Billy Russel

Billy Russel - FP&A Strategist

November 2022 - min to read

[Updated for 2023] The 15 best financial statement software tools

[Updated for 2023] The 15 best financial statement software tools

Financial statements aren’t just something to review a few times a year—they’re meaningful documents needed to continuously provide analysis and insight into your business.

But to create financial statements accurately, quickly, and confidently, you’ll need financial statement software tools for the heavy lifting.

In this guide, we’ve compiled the best financial statement software available on the market right now.

Let’s take a look.

Contents

  1. What is financial statement software?
  2. Important features of financial statement software
  3. Corporate financial statement software vs. personal financial statement software
  4. The 15 best financial statement software tools
  5. FAQ: the best financial statement software for...
  6. Conclusion

What is financial statement software?

Financial statement software allows a business to automate the collection of financial data and track trends that may impact the overall business goals

The best ones can produce both financial statements and supportive analysis that provides visibility and insight into the workings of their business. 

But first, let’s back up a bit: 

What is a financial statement? 

The SEC defines a financial statement as a formal, written record of the financial activities of a person, business or other entity. From assets and liabilities to income and cash flow, financial statements allow for a complete picture of the current financial standing of a company. 

At Cube, we’re all about supporting accurate and easy financial planning and analysis for companies (we’re a CFO-founded FP&A platform, after all.)

That’s why we offer a free, 3-statement model template that can help keep financial statements organized and optimized for better understanding. It combines three key reports:

  • Income statement: A key factor in financial statements. This reveals a business’s ability to make a profit and the extent of that profit.
  • Balance sheet: This shows how much cash or investment is needed to support the sales and profits on the income statement. The net income from the income statement flows in the balance sheet as change in retained earnings.
  • Cash flow: Your cash flow statement takes net income and adjusts it for any non-cash expenses. This will allow you to reference changes in the balance sheet to find cash usage and receipt patterns. 

The three-statement model uses assumptions, drivers and information that are relevant to a modeler’s business to produce a single consolidated forecast with projections for all three financial statements. 

And, it’s an Excel template so anyone can use it—even if you're not a Cube customer.

➡️Download the free template.

Important features of financial statement software

Managing a business's finances—or even your personal finances—can seem like a difficult task. Reliable financial statement software can alleviate some of the stress associated with money flow and financial condition.  

But, financial statement software programs aren’t all created equal. There are some important features and benefits you’ll want to consider when deciding what software you want to use: 

  • Capabilities: Of course, the capabilities of a financial statement software are an important aspect to examine. Does it fit what you are looking for and need? Will it optimize your day-to-day work? Does it provide solutions for bottlenecks or pain points you may encounter? The financial statement software you choose should improve the quality of life of you and your team.
  • Integrations: Integrations may be one of the most important factors you encounter when evaluating key features for a financial statement software. Using a financial statement software that offers more integration choices will make it easier to implement, as it can adjust to the changes that may occur.
  • Non-finance Use: Having a software program that can be used with people in other departments or offices may be an important factor for some people. Using financial statement software that non-finance people can adopt will make implementation of the program easier. 
  • Onboarding and lead time: The onboarding experience is a critical process. You don’t want to spend 3 months finding the perfect solution only to find out that you will have to spend 6 months onboarding and setting up before it’s integrated into your current system.  Having that white glove, done-for-you implementation service and low lead time will make things much easier for you.
  • Everyday use: Using software that’s easy to learn will make your everyday work life that much easier. Is it hard to navigate? Will it be difficult to learn and get the hang of? Look at reviews of the product. If people discuss how it’s positively changed their lives, it’s a good sign!
  • Existing Knowledge/Experience: Using finance software that allows you to utilize your existing knowledge will help ensure that the tool will be used. If the software requires a particular skill set, this is something you need to consider because this means you’ll have to be trained on the new skill, or have to source new talent with this specific skill. We highly recommend picking a tool that enhances your current knowledge and experience. Cube was built to work within Excel and Google Sheets (not to replace them) so teams could improve their current processes instead of learning new ones.
  • Pricing: Pricing is a huge aspect for most users when it comes to finding the right product. Are you getting a good value for the price? How many people can use the product? Does it integrate with the systems you use and is there additional costs for custom integrations? 

Corporate financial statement software vs. personal financial statement software

Corporate financial statement software is the platform and tool that supports a business's financial management. This software helps track financial transactions, provide forecasting tools, analyze financial data and produce financial statements. 

