7 Best Corporate Financial Reporting Software: Top Picks

Every company has metrics that it uses to gauge its performance and overall financial health. CFOs and accounting staff gather this information and disseminate it to the relevant parties through a process known as corporate financial reporting. 

Company leadership and decision makers can use the information in corporate reports to assess areas of strength, as well as areas in need of improvement.  

Corporate financial reporting software offers top financial reporting solutions for businesses of all sizes. It provides faster processes, clearer insights, improved compliance, and reduced errors, to name a few benefits. 

We’re going to share our favorite options.

Coming Up

What is Corporate Financial Reporting?

Why is Corporate Reporting Important?

What Are the Types of Corporate Reporting?

What is Corporate Financial Reporting Software?

What are the Benefits of Corporate Financial Reporting Software?

What Are the Types of Corporate Reporting Software?

What are the Features of Financial Reporting Software?

What is the Best Corporate Financial Reporting Software?

Corporate Financial Reporting: A Mission Critical Function

What is Corporate Financial Reporting?

Corporate financial reporting is the process of compiling and collating relevant financial data about a company’s performance during a given time period. Once these reports are created, they are distributed to the company’s executive leadership, main shareholders and industry analysts. 

In the case of publicly traded companies, these financial reports must be transparent, accurate and made available to the public. 

Corporate reporting usually takes place on a predetermined schedule, such as annually or quarterly. The information in these reports is also used by analysts to predict the company’s future performance and its overall health. 

Why is Corporate Reporting Important?

Corporate reporting is important because it paints the most complete picture available about the company’s performance for the reporting period. Everything from gross income, to total expenses and net profits can be found in a corporate report. 

Once corporate reports are released, the management team will use the information in corporate reports to assess whether the company has been successful in meeting its productions, or has failed. 

They will also give stockholders a full summary of the company’s expenses, losses and profits. Regulators will use the information contained in corporate reports issued by publicly traded companies to determine whether the company is in compliance with applicable rules, while industry analysts will use it to predict the company’s future performance. 

Regardless of whether a company is public or private, its corporate reports must be verifiably accurate and complete. 

What Are the Types of Corporate Reporting?

The underlying basis of all corporate reporting is known as generally accepted accounting principles (GAAP). Under the GAAP format, there are three main types of statements, or corporate reports, which are:

• Cash Flow statement
• Balance sheet 
• The income statement

It is important to note that these are not the only types of statements that will appear in corporate reports, and that within these main three statements, there may be substatements or additional reporting. 

Examples of this would be shareholder dividend reports or outstanding employee stock options.

What is Corporate Financial Reporting Software?

Corporate financial reporting software is an automated tool that CFOs rely upon to assist them with gathering, and interpreting the data necessary to create financial reports. 

Many companies rely on these tools as key aspects of their financial reporting systems. They represent a quantum leap forward in reporting capabilities in comparison to the old method of manual entries and spreadsheets. 

Quality automated financial reporting software, such as that provided by SolveXia, can perform hundreds, or even thousands of functions in minutes with 100% accuracy. 

On top of this achievement, SolveXia offers bank-grade security, improves compliance, and removes key person dependencies. There’s no need to be dependent on manual spreadsheet overload when the system can accomplish more accurately  in less time. 

Many of the best tools will also allow CFOs to create custom reports that are specifically tailored to the company’s particular business sector or accounting needs. Additionally, users can deploy SolveXia to automate key finance functions, including: rebate management, reconciliation, expense analytics, APRA reporting, to name a few. 

What are the Benefits of Corporate Financial Reporting Software?

The corporate reporting system hinges on 100% accuracy from whatever company is issuing the report. These reports must show precisely how much money the company has made (or lost) because it will be relied upon to issue dividends to shareholders. 

Lenders, analysts, and underwriters also use financial reports to determine a company’s creditworthiness and future outlook. With that said, the process of gathering and creating these reports can be incredibly time consuming, which places severe strain on accounting staff.

Corporate financial reporting software allows companies to be 100% certain that the information in their reports is accurate and up to date, regardless of the company’s size or scope of operations. 

