Categories   >   Financial Reporting Software
Last Reviewed: November 21st, 2024

Best Financial Reporting Software Of 2024

What is Financial Reporting Software?

Financial reporting software is the translator of your business's financial story. Imagine ditching spreadsheets and manual processes for a system that automates reports like income statements and balance sheets. It tackles the challenge of inefficient reporting, saving you time and ensuring accuracy. Benefits include meeting regulatory deadlines with ease, improved communication with stakeholders, and data-driven decision making based on clear financial insights. Core functionalities encompass generating core financial statements, customizing report formats, and creating financial packages for various audiences. Emerging features offer real-time data integration and interactive dashboards for a dynamic view of your finances. While all businesses benefit, companies with complex financial structures or strict reporting requirements see the greatest impact. Costs can be a factor, but the efficiency gains, improved accuracy, and clear financial communication make financial reporting software a valuable asset for any business. In essence, it empowers you to tell your financial story with confidence and make informed decisions for long-term success.

What Are The Key Benefits of Financial Reporting Software?

  • Improved Accuracy & Compliance
  • Streamlined Reporting Process
  • Enhanced Data Visualization
  • Clearer Financial Communication
  • Informed Decision Making
  • Transparency for Stakeholders
  • Regulatory Compliance
  • Investor Confidence & Trust
  • Long-Term Business Success
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Overall

Based on the latest available data collected by SelectHub for 139 solutions, we determined the following solutions are the best Financial Reporting Software overall:

QuickBooks Online
QuickBooks Online
Start Price
$25
Monthly
Company Size
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Deployment
Cloud On-Premise
Platform
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Why We Picked QuickBooks Online

QuickBooks Online remains a popular choice for many users, praised for its user-friendly interface and automated features. "It feels like Intuit took the complexity out of accounting and made it accessible even for someone like me with limited accounting experience," shared a small business owner. However, user reviews also highlight limitations, particularly around customization and cost. "I love the ease of use," stated a freelancer, "but the reporting options feel restrictive. I often have to export data and work with it in Excel to get the insights I need." This sentiment, coupled with complaints about the cost of add-ons like payroll, leads some users to compare QuickBooks Online to competitors. "Xero seems to offer more flexibility and advanced features," mentioned an accountant, "but the learning curve is steeper, and the monthly subscription is higher." Ultimately, the decision comes down to individual needs and priorities. For those seeking a balance of ease of use, automation, and affordability, QuickBooks Online continues to be a strong contender. However, users with more complex accounting needs or a desire for greater customization might find themselves looking towards competitors offering more robust features, even if it comes at a higher cost or with a steeper learning curve.

Pros & Cons

  • Easy to use: Intuitive interface and clear navigation make it accessible for users of various accounting experience levels.
  • Automated tasks: Streamlines workflows by automatically importing bank transactions, categorizing expenses, creating invoices, and sending reminders.
  • Real-time insights: Provides up-to-date financial information through customizable dashboards and reports, enabling informed decision-making.
  • Mobile accessibility: Access and manage finances anytime, anywhere with the mobile app.
  • Scalability: Grows with your business, offering different plans with varying features to accommodate evolving needs.
  • Integrations: Connects seamlessly with various business tools, such as bank accounts, payment gateways, and e-commerce platforms.
  • Payroll: Simplifies payroll processing, including tax calculations and direct deposits.
  • Limited customization: Lacks flexibility in customizing certain features, such as reports and chart of accounts, compared to some alternatives.
  • Costly add-ons: Essential features like payroll and advanced reporting often require additional fees, increasing the overall cost of ownership.
  • Customer support: Mixed reviews on the quality and availability of customer support, with some users reporting delays or difficulty reaching knowledgeable representatives.
  • Reporting restrictions: Certain financial reports and data exports have limitations, potentially requiring workarounds or manual adjustments.
  • Learning curve: While generally user-friendly, some features and functionalities may have a learning curve for those new to accounting software.
  • Occasional glitches: Users have reported occasional bugs or glitches that can disrupt workflows, requiring troubleshooting or waiting for fixes.

Key Features

  • Income and Expense Tracking: Import bank, credit card, PayPal, Square and other transactions as well as promptly sort them into the right tax categories with the income and expense tracking module. Users may also take pictures of receipts with their smartphones and link them directly to expenses. 
  • Invoicing: Trace invoice statuses, deliver payment reminders to patrons, immediately match payments to invoices, accept credit cards and complete free bank transfers directly from an invoice with the invoicing attribute. 
  • Estimations: Transform estimates into invoices, validate mobile signatures, review estimate statuses and modify estimates to align with business requirements via the estimations appliance. 
  • Reporting: Create a variety of reports, including product profit and loss, expense, balance sheet, inventory, enhanced sales, profitability and other reports, through this attribute. Users may also oversee crucial financial metrics including cash flow and revenue on one dashboard. 
  • Organize Receipts: Expeditiously arrange and associate expense receipts with transactions, keeping them all in one place. 
  • Inventory Tracking: Receive alerts when inventory is running low as well as monitor products and the cost of goods with the inventory tracking system. Users may even evaluate popular items, draft purchase orders and superintend vendors.  
Freshbooks
Freshbooks
Start Price
$4.50
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Freshbooks

