5 Best Financial Reporting Software 2024

If there’s one thing you want to make sure is always right in your business, it’s your finances. Financial reporting software removes the need for manual data entry and tasks, thereby decreasing errors, delays, and risks. 

When searching for the best financial reporting software, there are features you’ll want to look out for. 

We’re going to share what you need to know, along with our favorite financial reporting tools list. 

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What is the Best Financial Reporting Software?

Let’s dive into our financial reporting tools comparison list.

Keep in mind that every business and its needs are different, so it’s always recommended to first list out your own goals, budget, and desires. By doing so, you will have a better idea about what software is perfect for your business.

1. SolveXia - Best for Financial Automation, Process Optimization, and Analytics

SolveXia is a financial automation software that removes the dependency on spreadsheets and automates otherwise manual tasks for efficiency, time savings, cost savings, and compliance. 

Why We Like It: Companies that use SolveXia rave about its ease-of-use, customization capabilities, out-of-box readiness, and ROI. 

SolveXia can handle regulatory reporting, as well as many other critical finance functions, including: reconciliation, expense and payment management, process optimization, rebate management, APRA reporting, and more.

Best Features:

• Unified data platform 
• Advanced analytics and insights
• Audit trails 
• Data transformation capabilities 
• Executive and customizable dashboards
• Transparent processing 
• Big data engine (fast and scalable) 
• Drag-and-drop configuration + pre-built library of templates 
• Easy-to-configure rules 
• Direct submission that supports XBRL, XML, text, and Excel

Pros:

• Fast to adopt
• Resources and unlimited support 
• Made to scale
• Cost effective 
• Rapid results with quick ROI 
• Complete regulatory and financial processes 100x faster than manually 

Rating: 4.7/5

2. QuickBooks - Best for Overall Accounting Functions 

QuickBooks is accounting software that is intended mostly for small businesses, freelancers, and startups. 

Why We Like It: Many QuickBooks users would agree that it is a great solution for accounting and financial management. QuickBooks helps businesses to save time and increase accuracy. Rather than having to manually complete tedious finance and accounting tasks, 

QuickBooks brings together many features and functions in a single platform that works on desktop and mobile devices. 

Best Features:

• Multi-device document sharing
• Bank data synchronization 
• Mobile receipt capture
• Dashboards and feeds
• Invoice management 
• Automatic tax calculations

Pros:

• Simple integrations 
• User-friendly 
• Relatively affordable 
• Easily accessible across devices

Cons:

• Focus on accounting reports only 
• System crashes
• Lack of support 
• Made for small businesses 

Rating: 4.4/5

3. FreshBooks - Best for Small Businesses and Freelancers

FreshBooks is invoicing software that offers great solutions for small businesses and freelancers. 

Why We Like It: FreshBooks is a solid option for freelancers, small businesses, and solopreneurs who need an all-in-one solution without too much complexity. 

It can be used for financial reporting, client management, expense management, payments, and invoicing. 

Best Features:

• Tax reporting 
• Integrations
• Expense tracking 
• Reporting and analytics 
• Balance sheet reconciliations 
• Journal entry tracking

Pros:

• Easy to navigate
• Double-entry accounting features
• Tiered pricing for affordability

Cons:

• Added cost for every additional team member
• Lack of customization abilities
• Geared towards small businesses
• No full audit trail 

Rating: 4.5/5

4. Workiva - Best for Governance 

Workiva is a cloud-based platform for financial reporting, risk management, ESG reporting and audits. 

Why We Like It: It’s a useful tool, especially for those looking for data clarity, risk mitigation, and increased productivity.

Best Features:

• Budget-to-actual variance reports 
• ESG reporting 
• Data connectivity 
• Data automation 
• Security

Pros:

• Real-time data updates
• Easy collaboration 
• Integration 
• Centralized platform 
• SEC and Section 16 filings 
• Continuous product improvement
  

Cons:

• Simplistic design interface 
• Limited Excel formulas 
• Relatively complex to learn functions 
• Requires ongoing management 

Rating: 4.6/5

5. Vena Solutions - Best for Excel Integrations 

Vena Solutions is a financial reporting software that connects Excel data and generates advanced reporting. 

Why We Like It: Vena Solutions integrates with Microsoft 365, so users can leverage Excel data with automated workflows, enhanced security, and integrations.

Best Features:

• Pre-built templates
• Financial management tools 
• Real-time insights 
• Variance analysis 
• Financial close management 
• Cash flow planning 

Pros:

• Mobile app 
• Integrates completely with Excel 
• Easy-to-use 
• Sophisticated interface 
• AI powered assistant for FP&A
  

Cons:

• Limited customization 
• Lack of training 
• Doesn’t load quickly
  

Rating: 4.6/5

What Is Financial Reporting Software?

Financial reporting software centralizes financial data, automates processes, and helps businesses to analyze their finances to make informed decisions in real-time. With the aid of financial reporting software, businesses can remain confident in knowing their fiscal health at any point in time. 

