Managing finances is considered a basic life-skill in today's economy. Everyone needs to learn how to calculate and manage money, create yearly reports, segregate expenses, and better comprehend the information from investors, lenders, and bankers.

It's always a good idea to have a CPA review your financial accounts. However, if you can create your own statements and analyse the information they include, you'll feel more in charge of your firm. In this top tools list, we have compiled the top 28 financial reporting and management tools for you to choose from.


1. Bench

Bench (acquired by Employer.com) is designed for small business owners that prefer to concentrate on their operations rather than their bookkeeping. Bench converts your data into tax-ready financial statements every month. The Bench app allows you to keep track of your company's financial health, obtain financial statements, and communicate with your team at any time. Bench also supplies you (or your CPA) with everything you'll need to submit your taxes at the end of the year.

Key Features:

Cost:

$249 per month.


2. QuickBooks

Quickbooks is the most advanced version of QuickBooks Online, geared for companies with more complicated financial and accounting needs. QuickBooks Online Advanced provides deeper insights, peace of mind, and increased productivity, allowing you to focus on critical choices to take your business to the next level.

QuickBooks Online Advanced is a cloud-based, SaaS accounting software that helps mid-size and expanding businesses simplify their bookkeeping.

Key Features:

Cost:

$54 per month.


3. Insight Software

Insight Software is a powerful BPM tool that specializes in budgeting, financial reporting and management, cost allocation, and KPI visualization. It helps firms increase budgeting and forecasting accuracy. Bizview, which has an Excel-like interface, allows businesses to create models that represent their operations and enhance budgeting and forecasting accuracy.

Key Features:

Cost:

You can request a quote on their website.


4. Zoho Books

Zoho Books can be used to produce, manage, and amend sales and buy transactions like invoices, estimates, POs, SOs, credit notes, bills, and costs, among other things. You can easily classify transactions by connecting your bank and credit card accounts in Zoho Books. The dashboard and reports sections provide you with the information you need to make quick decisions.

Key Features:

Cost:

$10 per month.


5. Itemize

Itemize can efficiently transform receipts into intelligent data. Itemize is an AI platform that pulls information from receipts, invoices, and other business documents. The engine provides information that automates expenditure management, optimizes accounts payable operations, and helps with compliance.

Key Features:

Cost:

$9.99 per month.


6. Xero

Xero is a sleek, intelligent small business software that aims to improve the lives of small companies and their advisers while also assisting them in growing and thriving.

The Xero online accounting software platform serves as a basis for firms to develop a comprehensive company solution. It links companies to their bank, accounting software, accountants, payment providers, and third-party apps, ensuring that everything is safe and accessible at all times and on any device.

Key Features:

Cost:

$12 per month.


7. Planning Maestro

Planning Maestro, by Centage, is a cloud-based financial planning and budgeting program. It provides enterprise-grade financial insights to its users through the application of strong and intelligent intelligence. Planning Maestro is a powerful financial planning tool for small and medium-sized enterprises that helps them construct sustainable budgets for their operations and build solid predictions models to anticipate future performance and direction.

Key Features:

Cost:

You can request a quote on their website.


8. Workiva

Workiva, the world's premier connected reporting and compliance platform is utilized by thousands of businesses and government agencies in 180 countries, including more than 75 percent of Fortune 500 firms. Over five billion data items have been linked by Workiva clients in order to trust their data, decrease risk, and save time.

Key Features:

Cost:

You can request a demo on their website.


9. ExpensePoint

ExpensePoint has been named 'Best’ for value, ease of use, and support In the United States, Canada, and the United Kingdom. Your employee expenditure report procedure is totally automated with ExpensePoint. Receipt photos recorded by the ExpensePoint mobile app, as well as any emailed receipts, are automatically created by the brand’s Receipt Reader technology. Credit card integration, approval routing, auto GPS mileage monitoring, and more are all included.

Key Features:

Cost:

$8.50 per month.


10. Microsoft Power BI Desktop

Microsoft Power BI Desktop enables you to turn your data into actionable insights at the click of a mouse. Visual analytics is at your fingertips with Power BI Desktop. You can build interactive data visualizations and reports with this robust authoring tool.