Freshbooks emerges from user reviews as a reliable and user-friendly accounting solution for solopreneurs and small businesses. Its intuitive interface, mobile app access, and automated features like invoicing and online payments are consistently praised for saving time and streamlining workflows. Compared to competitors like QuickBooks, users appreciate Freshbooks' ease of use for non-accountants, while acknowledging its limitations in advanced functionalities like double-entry bookkeeping or inventory management. This makes it ideal for those starting out or needing a lightweight accounting solution, but potentially less suitable for complex financial needs as businesses grow. Another key differentiator for Freshbooks is its affordability, with tiered plans starting at an attractive price point. However, user reviews also highlight a potential drawback: as client bases expand, so does the cost, which can become a concern for some users. Additionally, while basic reporting and analytics are included, users seeking in-depth data analysis may find Freshbooks' capabilities limited compared to more robust competitors. Overall, user reviews paint a picture of Freshbooks as a user-friendly and affordable accounting solution for solopreneurs and small businesses seeking to simplify their financial management. Its strengths lie in ease of use, automation, and mobile access, while its limitations emerge in advanced features and scalability for larger businesses. Ultimately, the decision to choose Freshbooks hinges on individual needs and priorities, with users emphasizing the importance of weighing its strengths against its limitations to ensure a perfect fit.

Pros & Cons

  • Customer Support: Approximately 89% of users that mentioned it in their review said customer support is supportive, helpful and quick to respond to issues.
  • Appliances: Precisely 58% of users that discussed the system functionalities enjoyed this program's appliances because they can create clean reports, set up repeating invoices, and add and manage credit cards.
  • Simple and intuitive interface: Freshbooks' clean layout and straightforward navigation make it easy for even non-accountants to manage their finances.
  • Time-saving features: Automated invoicing, expense categorization, and online payments let users save time and effort on routine accounting tasks.
  • Mobile app for on-the-go management: Access invoices, track expenses, and manage clients from smartphones or tablets, ensuring flexibility and productivity.
  • Affordable plans for growing businesses: Choose a plan that scales with your needs and budget, with options starting at an accessible price point.
  • Seamless integrations with popular tools: Streamline workflows by connecting Freshbooks with tools like Stripe, PayPal, and Google Workspace, centralizing financial data.
  • Limited features for complex accounting: Freshbooks may not handle advanced accounting needs like inventory management, double-entry bookkeeping, or fixed assets.
  • Not ideal for large businesses: As businesses grow, Freshbooks' scalability and feature set might become insufficient for complex financial operations.
  • Price increases with client base: The cost of Freshbooks can rise significantly as you add more clients, potentially exceeding initial budget expectations.
  • Basic reporting and analytics: Freshbooks' reporting capabilities may be insufficient for businesses requiring in-depth financial analysis and data insights.
  • Limited customer support for free plans: Free trial and Lite plan users might have limited access to customer support, potentially hindering troubleshooting and issue resolution.

Key Features

  • Invoicing: Personalize invoices and thank-you emails with company logos via the invoicing apparatus. Users may request deposits on invoices at the start of a project so they'll have the right amount of funds to financially sponsor a project in its preliminary stages. 
  • Expense Management: Link bank accounts and credit cards to FreshBooks instead of manually inputting data with the expense module. It displays data in real time so users will instantly know where their money is going. 
  • Time Tracking: Manage project and task durations through the time tracking feature. It's equipped with a timer that accurately records a time log of tasks that easily appears on invoices. Users may also see how their employees spend their time from completed responsibilities to arising issues to address before they become major problems. 
  • Project Management: Store files and vital attachments in the centralized project management accessory, enabling teams to efficiently find what they need so they can get right back to high-caliber tasks. Users may also allocate project deadlines, share images and files through FreshBooks and even designate rates or hours to particular projects.  
  • Estimates: Produce adjustable proposals in addition to outlining a project's extent, timeline and necessary deliverables. Users may quickly transform estimates into invoices and permit their clientele to validate estimates online. This tool also allows users to send invoices in different currencies and add discounts. 
  • Accounting: Receive precise profit and loss calculations and effortlessly share valuable financial data and reporting information with accountants. This module streamlines bank reconciliations by importing and arranging financial transactions, validating or revising automated matching recommendations and drafting and exporting Excel-friendly summary reports.  
  • Reports: Color-code spending breakdowns and obtain profit and loss reports with the reporting attribute. Users may save, export and even print financial reports for their accountants. This tool also enables users to have a headache-free tax season because it stores valuable data such as money earned to taxes that have already been paid off.  
  • Payments: Initiate various payment options such as VISA, MasterCard, AMEX and Apple Pay with the payment feature. This tool also instantly creates payments, collects reports, activates quick and painless bank deposits, requests deposits and provides payment schedules and partial payments for client flexibility. It also automatically sends receipts to patrons. 
Xero
Xero
Start Price
$15
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Xero

Xero’s users say it’s easy to use and has good accounting and bookkeeping capabilities. Most found the price to be acceptable, with some complaints about issues they ran into while trying to switch to a lower pricing tier. More than 70% loved the customer service and felt their representatives were extremely helpful. It has a range of features including band feeds, invoice creation, integrations and reconciliation processes. The reconciliation was particularly popular with over 80% of reviewers who mentioned it describing positive experiences.
One issue with the system came in making updates to invoices after they’d been saved. Some users said they were sent prematurely to clients or claimed to have difficulties changing the data at a later date. Many also felt that the implementation process for the new platform was difficult, but that once they learned where things were they felt comfortable. This may be a good choice for small and medium businesses. Larger companies should consider a system that’s able to handle a higher volume.

