Best Financial Reporting Software in 2024 | FinancesOnline (2024)

15 Most Popular Financial Reporting Software

Here is a list of all 15 Financial Reporting Software solutions evaluated with our CloudRank™ analysis. We have compared their features, user satisfaction, market presence and other key factors in an in-depth analysis you can find below:

Our report covered 15 most popular products from the Financial Reporting Software category. We’ve analyzed their features, performance, integration, customer support, pricing, and several other key buying factors and combined it with feedback from user reviews to come up with the current list of best solutions:

• 2022 Financial Reporting Software Leaders: FreshBooks, Zoho Books, Sage 50cloud Accounts, QuickBooks Enterprise, Xero, Sage Intacct, FreeAgent, Wave
• 2022 Financial Reporting Software Contenders: NetSuite ERP, Sage Business Cloud Accounting
• 2022 Financial Reporting Software Rising Stars: Carta, Hubble, Spreadsheet Server, Solium Shareworks

FreshBooks, scoring the highest in our CloudRank report, is a cloud-based accounting software platform with a full-featured financial reporting module designed for small- to medium-sized businesses. It is known for its ease-of-use despite its comprehensive and in-depth features. In fact, the platform is feature-rich enough to manage all necessary aspects of financial reporting and management.

Founded in January 2003 in a basem*nt in Toronto, FreshBooks became popular very quickly once it opened for business. Today, more than 24 million people use the platform for financial management and reporting. The homegrown Toronto outfit now has paying customers in over 160 countries.

Freshbooks tops the financial reporting market when it comes to small business financial reporting, as businesses can easily scale it as they grow. Its robust features are also popular with self-employed professionals.

As a financial reporting software tool, FreshBooks allows its users to see real-time data through its intuitive dashboards. This saves valuable time that can be spent on business development and other aspects of the business. It also makes tax season stress-free.

With its automatic reports and ready-made templates, users don’t have to spend excessive hours setting up the software. Lastly, it has other useful finance-related modules such as project management with intelligent features for making estimates.

Most users of Financial Reporting Software solutions confirm that in most cases these tools allow them to reach the following business goals:

• It enhanced productivity by streamlining crucial processes, such as policy enforcement, report approvals, receipt submissions, and reimbursem*nts. [ 86.9% of users ]
• It helped in improving satisfaction among employees by accelerating reimbursem*nts. [ 88.7% of users ]
• It prevented expense entry errors and provided more reliable and accurate currency conversions. [ 84.6% of users ]
• It provided accurate reports that help users arrive at better and more intelligent business decisions. [ 85.9% of users ]

How did we select products for this Financial Reporting Software report?

The Spring 2022 version of the report includes a total of 15 Financial Reporting Software products that were compared and analyzed by our team. We selected them based on the following factors:

• Popularity of a given brand in the SaaS market (based on our own market research)
• How popular a given brand is among FinancesOnline users (based on number of mothly readers for each review page)
• Availability of statistical data generated from user reviews of a particular product (we excluded products with not enough data to draw meaningful conclusions)
• The current listing reflects the state of our database and research as of March 2022. An updated version of the report will be released quarterly to keep data fresh and incorporate information about shifts and changing trends in the market.

What are the current Financial Reporting Software trends?

Data Visualization and Storytelling

Financial reporting tools are increasingly incorporating more powerful data visualizations in their reporting modules. This allows data to be easily interpretable and, in turn, makes businesses more agile in adapting to their dynamic environment. Better visualizations also help finance communicate better using stories and narratives to other departments. This makes analytics insights relatable and more actionable.

Predictive Analytics

Financial reporting is evolving from a spreadsheet-driven expense control operation towards a predictive analytics enterprise. By shifting the focus to being intelligently future-proof through analyzing past data and running it through possible scenarios, businesses will be able to forecast cash flow better, detect financial risks, target more profitable customers, and conduct demand planning. More and more financial reporting software will add predictive analytics capabilities in their offerings.

5G and the Internet of Things

With the promise of faster speeds, devices and programs can “talk” with each other better and faster. This makes new things possible, including new technology and business processes. In the financial reporting department, 5G will allow integrated programs, software architecture, and inter-organization data to flow faster. This means better real-time intelligence and better data gathering. This should be good as more data-driven is in high demand in today’s market. Expect financial reporting software tools to develop ways to take advantage of 5G and a faster, more connected internet of things.

Non-Financial Data Inclusion

A firm’s financial health and performance are co-driven by non-financial aspects. So, it is only fitting that financial data should be analyzed together with non-financial data to get a better view of business performance. Non-financial data analysis is trending across different industries today. Reporting here includes status reports and measurements in aspects not limited to supply chain, CRM, environmental impact, employee relationships, and more. With the need to incorporate non-financial data in overall reporting, expect software solutions to provide specialized modules or more customizability to account for the non-financial aspects of running a business that affect financial performance.