Financial reporting helps the office of the CFO surface important insights to key stakeholders that help them make informed, data-driven decisions to grow the business.
Businesses typically report on their finances through the three accounting financial statements, which they create at least once a year, but more commonly at the end of every month as part of their financial close process.
Good financial reporting also helps businesses have more productive, real-time conversations. For example, when deciding where to allocate money from a slush fund, the CFO might do quick ad hoc reporting to estimate that money's impact.
The primary objective of financial reporting is to surface accurate and timely information about a business's finances to help people make rational decisions.
Financial reporting is also important for compliance. Businesses with many compliance requirements, like Cube customer Masterworks, need robust financial reporting tools.
The key financial reports are the 3 GAAP financial statements:
Other key financial reports are typically focused subsets of those three statements, like the statement of shareholder's equity and the contribution margin income statement.
Financial reporting software speeds up the financial reporting process with automation and analysis. It helps finance teams with these basic accounting tasks:
Organizations can quickly generate filtered financial reports to learn essential business details.
Different finance software will have different capabilities. In our review, we'll discuss financial reporting software. However, you might also encounter:
Here's what the best financial reporting software helps organizations accomplish:
Automation: Financial reporting software automates many routine tasks, like pulling updated data from your source systems
Custom report creation: Balance sheets, income statements, profit and loss statements, and cash flow statements are a few of the many critical financial reports organizations need to pay taxes, inform business strategy, and assess performance. It also helps you create custom reports based on your business's circumstances.
Source system integrations: The best financial reporting software integrates with your ERP, HRIS, and other source systems that house critical information about your finances, payroll, and compliance.
Security: Financial reporting software must be secure, preferably SOC 2 Type 2 compliant, to protect your business's financial information.
But does financial reporting software give you everything on this feature list? Not quite, but each one has pros and cons. Let's explore them in this next section.
Let’s start our review of the top financial reporting tools.
But first, a disclaimer: yes, we put Cube first. We’re proud of the results our software gets for customers—and our customers love them, too.
You don’t have to just take our word for it: check out our 5-star reviews on Capterra.
Cube is the first spreadsheet-native FP&A platform that empowers teams to drive better reporting, planning, and business performance without changing how they work.
We integrate with both Excel and Google Sheets, so you can create reports in Excel and then share them with your CEO, department leaders, or board members in Google Sheets.
Of course, FP&A also has to make reports, and that's where Cube can help. Many companies (like SmugMug) use Cube's reporting capabilities to inform their budgeting and planning, saving weeks of work.
Cube offers faster time to value (most companies onboard within two weeks) and is competitively priced.
Convinced? Book your free demo with us today.
Features
Pros
Cons
Pricing
Starting at $1250/month for lean finance teams and $2,450/month for companies looking to scale. See detailed pricing.
Oracle NetSuite features a user-friendly interface where organizations can access real-time analytics and advanced reports.
The platform enables serious automation, from data collection and journal entries to account reconciliation. Customers appreciate the cloud function, allowing them to access important financials anywhere.
Features
Pros
Cons
Pricing
Pricing is not listed on their site.
Did you know?
We've built a robust, comprehensive Oracle NetSuite connector for Cube. Check out our integrations or see how the CFO at SmugMug uses Cube + NetSuite to simplify her budgeting and reporting.
Intuit QuickBooks is a great introductory financial analysis software for freelancers and small or growing businesses.
While it's one of the world's most popular accounting software, it falls short as a financial reporting software due to its limited capabilities in advanced and custom financial report generation.
For example, you can customize profit and loss statements and other reports by vendor or employee, but not by unique market conditions to prepare for future strategy.
Larger organizations might need more robust software to capture all their insights.
Features
Pros
Cons
Pricing
Did you know?
We've built a robust, comprehensive Intuit QuickBooks connector for Cube that significantly reduces your time-to-value as a new Cube user. Check out our integrations or see how the CFO of Masterworks uses Cube + QuickBooks to create custom financial reports.
Freshbooks is even more tailored to freelancers and small businesses, functioning primarily as invoicing software. You can generate seven types of reports through this software, but custom capabilities are limited.
Customers praise the platform's user-friendly interface and affordability but complain about frequent crashes.
Features
Pros
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Pricing
Sage Intacct is financial reporting software that prioritizes increased user efficiency and extensive reporting customization.
Users can use its drag-and-drop design to create reports based on math functions, aggregations, transaction details, grouping, and other criteria.
This platform works for various industries, like SaaS (software-as-a-service) and hospitality.
Features
Pros
Cons
Pricing
Pricing isn't available on their website.
Did you know?
You can integrate Sage Intacct directly with Cube to create custom financial reports in Excel, then share them with key stakeholders in Google Sheets. See all Cube integrations.
A French tech company, Insight Software promises to reduce your closing and reporting times by 50%.
It features custom reports and Excel integrations.
This company bases pricing on increased features measured by claims of improved efficiency up each tier.
Features
Pros
Cons
Pricing
Insight offers three pricing tiers—simple, streamlined, and vetted—but you must inquire within for exact pricing.
Workday Adaptive Planning boasts visible insights as fast as a click, and immense financial planning capabilities.
However, users cite frustration with difficulties translating advanced insights to non-finance audiences.
Features
Pros
Cons
Pricing
Pricing isn't listed on their site.
Board is a financial reporting software that helps businesses improve financial processes and accounting.
It even allows users to create custom planning and analysis applications. The platform unifies metrics, analytics, and reports into one place.
Features
Pros
Cons
Pricing
Board doesn't list pricing on their website.
