modules tailored to their business needs. The number of users also influences costs. 

3. Intuit QuickBooks 

Intuit QuickBooks is a great introductory financial analysis software for freelancers and small or growing businesses. 

While it's one of the world's most popular accounting software, it falls short as a financial reporting software due to its limited capabilities in advanced and custom financial report generation.

For example, you can customize profit and loss statements and other reports by vendor or employee, but not by unique market conditions to prepare for future strategy.  

Larger organizations might need more robust software to capture all their insights.

Features

• Customizable templates and quotes to invoices: Tailor templates to fit your business needs and convert quotes to invoices from any device.
• Expense management: Track and manage expenses efficiently.
• VAT and GST support: Handle value-added tax and goods and services tax compliance.
• Inventory management: Automatically update inventory and get low stock alerts.
• Insights and reports: Gain valuable business insights and generate detailed reports.
• Multi-currency transactions: Conduct transactions in multiple currencies.
• Financial consolidation: Consolidate financial data for a comprehensive view.
• Easy bookkeeping: Simplify tax filing with stress-free bookkeeping.

Pros

• User-friendly software: Easy to navigate and use.
• Easy integrations: Seamlessly integrate with other tools and systems.
• Affordable solution: Cost-effective option for individuals and smaller businesses.
• Small operations only: Works best for individuals or smaller businesses.
• Integrate with Cube: Work smoothly with Cube for enhanced capabilities.

Cons

• No custom reports: Limited ability to create custom reports.
• Poor customer support: Customer support may be lacking.
• Not ideal for larger companies: Better suited for smaller businesses.

Pricing

• Simple Start: $18/month/user
• Essentials: $27/month for 3 users plus accountant
• Plus: $38/month for 5 users plus accountant
• Advanced: $76/month for up to 25 users

4. FreshBooks 

Freshbooks is even more tailored to freelancers and small businesses, functioning primarily as invoicing software. You can generate seven types of reports through this software, but custom capabilities are limited. 

Customers praise the platform's user-friendly interface and affordability but complain about frequent crashes.

Features

• Budget and sales tax summaries: Create detailed budget and sales tax summaries.
• Profit and loss reports: Generate comprehensive profit and loss reports.
• Accountant access and permissions: Grant access and set permissions for accountants.
• Expense reports: Produce detailed expense reports.
• Balance sheet reconciliation: Reconcile balance sheets easily.
• Journal entry tracking: Keep track of all journal entries.

Pros

• Affordable solution: Cost-effective option, including a free trial.
• User-friendly interface: Easy to navigate and use.

Cons

• Technical difficulties: Users may experience slow loading times and occasional crashes.
• Small scope: Primarily focused on invoicing rather than comprehensive accounting.
• Rigid interface: Limited flexibility in some features.
• Not ideal for large organizations: Better suited for smaller operations.

Pricing

• Lite: $7.60/month
• Plus: $13.20/month
• Premium: $24/month
• Custom pricing available

5. Sage Intacct

Sage Intacct is financial reporting software that prioritizes increased user efficiency and extensive reporting customization.

Users can use its drag-and-drop design to create reports based on math functions, aggregations, transaction details, grouping, and other criteria.

This platform works for various industries, like SaaS (software-as-a-service) and hospitality.

Features

• Multi-entity usage: Quickly consolidate multiple entities.
• Cloud solution: Access data and tools from anywhere with the cloud.
• Salesforce integration: Seamlessly integrate with Salesforce.
• General ledger with predefined dimensions: Comprehensive general ledger management.
• Collaboration feature: Facilitate team collaboration.
• 150+ built-in reports: Access numerous built-in reports and create custom ones.

Pros

• User-friendly interface: Easy to navigate and use.
• Extensive reporting features: Key metrics and comprehensive reporting capabilities.
• Data visualizations: Make reports more accessible with visualizations.
• Integrate with Cube: Enhance functionality with Cube integration.

Cons

• Clunky integrations: Integration with other tools can be improved.
• Limited search capabilities: Search functionality may be lacking.
• High learning curve: Be prepared for a steeper learning curve.

Pricing

The platform doesn’t provide pricing online and encourages potential customers to contact them for custom pricing.

6. Insight Software

A French tech company,  Insight Software promises to reduce your closing and reporting times by 50%. It features custom reports and Excel integrations.

This company bases pricing on increased features measured by claims of improved efficiency up each tier.

Features

• Export to Excel: Export data from ERP systems to Excel.
• Spreadsheet server reporting: Generate reports directly from spreadsheets.
• Data integration and formatting: Integrate, format, and prepare data efficiently.
• Custom reporting: Create detailed custom reports.
• Integrations: Seamlessly integrate with some financial software.
• Equity management: Manage equity with ease.

