12+ Best Financial Reporting Software For 2026 (Updated List)

Read this extensive review of the top Financial Reporting Software to compare and select the best financial statement software:

Financial management plays a vital role in a business enterprise, be it of any size.

The process of financial management includes certain tasks to be performed, which are maintaining transaction records, collecting and calculating data of profits and losses, making balance sheets and budgets, planning, financial reporting, and forecasting.

Financial reporting is the most crucial task, which includes collecting, calculating, and organizing data from all the financial aspects of the business, be it budgeting, or forecasting or making balance sheets, etc.

All these tasks are extremely time-consuming and require expert skills to be prepared to get accurate and reliable results. Thus, businesses today buy financial reporting software to tackle these complex tasks.

Financial Reporting Software Review

Good financial reporting software can give you the following benefits:

• Automation features, which track your financial transactions.
• You can get updated reports instantly whenever you want.
• Gives you forecasting tools so that you can make wise decisions.
• Budgeting and planning features that help you cut extra expenses.
• Business intelligence tools that can tell you the profitability of any business strategy.

In this article, we will give you a list of the top best Financial Reporting Software, compare the top 5 of them, and will look into the details of each one of them to help you find the best one for yourself.

The below graph shows the Global Financial Accounting Software market size: 

List of the Best Financial Reporting Software

Here is a list of popular and best financial statement software:

1. Xero
2. Joiin
3. Quicken
4. Oracle Netsuite
5. Workiva
6. Insight Software
7. CCH Tagetik Wolters Kluwer
8. FYISoft Financial Reporting Software
9. Freshbooks
10. Workday Adaptive Planning
11. Budgyt
12. QuickBooks Online
13. DataRails
14. Sage Intacct

Comparison of Top Financial Statement Software

Detailed Reviews of financial reporting and budgeting software:

#1) Xero

Best for simplifying tasks for small businesses

Xero is one of the best financial accounting software which offers a free trial for 30 days, simplifies the everyday business tasks for you, and is trusted by small businesses, accountants, and bookkeepers all over the world.

Features:

• Payroll processing
• Prepares customized reports based on your requirements.
• Customize and send invoices and receive payments.
• Pay or get paid in multiple currencies, with instant currency conversions.

Verdict: The users of Xero state that the software is easy to use, affordable and the invoicing features are nice and can be of great use for a small business. Financial reporting features are reported to be average.

Price: There is a free trial for 30 days. Price plans are as follows:

• Early: $11 per month
• Growing: $32 per month
• Established: $62 per month

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#2) Joiin

Best for Consolidated Finance Reporting.

Joiin is a financial reporting software that consolidates all your finance-related data from across multiple channels and presents it to you in one place. From profit and loss to balance sheets and cash flows, you’ll be able to view all of these data from an intuitive dashboard via Joiin. The tool also works phenomenally well with finance software like QuickBooks, Sage, etc. 

Features:

• Custom Reports
• Multi-currency support
• Manage multiple clients with one subscription
• Manage complex intercompany finances
• Budget management

Verdict: Joiin makes it to my list because of its ability to automate the process of consolidating finance-related data. Easy to use, the tool can create custom finance-related reports quickly and in a comprehensive manner. 

Price: Joiin comes with a 14 day free trial. It subscription plans are as follows:

• Starter: $19/month
• Small: $35/month
• Medium: $58/month
• Large: $91/month
• X-Large: $175/month
• XX-Large: $280/month

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#3) Quicken

Best for Custom Built-in Reports.

Quicken is a software known for its exceptional financial reporting capabilities. You get an incessant amount of built-in reports that can be customized on your organizations income, debt, expenses, taxes, and so much more. You can use these reports to do everything from making future projections to controlling spending. 

Features:

• Auto-generated spending plan
• Account reconciliation
• Track bills
• Custom invoicing

Verdict: Quicken is a fantastic accounting software, especially for small businesses because of its reporting capabilities. It’s software that’s ideal for folks who wish for better control and visibility over their finances. 

Price: Quicken is available for purchase in two editions. The mobile and web-app based Quicken Simplifi will cost you $2.39/month. The desktop-based Quicken Classic’s Deluxe version can be purchased for $2.99/month while its premier counterpart will cost you $4.19/month.

Free Trial is available for 30 days, afterward the price will be $5.99/month only. This offer is valid from September 3, 2024 – October 3, 2024.

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#4) Oracle Netsuite

Best for being an all-in-one solution.

Oracle Netsuite is a financial reporting software that prepares reports for you to have insights into business performance so that you can take necessary actions on time. This cloud-based software provides solutions based on your business size and charges prices accordingly.