Xero is an accounting software with some reporting features, though its primary functions are payroll, expenses, and invoicing.
You can track and pay bills, claim expenses, connect to your banks, track payments, use Gusto payroll software, manage Xero contacts, and much more.
Features
Pros
Cons
Pricing
Did you know?
You can connect your Xero instance with Cube and enjoy all the benefits of an ERP with the speed and flexibility of enhanced spreadsheets. See all Cube integrations here, or read about how WizeHire uses Xero + Cube to cut their financial reporting time from weeks to days.
You might remember Sage Intacct, which we covered previously in this review.
However, the company also offers a cloud version called Sage 50cloud Accounts. This financial reporting software is similar to Intacct, but users can access their files anywhere.
Additionally, it’s a decent financial reporting software for companies requiring Microsoft 365 integration.
Features:
Pros
Cons
Pricing
The company is currently offering a 40% discount. The prices listed below reflect that discount.
Vena Solutions is financial reporting software dedicated to helping businesses seamlessly integrate advanced reporting with Excel data.
A cloud solution, Vena offers reporting to include what-if scenarios and prepare for cash and budget planning.
However, customers cite a long learning curve and limited training opportunities.
Features
Pros
Cons
Pricing
Vena Solutions doesn't list prices on its website.
Cube vs. Vena Solutions
While Vena Solutions integrates with Excel, most users find Cube's native Excel integration better for their existing workflows.
Cube is faster to set up and requires less training than Vena Solutions. After all, if you know how to use Excel, you know how to use Cube. There's little learning curve, which is different from Vena Solutions.
Planful, formerly known as Host Analytics, has skilled professionals with enterprise software, HR, and growth experience.
While reviews praise the platform's user-friendly interface, some criticism cites issues with accuracy when updating formulas and reports.
Features
Pros
Cons
Pricing
Planful doesn’t list its prices online.
Planful vs. Cube
While both Planful and Cube are complete planning platforms for FP&A teams, Cube keeps you in your favored spreadsheet environment and unlocks the flexibility of Google Sheets for easier financial report distribution.
Planful integrates with Excel, but the integration isn't as robust as Cube's.
Multiview ERP features a team of in-house support along with its financial software. It delivers year-round insights, data visualizations, and customization capabilities through core accounting, business insights, business automation, and inventory management.
Features
Pros
Cons
Pricing
Multiview doesn't list pricing online.
Datarails is a legacy Excel-friendly platform for FP&A teams at small to mid-size businesses. It helps teams forecast their finances and plan operations accordingly.
Features
Pros
Cons
Pricing
DataRails doesn't list pricing on its website.
Cube vs. DataRails
Both Cube and DataRails want to keep you in Excel, where you work best. However, that's where similarities end. Cube is notably more flexible than DataRails, including:
Jirav is a driver-based planning platform that gets FP&A teams out of spreadsheets.
Jirav is a great tool if all of the following describe you:
Otherwise, Jirav is probably not the best fit.
Features
Pros
Cons
Pricing
Jirav has three pricing tiers:
Jirav vs. Cube
Most FP&A teams prefer Cube over Jirav because Cube keeps them in Excel.
Cube also has all the benefits of Jirav—templates, custom reporting, a cloud-based source of truth, shareable dashboards, etc.—and then some, because it unlocks Google Sheets, which simplifies real-time ad hoc reporting.
As Cube and Jirav have comparable price points, you should request a demo and compare them for yourself.
SAP S/4HANA Finance is group reporting software from SAP. It's best for businesses that are already entrenched within the SAP ecosystem.
It promises to help streamline financial consolidation and close processes by unifying operational and group reporting.
Features
Pros
Cons
Pricing
We were unable to find SAP S/4 HANA Finance pricing online.
Synoptix is a legacy financial reporting tool that replaces your custom Excel reports to move everything to the new platform, like many other tools on this list.
Features
Pros
Cons
Pricing
We were unable to find Synoptix pricing on their website.
Organizations reap many benefits by having the best financial reporting software, like:
The best SEC software will give all the above and more.
There's a lot to dig into regarding financial reporting software. Let's go over from frequent questions.
Small businesses require the best financial reporting software to stay on top of payroll, expenses, business strategy, and more.
Although the best financial reporting software offers extensive custom reports and features, a small business might benefit from one with limited reporting if the price is significantly more competitive.
QuickBooks and FreshBooks are some of the most common software for small businesses, offering Lite and Basic plans to accommodate smaller budgets.
Cube integrates with both Google Sheets and Microsoft Excel to capture every single data point your business has to give you accurate reports.
Other financial reporting software requires manually copying and pasting data into Excel. Some may offer Excel integrations, but Cube is the only tool that also works with Google Sheets.
Maybe you already use accounting or invoicing software for your business. QuickBooks is popular, but you might crave more advanced reporting capabilities.
Cube integrates with plenty of financial software—including QuickBooks—to enhance your financial reporting.
The best financial reporting software solutions will help you create and report your three financial statements.
The three financial statements are the income statement, balance sheet, and statement of cash flow. Together, they comprise the 3-statement model.
No business became successful without any support. Be it through a team of skilled professionals or machine learning tech, the best organizations offload the busy work so they can spend more time scaling.
Cube offers you this exact service–to take on the effort that goes into financial reporting to save you time and resources.
We've covered an extensive list of the best financial reporting software, each with unique selling points and downsides.
Now, it's your turn to take the wheel and drive your financial reporting to new heights. Cube could help you with automation, strategy, and seamless integrations on your journey.
Request a free demo today to learn why Cube is the best financial reporting software on the market.