Pros & Cons

  • Affordable: Of all the reviews that mentioned price, over 70% felt it was well within their price range and felt satisfied.
  • Good Customer Service: Over 70% of reviews that mentioned the customer support said they received excellent service, especially from their reps.
  • Excellent Functionality: In more than 50% of all reviews that mentioned features, users were happy with its capabilities. They especially like the integrations, reconciliation process, invoices and accounting functions.
  • Simple and intuitive interface: Xero's clean layout and straightforward navigation make it easy for users of all skill levels to manage their finances. In over 80% of reviews that mentioned the UI, users said it was easy to navigate.
  • Automated tasks: Xero automates repetitive tasks like invoicing, expense tracking, and bank reconciliation, saving users valuable time and reducing errors.
  • Mobile app for on-the-go access: Manage your finances and stay up-to-date on your business performance anytime, anywhere with Xero's mobile app.
  • Customizable reports and dashboards: Gain valuable insights into your cash flow, profitability, and other key financial metrics with Xero's customizable reports and dashboards.
  • Multi-user access and permissions: Collaborate with team members and advisors seamlessly with Xero's secure multi-user access and permission controls.
  • Limited inventory management: Xero lacks advanced inventory tracking features, making it less suitable for businesses with complex inventory needs.
  • Learning curve for complex features: While basic tasks are easy, some advanced features like multi-currency accounting can be challenging for non-accountants to navigate. Though the system was widely popular after implementation, users said it was old-fashioned and had a steep learning curve in 20% of reviews that mentioned the UI.
  • Higher cost for advanced features: Access to advanced features like payroll processing and multi-currency comes at a higher price point, potentially exceeding budgets for smaller businesses.
  • Limited phone support: Xero primarily relies on email and live chat for support, which may not be ideal for users seeking immediate assistance with critical issues.
  • Integration limitations: While offering many integrations, some key business tools may not have seamless integration with Xero, requiring workarounds or data duplication.
  • Invoices: While around 60% of users felt that the invoicing system worked well, around 40% said they had trouble making changes to them once they were saved.
  • Downgrading Issues: Around 20% of reviews that mentioned price said they had issues while trying to go to a lower pricing tier and often ended up paying a month or more at a higher rate.

Key Features

  • Payroll Processing: Provide payroll across 50 states. See when payments are due, track them and ensure on time payment. Analyze accounts payable with a quick view, schedule advanced payments and make batch payments.
  • Banking: Connect to the right bank to track and facilitate transactions daily. Keep an eye on the flow of money through a secure connection that goes directly into the solution.
  • Expense Management: Seamlessly track and manage expense claims. Access real-time data and reports that provide insight into patterns and trends. Record costs, see and approve claims, view overall spending and dole out reimbursements. Capture receipts to monitor employee spending and verify costs.
  • Project Management: Integrate with other workflows to facilitate financial project management. Provide a quote for client work before you begin to track time, costs, profitability and other variables for an accurate invoice.
  • Customer History: Use smart lists and contacts to contact details, emails, past sales, emails, invoices, past payments and more when working with a partner or client.
  • Mobile App: Let users track bank transactions, send invoices, access supplier details and more, from any mobile device.
  • Inventory Management: Undertake basic inventory management, including taking inventory, seeing what was bought or sold, look at reports on how well items are doing and get invoices and orders.
  • Gusto Integration: Calculate and pay taxes, deductions and employees through an integration with the accounting software Gusto. Simplify compliance and keep on top of industry updates.
  • Other Capabilities: Processes payment in multiple currencies, calculates sales taxes, tracks purchase orders, manages files and does several other administrative tasks.
Wave Accounting
Wave Accounting
Start Price
$20
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Wave Accounting

Wave Accounting users appreciate its simplicity and affordability, making it a popular choice for freelancers and solopreneurs. The free plan covers essential features like invoicing, expense tracking, and basic reporting, catering to those with straightforward accounting needs. Users praise its intuitive interface and mobile app for on-the-go tracking, highlighting its convenience compared to clunky desktop software. However, Wave's limitations become apparent as businesses grow. Users cite frustrating reconciliation issues, limited reporting options, and the lack of advanced features like inventory management or payroll integrations. Compared to competitors like Quickbooks or Xero, Wave feels less capable of handling complex accounting workflows. While its automatic bank imports save time, the absence of phone support can be a dealbreaker for some users who need immediate help troubleshooting issues. Ultimately, Wave shines for its ease of use and zero-cost entry point, but its lack of scalability and robust features might necessitate switching to more powerful alternatives as businesses evolve. Choosing Wave comes down to prioritizing convenience and affordability over comprehensive functionality and expert support.

Pros & Cons

  • System Performance: Of the users who mentioned this solution's performance, precisely 65% said it's easy to use, documents all tasks performed and provides accurate information.
  • Modules: Approximately 57% of users who discussed this program's functionality said it has a variety of capabilities such as an assortment of reports, bank account synching and invoice reminders.
  • Cost: Of the users who mentioned this application's pricing, approximately 87% of users said they like the free version because it comes with plenty of appliances.
  • Frustrating reconciliation process: Users often describe matching transactions as difficult and time-consuming, leading to delayed reconciliation and potential errors.
  • Limited reporting options: Users express a desire for more robust and flexible reporting features, including better sorting, exporting, and preset date options for generating customized reports.
  • Lack of phone support: Wave relies primarily on email and online resources for support, which can be frustrating for users who prefer immediate assistance or have complex issues to resolve.
  • Occasional glitches and errors: Users have reported occasional software glitches, such as duplicated transactions or difficulties with bank syncing, which can disrupt workflows and create data inconsistencies.
  • No inventory management: Wave lacks full-fledged inventory tracking and management capabilities, making it unsuitable for businesses with complex inventory needs or those who sell directly through eCommerce platforms.