Pros

• User-friendly program: Easy to navigate and use.
• Quick training: Train users on the system quickly.
• Easy drill-down: Drill down into data easily.

Cons

• Buggy software: Expect occasional bugs and issues.
• Weak customer service: Customer service may be lacking.

Pricing

Insight offers custom pricing only. Potential users will need to contact them for a quote. 

7. Workday Adaptive Planning 

As its name suggests, Workday Adaptive Planning is a planning tool that boasts visible insights at the click of a button. The software is an alternative to Mosaic and other visual planning competitors. Note that Workday Adaptive Planning reviews cite frustration with translating advanced insights to non-finance audiences.

Features

• Budgeting and forecasting: Support comprehensive budgeting and forecasting.
• Analytics and reporting: Gain insights through detailed analytics and reporting.
• Scenario planning: Enable scenario planning for better decision-making.

Pros

• Predictive models: Utilize advanced predictive models.
• Time-saving: Save time with efficient processes.
• Cloud-based software: Access data and tools from anywhere with the cloud.
• Cross-brand Integration: Seamlessly integrate with the Workday suite of programs.
• Integrate with Cube: Enhance functionality with Cube integration.

Cons

• Lack of training: Limited availability of training resources.
• High learning curve: Be prepared for a steeper learning curve for advanced features.

Pricing

While they ask that you request a quote for custom pricing, they offer two different plans and the opportunity to test drive the software with no obligation.

8. Board

Board is a financial reporting software that helps businesses improve financial processes and accounting.

It even allows users to create custom planning and analysis applications. The platform unifies metrics, analytics, and reports into one place.

Features

• Capital needs evaluation: Assess and optimize resource usage.
• AI-driven performance analysis: Use AI for predictive performance analysis.
• Model at speed: Offers real-time financial modeling.
• Multi-user data entry: Support data entry from multiple users.
• Adaptive aggregation: Enable adaptive data aggregation.
• ERP database write-back: Write back to ERP system databases.

Pros

• Easy dashboards: Create dashboards without technical expertise.
• Actionable insights: Gain valuable, actionable insights.
• Program adaptability: Adapt the program to your specific needs.

Cons

• High learning curve: Be prepared for a steep learning curve.
• Privacy issues: Users report potential privacy concerns.
• Weak customer service: Users report that customer service is slow to respond.
• Not user-friendly: Interface may not be intuitive.

Pricing

Board doesn’t list prices on their website, but an online source shares that their Core plan starts around $1,250/user/year for the basics, and up to $2,500/user/year for the Premium plan. Contact them for a custom quote. 

9. Xero

Xero is an accounting software with some reporting features, though its primary functions are payroll, expenses, and invoicing.

Track and pay bills, claim expenses, connect to your banks, track payments, use Gusto payroll software, manage Xero contacts, and much more. 

Features

• Work with your team: Collaborate effectively within the platform.
• Customizable reports: Create and customize reports to fit your needs.
• Budget vs. actuals comparison: Use formulas to compare budgets with actuals.
• Lock dates: Prevent changes to finalized periods.
• Search functionality: Easily search for specific data.

Pros

• 24/7 customer support: Access support any time of day.
• Interactive reports: Generate interactive and KPI-specific reports.
• Category tracking: Track different business departments effectively.
• Integrate with Cube: Enhance functionality with Cube integration.

Cons

• Limited advanced functionality: Advanced features may be lacking.
• Limited integrations: Integration options with other financial software may be limited.

Pricing

• Early: $15/month
• Growing: $42/month
• Established: $78/month

10. Sage 50 Accounts

You might remember Sage Intacct, which we covered previously in this review.

However, the company also offers a cloud version called Sage 50cloud Accounting. This financial reporting software is similar to Intacct, but users can access their files anywhere. 

Additionally, it’s a decent financial reporting software for companies requiring Microsoft 365 integration. 

Features:

• Advanced budgeting and reporting: Create detailed business budgets and reports.
• Cash flow management: Efficiently manage cash flow, income, and expenses.
• Real-time inventory management: Track inventory in real time.
• What-if scenarios: Run frequent what-if scenarios for better decision-making.
• Secure data sharing: Share data securely with accountants.
• Sales invoice management: Manage sales invoices and track expenses effectively.

Pros

• Microsoft 365 integration: Seamlessly integrate with Microsoft 365.
• Adequate customization: Customize reports to fit your needs.

