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Financial Reporting Software

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Tipalti logo

Finance automation that cuts 80% of your manual finance work

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Transform your business with Tipalti’s comprehensive finance automation solution. Streamline your accounts payables, accelerate global payouts, simplify procurement processes, and optimize employee expenses, all through one integrated platform.

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Xero logo
Category Leaders

Accounting software for small business

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Xero is an award-winning online accounting software designed for small business owners and accountants, available on any computer or mobile device with an internet connection. Simplify business admin and get a range of financial insights to help you make better decisions for your business.

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Vena logo

Flexible, Powerful and Easy-to-Use Excel-based FP&A Software

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Shorten budget cycles, streamline financial reporting and get the insights you need to plan with confidence, all in one flexible and easy-to-use platform.

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NetSuite logo

The World’s Leading, Most Deployed Cloud ERP Solution

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NetSuite provides organizations with an integrated system of cloud applications that helps them run their business. More than 38,000 organizations around the world use NetSuite to more easily grow and adapt to change.

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Spreadsheet Server logo

Connect your ERP to Excel in real-time for Finance reporting

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Spreadsheet Server is a financial and operational reporting solution that connects with over 130 ERP / Accounting systems to feed live data into Microsoft Excel spreadsheets.

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Aplos logo

Accounting and giving software for nonprofits & churches

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Save time and streamline your operations with Aplos, a powerful financial software suite for nonprofits and faith-based organizations. Get true fund accounting, financial reporting, donor and member management, giving tools, and much more.

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Jet Reports logo

Flexible Financial and Business Reporting Inside Excel

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Jet Reports is a flexible financial and business reporting solution running inside of Excel and on the Web. From advanced business reports to sophisticated financial statements, business users can create reports in Excel with no exporting, no copying and pasting, and no programming required.

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Accounting Seed logo

Connect finance across your entire business.

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Accounting Seed is the #1 accounting app built natively on Salesforce. Its flexible and customizable, enabling 60,000+ users to manage their accounting their way. As a full accounting solution, Accounting Seed tracks financial data through the entire business lifecycle.

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Longview Tax logo

Corporate tax management and reporting with Longview Tax.

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Longview Tax is a corporate tax management solution that provides businesses with tools for managing tax strategies, collecting data, provisioning, and reporting on taxes. The cloud-based platform also offers tools for tax planning and helps businesses create data-driven strategies.

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Vizlib logo

Unleash the full power of Qlik Sense and Qlik Cloud

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Vizlib is a data analysis software designed to help businesses across many different industries streamline visual analytics and collaboration operations.

Make your data talk in Qlik Sense with interactive visualizations, self-service analytics, and game-changing writeback capabilities.

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Datarails logo
Category Leaders

The FP&A solution for Excel users.

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Datarails is an FP&A solution that automatically consolidates your data from all organizational systems without changing how you currently work. Keep working on Excel while benefiting from automated transformations including FX conversions, eliminations, financial adjustments and more.

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Multiview ERP logo

End Month End

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Multiview is a highly-scalable modular ERP software for scaling organizations which require more automation, control and insight into their operations. A fully-integrated suite of financials ranges from core accounting, budgeting and forecasting to materials management and workflow approvals.

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Planful logo

The FP&A Platform for Continuous Planning

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Cloud-based Financial Planning and Analysis (FP&A) software providing numerous tools to help with financial planning, modeling, and reporting.

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DataSnipper logo

Improve the speed and quality of your audit.

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DataSnipper is an Intelligent Automation Platform created for Audit and Finance teams.

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Vantage Software logo

Investor portal and accounting platform

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Vantage is a private equity accounting solution that helps private equity and venture capital firms manage their funds and investments. The platform of integrated software solutions helps investors manage the entire private equity, real estate, and venture capital life-cycle.

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QuickBooks Enterprise logo
Category Leaders

Enterprise accounting, FSM and inventory management solution

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QuickBooks Desktop Enterprise is an accounting software for small businesses which provides users with real-time access to customer, employee, and vendor information. The software includes tools for managing inventory, shipping, sales orders, pricing, tasks, invoicing, reporting, and more.

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QuickBooks Online logo

Small business accounting software

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QuickBooks Online is a complete small business accounting solution which allows users to manage all their financial data in one platform, with real-time dashboards and reports.

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FreshBooks logo
Category Leaders

Accounting Software Built for Owners

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FreshBooks is accounting software that makes running your small business easy, fast and secure. Spend less time on accounting and more time doing what you love.

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Dynamics 365 logo

ERP and CRM applications from Microsoft

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Microsoft Dynamics 365 is a multi-language, multi-currency enterprise resource planning (ERP) software. The solution is designed for midsize and larger companies, and is fully customizable and extensible through its rich development platform and tools.

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QuickBooks Desktop logo
Category Leaders

Billing, Invoicing, and Work Order Management

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QuickBooks Desktop Pro automates billing and invoicing in addition to work orders. Users can link bank accounts, define workflows, and make automated payments.