Further Reading => List of the Best Trintech Alternatives

Features:

• Makes reports based on your requirements.
• Cloud-based reports can be accessed through a web browser or a mobile device, from anywhere you are located.
• Tax calculation and reporting tools.
• Income statement and balance sheet preparation tools.

Verdict: The users of Oracle Netsuite have recommended the software for small to medium-sized businesses. Oracle Netsuite is a big name in the industry, which provides business solutions ranging from accounting to order processing at one platform.

Price: Contact directly for a price quote.

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#5) Workiva

Best for simplified solutions that adapt to all business sizes.

Workiva is one of the best financial statement software, which aims at simplifying the complex tasks for your organization. This cloud-based system has automated features for accurate, transparent, and reliable reporting.

Features:

• Shows you a financial report whenever you want.
• Audit Analytics features that do not require coding skills.
• Lets you connect your data directly to the report so that you can have a 100% accurate, transparent and authentic final report.
• Manage your multiple entities on one platform.

Verdict: The users of Workiva state that the software is easy to use, customer service is outstanding and we can access the software from anywhere. On the other hand, the software is also reported to be expensive and the learning curve is time-consuming.

Price: Contact directly for a price quote.

Website: https://www.workiva.com/solutions/annual-and-interim-financial-reporting

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#6) Insight Software

Best for continuous automated reporting.

Insight Software has over 5,00,000 users around the world. It offers you automation features that collect the financial data on its own and prepares financial reports. You can take each business decision in a planned way, with much ease and accuracy.

Features:

• Fast, affordable, and flexible financial reporting.
• Automated data entry solutions that save much of your time.
• Smooth integrations with Microsoft, SAP, MRI, NetSuite, and more.
• Business intelligence tools turn your data into reports instantly.
• Tax analytics.

Verdict: Some users of the software have stated that the SMS notifications feature makes the software expensive. The customer support team is reported to be nice. Overall, the software is recommendable.

Price: Contact directly for a price quote.

Website: https://insightsoftware.com/solutions/financial-reporting-software/

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#7) CCH Tagetik Wolters Kluwer

Best for being a comprehensive, all-in-one platform for finances.

CCH Tagetik Wolters Kluwer is a financial statement analysis software that has automation and business intelligence features to give you real-time reports based on your company’s data.

Features:

• Budgeting, planning, and forecasting features, which help you make better decisions.
• Automation and financial intelligence tools that help you create an annual report, budget book, or earnings presentation.
• Advanced analytics features for making predictions.
• Increase profits using features that let you see profitability from every angle.

Verdict: The software is reported to get complex at times, but that is because of the wide range of features that it offers. The learning curve is steep, but once you get along, the software is easy to use.

Price: Contact directly for a price quote.

Website: https://www.tagetik.com/us/product/financial-reporting

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#8) FYISoft Financial Reporting Software

Best for preparing perfectly formatted reports ready to be presented.

FYISoft Financial Reporting Software is a fast and easy-to-use software that can be deployed on cloud or on-premises and produces financial statements with the help of business intelligence tools.

Features:

• Consolidates data and creates reports for enterprises with multiple entities.
• Creates perfectly formatted reports that can be used directly for presentations.
• Budgeting and planning features.
• Artificial intelligence powered analytics features.

Verdict: FYISoft Financial Reporting Software has got some really nice reviews from its users for being fast and easy to use. The report distribution feature is also being appreciated.

Price: Contact directly for a price quote.

Website: https://www.fyisoft.com/financial-reporting-software/

Further Reading => List of the BEST Fintech Software Development Companies

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#9) Freshbooks

Best for being affordable

Freshbooks is a personal financial statement software that offers solutions for small businesses. The features extended by Freshbooks range from invoicing to budgeting and financial reporting.

Features:

• Accounting features that prepare real-time reports having details of profits and losses.
• Expense tracking feature lets you monitor your extra expenses.
• Mileage tracking feature keeps a track of how much your car moves for business purposes so that you can save tax by showing this expenditure.
• Mobile app that creates invoices, tracks mileage, and more.

Verdict: It has been reported by the users that they received good quality customer services when they started using the software, but gradually they increased the fees, sometimes as high as twofold.

Overall, Freshbooks is a recommendable financial reporting and budgeting software for small businesses.

Price: There is a free trial. Prices that follow are as under:

• Lite: $7.50 per month
• Plus: $12.50 per month
• Premium: $25 per month
• Select: Custom pricing

Website: https://www.freshbooks.com/

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#10) Workday Adaptive Planning

Best for delivering scalable solutions

Workday Adaptive Planning is offering free financial reporting software for a couple of days as it offers a free trial. They extend solutions for budgeting, planning, forecasting, and reporting and have been termed a Leader in the 2021 Magic Quadrant by Gartner.