Cons

• Limited permissions: Permissions are only available on the most expensive plan.
• Costly for over five users: Higher costs for larger teams.
• Basic reporting on basic plan: Advanced reporting only available on higher-tier plans.

Pricing

• Pro Accounting: $595/year
• Premium Accounting: $1,023/year
• Quantum Accounting: $1,728/year

11. Vena Solutions

Vena Solutions is financial reporting software dedicated to helping businesses seamlessly integrate advanced reporting with Excel data.

A cloud solution, Vena offers reporting to include what-if scenarios and prepare for cash and budget planning. However, customers cite a long learning curve and limited training opportunities. 

Features

• Financial management tools: Comprehensive tools for managing finances.
• Financial and ad-hoc reporting: Create detailed financial and ad-hoc reports.
• Real-time insights: Gain insights with real-time data.
• Templates for financial statements: Access templates for various financial reports.
• Quick ad-hoc variance analysis: Perform variance analysis efficiently.

Pros 

• Mobile app: Access the platform on mobile devices.
• User-friendly interface: Easy to navigate and use.
• Excel integration: Seamlessly integrate with Excel.

Cons

• Slow loading: Expect longer loading times.
• Lack of training: Training resources may be limited.
• Limited customization: Customization options may be lacking.

Pricing

Vena Solutions doesn't list prices on its website, as custom pricing is required. There are two plans, Professional and Complete.

12. Planful (formerly Host Analytics)

Planful, formerly known as Host Analytics, has skilled professionals with enterprise software, HR, and growth experience.

While reviews praise the platform's user-friendly interface, some criticism cites issues with accuracy when updating formulas and reports.

Features

• Excel reporting and integrations: Create reports and integrate with Excel.
• Data visualizations: Enhance reports with data visualizations.
• Personalized dashboards: Create custom dashboards.
• Forecasting: Enable accurate forecasting.
• What-if scenarios: Run various what-if scenarios.
• Journal entry management: Manage journal entries efficiently.
• Report consolidation: Consolidate reports for a comprehensive view.

Pros

• Strong customer service: Reliable and responsive support team.
• Reusable templates: Use templates for efficiency.

Cons

• Accuracy issues: Potential accuracy issues when updating formulas.
• Tricky collaboration: Collaboration may be challenging.
• Different reporting tools: Use multiple tools for reporting.
• High learning curve: Be prepared for a steep learning curve.

Pricing

Planful's pricing is not publicly disclosed but users have reported that Planful often requires pricing based on multi-year contracts.

13. Multiview ERP 

Multiview ERP features a team of in-house support along with its financial software. It delivers year-round insights, data visualizations, and customization capabilities through core accounting, business insights, business automation, and inventory management. 

Features

• Asset management: Efficiently manage assets.
• General ledger maintenance: Keep detailed financial records.
• Accounts payable and receivable: Streamline payment processing.
• Budgeting and forecasting: Facilitate accurate budgeting and forecasting.
• Workflow automation: Automate various workflows.
• Business intelligence: Gain valuable business insights.

Pros

• Search functionality: Efficiently search for specific data.
• Responsive customer service: Access strong and responsive support.

Cons

• Customization issues: Creating custom reports may be challenging.
• Glitchy software: Expect occasional glitches and issues.

Pricing

Multiview doesn't list pricing online, but an online source shares that their pricing is based on a per user annual subscription, averaging $150/user.

14. Datarails

Datarails is a legacy Excel-friendly platform for FP&A teams at small to midsize businesses. It helps teams forecast their finances and plan operations accordingly. If you’d like to read more about Datarails and other FP&A software solutions, check out our Datarails competitors article.

Features

• Version control: Automatically back up and manage versions.
• Logical version comparison: Compare different versions logically.
• Cell drill-down: Drill down into specific cells for detailed information.
• Error prevention: Prevent spreadsheet errors and data loss.

Pros

• Easy dashboards: Set up user-friendly dashboards.
• Excel compatibility: Keep your FP&A team within Excel.
• Appeal to Excel experts: Utilize a mix of formulas and coding with a refreshed UI.

Cons

• Not Mac-friendly: Limited functionality on Mac.
• Avoid Google Sheets: Not compatible with Google Sheets.
• Expensive collaboration: Additional licenses required for collaboration.
• Proprietary formulas: Use proprietary formulas and hidden columns in reports.
• Backend replacement: Replaces much of your backend, making offboarding difficult.

Pricing

Datarails doesn't disclose prices online, and they ask potential customers to contact them for tailored pricing.

15. Jirav

Jirav is a driver-based planning platform that gets FP&A teams out of spreadsheets. 