Financial reporting software automates report generation and makes it easy to digest financial information in dashboards, reports, and customizable visualizations. The best financial reporting tools offer budgeting solutions, financial close functions, and top-tier security. 

What are the Different Types of Financial Reporting Software?

Financial reporting software isn’t typically a one-size-fits-all technology because there are many different types of financial software. These include:

• Accounting Software: Accounting software is geared towards CFOs and accountants to assist with monthly and yearly reports, along with accounting functions like invoicing and expense management.
  
  
• Tax Software: Tax reporting software is designed to aid organizations in complying with tax regulations by submitting tax reports, rather than relying on manual work. 

• FP&A Software: Financial planning and analysis (FP&A) software is centered on budgeting, forecasting, and financial planning to complement financial reports.
  
  
• BI Software: Business Intelligence (BI) software offers advanced analytics and reporting with interactive features. This is designed to assist with analysis for decision-making. 

How to Choose the Best Financial Reporting Software?

As mentioned before we listed our favorite financial reporting software, it’s very personalized to pick what’s best for your respective business. With this in mind, in order to assist in the selection process, be sure to consider the following:

1. Functionality

There are some core functions that you’ll want, regardless of the type of software you choose to go forward with. For example, you’ll want a solution that can connect to your general ledger and bank, connect data across systems, and analyze historical data for better forecasting and planning. 

2. Features

Some features to seek out are: variance reports, customizable dashboards, financial analysis, and process automation with templates or drag-and-drop functionality (so you don’t have to rely on an IT team to code). 

3. Useability

Importantly, everyone on your team likely has different levels of technical ability. That’s why it’s best to find a tool that is simple to navigate, customize, and collaborate. 

How Does Financial Reporting Help?

Financial reporting software saves businesses time and errors.

1. Report Generation

Rather than requiring team members to manually create time-consuming reports, the software takes care of this work. 

2. Analysis

Financial reporting software leverages past data to analyze performance and improve forecasting and budgeting. 

3. Visibility

Executives gain better internal control and transparency into the business’ performance, as well as process’ status. 

What Features to Look for in Financial Reporting Software?

The top financial reporting software tends to include these features:

1. Automated Workflows

The greatest time savings for businesses happens through automation. Financial reporting software with automated workflows remove or reduce the need for human intervention, thereby freeing up your team member’s time to focus on high-level and value-add tasks. Automated workflows streamline reporting, decrease errors, and increase compliance. 

2. Data Validation

The software is only as good as the data that gets fed into it. The best financial reporting software offers error-checking features and data validation, which means that data is consistent because the system will check for mistakes and reduce the chance of duplicate information. 

Additionally, with audit trails, any document changes and corrections are documented and stored. 

3. Integrations

With all the systems and software you may already have in use, you don’t want to risk losing any functions or data. Financial reporting software like SolveXia integrates with existing systems, including legacy systems. 

4. Enterprise-Grade Security

Last but not least, advanced security is required to protect sensitive data from breaches and maintain access controls. 

What are the Benefits of Financial Reporting Software?

For businesses of any size, financial reporting is non-negotiable. As such, you’ll want to ensure that your financial data, reports, and statements are always in good standing and accurate. 

Financial reporting software brings with it plenty of benefits, such as: 

1. Expense Management

It’s always helpful to see where your business is spending its money in order to maximize profitability and make informed decisions.

2. Scalability

Dealing with a high volume of data by hand is not only error-prone, but it is also time-consuming. 

Financial reporting software makes it easy and immediate to collect, transform, and report data into easy-to-digest and valuable information, no matter how large the business grows. 

3. Real-time Knowledge

Updates are best when they are in real-time. Financial reporting software pulls the latest and greatest data so that all the knowledge and insights at your fingertips is the most recent and accurate. 

4. Compliance

With reporting software, you can immediately reduce compliance risks as the automation capabilities remove the chance of errors and also offer audit trails at any time. 

What are Financial Reporting Tools Used for?

You can use financial reporting software for a myriad of use cases, including:

• Expense tracking
• Accounting
• Bookkeeping 
• Invoicing 
• Financial close 
• Reporting 
• Auditing 
• Tax preparation 
• Purchase orders 
• Income tracking 
• Estimation creation 

For whatever your need may be, there is a solution that exists! A financial reporting tool like SolveXia is helping accounting and finance teams to streamline primary finance functions, provide analytics, and deliver insights in real-time. 

By automating processes, teams can improve agility, scalability, cost savings, and analysis, all while saving time and money. 

The Bottom Line

Financial reporting tools come in all different shapes and sizes, but once you know exactly what you need, you’ll be able to find the right tool. 

The beauty of the best financial reporting software like SolveXia is that it can work for any size team, scale with your business without sacrificing quality, and delivers so many solutions all in one neatly-wrapped package that is intuitive to use. 

Ready to see it for yourself? Request a demo!