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Financial reporting is the process of communicating your organizations financial performance to the business as a whole, including investors, creditors and regulators.
Finance teams create financial statements such as the balance sheet, income statement and cash flow statement to give a comprehensive view of the company's financial health to the broader organization and its stakeholders.
To inform strategic decision making and comply with regulatory requirements, financial reporting must be accurate, thorough and up to date. If not, it can potentially lead the business's decision makers astray, or leave the organization exposed to regulatory violations. Using software to manage your financial reporting can help you avoid these mistakes.
So how do you know which financial reporting software is the best for your company's needs?
Read on for an overview of 10 of the market's best financial reporting software options out there. We'll explore the pros and cons of each tool to help you find the right fit for your business’s unique needs.
A financial reporting solution automatically consolidates data from disparate source systems, reducing time spent on manual and time-consuming efforts, such as sourcing and manipulating data and preparing and customizing reports.
Automated consolidation eliminates the inevitable data inaccuracies that come from human data entry errors, which can compromise your regulatory reporting and compliance.
With faster and more accurate financial reporting, modern FP&A and accounting teams gain more time for analysis. Thats why the best financial reporting solutions also include features that enable real-time data analysis, such as ad hoc variance analysis capabilities, pre-built dashboards and AI-powered BI tools all in a secure cloud environment.
Financial reporting capabilities are often offered as part of a single corporate performance management (CPM) platform that includes features for budgeting and forecasting, financial close, financial planning and analysis and other FP&A processes. Financial reporting capabilities can also be offered as stand-alone solutions.
To enable your organization to make confident, data-driven decisions, your financial reporting solution should have:
Now let's get to the pros and cons of the markets ten best financial reporting solutions.
Vena’s Excel-based FP&A software helps automate the process of compiling, updating and distributing financial reporting so that your team can spend less time aggregating data and more time analyzing it.
Vena brings all the data from source systems such as your ERP into a centralized database and automatically refreshes your templates with the latest data. Vena’s pre-built reporting templates and ad hoc reporting tools make it possible to build and share financial reports in just minutes.
For use cases like your board reporting, Vena’s direct integration with Microsoft PowerPoint is especially useful, as you can insert and update live Vena data into your presentations with just a few clicks.
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Vena |
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Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas |
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Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel |
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Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance |
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Integrations Offers native API integrations to industry standard systems (GL/ERP/CRM) as well as publicly available API integration to hundreds of additional source systems |
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Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process |
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Security and Compliance Provides a single, integrated security model with auditability |
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Modeling Offers integrated and common data models for financial and operational forecasting, budgeting and reporting |
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Embedded Leading BI Capabilities Has natively built reporting and insights with an industry-leading business intelligence tool |
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Embedded AI Capabilities |
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Pros
The ability to create dynamic reports and manage budgets/forecasts in one centralized system
The end-user interface is intuitive and easy to use
Can easily set permissions and restrictions to provide appropriate access to users across the entire company
Has two AI tools: Vena Copilot, a complete planning AI assistant, and Vena Insights, an intelligent reporting and analytics solution
There can be a learning curve when it comes to getting started and setting up models
Large and complex files may be slower to load
Has a robust implementation process which requires a solid upfront plan
Vena is suitable for companies that work heavily in Excel and would like to have the choice of leveraging pre-built reporting templates or want the flexibility to create more complex customized reports.
The interactive dashboards available through Vena Insights make it an ideal solution if there are groups outside of the finance department you want to be able to easily share real-time reporting with.
Want to see Vena in action? Request a Free Demo today!
Planful is a cloud-based financial planning and analysis (FP&A) software that provides businesses with operational and financial intelligence tools to help manage their financial data, decision making and reporting.