Key Features

  • Link Accounts and Credit Cards: Connect an unlimited amount of bank accounts and credit cards. Users may supervise multiple businesses with one account. 
  • Smooth Integrations: Integrate Shopify transactions and link with PayPal, Shoeboxed and Etsy accounts. 
  • Intricate Dashboards: Elaborate dashboards that display cash balances, invoice statuses, incomes, expenses and payments. This accessory also provides bill and invoice reminders. 
  • Export Various Reports: Export a variety of accounting reports such as profit and loss, sales tax, cash flow, comparative and others. 
  • Automatic Updates: Receive prompt updates and reminders on invoices, payments and payroll details. 
  • Evaluate High Volumes of Transactions: Process a bulk amount of transactions to ensure rapid bookkeeping practices. Users can also perform and accept transactions in foreign currencies and search for transactions based on descriptions. 
  • Double-Entry Accounting: Operate with double-entry accounting—a method that chronicles transactions in two or more accounts — that performs prompt exchange rate calculations and has a flexible sales tax module. 
  • Adaptable Expense and Income Categories: Use account IDs to create adjustable expense and income categories, sometimes called chart of accounts. There's also an unlimited income and expense tracking accessory. 
NetSuite Accounting
NetSuite Accounting
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked NetSuite Accounting

Netsuite Accounting is a thorough accounting ERP that superintends all bookkeeping tasks. Users are most fond of its performance with automatic updates, potent workflows and precise data collection as well as its string of features-including, tax management, general ledger, accounts payable and receivable, CRM, multicurrency and more-to boost productivity. It's also adjustable, so users may tailor it to meet their company needs. Although some users were disappointed with the system's sluggishness, occasional crashes and lack of budget estimating, fixed assets and support for .xlsx and .xls files, the majority find it an adequate bookkeeping software.

Pros & Cons

  • Overall Performance: Of the users who discussed the performance of this solution, 58% said it was outstanding because it has automatic updates, simplifies accounting tasks and provides accurate data.
  • Customizable: Precisely 68% of users who addressed this program's customization said it is easy to configure to their business needs.
  • Accessories: Of the users who mentioned this application's accessories, 52% said they are effective, praising specifically the customizable dashboard, search engine that saves searches and customizable accounting reports.
  • System Performance: Approximately 41% of the users who mentioned this program's overall performance said it was slow and experienced crashes.
  • Functionality: Of the users who discussed this solution's functionality, roughly 47% said it was lacking features including budget forecasting, fixed assets and support for .xlsx and .xls files.

Key Features

  • Manageable Ledger: Add custom impact lines to transactions like invoices and vendor bills throughout single or numerous bookkeeping journals, reducing time in bank reconciliation, period closes and audit processes. 
  • Arrange Accounts Receivable: Perform accurate tax calculations on invoices and promptly post order transactions to general and accounts receivable ledgers for immediate tax processing and billing. 
  • Spot Account Peculiarities: Adjust dashboards, reports and KPIs for current views on customer aging, invoice analyses, repeatable invoices, deferred revenues and exception reports that catch account anomalies. 
  • Supervise Taxes: Work with the exact tax rate every time with the tax management accessory. It automatically applies the correct tax rate to purchases and is equipped with tax calculations for more than 50 countries and currencies. 
  • Insightful Cash Management: Receive immediate understandings of global transactions throughout numerous bank accounts and credit cards. Users may also review and predict cash requirements, conduct automatic bank reconciliations, swiftly deposit payments and safely develop accounting entries. 
  • Control Payments: Review and manage payment types to boost payment control with the payment management module. This module accepts several credit and debit card types and other forms of electronic payment. 
Mint
Mint
Start Price
$0
Freemium, Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Why We Picked Mint

How much mulla can Mint really help you hold onto? User reviews from the past year paint a picture of a once-lauded budgeting app facing its final curtain call. Mint, known for its comprehensive financial tools, allowed users to aggregate their financial accounts, track budgets, receive bill reminders, and monitor credit scores, all for free. Users consistently praised Mint's user-friendly interface and lauded its ability to provide a holistic view of their finances, making it a breeze to track spending and identify areas for improvement, like curbing those impulse Amazon purchases. However, the app's once-sparkling reputation has been tarnished by an uptick in negative reviews, with users reporting frequent syncing issues and an onslaught of intrusive ads. While Mint's strengths, like its intuitive design and robust feature set, initially positioned it as a frontrunner in the budgeting app arena, these advantages are increasingly overshadowed by its shortcomings. The frequent syncing issues, in particular, are a major pain point for users, as they hinder the app's ability to provide accurate and up-to-date financial information. Imagine diligently tracking your spending, only to be thrown off by inaccurate account balances due to syncing errors - not exactly a recipe for financial peace of mind! Moreover, the influx of ads, while understandable for a free app, has reached a point where many users find them disruptive and excessive. Ultimately, while Mint might still hold some appeal for casual budgeters, its waning reliability and aggressive advertising strategy make it difficult to recommend wholeheartedly. The announcement of its shutdown in March 2024 further solidifies this stance. For those seeking a reliable and feature-rich budgeting companion, alternatives like YNAB (You Need A Budget) or Personal Budget might be a better fit. These apps, while not without their quirks, offer a more polished and reliable experience, ensuring your budgeting journey is smooth sailing rather than a bumpy ride.