Jirav is a great tool if:

1. You're part of the 5% of finance professionals who don't believe advanced spreadsheet skills are essential for FP&A managers
2. You prefer a driver-based approach to planning
3. You want a strict cloud-based solution

Otherwise, Jirav is probably not the best fit.

Features

• Driver-based planning: Use a driver-based approach for planning.
• Templated and custom reporting: Create both templated and custom reports.
• Shareable dashboards: Share dashboards with anyone, even without a Jirav license.

Pros

• Cloud-based solution: Access data and tools from anywhere with the cloud.
• Cheaper price point: More affordable compared to some competitors.
• Dashboard sharing: Share dashboards easily with others.

Cons

• Wipes Excel: Replaces existing Excel models.
• Slower processing speeds: Processing speeds may be slower than comparable tools.
• Limited integrations: Integration options may be less robust.

Pricing

• Accountant Hindsight: $30/month
• Controller Insight: $75/month
• CFO Pro: $150/month
• CFO Enterprise: $250/month

16. SAP S/4HANA Finance

SAP S/4HANA Finance is group reporting software from SAP. It's best for businesses that are already entrenched within the SAP ecosystem.

It promises to help streamline financial consolidation and close processes by unifying operational and group reporting.

Features

• Deployment flexibility: Choose between on-premise, cloud, or hybrid deployment.
• Unified reporting: Consolidate entity and group close reporting.
• Continuous accounting: Enable continuous accounting functionality.

Pros

• Real-time data: Access up-to-date information in real time.
• Accelerated financial close: Speed up the financial close process.
• Unified consolidation: Unify consolidation and transactional activities.

Cons

• Improvements needed: More robust integrations needed.
• Slow customer support: Customer support response times may be slow.
• Complexity: Setup and maintenance can be complex.
• Customization problems: Creating customized reports can be challenging.

Pricing

An online source shares that pricing for custom development of SAP S/4 HANA Finance starts at $10,000/month and rises from there. 

17. Synoptix

Synoptix is a legacy financial reporting tool that replaces your custom Excel reports to move everything to the new platform, like many other tools on this list.

Features

• KPI dashboards: Create dashboards highlighting key performance indicators.
• Custom reports: Produce detailed custom reports.
• Real-time analytics: Access real-time analytics.
• Drill-down functionality: Drill down into data for detailed information.

Pros

• Annual financial statements: Help teams create annual financial statements efficiently.
• Industry-agnostic: Suitable for a wide variety of businesses.

Cons

• Limited features: May lack some advanced features.
• Outdated UI: User interface may be difficult and outdated.
• Inconsistent updates: Updates to the desktop version and online portal may be mismatched.

Pricing

An online source shares that Synoptix is available for a one-time fee of $2,800. 

18. Workiva

Workiva offers a cloud-native platform for assured integrated reporting, combining financial reporting, ESG reporting, audit, and risk management into one environment. It aims to provide data clarity and accuracy while enhancing collaboration and efficiency across various business processes.

Features 

• Integrated reporting: Comprehensive financial and ESG reporting.
• Risk management: Manage audit and risk efficiently.
• Data connectivity: Facilitate seamless data connectivity and management.
• Collaboration tools: Enhance team collaboration.
• Data automation: Automate data refresh and updates.
• Security: Secure data handling.

Pros 

• Centralized platform: Use a secure, centralized reporting platform.
• Comprehensive integration: Integrate across financial, ESG, audit, and risk domains.
• Efficiency: Automate manual tasks to increase efficiency.
• Real-time data updates: Access real-time data updates.
• Enhanced collaboration: Improve collaboration and control.

Cons 

• Highly complex: May be complex for smaller businesses.
• High costs: Potentially high implementation and training costs.
• Ongoing management: Requires ongoing management and oversight than other systems.

Pricing

Workiva’s pricing model includes implementation, ongoing training and administration, and licensing fees. While they don’t share specifics on their website, an online report shares that pricing ranges anywhere from $50K into the millions.

19. Jedox

Jedox is a financial planning and analysis solution recognized for its adaptability and comprehensive planning capabilities. It supports collaborative planning, budgeting, forecasting, and performance management.

Features 

• Financial planning and analysis: Comprehensive tools for financial planning.
• Integrated business planning: Facilitate integrated business planning.
• ESG reporting: Access tools for ESG reporting.
• Excel-like interface: Use an interface similar to Excel.
• AI-driven insights: Gain insights with AI-driven tools.
• Multidimensional data analysis: Analyze data across multiple dimensions.

Pros 

• Easy-to-use interface: Excel-like interface that is easy to navigate.
• Adaptable: Adapts to various business models.
• Comprehensive integration: Integrate data from multiple sources.
• Real-time planning: Plan and forecast in real time.
• Strong collaboration: Utilize strong collaboration features.