FP&A departments use this information to know exactly what to do and when to do it to drive growth, reduce churn, expand into a new customer base, level out seasonal cash imbalances, and more. Cube’s corporate financial statement software helps enterprise-level FP&A teams: 

  • Streamline manual data, reduce errors, and improve collaboration to make smarter business decisions in a fraction of the time.
  • Access intuitive, easy, and customizable reporting and KPIs that help automate and analyze essential data
  • Use simple formulas for making reports 
  • Collaborate easily with the FP&A team and across company departments 

Personal financial statement software also provides individuals, couples, and even small-business owners with personal financial statements reporting their assets and liabilities. You might need a personal financial statement to help track net worth, determine financial goals (and your current status on these goals), or give to lenders if you’re applying for a mortgage or credit card.

The 15 Best Financial Statement Software Tools

There are a lot of great financial statement software tools out there, so we decided to do some of this initial research for you so you can plan for the financial success of your business in the most effective way. 

And yes, we’ve started with Cube. We’re proud of how well we support financial statement creation for mid-sized businesses and enterprises, so we want to tell you about it! 

1. Cube

blue-cube-logo

Cube is the first spreadsheet-native FP&A platform that empowers teams to drive better planning and performance without changing how they work. Our cloud-based FP&A software platform helps finance teams work anywhere—we integrate natively with both Excel and Google Sheets—so that they can plan, analyze, and collaborate with the ultimate speed and confidence.

Many high-growth companies (like Masterworks and Novo) use Cube for their FP&A needs.

FP&A teams already know and love spreadsheets. Cube simplifies many of the challenges around creating accurate, timely financial statements—this lets teams accelerate their reporting processes and 

You don’t have to take our word for it, though: check out all of our 5-star reviews on Capterra.

Convinced? Book your demo with us today. Need to see what's still out there? Keep scrolling. 

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Features: 

  • Automated data consolidation: Connect data from numerous sources for automated rollups and drilldowns.
  • Multi-scenario analysis: Allows you to seamlessly model how changes to key assumptions affect overall outputs.
  • Endless integrations: Native integrations for spreadsheets (Google and Excel), accounting & finance, HR, ATS, billing & operations, sales & marketing, and business intelligence. 
  • Customizable dashboards: Gives you the full ability to build and share customizable dashboards.
  • Native Excel and Google Sheets integration: Compatible and bi-directional with any spreadsheet
  • Multi-currency support: Evaluate your financials in both your local and reporting currencies.
  • User-based controls: User controls, validations, and an audit trail ensure that the correct data goes to the right people at the right time.
  • Centralized formulas and KPIs: Store all your calculations in a central location and manage from a single source of truth.
  • Drilldown and audit trail: Get straight to the transactions and history behind a single data cell in just one click.

➡️See all of our features here.

Pros: 

  • Powerful reporting and KPIs help automate and analyze important data.
  • Streamline manual data, reduce errors, and improve collaboration so you can make smarter business decisions in a fraction of the time.
  • You can easily collaborate with industry-leading FP&A experts and an award-winning support team.
  • Integrations with dozens of applications.
  • Proper, native Excel integration with all versions of Excel (no coding or formulas needed)
  • Always reliable during sophisticated Excel calculations
  • Standard implementation time that's 5x shorter than the competition
  • Quick fresh and fetch times
  • Intuitive, easy reporting
  • Simple formulas for making reports
  • User-friendly user interface and controls
  • Easy permission management
  • Integrates with more source systems
  • Has full Mac OS X compatibility
  • Is an always-correct single source of truth
  • Built and designed by a former serial CFO

Cons:

  • Cube works best for mid-sized and commercial businesses–it’s not a personal finance app.
  • Cube is built for finance professionals and is not a solution for learning FP&A for the first time
  • Pricing (below) is not designed for pre-series A startups

Pricing:

  • Starting at $1,250/month for lean finance teams and $2,450/month for companies looking to scale. See detailed pricing.

pricing-page-july-2022

Best for: Mid-size and enterprise FP&A teams looking to save time and grow. Cube also works for hyper-growth SMBs who want a solution that will scale with their organization's complexity.

Curious to see if Cube is a fit for your organization? Book your demo now.

2. Oracle NetSuite

Oracle NetSuite is a cloud accounting software program that provides a complete view of financial performance and cash flow analysis. With integrated financial, commerce, inventory management, CRM, and more integrated systems, Netsuite automates core processes and provides real-time insights into operational and financial performance.

For: Companies of any size that may need financial management software

Key Features: 

  • Billing and invoicing
  • General ledger
  • Financial reporting
  • Accounts receivable and payable
  • Financial management 
  • Bank reconciliation
  • Duplicate payment alert
  • Profit/loss statement
  • Revenue Recognition
  • Integrates with Cube

Pricing

  • Pricing is not available on their website 

3. QuickBooks 

QuickBooks is an accounting software that small businesses and freelancers use to create reports, collaborate, and build better business insights. The software is easy to use and has features that help users manage their finances and transaction information. It enables you to track expenses and cash flow, customize invoices, and run reports and receipts in one place. 