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Wave logo

Accounting, invoicing, and payroll management platform

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Wave is an all-in-one accounting solution for small businesses which combines income and expense tracking, invoicing, receipt scanning and online payments in a single solution.

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Happay logo

A simple and intuitive solution that focuses on the people.

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Happay is a first-of-its-kind all-in-one Integrated Solution for Corporate Travel, Expense, and Payments Management. With over 7000+ customers globally, and across industries, Happay solves complex finance use cases with precision.

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QuickBooks Online Advanced logo

Accounting & business management for small businesses

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QuickBooks Online Advanced is a web-based accounting & business management solution which enables small businesses to track sales, inventory, financial accounts & payroll from a single dashboard

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BQE CORE Suite logo
Category Leaders

Time & Billing | Project Management | Accounting

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BQE CORE makes it easier and more profitable to run professional services firms. It organizes information, automates repetitive tasks and allows your firm to spend more time providing service to your clients instead of managing internal processes.

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Nexonia Expenses logo

Expense management for ERP & accounting systems

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Extend the capabilities of your accounting system to include expense management with Nexonia. Empowering organizations through configurable controls and support for complex approval workflows.

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Here's what we'll cover:

Buyers Guide

Financial Reporting

Financial reporting involves generating financial statements, which communicate the financial position of a business to business owners and managers, employees, investors, tax authorities, and financial institutions. 

These statements are used for multiple purposes such as sharing a business’s financial standing with potential investors or banks planning to lend working capital to the business. The statements are used by business owners and managers to take important business decisions and for operations such as preparing budget models. Employees use these statements for creating collective bargaining agreements in case of trade unions or negotiating their compensation and ranking. Further, tax authorities, such as the IRS, use these reports to evaluate the company’s tax filings and compliance.

However, managing the process without a financial reporting tool can be laborious for you and risky for the business. It can be laborious as you have to carry out complex calculations in spreadsheets and often enter the same data in multiple sheets to generate reports such as income statements and balance sheets. It can be risky for the business as inaccurate financial reports increase the risk of non-compliance with accounting regulations.

Using financial reporting solution helps reduce manual labor, ensure compliance with important accounting regulations, and provide a clear view of the business’s financial position. In this buyers guide, we will understand the key components of financial reporting software. We will also help you select the right software for your business based on your business requirements. Here is what we’ll cover:

What is financial reporting software?

Financial reporting software provides a clear view of the business’s financial position by helping generate accurate reports such as cash flow statements and balance sheets.  

Accurate financial reports are important to ensure compliance with accounting regulations by avoiding inaccurate financial disclosures. Further, the tool helps make informed business decisions by predicting potential financial scenarios for users to, understanding their business impact.

What are the deployment options for financial reporting software?

To select the right financial reporting tool, it is essential to understand the deployment options available and how they impact your business. Here are the two main types of deployment options: 

Cloud-based deployment: Cloud-based software vendors host their solutions on third-party or their own servers. They also take care of the maintenance and support of these solutions. Software users can access these solutions on any device connected to the internet. These solutions are usually available for a subscription-based pricing model, paid annually or monthly.

On-premise deployment: Businesses host on-premise software on their own servers and self-manage data storage, updates, and maintenance. Users can access these solutions only through the devices installed on business premises. The pricing model of these solutions is license-based and depends on the number of users.

Key questions to ask vendors: Do users require additional training and support to operate the tool? Is the training free or does it come at an additional cost?

What are some common features of financial reporting software?

Understanding of the common features of financial reporting software will ensure you select a solution that caters to the core requirements of financial reporting.

Here are the common features of financial reporting software:

Profit and loss statement (P&L): Gain a complete view of your current revenue, profit, and spending through informative dashboards. The tool helps you plan your budget better by spotting trends in income and spending. You can also identify the cause of such trends, which may be a strategic marketing campaign, profitable season, or market situation.

profit and loss

Profit and loss statement in Xero (Source)

Balance sheet: Automatically prepare balance sheets using your P&L statements. You can also generate balance sheets by importing data from spreadsheets or tools like Tally and Busy. Further, you can compare your financial position across months, quarters, or years.

balance sheet

Balance sheet in Futrli (Source)

Cashflow: Identify the impact of cash inflow and outflow on your business. You can also view the impact of cash flow on your departments, lines of credit, and other operations. The tool also helps monitor cash flow using your income statements, tax calculations, and profit and loss statements.

cash flow

Cashflow dashboard in FreeAgent (Source)

Forecasting: Forecast financial scenarios and your future financial position. You can use current or past financial data to predict potential business events or identify market trends. The tool also helps compare the impact of potential events using “what-if” scenarios.

forecast

Scenario comparison in Float Cash Flow (Source)

Key question to ask a vendor before you buy: Does your tool offer all the above-mentioned features under the same pricing plan or are some of these included in a premium plan?


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Note: The applications selected in this article are examples to show a feature in context, and are not intended as endorsements or recommendations, obtained from sources believed to be reliable at the time of publication.