More importantly, it allows CFOs or accounting teams to gather the necessary information and prepare reports automatically. That means they can spend more time analyzing the reports for insights on how to be a better company instead of just creating the report itself.

What Are the Types of Corporate Reporting Software?

The best corporate reporting software will also have a high level of versatility, and allow CFOs to create a wide variety of different reports. 

However, within the overall framework of reporting software, you might find several different subtypes, which include, but are not limited to, the following:

• Basic accounting software
• Accounts payable and receivable oriented software
• Financial software that satisfies SEC reporting requirements
• Software designed for budgeting and future planning
• Financial software that assists with tax compliance
• Software that runs general ledgers, balance sheets and cash flow statements

When choosing financial reporting solutions, it’s important for CFOs to select a software that will satisfy all the company’s current requirements, and be able to grow with the company as it expands. 

A financial reporting tool like SolveXia’s is scalable, and gives CFOs the power to create bespoke real time reports unique to their own operation. 

In short, you can do all types of corporate reporting with SolveXia, including, but not limited to, APRA reporting, expense analytics, regulatory reporting, and the like. 

What are the Features of Financial Reporting Software?

Although there is no shortage of financial reporting software on the market, the most useful automated reporting tools will offer a combination of the following features:

1. Automation

The most obvious, and important feature of any corporate financial reporting software is its automation capability. The more reporting functions the software can automate and perform without human interaction the more accurate the data, the faster the processes, plus the stronger the compliance.

By extension, the financial staff will also become more productive because they will have more time to focus on analyzing data than they are on simply collecting it. Plus automated reports provides real time analytics, so the quality of insights increases, and so does the decision making. 

So, the more automated functions financial reporting software offers, the better. 

2. Customization

The purpose of any business is to make money, but not all businesses make money the same way. 

Having a tool that is flexible enough to meet the company’s individual needs via the ability to create customized reports is a critical advantage over more rigid software that does “fixed” reporting or doesn’t allow users to create unique reports. 

3. Compatibility

One of the most important features of financial reporting software is compatibility with a company’s existing data sets, software and accounting systems. 

If this isn’t the case, there will be a significant “integration period”, where the accounting staff will have to learn the new system and convert the company’s existing financial data into the new tool. This process can be time consuming and it’s also error prone. 

Financial automation solutions like SolveXia integrate seamlessly with your existing tech stack, including legacy systems. Once deployed, SolveXia can automate processes immediately, without the need for IT intervention. 

4. Security

Aside from proprietary technology that a company operates under patent, its financial data is among its most closely guarded secrets. A good financial reporting tool allows companies to upgrade their capabilities, but they also represent a potential security risk. 

If hackers can easily access the tool, they have a backdoor into the company. This is why the best financial reporting tools have high level encryption and bank grade data security.

What is the Best Corporate Financial Reporting Software?

Choosing the best corporate financial reporting software for your company will depend on several different variables. The size of your operation, the volume of transactions you will be conducting and the amount of locations your company has will all be considerations. 

We’ve compiled a list of some of the most popular corporate financial reporting software below.

1. SolveXia

SolveXia is a low code platform that automates spreadsheet-driven data preparation and manual processes. It offers its users a strong combination of power, functionality and customization capability. 

SolveXia can be used for a variety of functions and automates regulatory reporting, rebate management, expense analytics, reconciliations, and more. 

With SolveXia’s user-friendly real time dashboard, CFOs can create customized reports and run thousands of functions automatically all at the same time. 

SolveXia’s 24/7/365 cloud storage capability combined with its powerful automation allows users to create financial reports with 90% less errors at speeds up to 85 times faster than manual reports. 

While removing key person dependencies, manual processing, and spreadsheet overload, SolveXia protects data and actions with audit trails and version history. 

It integrates easily with over 500 existing apps and data sets, meaning that getting SolveXia up and running with your business will be as painless as possible. In addition to helping adhere with GAAP, SolveXia’s AI based engine allows CFOs to gain deep insight and run custom analytics that rival any of its competition. 

