Financial reporting is the process of communicating your organizations financial performance to the business as a whole, including investors, creditors and regulators.
Companies create financial statements such as the balance sheet, income statement and cash flow statement to give a comprehensive view of its financial health to the organization and its stakeholders. Financial reporting may reveal trends and insights, which inform the business's stakeholders in strategic decision making.
Since financial reporting is a regulatory requirement for most companies, financial information requires supplementary commentary, which is then shared externally. The process is subject to accounting standards and filing deadlines.
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 toward making bad decisions, 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 the markets ten best financial reporting software and tools. We'll explore the pros and cons of each tool to help you choose the solution your team needs to communicate your financial performance.
Modern FP&A and accounting teams leverage financial reporting software to meet regulatory requirements and to support the business in strategic decision making. G2 states that financial reporting software helps businesses analyze all of their financial data, giving them an accurate view of their fiscal health. Financial reporting capabilities are offered in 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.
A financial reporting solution must have accurate, thorough and up-to-date data enabling your business to meet regulatory requirements and its decision makers to make good decisions for the business.
Modern FP&A and accounting teams invest in financial reporting solutions to accelerate reporting. 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 removes the inevitability of data inaccuracies created from human data entry errors, which can compromise your regulatory reporting and compliance.
With accelerated and more accurate reporting, modern FP&A and accounting teams gain more time for analysis. Thats why good financial reporting solutions also include features that enable analysis of real-time analytics, such as ad hoc variance analysis capabilities, pre-built dashboards and AI-powered BI tools all in a secure cloud environment.
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 is a corporate performance management (CPM) suite developed to help finance and operations teams streamline their financial planning, budgeting, forecasting and reporting processes.
The software uses a combination of workflow management, reporting automation and predictive analytics to help organizations increase visibility into their finances, develop more accurate and responsive planning cycles and improve strategic decision making.
Vena is suitable for companies working in Excel that want to automate their financial reporting processes and would like to have the choice of leveraging pre-built reporting templates or want the flexibility to create more complex customized reports.
Venas integrated financial statements (Income Statement, Balance Sheet and Cash Flow Statement) can save companies time so they can leverage Venas inherent analysis and insights capabilities.
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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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.
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.
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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Anaplan is a cloud-based planning and performance management platform. It helps organizations, teams and individuals to rapidly connect their data and automate financial, operational and reporting processes faster and more accurately.
Organizations looking to manage and optimize their business reporting processes, such as finance, sales, forecasting, supply chain and operations.
Anaplan |
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Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas |
🆇 |
Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel |
✅ |
Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance |
⚠️ |
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 |
✅ |
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 |
✅ |
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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4. Prophix
Prophix is an automated corporate performance management software, helping organizations streamline budgeting, planning, forecasting, reporting and analysis.
Prophix is designed to help medium-sized and large businesses streamline their financial reporting and analysis processes.
Prophix |
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Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas |
⚠️ |
Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel |
⚠️ |
Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance |
✅ |
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 |
✅ |
Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process |
⚠️ |
Security and Compliance Provides a single, integrated security model with auditability |
✅ |
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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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.
Workday Adaptive Planning is a solution for companies looking for reporting capabilities that help to quickly identify changing conditions and prioritize tasks to maximize efficiency and collaboration.
Adaptive |
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Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas |
🆇 |
Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel |
✅ |
Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance |
⚠️ |
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 |
⚠️ |
Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process |
⚠️ |
Security and Compliance Provides a single, integrated security model with auditability |
✅ |
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 |
🆇 |
Datarails is a cloud-based financial planning and analysis platform that automates financial reporting and planning.
Datarails is best for consolidating and transforming financial reports for monitoring company and financial performance.
Datarails |
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Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas |
✅ |
Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel |
⚠️ |
Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance |
✅ |
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 |
🆇 |
Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process |
🆇 |
Security and Compliance Provides a single, integrated security model with auditability |
⚠️ |
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 |
🆇 |
Cube is a financial planning & analysis (FP&A) platform designed to empower finance teams strategic decision making by streamlining and automating repetitive reporting tasks.
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 |
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Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas |
✅ |
Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel |
✅ |
Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance |
⚠️ |
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 |
⚠️ |
Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process |
🆇 |
Security and Compliance Provides a single, integrated security model with auditability |
⚠️ |
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 |
🆇 |
Jedox is a unified business planning and analytics platform that enables organizations to analyze and report on critical financial, operational and customer data.
Jedox is an option for decision makers looking to access real-time information quickly and accurately, enabling them to make quick and informed decisions. It is particularly helpful for reporting and forecasting that require integrated planning, budgeting and consolidation.
Jedox |
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Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas |
🆇 |
Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel |
⚠️ |
Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance |
✅ |
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 |
⚠️ |
Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process |
⚠️ |
Security and Compliance Provides a single, integrated security model with auditability |
✅ |
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 |
🆇 |
Syntellis is a software and analytics solutions provider used primarily by financial and healthcare organizations in the upper mid-market and enterprise space.
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.
Syntellis |
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Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas |
⚠️ |
Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel |
✅ |
Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance |
⚠️ |
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 |
✅ |
Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process |
⚠️ |
Security and Compliance Provides a single, integrated security model with auditability |
✅ |
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 |
✅ |
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.
OneStream is an option for businesses looking for a powerful, unified solution to manage their corporate performance management across planning, consolidation and financial reporting processes.
OneStream |
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Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas |
🆇 |
Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel |
✅ |
Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance |
🆇 |
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 |
✅ |
Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process |
⚠️ |
Security and Compliance Provides a single, integrated security model with auditability |
✅ |
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 |
🆇 |
Financial reporting software enhances the reliability, speed, compliance, analysis and scalability of vital financial reporting processes. This enables your business to make informed decisions, meet regulatory requirements, and optimize financial performance.
Without financial reporting software, it becomes more difficult to ensure compliance with accounting standards and regulations. Manual financial reporting processes are prone to errors, leading to inaccuracies in financial statements.
The lack of automation can result in delays in generating reports, hindering timely decision making. An absence of data analysis capabilities can also limit your business's ability to gain insights into its financial performance and make informed strategic decisions.
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 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.