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Planful |
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Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas |
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Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel |
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Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance |
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Integrations Offers native API integrations to industry standard systems (GL/ERP/CRM) as well as publicly available API integration to hundreds of additional source systems |
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Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process |
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Security and Compliance Provides a single, integrated security model with auditability |
✅ |
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Modeling Offers integrated and common data models for financial and operational forecasting, budgeting and reporting |
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Embedded Leading BI Capabilities Has natively built reporting and insights with an industry-leading business intelligence tool |
🆇 |
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Embedded AI Capabilities |
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Create and maintain customized reports with on-the-fly analysis
Self-service help knowledge base as well as support staff
User interface that’s easy to navigate
Security and permission controls
No dynamic dashboard functionality
Can be challenging to create custom formulas, reports and dashboards depending on needs
Structured planning disconnected from dynamic planning, making for a fragmented architecture
Duplicative and manual maintenance causes disconnected data and reporting
Planful is an option for companies looking to streamline planning and budgeting cycles, improve analytics and reporting and gain better insights into their financial performance. The platform is a good fit for larger companies with FP&A teams that want to work more collaboratively within their business.
Anaplan is a cloud-based planning and performance management platform. It helps organizations, teams and individuals rapidly connect their data and automate financial, operational and reporting processes faster and more accurately.
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Anaplan |
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Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas |
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Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel |
✅ |
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Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance |
⚠️ |
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Integrations Offers native API integrations to industry standard systems (GL/ERP/CRM) as well as publicly available API integration to hundreds of additional source systems |
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Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process |
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Security and Compliance Provides a single, integrated security model with auditability |
✅ |
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Modeling Offers integrated and common data models for financial and operational forecasting, budgeting and reporting |
✅ |
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Embedded Leading BI Capabilities Has natively built reporting and insights with an industry-leading business intelligence tool |
⚠️ |
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Embedded AI Capabilities |
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Pros
Supports and creates complex models that calculate and monitor the end-to-end performance of a business
Helps report and analyze the critical KPIs to top-level management
The app hub helps drive solutions because of its wide variety of use case collections
Limited to three dimensions in Rows/Columns area
Difficult to create flexible dependent filtering criteria (Filter A to show only values for Filter B and vice versa)
Absence of robust reporting and dashboarding capabilities presents a significant challenge in tailoring reports to meet an organization's specific requirements
Anaplan is best for larger enterprises with multiple use cases and an extensive IT team to help support implementation. The platform is a fit for organizations looking to support a variety of business reporting processes, such as finance, sales, forecasting, supply chain and operations.
Prophix is an automated corporate performance management software, helping organizations streamline budgeting, planning, forecasting, reporting and analysis.
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Prophix |
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Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas |
⚠️ |
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Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel |
⚠️ |
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Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance |
✅ |
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Integrations Offers native API integrations to industry standard systems (GL/ERP/CRM) as well as publicly available API integration to hundreds of additional source systems |
✅ |
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Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process |
⚠️ |
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Security and Compliance Provides a single, integrated security model with auditability |
✅ |
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Modeling Offers integrated and common data models for financial and operational forecasting, budgeting and reporting |
⚠️ |
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Embedded Leading BI Capabilities Has natively built reporting and insights with an industry-leading business intelligence tool |
🆇 |
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Embedded AI Capabilities |
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Automates tedious manual reporting processes and procedures
Provides currency conversion capability, allowing users to easily report multiple currencies
Advanced security capabilities and role-based reporting access permissions
Challenges with data importing and overall data management during deployment
Template creation and updating can be challenging if multiple data views need to be incorporated; formulas don't point to specific intersections in the database
Prophix can be slow to update when larger changes are made to data sets
Prophix is designed to help medium-sized and large businesses streamline their financial reporting and analysis processes. Prophix is ideal for teams looking to mostly move away from Excel, especially mid-size and smaller companies with users that aren’t highly tech-savvy.
Workday Adaptive Planning is a cloud-based solution that helps organizations automate and streamline their reporting processes. The platform also offers reporting and analytics capabilities, as well as insights into workforce trends.