For: Small businesses looking for accounting support 

Key Features: 

  • Free support
  • Secure cloud storage
  • Accountant access
  • Unlimited invoices
  • Integration with Cube

Pricing

  • Simple Start: $5.10/month
  • Essentials: $7.80/month
  • Plus: $10.80/month

4. Sage Intacct

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Sage Intacct is a cloud-based financial management and accounting software program. Their cloud financial management solution manages all core financials, providing professional services to ensure that Sage Intacct features are implemented. Sage Intacct delivers a range of core accounting applications such as accounts payable and receivable, cash management, and a general ledger.

Users can also manage payments or connect to your bank feeds to eliminate manual data entry and simplify payment acceptances with automatic reconciliation. The features help track purchase orders, debts, late payments, and expenses.

For: Nonprofits, professional and financial services, healthcare, hospitality, wholesale distribution, construction, and real estate. 

Key Features: 

  • Accounts payable and receivable
  • Purchasing
  • Dashboards
  • Built-in reporting
  • Cash management
  • Collaboration tools
  • Integrates with Cube

Pricing

  • Pricing is not available on their website.

5. Multiview ERP 

multiview-logo

Multiview ERP is a scalable software program that is developed and sold by Multiview Financial Software. It offers a variety of integrated suites of financials, as well as a data warehouse and ViewSource 360, to help in the month-end process of financial planning. 

For: Scaling businesses, organizations exceeding $6 million in annual revenue, and enterprise-size businesses across varying industries 

Key Features: 

  • Access control/permissions
  • Accounts payable and receivable 
  • ACH payment processing
  • Audit trail
  • Cash management
  • Budgeting/Forecasting
  • Billing and invoicing
  • Bank reconciliation
  • Collection management

Pricing

  • Pricing is not available on their website.

6. Pilot

Pilot aims to take care of your business finances (booking, tax, budgeting and more) so you can focus on growth. With Pilot, you’re able to work with a team of US-based finance experts that understand business. Pilot integrates with your financial tech stack like Quickooks, NetSuite and more. 

For: Startups, e-Commerce businesses and professional services 

Key Features: 

  • Accounts payable and receivable 
  • Electronic filing
  • Expense tracking
  • General ledger
  • Income and balance sheets
  • Tax management
  • Revenue recognition 
  • Bank reconciliation 

Pricing

  • Annual Budgeting and Forecasting: Starts $8,100 annual
  • Fundraising Strategy and Support: Starts $5,000 annual 

7. Xero

xero-logo (1)

Xero aims to take care of your bills and invoicing to customers. It works to understand and manage your cash flow as well as get a view of what bills are due for what payments and which invoices are outstanding or paid. Xero allows you to schedule payments, batch pay suppliers and pay multiple bills with one transaction. 

For: Small and medium sized business looking for support with accounting and bookkeeping 

Key Features: 

  • Accounts payable and receivable
  • Accrual accounting
  • ACH payment processing 
  • API
  • Approval workflow
  • Audit trail
  • Asset tracking
  • Approval process control 
  • Integrates with Cube

Pricing:

  • Early Plan: $5.50 monthly
  • Growing Plan: $16 monthly
  • Established Plan: $31 monthly 

8. Datarails

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Datarails is used to organize data for budgeting and forecasting. It estimates finances for future periods and plans operations accordingly based on the data. Datarails keeps track of capital and operational expenses, tracks capital expenditures, and automates depreciation and amortization calculations. 

For: Datarails is best for small and medium-sized businesses that only use Excel. 

Key Features: 

  • Auto backup & version management
  • Logical version comparison
  • Cell dependencies drill down
  • Spreadsheet error prevention
  • Proactive spreadsheets management
  • Full spreadsheet auditing function
  • Spreadsheet data loss prevention

Pricing

  • Pricing is not available on their website. 

9. Board

board-logo

Board allows you to manage and control budgeting, planning, and forecasting processes in any department in a wide range of industries. Board uses BI and predictive analytics capabilities to create analyses for planning and budgeting workflows quickly and easily without any coding or IT help. 

For: Larger enterprises 

Key Features: 

Pricing

  • Pricing is not available on their website 

10. A2X

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A2X is used to automate ecommerce accounting for Amazon, eBay, Etsy, Shopify and Walmart sellers worldwide. A2X integrates with Xero, QuickBooks and Sage to help streamline your back office and unlock opportunities in the ecommerce space. 