Data may be connected, mashed up, modeled, and visualized. By publishing to the Power BI web service, you can place graphics precisely where you want them, analyze and explore your data, and share material with others.

Key Features:

Cost:

$9.99 per month.


11. Board

Board is an all-in-one decision-making platform that combines data discovery, reporting, analytics, and performance management, allowing you to visualize any collection of data, identify current and future trends, and determine if your organization and workforce are fulfilling their performance goals. The program, which is suitable for a wide range of sectors and departments, combines analytics, planning, simulation, and predictive modeling to help firms gain control over the whole decision-making process.

Key Features:

Cost:

Request a quote on their website.


12. Limelight

Limelight is a modern and user-friendly financial planning and reporting tool that is simple to set up and operate. A web-based program that can be used from any location and on any device that provides data integration, collaboration, real-time planning, and reporting, as well as excel features to keep users busy.

Key Features:

Cost:

You can request a quote on their website.


13. Sage Intacct

Sage Intacct enables CFOs to obtain integrated management and financial data across their business units in minutes, not days. Sage Intacct is the AICPA's preferred financial management product, allowing your growing mid-sized business to go further, faster with the core financials you need to automate your most important processes, reduce your reliance on spreadsheets, and gain a better understanding of your business performance.

Key Features:

Cost:

You can request a quote on their website.


14. Younium

Younium is a scalable subscription management software that uses data-driven solutions to help B2B companies manage their recurring billing, payments, and automatic revenue recognition. Younium is an all-in-one subscription management solution for B2B companies.

Younium is the software of choice for companies who don't want to employ bespoke patches to organize a billing framework.

Key Features:

Cost:

You can request a quote on their website.


15. Casual

Casual enables you to create models out of variables, which you then connect using simple equations in plain English. This makes your models simple to comprehend and develop, allowing you to work on them in minutes rather than days.

When you're finished, provide stakeholders with the link to your model. Instead of a mess of tabs and complex calculations, they'll be able to see your model's results in a visual dashboard.

Key Features:

Cost:

$9 per month.


16. BQE Core

BQE Core makes running your business easier and more profitable. It organizes data, automates repetitive procedures, and frees up time for your organization to focus on delivering service to clients rather than managing internal processes. Architects, engineers, and CPAs designed it to satisfy the demands of professional services businesses. It aids businesses in increasing cash flow by speeding up the invoicing process and boosting project management and performance analysis.

Key Features:

Cost:

You can request a quote on their website.


17. EY Finance Navigator

EY Finance Navigator can enable you to anticipate cash shortages and the capital required to accomplish growth and make smarter business decisions. You save time, money, and hassles by not having to start from the beginning with spreadsheets to create a financial model. Finally, as you obtain both the financial expertise and the financial details that investors normally need from you and your financial plan, you'll be more equipped for meetings with investors.

Key Features:

Cost:

You can request a quote on their website.


18. Toucan Toco

Toucan Toco is a cloud-based, end-to-end analytics platform with a single goal: to eliminate the friction between people and data. Even for difficult activities, the Toucan team has strived since day one to make every experience on the platform clear, efficient, and understandable. As a result, Toucan has the industry's highest user adoption rate of 90%.

Toucan's AnyConnectTM – a suite of hundreds of included connectors — allows users to connect to any data, whether cloud-based or not, streamed or stored.

Key Features:

Cost:

You can request a quote on their website.


19. WorkDay Adaptive Planning

WorkDay Adaptive Planning is a cloud-based corporate performance management leader (CPM). Workday helps businesses of all sizes to collaborate on planning and modeling, get instant access to real-time data, simplify complicated financial reporting, and speed up financial consolidation. Workday distinguishes itself with intuitive, powerful, and quick software that helps over 3,300 clients in over 50 countries to create business success.

Key Features:

Cost:

You can request a quote on their website.


20. SpreadSheet Server

SpreadSheet Server is an Excel-based reporting and automation software that links to your ERP and other data sources to provide you with accurate real-time reports.