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Adaptive |
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Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas |
🆇 |
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Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel |
✅ |
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Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance |
⚠️ |
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Integrations Offers native API integrations to industry standard systems (GL/ERP/CRM) as well as publicly available API integration to hundreds of additional source systems |
⚠️ |
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Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process |
⚠️ |
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Security and Compliance Provides a single, integrated security model with auditability |
✅ |
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Modeling Offers integrated and common data models for financial and operational forecasting, budgeting and reporting |
⚠️ |
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Embedded Leading BI Capabilities Has natively built reporting and insights with an industry-leading business intelligence tool |
🆇 |
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Embedded AI Capabilities |
✅ |
One of the most customizable and user-friendly systems
You can rapidly create ad hoc reports
Intuitive interface and visual dashboards
Challenging to update models, add new departments or accounts, or create new reporting hierarchies
Custom reports require an Adaptive expert
Real-time data reporting can be disrupted with complex KPIs and larger datasets
Workday Adaptive Planning is ideal for businesses that are already using Workday HCM and looking for reporting capabilities that help with quickly identifying changing conditions and prioritize tasks to maximize efficiency and collaboration.
Datarails is a cloud-based financial planning and analysis platform that automates financial reporting and planning.
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Datarails |
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Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas |
✅ |
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Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel |
⚠️ |
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Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance |
✅ |
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Integrations Offers native API integrations to industry standard systems (GL/ERP/CRM) as well as publicly available API integration to hundreds of additional source systems |
🆇 |
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Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process |
🆇 |
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Security and Compliance Provides a single, integrated security model with auditability |
⚠️ |
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Modeling Offers integrated and common data models for financial and operational forecasting, budgeting and reporting |
⚠️ |
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Embedded Leading BI Capabilities Has natively built reporting and insights with an industry-leading business intelligence tool |
🆇 |
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Embedded AI Capabilities |
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Automated data analysis
Easy-to-understand charts/graphs/data visualizations
Quickly update data in the management reports
Lacks significant workflow and collaboration capabilities
Limited number of basic reporting templates
Manual, inefficient processes that prevent scalability and cause reporting delays
Datarails is best for small and mid-size businesses looking for a tool that can support basic financial reporting use cases, especially those who rely heavily on Excel or Google Sheets.
Cube is a financial planning and analysis (FP&A) platform designed to empower finance teams' strategic decision making by streamlining and automating repetitive reporting tasks.
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Cube |
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Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas |
✅ |
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Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel |
✅ |
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Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance |
⚠️ |
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Integrations Offers native API integrations to industry standard systems (GL/ERP/CRM) as well as publicly available API integration to hundreds of additional source systems |
⚠️ |
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Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process |
🆇 |
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Security and Compliance Provides a single, integrated security model with auditability |
⚠️ |
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Modeling Offers integrated and common data models for financial and operational forecasting, budgeting and reporting |
🆇 |
|
Embedded Leading BI Capabilities Has natively built reporting and insights with an industry-leading business intelligence tool |
🆇 |
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Embedded AI Capabilities |
🆇 |
Create custom models to map and store complex datasets
Easy-to-use interface to build, configure and monitor models
Pre-built data integrations to a select set of data sources
Limited audit trail; if others are working on the tool, you may need to wait before inputting your data
When a new general ledger account is created, users have to manually map to parent
Limited visual user interface, reporting and modules
Cube is best used to manage lines of business in one centralized platform or for companies looking to spend less time on manual, repetitive tasks. Cube is a good fit for businesses that already use Google Sheets or Excel and want to add to its functionality.
Jedox is a unified business planning and analytics platform that enables organizations to analyze and report on critical financial, operational and customer data.
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Jedox |
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Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas |
🆇 |
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Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel |
⚠️ |
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Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance |
✅ |
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Integrations Offers native API integrations to industry standard systems (GL/ERP/CRM) as well as publicly available API integration to hundreds of additional source systems |
⚠️ |
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Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process |
⚠️ |
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Security and Compliance Provides a single, integrated security model with auditability |
✅ |
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Modeling Offers integrated and common data models for financial and operational forecasting, budgeting and reporting |
⚠️ |
|
Embedded Leading BI Capabilities Has natively built reporting and insights with an industry-leading business intelligence tool |
🆇 |
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Embedded AI Capabilities |
✅ |
Provides advanced security features that make sure your data is safe, secure and up to date
Built to cater to different environments; it can be used on-premise or in the cloud to fit your unique requirements
Enables users to collaborate and share data without ever leaving the Jedox platform
Difficulty in creating/exploring ad hoc data analysis and visualization
User permissions can only be set per database and cube level
Limited reporting capabilities; Jedox only offers basic reporting tools
Jedox is a suitable option for decision makers looking to access real-time information quickly and accurately, enabling them to make quick and informed decisions. Jedox is a good fit for businesses that want to move away from Excel and have the resources available to have an in-house expert for implementation and training.