For: Amazon, eBay, Etsy, Shopify and Walmart sellers as well as selling getting started in one market

Key Features: 

  • API
  • Audit trail
  • Cash management
  • Data import and export
  • Data quality control
  • eCommerce management
  • General ledger 

Pricing

  • Mini: $19/mo for up to 200 orders monthly within one marketplace
  • Starter: $49/mo for up to 1000 orders monthly within one marketplace
  • Standard: $69/mo for up to 5000 orders monthly across up to 5 marketplaces
  • Premium: $139/mo up to 10,000 orders monthly across up to 5 marketplaces

11. Patriot Accounting 

Patriot Accounting focuses on online payroll for US small business owners and their accountants, allowing users to run payroll while Patriot handles the payroll tax filing. They offer free direct deposit as well as print paychecks.  

For: Small business owners and accountants within the U.S. 

Key Features: 

  • 1099 preparation 
  • Account receivable
  • Approval process control
  • Billing and invoicing
  • Cash management
  • Check writing
  • Expense tracking
  • Invoice processing
  • Bank reconciliation 

Pricing

  • 30-day free trial available 
  • Patriot Basic Accounting: $15/mo for unlimited usage
  • Patriot Premium Accounting: $25/mo for unlimited usage 

12. ExpensePoint 

ExpensePoint automates employee expense report processes for small to larger multinational enterprises. ExpensePoint’s cloud-based platform allows employees to create, submit, approve and process expense reports. 

Once a report is created, each expense can be entered and then it is categorized and coded as per the organization's requirements. Users can add photos of receipts for each expense. You are also able to directly upload credit cards into the platform for easy use.

For: Small to large multinational enterprises 

Key Features: 

  • Approval process control
  • Expense tracking
  • Mobile receipt upload
  • Policy management
  • Receipt management
  • Reimbursement management
  • Time and expense tracking
  • Workflow management 

Pricing

  • $8.50 per month for all features including unlimited monthly expense reports 

13. Float

Float is a resource management software program that helps keep distribution teams in sync. With Float, teams can schedule tasks in a streamline, efficient manner. Float allows you to connect with project management programs, calendars and communications through direct integrations. 

For: Distributed teams in agencies, IT services, consulting and architecture

Key Features: 

  • Alerts
  • Automated management
  • Availability management
  • Budget management 
  • Budgeting/Forecasting
  • Calendar management
  • Campaign and capacity management 
  • Client management 
  • Commenting and notes

Pricing

  • Free 30-day trial 
  • $6 per active user when billed annually

14. Bench

Bench assists in making bookkeeping for small businesses less of a hassle. Bench takes your data and turns it into tax ready financial statements every month. Through this, you can monitor your businesses financial health. At year end, Bench generates all the information you may need to file your taxes. 

For: Small business owners 

Key Features: 

  • Bookkeeping services integration
  • Cash management 
  • Expense tracking
  • Bank reconciliation
  • General ledger
  • Project accounting
  • Spend and tax management 

Pricing

  • $249 monthly for: monthly bookkeeping with a dedicated bookkeeping team, year-end tax ready financial statements 

15. Divvy

Divvy is an expense management software program that helps with expense reporting. Divvy includes virtual cards to manage subscriptions, overspend blocking and security breach protection for both online transactions and physical cards.

For: Companies that need help with expense reports, reimbursements, and receipts 

Key Features: 

  • Accounts payable
  • Approval workflow
  • Audit Trail
  • Cash and client management 
  • Collections management 
  • Contact database
  • Billing portal 
  • Consolidation 

Pricing

  • Free to use 

The best financial statement software for…

We wanted to make sure to cover our readers’ top questions on financial statement software options, so here it is!  

Free financial statement software

Out of the above list, Divvy is the only financial statement software that is completely free to use. 

Financial reporting tool for Excel

While there may be a few financial reporting tools for Excel, Cube allows financial teams to experience the performance of purpose-built FP&A alongside the ease of Excel (or Google Sheets.)

Cube allows you to work within your current spreadsheets, but with enhanced analysis and drill down capabilities. You can quickly and confidently analyze, plan, and collaborate – without changing where you work.

Financial statement software for small businesses

Small businesses could use Divvy, QuickBooks, and Patriot Accounting for financial statement software, depending on their needs. Cube is a good option high-growth SMBs. 

Personal financial statement software

For personal financial statements, software like Divvy or Quickbooks are both great options.

Conclusion: best financial statement software tool? 

There are financial statement software tools out with different features that will work best for different teams. 

But, we can confidently proclaim that Cube is the best financial statement software tool out there. Remember all of those financial software features and benefits we discussed above? Cube checks that whole list—and more. 

To see the most intuitive and complete financial statement software tool in action, book a live demo with Cube today.

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