Pros & Cons

  • Free and Feature-Rich: Mint offers a robust set of budgeting tools at no cost, making it accessible to a wide range of users.
  • User-Friendly Design: The app is designed with an intuitive interface that's easy to navigate, even for those new to budgeting apps.
  • Real-Time Updates: Mint provides real-time updates on transactions and budget limits, helping users stay on top of their finances.
  • Customization Options: Users can customize budget categories and goals to align with their specific financial needs and priorities.
  • Intrusive Advertisements: The inclusion of ads in the free version can be distracting and disruptive for business users who require a focused environment.
  • Synchronization Issues: Occasional problems syncing with financial institutions can lead to inaccurate data and disrupt workflow, impacting financial analysis and decision-making.
  • Limited Customer Support: The lack of comprehensive customer support options can be problematic for businesses that require timely assistance with technical issues or have specific questions related to their business needs.

Key Features

  • Easy Setup: Sign up and connect financial accounts. Track bank, credit card loans and other investments. 
  • Secure Linking: Connect all financial accounts securely. 
  • Budget: Create a budget based on the historical patterns of average expenses. Spend cautiously and save more. Get a unique budget for each category and calculate funds for as many categories as they need. 
  • Tracking: Track all bills from one place, including credit cards to utility bills. Ensure bills get time with monthly reminders. Get alerts for low funds or unusual spending. 
  • Alerts: Get notified via email or text alerts for any unusual activity on the account, bills and low balances. Check for any suspicious spending. 
  • Free Credit Score: Get a free credit score minutes after identity verification without the need of a credit card. Verify the identity and check for credit scores and accounts at one place. Monitor credit daily and improve the score. 
  • Automatic Subscription Tracking: Check subscriptions in-app by connecting any bank or credit card. Get automatic notifications on price change and stay at the top of the spending. 
  • Categorization: Categorize and customize transactions with tags to keep track of the spending and proceed with insights. Check total spending across all the accounts at one place. 
  • Report: Get simple, customizable reports with the Trends feature. Generate different types of reports such as spending, income, net income, debts and net worth. Get investment information for performance, value, asset allocation and more. 
Zoho Books
Zoho Books
Start Price
$9
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request Pricing Request Demo

Why We Picked Zoho Books

Zoho Books lands a punch with its user-friendly interface and automation superpowers, even for accounting newbies. Invoicing, bank reconciliation, and reports become automatic allies, saving users precious time. Integration with the Zoho ecosystem and other popular tools keeps workflows in harmony. Plus, the mobile app lets you manage finances on the go, a big win for busy entrepreneurs. However, Zoho Books stumbles with transaction limits, potentially tripping up high-volume businesses. Inventory management feels like a lightweight sidekick compared to some competitors, lacking the muscle for complex needs. Unlocking automation's full potential requires coding know-how, leaving some users stranded. And while reports are generally reliable, occasional glitches necessitate a closer look. Managing multiple businesses under separate subscriptions can also add up cost-wise. So, how does Zoho Books stack up? Users often compare it to Quickbooks Online. Zoho shines with its intuitive interface and affordability, especially for solopreneurs and small teams. But Quickbooks packs a heavier punch in its inventory management and advanced reporting features, catering to larger businesses with complex needs. Zoho's seamless integrations and user-friendliness win hearts, while Quickbooks offers a more robust toolset for seasoned accountants. Ultimately, Zoho Books is a capable accounting sidekick for businesses starting their financial journey. Its ease of use, automation muscle, and affordable price tag make it a tempting choice. But for high-volume businesses or those with intricate inventory needs, other contenders might offer a more powerful punch.

Pros & Cons

  • Intuitive interface: Users consistently praise Zoho Books for its simple and easy-to-navigate interface, even for those without prior accounting experience.
  • Automation superpowers: Tasks like invoicing, payment reminders, bank reconciliation, and financial reporting become effortless with Zoho Books' automation features, saving users significant time and effort.
  • Seamless integrations: Zoho Books smoothly integrates with other Zoho apps, like CRM and Projects, as well as popular third-party tools, streamlining workflows and eliminating data silos.
  • Mobile accessibility: The user-friendly mobile app allows for on-the-go accounting, ensuring users can manage finances anytime, anywhere.
  • Value for money: Zoho Books is consistently praised for its affordable pricing plans, making it accessible to businesses of all sizes.
  • Customer service responsiveness: Users frequently highlight the prompt and helpful support provided by Zoho Books' customer service team.
  • Transaction limits: Users express frustration with the capped number of monthly transactions (5,000 on the highest plan), potentially hindering high-volume businesses.
  • Inventory management constraints: While Zoho Books offers inventory tracking, it lacks advanced features like sales analytics and in-depth item breakdowns, making it less suitable for businesses with complex inventory needs.
  • Coding requirements for automation: Unlocking the full potential of automation features often requires knowledge of coding (Deluge script), posing a challenge for non-technical users.
  • Occasional reporting issues: Some users report occasional glitches or inconsistencies in financial reports, necessitating careful review and potential manual adjustments.
  • Multiple subscriptions for multiple businesses: Managing multiple businesses requires separate subscriptions, which can become cost-prohibitive for users with several entities.