Perhaps most importantly, SolveXia offers users all this capability at an affordable price and a scalable solution that can grow with your company no matter how large it gets. 

2. SAP

Like Oracle, SAP is one of the most respected names in financial automation software. This company was one of the pioneers in its field and companies that are already using it can benefit strongly from the SAP S/4HANA computerized automation tool. 

Users will get real-time data access and the power to make the financial close process much more efficient than with manual tools. 

With that said, SAP S/4 HANA is definitely geared towards companies that are already using SAP software for other functions. Integration can be complicated and the IT team will need to stay proactive about keeping this tool running at maximum efficiency. 

Lastly, customized reports are not the easiest to set up. So, if you’re not already using SAP, the S/4 Hana application may not be the best for you. 

3. Vena

Vena Solutions offers users a finance reporting tool that helps them get the most out of their excel based data. Excel is one of the grandfathers of finance reporting automation tools, and many companies still build their financial automation efforts around Excel’s software. 

For those companies, Vena offers them the benefits of cloud based storage, a mobile version and strong analytic capability. 

Unfortunately, some users note Vena can take a long time to load, and the customization options are not as plentiful as they are with other tools. CFOs who need customization options may also want to opt for a different tool, because this is not Vena’s strong suit. 

Add that to a relative lack of training options, and it’s clear that Vena’s biggest benefit is to Excel users looking for some extra “pop” with their finance reporting.  

4. Xero

Xero is a finance automation tool that is geared towards assisting accounting staff with payroll, invoice and expense tracking. It allows users to track payments, interface with their bank accounts and manage payroll through Gusto payroll software. 

Users will also appreciate Xero’s 24/7 customer service and the ability to create reports specific to specific departments or divisions within the business. 

With that said, it is still primarily suited for basic accounting functions. It does not offer users a robust capability when it comes to creating advanced reports. Perhaps more importantly, users have noted Xero is not compatible in terms of integrations with preexisting software or other finance automation tools. 

5. Planful

Planful offers users a cloud-based financial reporting solution with a solid AI powered engine that can provide some very unique insights for a skilled user. It has a very simple user interface and a deep knowledge base that complements its friendly and supportive customer service team. 

It also gives its users an impressive level of security along with the ability to customize reports. However, some users report that this customization function can be difficult to master and the dashboard could be a bit more functional. Overall, this tool is best for a company looking for a financial tool that offers them an analytics capability and the power to gain deeper insight into company performance. 

6. Quickbooks

Quickbooks was one of the first financial reporting tools for the everyday small business person. Using quickbooks, the owner of a small to medium sized business can accomplish a number of automated functions including billing, inventory management and tax reporting. 

It also offers users the advantage of being able to work with different currencies. With that said, the limitations of Quickbooks in terms of customization and its limited customer support mean it’s not necessarily the best option for larger or more complex operations. 

7. Oracle netsuite

Oracle Netsuite is undoubtedly one of the oldest, and most respected names in financial reporting solutions.  This powerful tool can be used to handle everything from account reconciliation to data collection and journal entries. 

It also offers users a cloud based solution for storage and strong automation capability. However, it’s one of the more expensive tools on the market, and is also geared towards larger companies. Less experienced users also report it as having a bit of a high learning curve. 

Corporate Financial Reporting: A Mission Critical Function

A corporate financial report is the equivalent of a person’s annual check-up from the doctor. It provides a complete picture of the company’s overall health, as well shedding light on areas in need of improvement. 

For both of those reasons, accurate financial reporting is an absolutely mission critical function that any CFO or accounting staff must be able to master. 

In addition to 100% accuracy, financial reports must adhere to GAAP or the information they contain will not be taken at face value by shareholders or industry analysts. 

With all that in mind, using quality corporate financial reporting software like SolveXia can make this critically important process manageable, error free and painless.

If you’re struggling with financial reports from a manpower or an accuracy standpoint, SolveXia’s package of automation, AI and user-friendliness could be just what the doctor ordered. 

Book a free demo with SolveXia today, and find out how their corporate financial reporting software can be a difference maker for your company!