Spreadsheet Server is applicable to a wide range of sectors, including construction, logistics, manufacturing, and real estate. Its target audience is mostly financial professionals, although it may be tailored to meet the demands of non-finance users as well.

Spreadsheet Server allows you to make the most of your current Excel skills and investment.

Key Features:

Cost:

You can request a quote on their website.


21. Blackline

Blackline's elimination of cumbersome, tedious, and error-prone stages inherent in traditional accounting practices allows teams to focus on evaluating inconsistencies and discovering new ways to provide value to the company. By automating accounting workflows, offering a centralized and secure workspace to complete period-end accounting tasks, and simplifying financial reporting and management, BlackLine solutions allow the accounting and finance division to manage and oversee the end-to-end financial closure process.

Key Features:

Cost:

You can request a quote on their website.


22. Ledgy

Ledgy is a customizable equity management platform designed for fast-growing businesses. A scalable platform with best-in-class security and privacy for all equity-related issues. Ledgy is used by high-growth firms to manage their cap table, equity plans, funding rounds, and investor communications. Founders, investors, and workers may access the most up-to-date information on their investments and vest through portfolio dashboards.

Key Features:

Cost:

$7 per month.


23. Sage

Sage is a user-friendly cloud-hosted accounting program. Sage Business Cloud Accounting differs from its sister product Sage 50cloud in that the former is an add-on service that enables the latter's cloud integration. This connection allows you to save and access all of your accounting data in the cloud. Sage Business Cloud Accounting is the result of the union of two fantastic solutions, and it is now better than before.

Key Features:

Cost:

$10 per month.


24. Acumatica

Acumatica, especially for digitally resilient businesses, is the ideal business management solution. Acumatica provides expanding small and mid-market businesses with operational flexibility, efficiency, and continuity.

Key Features:

Cost:

You can request a quote on their website.


25. Odoo

Odoo Accounting makes it easy and simple for businesses to manage their accounting on a regular basis. They even provide a worldwide perspective of their business at any given time.

Odoo Accounting allows you to handle all of your financial processes from a single interface. Primary day-to-day task automation is more than doable - it's easier than before! This software is linked to 24,000 banks, making it simple to correlate a payment to a statement depending on your bank account transaction.

Key Features:

Cost:

$24 per month.


26. ePROMIS ERP

ePROMIS ERP is a prominent global provider of corporate ERP, HCM, CRM, and other business management software solutions to a variety of verticals and sectors. ePROMIS ERP - The Next-Generation Customizable ERP Solution enables you to coordinate all elements of your organization, exchange data, improve performance, reduce expenses, and increase profitability.

Finance, supply chain, assets, projects, analytics, human resources, customer relations, and planning are just a few of the enterprise functionalities addressed by ePROMIS ERP.

Key Features:

Cost:

You can request a quote on their website.


27. MoonClerk

MoonClerk allows anyone to set up branded, embeddable, and linkable recurring online payment forms immediately and inexpensively without any technical skills or coding.

MooonClerk is a web-based service that allows small and medium-sized enterprises, as well as organizations, to take recurring payments.

Key Features:

Cost:

$18 per month.


28. Wave

Wave is a financial reporting and management tool designed to help businesses better understand and manage their financial data. It offers a range of features including invoicing, receipt scanning, and expense tracking.

Key Features:

Cost:

Wave pricing starts at $20/month.


Things To Consider When Choosing A Financial Reporting And Management Tool

Take Into Mind Both Your Requirements And Your Accounting Abilities

Looking at how your organization functions and then taking a thorough inventory of the many types of accounting software on the market is your best shot for selecting the correct accounting software. Your accounting demands will be quite different whether your company produces several million dollars a year versus one that generates less than $50,000. When it comes to accounting software, you have a range of alternatives, including ones created exclusively for small and medium-sized firms.

Depending on your sector, you might want to think about investing in specific software that is developed to assist firms in your field. There are apps tailored for firms in the manufacturing sector, merchants and restaurants, and a variety of other commercial operations, for example.

Consider Cloud-Based App

With cloud computing becoming a bigger part of contemporary business, it's vital to remember that there are many online accounting apps to choose from.