Key Features

  • Sales Order: Tailor sales orders with company logos, fonts and colors with the sales order idiosyncrasy. Users may transform approved estimates into sales orders and invoices in just a few clicks. Users may also pinpoint their best clients and merchandise with real-time reports from their transaction histories. 
  • Purchase Orders: Trace all items purchased and mutual prices set by vendors with the purchase order management appliance. Print, copy and share purchase orders through emails to work together with clients, partners, internal stakeholders and more to swiftly complete tasks. 
  • Online Payments: Pick the best payment portal —including Stripe, PayPal, Worldpay and more — to collect payments from customers promptly. Users may also enable recurring transactions to receive payments at weekly, monthly or yearly intervals automatically.  
  • Reporting: Evaluate total receivables, sales, top expenses and more KPIs with the reporting module's dashboard. Obtain reports like profit and loss, balance sheets, cash flow statements and more to dive into data and make wiser decisions. 
  • Automation: Deliver instant payment reminders, save client information for future automatic billing and recurring invoices and immediately send out transactions with Zoho Books' automation tools. 
  • Documents: Chronicle document details and shift them into invoices, expenses, bills, sales orders or purchase orders with the document management accessory. Users may match documents to bank feeds or previously-made transactions for proof of commerce for their archives.  
  • Mobile-Friendly: Deliver invoices, estimates and account statements to patrons and track miles traveled with the iOS app. The Android app enables users to take pictures of receipts and attach them to recorded expenses in addition to overseeing earned revenue and gathered fees. 
Deltek Vision
Deltek Vision
Start Price
$1,000
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Deltek Vision

Deltek Vision provides a robust suite of enterprise planning tools that most users find intuitive and accessible. Its features support critical management tasks like timesheets and reporting that help users create reports and streamline their processes. It can be customized easily to suit business needs. However, support falls short of expectations as turnaround time is high, and support isn’t included as a part of the package.

Pros & Cons

  • User Friendly: The system is easy-to-use and intuitive, as noted by approximately 73% of users who mention the system’s usability.
  • Customizations: About 100% of users noted that this system is customizable according to their business requirements.
  • Timesheets: Nearly 94% of the users who mentioned its timesheets feature were impressed by it and said that it was easy to use.
  • Reporting: About 83% of the users who mentioned its reporting feature said that it greatly enhanced their productivity.
  • Learning Curve: Almost 90% of users who mentioned learning how to use the product claimed that the software was not easy to learn and they needed more training and documentation to become power users.
  • User Interface: The user interface misses the mark and can be difficult to navigate, according to 78% of reviewers who mentioned the interface.

Key Features

  • Project and Financial Accounting: Helps professional services firms manage financial performance by integrating project control. Its general ledger tracks profitability and identifies issues for corrective action.  
    • Integrates seamlessly and ensures effortless cost-sharing.  
    • Includes a suite of financial tools like accounts receivable and payable, overhead allocation, multi-currency and multi-company support, revenue recognition and financial and project reporting.  
    •  Enables users to maintain a comprehensive audit trail and internal control.  
  • Project and Resource Management: Ensure that people with the right skills are assigned to the right projects.  
    • Lets users make better decisions and ensures projects are on time and within budget.  
    •  Allows users to automate scheduling, budgeting, resource allocation and forecasting.
    •  Provides expense reports and timesheet entries that enter actual costs into the project tracking sheet to produce a rolling forecast.  
  • Client Relationships Management: Provides the tools required to win new contracts and strengthen existing partnerships by automating the entire project life cycle.  
    •  Automates contact and client management, marketing campaigns, business development, opportunity and activity tracking.  
    •  Facilitates collaboration by integrating with MS Outlook.  
    •  Makes a central source of information available to everyone in the firm to leverage collective knowledge.  
  • Business Intelligence: Turns key business data into actionable information and provides a comprehensive understanding of operational and strategic indicators.  
    •  Identifies and analyzes trends in specific markets, geographies and disciplines to identify future risks and opportunities.  
    •  Create filters by pointing and clicking. Filtering features include side-by-side comparison, dashboard metrics and interactive drill down into single transactions.  
    •  Supports a drag-and-drop dashboard tool that can be configured easily.  
  • Project Reports: Supports interactive reports allowing users to analyze and access data. Manages aspects like opportunity tracking, resource utilization, project analysis and important financial metrics.  
    •  Reports tailored according to users’ needs can be generated.  
    •  Supports 200 standard reports.  
    •  Supports a flexible reporting framework that configures, previews, prints and shares reports.  
Sage Intacct
Sage Intacct
Start Price
$10,000
Annually
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Why We Picked Sage Intacct

Sage Intacct user reviews paint a picture of a powerful, customizable accounting software ideal for mid-sized, growing businesses. Users praise its real-time reporting, cloud-based accessibility, and ability to handle complex financial structures. Compared to competitors, Intacct shines in scalability and customization, effortlessly adapting to multi-entity operations and unique accounting needs. This agility is crucial for dynamic businesses operating in diverse markets. However, its strengths come with caveats. Intacct's feature-rich nature can be daunting for beginners, requiring dedicated training and technical know-how. Additionally, its subscription-based pricing can be prohibitive for smaller companies or those with simpler accounting requirements. The limited mobile functionality and lack of built-in payroll are also shortcomings some users find frustrating. Overall, Sage Intacct earns its positive reviews by empowering businesses with robust functionalities and seamless scalability. However, its complexity and premium cost may leave smaller players or those needing basic accounting solutions searching for a more accessible, budget-friendly alternative.

