5 Best Disclosure Management Software 2024

Financial disclosures are inevitable for companies of any size. Rather than risking the mistakes that come along with manual financial disclosures, you can increase confidence, prevent errors, and adhere to compliance using disclosure management software. 

We’re going to answer, “what is disclosure management” and review some of the best disclosure management software.

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What is Financial Disclosure?

Every organization is required to disclose specific financial information for legal and regulatory compliance. For example, in the United States, publicly traded companies have to report and disclose financial information that’s set forth by the U.S. Securities and Exchange Commissions. 

But, even smaller and private companies also deal with financial disclosure, which is why disclosure management software proves itself to be a must-have for all. 

Who Requires Financial Disclosure?

Typically, financial disclosures are required by regulatory bodies, government agencies, and financial institutions. However, stakeholders and prospective investors may also seek out financial disclosures before moving forward with an investment. 

Which Companies have to do Financial Disclosure?

As mentioned at the start, every type of company deals with financial disclosures, including:

• Public Companies: Financial statements must be made public via financial disclosures for publicly traded companies. This is because their stock trades in the market, so it’s an investor’s right to know. 
• Government Contractors: Government contractors are required to submit financial disclosures to protect that taxpayer’s funds are being used rightfully. 
• Nonprofit Organizations: Since non-profit organizations receive donations and funds, their financial disclosures share how the money is being used. 
• Security-issuing Companies: Any company that issues securities in financial markets must share financial information to regulators. 

What is Involved in Financial Disclosure?

Financial disclosures entail preparation and verification. For most requirements, organizations will need to prepare:

• Income statements: The income statement is a list of all transactions (revenue and expenses) for a designated time period. 
• Balance sheets: The balance sheet tracks liabilities, assets, and equity. 
• Cash flow statements: Cash flow statements share how much cash comes in and out of a business in a designated time period. 
• Shareholder’s equity statements: Shareholder equity statements depict who owns how much of a company, as well as how the figures have changed. 

In order to fulfill all these requirements, many people tend to be involved, including CFOs and accounting professionals. 

Having to manually track down and connect financial data can cause delays and mistakes. Many companies turn to financial automation software like SolveXia to centralize data securely and accurately for immediate accessibility from anywhere. 

Who is Responsible for Financial Disclosure?

Ultimately, CFOs are responsible for financial disclosures. That being said, the process is managed by different people within the finance team, such as accountants, analysts, and reporting specialists. 

Rather than relying on key person dependencies, you can automate and streamline the process using disclosure management software. 

What is Disclosure Management Software?

Disclosure management software automatically collects, centralizes, and prepares the necessary information to create financial disclosures. It is able to connect information across various systems, such as ERP systems, to consolidate information and make it easier to verify and utilize. 

Depending on the type of disclosure management software that you choose, it may solely be able to perform this function, or it may offer other solutions, along with disclosure management. 

What are the Benefits of Financial Disclosure Management Software?

Financial disclosure management software, and financial automation software in general, brings with it a ton of benefits for any company that implements the technology, such as:

1. Greater Visibility

Financial disclosure management software centralizes all data across systems and platforms, making it easy to create, track, and complete processes. Stakeholders and relevant parties are able to review process status and insights in real-time. 

2. Increased Productivity

Automation reduces manual activity, thereby increasing productivity and reducing errors. Rather than your finance team being stuck entering and collecting data, they can perform value-add tasks as the disclosure management software takes care of the repetitive and data-heavy duties. 

3. Enhanced Compliance

Importantly, disclosure management software helps to reduce compliance risk and meet legal requirements. This is because you can immediately reduce errors and ensure the timely completion of disclosures to meet deadlines. 

What is the Best Disclosure Management Software?

With all the advantages of using disclosure management software, it makes sense why you’d want to find and implement the best solution out there. 

While the adjective “best” may be subjective, we have compiled our top five favorite options, based on user feedback, functionality, and effectiveness. 

1. SolveXia - Best for Financial Automation and Compliance

SolveXia is a finance automation tool that replaces the need for spreadsheet-driven data, and at the same time, automates critical finance functions. 

SolveXia can be used for multiple key finance functions, including: reconciliation, rebate management, expense management, regulatory reporting, and more. 