Cloud apps have a number of advantages. They may be accessed from anywhere with a good Internet connection, and they don't require any software licensing or servers to operate. Upgrades and fixes are installed on the server, so you and your IT personnel don't have to worry about keeping the program current. A tablet, laptop, or smartphone can also be used to access cloud apps. Furthermore, your records are stored in a secure data center located far away from your business's physical location, ensuring their protection in the case of a local disaster or other catastrophic events

Keep In Mind Your Financial Constraints

There is accounting software for businesses of different sizes and budgets. General apps for a larger user base can be downloaded for free or purchased for a lesser price off the shelf.

However, because the user base for specialist software is often tiny, the more specialized the product becomes, the more expensive it becomes. You can expect to pay a premium if you want anything tailored to your sector or customized for your business.


Conclusion

Using the correct financial statement tool may cut down on the time it takes to collect and organize financial data, allowing you to make more timely and accurate financial choices. These financial tools may help you map a better financial course for your organization, whether you want a ready-to-use tool like Microsoft Excel or a customized configuration.


FAQs

What Is Financial Reporting?

Financial reporting is the preparation of financial statements that show a company's overall performance and financial position. External stakeholders, such as banks, investors, and regulators, are frequently provided with these reports, which provide them with critical information about the firm. Financial statements show the condition of a company's finances at a certain moment in time. Organizations must follow certain guidelines for reporting financial data. These guidelines define good accounting methods, as well as the information that must be included and how it should be formatted.

Financial reports can be created on a weekly, monthly, or quarterly basis. These reports contain the following:

What Are Financial Reporting And Management Tools?

A financial management system consists of software and tactics that businesses may use to oversee and manage all aspects of their finances, such as income, spending, and assets, with the purpose of growing profits and maintaining a consistent income.

So, what's the difference between accounting and financial management? Simply said, accounting is the process of maintaining records, and financial management is the process of using those data to manage your money. Whereas accounting software is meant to collect, analyze, and report all of your company transactions, financial management software takes a step further to track, analyze, and report financial data that may help you perform a variety of things, including:

When Should You Consider Using Financial Reporting And Management Tools?

Through the use of a "Unique Selling Point," or USP, all businesses are built to compete and flourish in the marketplace. This unique selling advantage, however, must be combined with a good financial management plan for any organization to flourish and expand in the long run. Finding your USP is the easiest part for most business owners. Finding answers to complicated financial difficulties, on the other hand, is another story. That, my friends, is the challenge!

Financial management encompasses a wide variety of duties and activities that you must undertake if you want to be successful.

What Is Management Reporting?

Management reporting is the process of acquiring financial and operational statistics and information for internal use. Rather than focusing exclusively on the corporation as a whole, these reports might concentrate on individual business areas. For example, the reports may assess the financial and operational status of specific departments. As a result, they provide managers with a more thorough picture of the company. Management personnel may use the information gathered from these reports to identify problems and generate solutions, as well as execute strategic planning and define corporate goals.

What Are Some Financial Planning Tips?

Consider working with a financial expert to create a financial strategy that is specific to your situation. It doesn't have to be difficult to find a skilled financial counselor or the right financial reporting and management tool. Start looking for a financial adviser or service today if you're ready to attain your financial objectives.

Examine your requirements before deciding on financial planning software. Are you searching for a program that focuses on weekly and monthly budgeting, for example? Do you require a product that combines long-term retirement planning as well as additional instruments to assist you in increasing your wealth? The answers to these questions will point you in the right direction.

How can a financial reporting and management tool benefit my business?

Using a financial reporting and management tool can help businesses save time and improve their financial decision-making. By automating data entry and providing real-time reporting, these tools can help businesses better understand their financial situation and make more informed decisions about spending, investing, and growth.

What features should I look for in a financial reporting and management tool?

When choosing a financial reporting and management tool, consider the features that are most important for your business. Some common features to look for include automatic data import, real-time reporting, customizable invoicing, and expense tracking. You may also want to consider tools that offer integrations with other business software, such as accounting or customer relationship management (CRM) systems.