8 Best Financial Data Software: Ultimate Reporting Tools

Any CFO would agree that financial reporting is one of the most critical tasks on their plate. Financial data software assists businesses to monitor their financial performance through reports, metrics, analysis, and historical data. 

We’re going to look at the top financial reporting software and see how accounting software is a necessary addition for businesses to make timely and informed decisions.

Coming Up

What is Financial Reporting?

What are the Benefits of Financial Reporting Software?

What is the Objective of Financial Reporting?

What is Financial Reporting Software?

What are the Types of Financial Reporting Software?

What are Key Components of Financial Reporting Software?

Who Uses Financial Data Software?

What are the Key Features When Choosing Financial Reporting Software?

What are the Best Financial Reporting Software Tools?

Final Thoughts

What is Financial Reporting?

Financial reporting is based on the three main financial statements: the income statement, cash flow statement, and balance sheet. 

Along with other financial reports that are subsets of the former three, the purpose of financial reporting is to reflect accurate and timely information about a business’ finances. 

With this information in hand, business leaders and CFOs can make decisions with adequate knowledge. Along with business leaders, financial reporting benefits investors as they make their investment choices. 

Last but not least, financial reporting is required for proper compliance, especially when it comes to publicly traded companies. 

What are the Benefits of Financial Reporting Software?

Financial reporting software offers businesses the means to access their financial data in an organized and effective manner. They grant: 

• Up-to-date data 
• Regulatory control 
• Efficient reporting 
• Less manual effort 
• Quality and customizable reports 
• Real-time analysis 

What is the Objective of Financial Reporting?

The main objective of financial reporting is to have the right information in hand to make business decisions that work in the favor of the business. 

Along with decision making abilities, financial reporting is regulated and must be prepared with utmost accuracy to comply with standards. 

What is Financial Reporting Software?

Financial reporting software transforms data into accessible and understandable reports and dashboards to assist business leaders and decision makers. Along with the creation of reports, financial reporting software executes analysis, reducing the need for time-consuming manual efforts and disparate spreadsheets. 

Financial reporting software handles accounting tasks, like:

• Reconciliation 
• Data collection
• Financial close 
• Financial consolidation 
• Financial statement creation 

For example, finance automation software like SolveXia incorporates financial reporting, along with streamlining your most impactful financial functions. SolveXia’s software connects your data systems (including legacy systems), transforms and cleanses data, derives insights from analysis, and automates business processes. 

What are the Types of Financial Reporting Software?

There are different types of financial reporting software available in the market. Each financial reporting software serves their own main function, or you can find a robust solution like SolveXia, that combines multiple capabilities all in one automation solution. 

Some common types of financial reporting software are:

• Account software 
• Budgeting software 
• Financial planning software 
• SEC reporting software
• APRA reporting software 
• General ledger software 
• Tax management software
• Invoicing and payment software

What are Key Components of Financial Reporting Software?

When searching through your financial data software options, look out for these key components and features: 

1. Automation

Having to do less manually will save you time, errors, and in turn, money. Financial reporting software should be able to automate many tasks, including collecting and connecting data from various source systems at the bare minimum. 

2. Integration

The most desirable solutions also integrate with your existing tech stack, such as your ERP, CMS, and more so that you don’t lose out on the data you already have. SolveXia integrates with your legacy systems, as well, so everything you already have worked so hard to collect can be usable. 

3. Security

Of course, your top concern is also protecting your customers’ and company’s data. Bank-grade security is a must-have when it comes to financial data software. 

4. Customization Capabilities

Every stakeholder requires different information at different times. Customization capabilities allows you to design reports and dashboards based on need and use. 

Who Uses Financial Data Software?

Financial data software is beneficial and usable for multiple parties involved in business, including:

• Finance Professionals: CFOs and members of the finance team benefit from the use of financial data software because it offers analysis capabilities to better forecast, budget, and advise strategically. It also frees up your team’s time to focus on high-level and value-add responsibilities rather than repetitive and tedious tasks. 

• Compliance Team Members: Financial analysis solutions help compliance professionals ensure regulations are upheld. 

• Auditors: Auditors can make use of such tools to analyze records and activities to make sure that everything is under control. 