Best Features: For financial disclosures, as well as the other solutions it delivers, SolveXia’s standout features include:

• Unified data platform 
• Drag-and-drop functionality with templates 
• Big data engine that’s scalable and accurate 
• Customizable dashboards
• Advanced analytics 
• Data connectors 
• Financial reporting software‍

‍Pros

• Easy integration 
• Usable for more than just financial disclosures (see solutions) 
• Enterprise-grade security
• Internal control and visibility 
• Access controls 
• Speedy and accurate reporting  
• 6-12 months positive ROI recognized 
• Strong customer support
  

Pricing: Contact SolveXia directly for pricing or to book a demo

Rating: 4.7/5

2. Workiva - Best for Enterprises

Workiva is a platform made for ESG, audit, risk, and financial reporting. 

Best Features:

• Built-in regulatory requirements 
• Centralized data platform 
• Generative AI 

Pros:

• Easy-to-use 
• Integrated financial reporting features 
• Secure interface
• Continual product improvement
  

Cons:

• Limited on spreadsheet formulas
• Can be slow 
• May face implementation hurdles 

Pricing: average annual cost - $228,024.71

Rating 4.6/5

3. SAP - Best for Enterprises Using the Software Already

SAP offers disclosure management software as part of its overall financial management software suite. 

Best Features:

• XBRL tagging 
• Data mapping and validation 
• Multi-language support 
• Data management
  

Pros:

• Access to templates 
• Audit trails
• User-friendly
• Designed for enterprise needs
  

Cons:

• Relatively expensive 
• Lacks comment management 
• Can crash after heavy use 
• Not much customization capability 
• Long onboarding process
  

Pricing:  Average minimum cost around $107,000

Rating: 4.2/5

4. Oracle Hyperion Disclosure Management  - Best for Complex Financial Disclosures

Oracle Hyperion Disclosure Management is disclosure management software that integrates with Oracle’s suite. 

Best Features:

• Financial reporting 
• XBRL mapping 
• Version control
• Workflow management 

Pros:

• Integrates with Oracle solutions 
• Customization options 
• Timely financial reporting 

Cons:

• Steep learning curve 
• Lags happen during analysis 
• Difficult interface 
• Slow downloading time 

Rating 4.3/5

5. Insightsoftware - Best for Team Use

Insightsoftware is a business intelligence tool that automates financial reporting and operational reporting. 

Best Features:

• Advanced analytics 
• Integration with ERP systems
• Cloud-based (or option for on-premise) 

Pros:

• Customizable 
• ETL built-in for data collection and access 
• Compliance requirements are built-in 

Cons:

• Lack of customer support
• Difficult to set up 
• Lacks cloud storage 
• Hard to integrate 

Rating: 4.4/5

How to Choose the Best Disclosure Management Software?

When deciding which disclosure management software is best for your business, refer back to following list of considerations:

1. Collaboration: Since disclosure management is a team effort, you want a tool that enables collaboration and maintains version control. 

2. Integrations: Data flows into your business with each passing second. Financial data must be up-to-date and readily available, so the best disclosure management software connects your systems and collects data for you. 

3. Regulatory Frameworks: Regulations are always changing, and since they are the number one concern, it’s helpful to have regulatory frameworks either built into the system or available to add. 

4. Usability: Everyone dealing with the software will have a different level of technical understanding, so finding easy-to-use and intuitive software can make all the difference. For example, SolveXia offers drag-and-drop functions so that anyone can easily design and automate a workflow, without having to code or program. 

What are the Features of Disclosure Management Software?

As you narrow your search, you’ll tend to find a list of features that most disclosure management software will have. These include:

1. Audit Trails

Audit trails log all the action taken for reference and tracking. This aids with compliance, internal control, and accountability.

2. Automation

Disclosure management software’s goal is to reduce manual interventions. As such, you can use it to automate the processes involved with generating disclosures, such as creation, assignment, and approval workflows. 

3. Templates

Users should be able to access existing templates that can be customized to their needs to upkeep regulations. 

Closing Words

With the heavy weight and importance of financial disclosures, it’s no wonder why so many companies of all sizes leverage financial disclosure management software. 

By identifying your business needs, evaluating the options, and moving forward with your solution of choice, you can save time, reduce errors, and adhere to regulations in a timely manner. 

Want to see how disclosure management software like SolveXia can help your business with process automation, financial disclosures, and financial reporting? Request a demo!