Pros & Cons

  • Intuitive User Interface: Precisely 65% of users stated it has an intuitive and user-friendly interface with a manageable learning curve.
  • Configurable: Approximately 90% of users conveyed that the product is customizable to fit their organization's needs.
  • Competent Performance: The quality, scalability and overall performance are favorable to 94% of users.
  • An Assortment of Features: According to 54% of users, the product has a wide range of features including accounts payable and receivable, bank reconciliation, time tracking, 1099 forms and more.
  • Ideal Integrations: Merges with various third-party systems such as Salesforce, Nexonia, Expensify, Bill.com and more, as stated by 94% of users.
  • Dawdling Customer Support: Of the users who discussed customer support, roughly 64% said it was lagging in resources and took a long time to get in touch with them.
  • Lagging Search Tool: Approximately 45% of users said the search and reporting tools aren't as effective as some of the software's other idiosyncrasies.
  • High Cost: Subscription-based pricing, often exceeding the budgets of smaller businesses or those with simpler accounting needs.
  • Steep Learning Curve: Feature-rich interface can feel overwhelming for beginners, requiring initial training and time investment.
  • Limited Mobile Functionality: Mobile app lacks access to many core features, hindering on-the-go workflow for some users.
  • Customization Complexity: Advanced customization options often require technical expertise or paid consultations.
  • Integration Gaps: While offering major integrations, it may lack connections to specific niche software used by some businesses.
  • No Built-in Payroll: Requires integrating a separate payroll solution, adding complexity and additional costs.

Key Features

  • General Ledger: Contains pre-built dimensions such as customer, location, department, warehouse and class. It also allows users to add their own dimensions. Required dimension values can be inputted so that certain values are mandatory for entries to post to designated accounts. 
  • Accounts Payable: This feature lets users set spending limits and define workflows and approvals. Users can easily view AP liabilities as well as check and bill register reports in real time. Users can automate ACH, check and credit card payments through the Vendor Payment Services function, which is built on the American Express Global Commercial Services infrastructure. 
  • Accounts Receivable: The program enables customers to generate recurring invoices and to attach customer information to transactions. It integrates with other business processes to centralize sales orders, quotes and invoices. Configurable dashboards and other visualizations are included in this function and allow users to look at data points such as deferred revenue and customer aging. 
  • Purchasing: Allows users to analyze costs and monitor budget vs. actual information through dashboards and reporting tools. These dashboards are role-based for security and ease of access and also contain budget performance information, price break monitoring and purchase quote functionality. The feature gives users more control over the entirety of the procure-to-pay process. 
  • Order Management: Users can leverage point-and-click functionality to set up individualized workflows and pricing requirements in the order management system. The program can be easily connected to Salesforce CRM, which allows users to share order status and pricing data across a business and reduce duplicate data entry. The solution includes sales tax and regulatory compliance through integration with Avalara. Order fulfillment rates, inventory quantities and sales data can be viewed in real time through this feature. 
  • Cash Management: Includes a live view of funds and cash flows through all associated credit cards, savings accounts and checking accounts. The management of cash across multiple locations is also supported. The system enables the application of payments to accounts that aren’t associated with an invoice and the recording of POS payments that aren’t connected to a specific customer. 
  • Reporting and Dashboards: This program can track both financial and operational data such as SaaS metrics, machine availability, etc. The system also has the ability to discover trends, drill down to source transactions and look at roll-up figures for multiple locations or entities. The solution includes more than 150 financial reports along with the ability to develop customized reports based on business needs. 
  • Digital Board Book: Produces metrics such as Annual or Monthly Recurring Revenue (ARR or MRR), churn, Committed Monthly Recurring Revenue (CMRR), Customer Acquisition Cost (CAC) and Customer Lifetime Value (CLTV). This analysis is conducted in real time using transactional data obtained from Sage Intacct and Salesforce. 
SAP S/4 HANA Finance
SAP S/4 HANA Finance
Start Price
$25,000
Per User, Annually
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Why We Picked SAP S/4 HANA Finance

User reviews of SAP S/4 HANA Finance paint a contrasting picture, highlighting both its game-changing potential and the challenges companies face during implementation. On the one hand, users rave about its real-time data access, enabling instant financial insights and faster, data-driven decisions. Imagine analyzing cash flow trends within seconds instead of waiting hours for reports to process. Automation features like auto-generated journal entries and invoice approvals liberate accountants from tedious tasks, freeing them for strategic analysis and collaboration. However, the transition to S/4 HANA can be a bumpy ride. The initial investment, encompassing licensing, consulting, and infrastructure upgrades, can be daunting, especially for smaller businesses. Additionally, the new interface and functionalities require user training and adaptation, potentially disrupting workflows during implementation. Unlike some competitors offering highly customizable solutions, S/4 HANA's pre-configured modules may not perfectly suit every specific accounting need, necessitating workarounds or third-party add-ons, further inflating costs. Integration challenges add to the complexity. Connecting S/4 HANA with legacy systems or specialized applications can be a technical hurdle, requiring expertise and potentially delaying implementation. Data migration can be another headache, as moving large datasets to the new system can be time-consuming and error-prone, demanding careful planning and data validation. So, how does S/4 HANA stack up against the competition? While solutions like Oracle NetSuite or Microsoft Dynamics 365 may be more affordable and customizable for smaller businesses, they lack the real-time data capabilities and industry-specific depth of S/4 HANA. For larger enterprises with complex financial needs and a long-term vision, S/4 HANA's advanced functionalities, scalability, and potential for long-term ROI outweigh the initial challenges. Ultimately, the decision boils down to a company's specific needs, budget, and risk tolerance.