Syntellis is a software and analytics solutions provider used primarily by financial and healthcare organizations in the upper mid-market and enterprise space.
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Syntellis |
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Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas |
⚠️ |
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Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel |
✅ |
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Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance |
⚠️ |
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Integrations Offers native API integrations to industry standard systems (GL/ERP/CRM) as well as publicly available API integration to hundreds of additional source systems |
✅ |
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Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process |
⚠️ |
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Security and Compliance Provides a single, integrated security model with auditability |
✅ |
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Modeling Offers integrated and common data models for financial and operational forecasting, budgeting and reporting |
⚠️ |
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Embedded Leading BI Capabilities Has natively built reporting and insights with an industry-leading business intelligence tool |
✅ |
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Embedded AI Capabilities |
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Strong expertise in database administration and data engineering
A team of knowledgeable and experienced consultants
Includes benchmarking capabilities based on industry
Inflexible reporting without custom scripting; has standard reports, but it is difficult to create and add tailored reports
Performance issues when querying larger tables and datasets
Difficult to add reports when there are changes to business modeling or compliance reporting
Syntellis is best suited for large healthcare, higher education and financial institutions looking to streamline processes, simplify reporting and deliver data-driven insights for fast decision making.
OneStream is a cloud-based enterprise resource planning (ERP) software solution designed to help large and mid-sized organizations streamline their financial and operational processes.
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OneStream |
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Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas |
🆇 |
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Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel |
✅ |
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Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance |
🆇 |
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Integrations Offers native API integrations to industry standard systems (GL/ERP/CRM) as well as publicly available API integration to hundreds of additional source systems |
✅ |
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Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process |
⚠️ |
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Security and Compliance Provides a single, integrated security model with auditability |
✅ |
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Modeling Offers integrated and common data models for financial and operational forecasting, budgeting and reporting |
⚠️ |
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Embedded Leading BI Capabilities Has natively built reporting and insights with an industry-leading business intelligence tool |
🆇 |
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Embedded AI Capabilities |
✅ |
Provides a unified corporate performance management platform that allows you to connect the financial and operational data
Very powerful and flexible when creating reports and dashboards
Offers strong financial consolidation and close capabilities to ensure visibility and accuracy throughout the entire financial cycle
Requires significant onboarding: Not very easy to understand unless you have some knowledge and training from the ground level
Transfer from on-premise to cloud SaaS can be complex due to the unique nature of the business
Performance can be an issue with large entities and account structures
OneStream is a suitable option for businesses looking for a powerful, unified solution to manage their corporate performance management across planning, consolidation and financial reporting processes.
Without financial reporting software, it becomes more difficult to ensure compliance with accounting standards and regulations. Manual financial reporting processes are also more prone to errors, leading to inaccuracies in financial statements.
With financial reporting software, you can enhance the reliability, speed, compliance, analysis and scalability of vital financial reporting processes. When your team can generate financial reports in minutes instead of hours, this enables your business to make informed decisions, meet regulatory requirements, and optimize financial performance in record time.
Once you have evaluated the advantages and disadvantages of each financial reporting solution, involve your team in a consultation process to select the right platform for your organization.
Be sure to take the time to listen and think through things carefully, as this is a massive step forward in your journey to build out a seamless and successful financial reporting process.
Request a Demo to see how Vena can support your financial reporting needs.
Schedule DemoNicole Diceman is Director, Product Marketing at Vena. With a proven track record of driving product strategy and direction, she is heavily involved in driving new product ideas and development efforts and is closely aligned with customer needs and requirements. With her extensive knowledge and experience in product marketing, FP&A and the Vena platform itself, Nicole is a regular contributor to the Vena blog and often speaks at virtual and in-person events to share her ideas. A powerful advocate for product marketing innovation, Nicole is always on the lookout for creative new ways to bring additional value to Vena customers.