• Managers: Within an organization, managers gain the advantage of dashboards and reports, while being able to oversee their financial performance of their teams and execute process improvement. 

What are the Key Features When Choosing Financial Reporting Software?

Along with the components mentioned above, the best financial reporting software should also offer an array of capabilities and features that help streamline your workflows and connect your systems. Here are a few more features you’ll want to look out for:

• Automated report distribution 
• Enhanced AI capabilities for data analysis 
• Pre-built templates and dashboards 
• Variance analysis abilities 
• Audit trails and version history 
• Budgeting and forecasting 
• Compliance reporting 

What are the Best Financial Reporting Software Tools?

And now, it’s time to review some of our favorite financial data software. Depending on your needs, budget, and goals, you’ll find that different solutions may better suit your business. That’s why we’ve compiled a few different options that are worth your while to look into: 

1. SolveXia

SolveXia is a low-code, cloud-based platform that automates manual processes and spreadsheet-driven data preparation. With SolveXia implemented, your team can free up their time by running their processes 100x faster with 90% fewer errors. 

SolveXia unifies your data from systems and spreadsheets, automates complex finance functions and processes, and is easy-to-use by all because of its drag-and-drop functionality. 

When it comes to financial reporting, SolveXia conducts calculations and develos interactive reports and customizable dashboards so your key stakeholders can access the accurate insights they require. 

2. Oracle Netsuite

Oracle Netsuite is a cloud-based financial reporting software. According to your set requirements, Netsuite can create reports that are accessible on the web or mobile devices. It’s best suited for small and medium-sized businesses. 

NetSuite helps stakeholders to identify trends and monitor their data in real-time. In return, it equips its users to make decisions rapidly and access customizable reports. That being said, some may say that NetSuite has a higher learning curve compared to other out-of-the-box solutions. 

3. QuickBooks

QuickBooks is an accounting software that’s designed to automate many business functions, including: payroll processing, invoicing, reporting, and bookkeeping. Along with insights for cash flows and statements that are ready-to-go at your fingertips. 

QuickBooks is easy to use, but it is best used by smaller businesses and individuals as opposed to enterprises. For its users, QuickBooks operates as a software-as-a-service model, with four main pricing plans based on need and features. 

4. Insight Software

Insight Software is a French company that provides custom reporting, integration with financial software, spreadsheet server reporting, and equity management. Its pricing plan is based on three tiers. 

The company promises to hasted reporting and close cycles by 50%. Some of its solutions include: tax provisioning, embedded analytics, budgeting, planning, financial planning and analysis, and consolidation and close. 

5. Xero

Xero’s accounting software focuses its primary functions on payroll, expense management, and invoicing. Users benefit from being able to track and pay bills, manage contacts, execute payroll, and create customizable reports. 

With 24/7 support and interactive reports, Xero has three plans that are billed monthly. However, if you’re looking for a more advanced software, Xero may fall short as it has limited integrations and functionality. 

6. DataRails

Datarails is a tool for FP&A teams to forecast finances.  Its features include data consolidation, financial reporting, scenario analysis, budgeting, forecasting, and sales commission. DataRails integrates with popular accounting software, giving stakeholders KPIs at a glance. 

7. Synoptix

Synoptix transforms data into usable insights and makes it easier to report, budget, and forecast for your business. It provides real-time analytics and custom reports, plus aids teams in creating financial statements. 

Its user interface may not be as simple to use as others, and it is a straightforward solution that is intended solely for budgeting, forecasting, and reporting. As such, some may consider it to be a “bare-bones” solution. 

8. Workday Adaptive Planning

Workday Adaptive Planning is financial data software intended for budgeting, planning, forecasting, and financial reporting. It offers solutions for financial planning, operational planning, and workforce planning that’s intended for enterprises. 

Final Thoughts

If you’re reading this, then you’re already on the right path as you know the importance of having financial data software within your business. When you choose a financial reporting tool, you can rest assured that you’ll have accurate and timely information in your hands for decision making. 

You can take those benefits to the next level by implementing a finance solution like SolveXia that not only provides this advantage, but also automates finance functions. This way, your team can boost its productivity, reduce errors, and adhere to compliance regulations without any doubts. Request a demo to see how SolveXia works in action!