Cons 

• Significant customization: Be prepared for significant customization.
• Integration setup: Integration setup can be complex.
• High setup and training time: Expect higher initial setup and training time.

Pricing 

Jedox offers three pricing tiers, Business, Professional, and Performance. Each requires potential customers to contact them for a quote.

20. Zoho Books

Zoho Books is an accounting platform designed for growing businesses, offering a wide range of features to manage accounting tasks, organize transactions, and ensure tax compliance. It is known for its usability, security, extensibility, and reliability.

Features 

• Invoicing and billing: Efficiently manage invoicing and billing processes.
• Sales and purchase orders: Handle sales and purchase orders seamlessly.
• Project management: Facilitate project management.
• Bank reconciliation: Simplify bank reconciliation.
• Inventory management: Track and manage inventory.
• Expense tracking: Keep track of expenses.
• Sales tax compliance: Ensure compliance with sales tax regulations.
• Mobile and desktop access: Access the platform from mobile and desktop devices.
• Customizable templates: Create and customize templates.
• Document management: Automate document management processes.

Pros 

• User-friendly interface: Easy to navigate and use.
• Strong security features: Ensure data security.
• Extensive integrations: Integrate with over 300 business apps.
• Affordable: Enjoy cost-effective pricing options.
• Customer support: Access reliable customer support.

Cons 

• Limited advanced features: May lack some advanced features compared to competitors.
• Not for Enterprise businesses: Better suited for small to medium-sized businesses.
• Disruptive updates: Updates may occasionally disrupt workflow.

Pricing

• Free for businesses with an annual revenue of less than 50K. 
• Standard: $20/month
• Professional: $50/month
• Premium: $70/month

How to choose the right financial reporting software

No two finance teams are the same. We can tell you what to look for, but ultimately, it's up to you to decide which financial reporting software fits your needs. As you evaluate options, consider the following:

• Functionality: Talk with your team to list out the features they need most. Do they need customizable reports, real-time data updates, automated data consolidation, or all of the above? The best tools enable you to drill down into data for detailed insights, making it easier to track financial health, analyze performance, and create presentations for stakeholders.
• Integration: Your software should work seamlessly with existing systems, like accounting tools, ERP platforms, or CRM software. Consider how well it syncs with common spreadsheet tools like Excel and Google Sheets, which many teams still rely on.
• Scalability: Think about where your business is headed. Will the software handle increased reporting demands and data complexity as you grow? Look for features that can keep up with your business so you don’t feel the need to upgrade software all over again anytime soon.
• User experience: Even the most powerful software can fall short if it’s difficult to use. Check user reviews for an intuitive interface with clear navigation, easy setup, and training resources. Consider whether it has role-based dashboards that let users see only what’s relevant to their job, which can simplify the experience for different teams.
• Security: Financial data is sensitive, so strong security measures are a must. Look for features that protect against data breaches or system failures.

Upcoming financial reporting software trends

Here are some key trends pushing financial reporting forward:

• AI and automation: Financial reporting software is increasingly incorporating AI to enable automated financial reporting, streamline daily tasks, and analyze data. With AI forecasting capabilities, these tools generate more accurate predictive insights, helping finance teams anticipate future trends and outcomes. 
• Real-time data processing: Real-time data processing features are becoming better at providing businesses with the most current financial information, automatically updating reports and dashboards without manual input. Instead of waiting hours or even a day for data updates, finance teams can see changes instantly. This immediate access helps teams respond faster and make more timely, informed decisions.
• Use of blockchain technology for enhanced security: Blockchain technology offers a secure, transparent way to record financial transactions. It can provide an immutable ledger of transactions to reduce the risk of fraud, make audits more efficient, and improve stakeholder trust. 
• Cloud-based solutions: Modern businesses are embracing remote work and online collaboration. Cloud platforms provide easy access to reports and data from anywhere with an internet connection. When someone makes an update to the data, everyone with access can see the updates too.
• Customizable dashboards: More platforms are incorporating customizable dashboards to let users tailor reports and visuals to highlight their most important metrics. Different departments and stakeholders care about different aspects of the business and prefer when data is presented in a way that makes sense for their role.

Choose the best financial reporting software for your business 

No business became successful without any support. Be it through a team of skilled professionals or machine learning tech, the best organizations offload the busy work so they can spend more time scaling.

By leveraging the right financial reporting software, businesses can streamline their financial processes, gain deeper insights, and make data-driven decisions that drive growth.

Request a free demo today to see if Cube is the right fit for your business.