Features:

• Profitability analysis feature lets you make the best decisions that can yield maximum profits.
• Budgeting expenses feature keeps track of your spending.
• HR Solutions.
• Cloud-based consolidation, validation, and reporting features.

Verdict: Workday is one of the best financial reporting software. The customer service is exceptional; the scalable features are worth drooling over.

Price: They offer a free trial. Contact directly for a price quote.

Website: https://www.adaptiveplanning.com/

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#11) Budgyt

Best for ease of use and good customer support

Budgyt is an easy-to-use and affordable, cloud-based financial solution for your business. They put forward features that can ease up the complex budgeting, reporting, forecasting, and closing processes.

Features:

• Continuous forecasting, which helps you in decision making.
• Budgeting features.
• Hyperlinking and dimensions feature that aid in the closing process.
• Create presentable, professional, and accurate reports.

Also Read => Top Paying Finance Jobs

Verdict: The financial reporting features offered by Budgyt are average, but the budgeting features are applauded. Overall, the software is recommendable for a small business.

Price: There is a free trial for 30 days. Price plans are:

• Easy: $239 per month
• Plus: $479 per month
• Pro: $838 per month
• Enterprise: Customized pricing

Website: https://www.capterra.com/p/152905/Budgyt/

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#12) QuickBooks Online

Best for being an affordable solution for small businesses.

QuickBooks Online is an accounting software built for small businesses, which takes care of your business needs, including payroll processing, creating invoices, bookkeeping, and reporting.

Features:

• Time tracking and payroll processing features.
• Create invoices and receive payments.
• Bookkeeping features.
• Get insights into your cash flows with profit and loss statements instantly, whenever you want.

Verdict: QuickBooks is a popular name in the industry. The popularity is in fact because of the ease of use and features that it offers to small businesses. As stated by some users, the software faces some speed issues when used by large enterprises.

Price: There is a free trial for 30 days.

Price plans are as follows:

• Self-employed: $7.50 per month
• Simple Start: $12.50 per month
• Essentials: $20 per month
• Plus: $35 per month
• Advanced: $75 per month

Website: https://quickbooks.intuit.com/

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#13) DataRails

Best for financial planning and analytics features

DataRails is a financial reporting software that has automation features for financial reporting. They also offer features for budgeting and planning, financial analytics, and scenario modeling.

Features:

• Filter data from the consolidated finances, to be added to your report.
• Budgeting and forecasting.
• Scenario modeling features that help you make the best decisions.
• Features to assist you in simplifying the financial closing process.

Verdict: The planning, reporting, and forecasting features are worth appreciating. The users of DataRails state that the software is affordable and suitable for small to medium-sized businesses.

Price: Contact directly for a price quote.

Website: https://www.datarails.com/financial-reporting/

Further Reading => List of the TOP Loan Origination Software

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#14) Sage Intacct

Best for fast and easy to handle software for financial reporting.

Sage Intacct is a financial statement preparation software, which gives you accurate data insights and reports and thus saves you valuable time. Features extended by Sage Intacct range from budgeting and planning to HR and financial reporting.

Suggested reading =>> Best AP Automation tools for Sage Intacct

Features:

• Powerful HR features to engage your global workforce.
• Get custom reports or fast answers for decision-making.
• Cloud-based budgeting and planning features.
• Easily share data or integrate with other platforms.

Verdict: Sage Intacct scored the highest points in “Core Financials” for mid-size enterprises, by Gartner (2020).

This easy-to-use software is highly recommended by its users.

Prices: Contact directly for a price quote.

Website: https://www.sage.com/

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Frequently Asked Questions

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Conclusion

In this article, we did a thorough study about Financial Reporting Software, got the details about the best software in the industry, compared them, and gave verdicts about each one of them.

In the end, we can conclude the following points:

• Financial Reporting is a crucial task for any business but can consume a lot of your invaluable time if done manually. So it’s better to have financial reporting software that can ease up the tasks for you.
• The financial reporting software available in the industry extends many other features with reporting. Choose the one that solves the maximum number of problems with minimum costs.
• The overall best ones are Oracle Netsuite, Workiva, Sage Intacct, Workday Adaptive Planning, CCH Tagetik Wolters Kluwer, FYISoft Financial Reporting Software, DataRails, and QuickBooks Online.
• QuickBooks Online, Xero, Freshbooks, DataRails, and Budget are suitable for small businesses.

Research Process:

• Time taken to research this article: We spent 15 hours researching and writing this article so you can get a useful summarized list of tools with a comparison of each for your quick review.
• Total tools researched online: 25
• Top tools shortlisted for review: 12