Pros & Cons

  • Real-time insights: Gain instant access to financial data for faster, data-driven decisions. Imagine drilling down into account details or cash flow trends within seconds, no more waiting for reports to process.
  • Simplified processes: Automate routine tasks like reconciliations and journal entries, freeing up valuable time for more strategic work. Think automated invoice approvals or system-generated closing checklists.
  • Improved reporting: Generate granular, customizable reports with deeper financial insights. Easily create ad-hoc reports or visualize trends to proactively identify and address issues.
  • Enhanced collaboration: Share real-time financial data and collaborate seamlessly with colleagues across departments. Picture a single, unified platform for finance, sales, and operations to work together.
  • Mobile accessibility: Access financial information and perform key tasks from anywhere, anytime. Approve invoices while on the go or monitor key metrics remotely.
  • High implementation cost: Initial investment, including licensing, consulting, and infrastructure upgrades, can be significant, especially for smaller businesses.
  • Steeper learning curve: New interface and functionalities require user training and adaptation, potentially disrupting workflows in the short term.
  • Limited customization options: Pre-configured solutions may not fully address every specific accounting need, requiring workarounds or third-party add-ons.
  • Integration challenges: Connecting with legacy systems or specialized applications can be complex, requiring technical expertise and potentially delaying implementation.
  • Potential data migration issues: Moving large datasets to the new system can be time-consuming and prone to errors, requiring careful planning and data validation.

Key Features

  • Research & Development:  SAP S/4HANA Finance enables multidiscipline product definition, what-if analysis and iterative design processes. 
  • Real-Time Financing:  Users get real-time oversight into finance processes and finance/management accounting results. This feature makes business and financial planning a breeze with prediction, simulation and what-if analysis.  
  • Marketing Analysis:  This feature allows planning and execution of personalized email campaigns and campaign performance analysis. Users can also consolidate customer information into one enriched view and leverage advanced analytics to gain insights.  
  • Snapshot Manufacturing: This system gives users enterprise-wide visibility across supply, production, inventory and demand. This feature also provides faster execution of more current and accurate views of material quantities. 
  • Supply Chain Management: Real-time and adaptive freight planning, truck visibility, and warehouse automation are provided within the system. Users can sense short-term demand and respond quickly with fast planning, replanning and simulation. 
  • Accessible Sales Data: Users have access to product catalogs, inventory and pricing to create sales quotes and fulfill sales orders in real-time. This feature also manages accounts, opportunities and other activities while leveraging advanced analytics to gain insights.

COMPARE THE BEST Financial Reporting Software

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SelectHub’s Analyst Rating is based on data from our 400+ point analysis of Financial Reporting Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Start Price
Free Trial
Company Size
Deployment
Platform
Logo
QuickBooks Online
$25
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
QuickBooks Online
Freshbooks
$4.50
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Freshbooks
Xero
$15
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Xero
Wave Accounting
$20
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Wave Accounting
NetSuite Accounting
Undisclosed
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
NetSuite Accounting
Mint
$0
Freemium, Monthly
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Mint
Zoho Books
$9
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Zoho Books
Deltek Vision
$1,000
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Deltek Vision
Sage Intacct
$10,000
Annually
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Sage Intacct
SAP S/4 HANA Finance
$25,000
Per User, Annually
No
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Cloud On-Premise
Mac Windows Linux Chromebook Android
SAP S/4 HANA Finance

All Financial Reporting Software (139 found)

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QuickBooks Online

by Intuit
QuickBooks Online
QuickBooks Online is a cloud-based accounting software designed for small and medium-sized businesses. It simplifies bookkeeping tasks like tracking income and expenses, managing invoices and payments, and generating financial reports. Its user-friendly interface and mobile accessibility make it ideal for entrepreneurs and non-accountants. Key benefits include automated data entry, real-time financial insights, and seamless collaboration with other online tools. Popular features include inventory management, payroll integration, and tax preparation assistance. Compared to similar products, QuickBooks Online shines in ease of use and scalability, offering tiered plans with varying features and pricing. Costs typically range from monthly subscriptions based on the number of users to additional fees for payroll and advanced features. Pros Easy to use Mobile access Automated tasks Scalable plans Integrates well Cons Limited customization Costly add-ons Customer support Reporting restrictions Learning curve
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 - $100
Company Size
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Freshbooks

by FreshBooks
Freshbooks
Freshbooks is a cloud-based accounting software designed for freelancers and small businesses. Its core features include invoicing, expense tracking, online payments, project management, and basic reporting. It's user-friendly and integrates with popular tools like Stripe and PayPal. Freshbooks shines for solopreneurs and small teams seeking a simple, affordable solution to manage basic accounting tasks. Its intuitive interface and mobile app make it accessible even for non-accountants. Users appreciate its automated features like recurring invoices and expense categorization, saving them time and effort. Compared to some competitors, Freshbooks may lack advanced accounting functionalities like inventory management or double-entry bookkeeping. However, its focus on simplicity and ease of use makes it a popular choice for those starting out or needing a lightweight accounting solution. Pricing starts at a reasonable monthly fee and scales based on the number of clients and features needed. This pay-as-you-go model ensures users pay only for what they use, making it a cost-effective option for small businesses. Pros Easy to use Mobile app access Automated invoicing Online payments Affordable Cons Limited features No double-entry Price increases with clients Basic reporting Not for large businesses
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 or less
Company Size
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Platform
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Xero

by Xero Limited
Xero
Xero is a cloud-based accounting software designed for small businesses. It streamlines bookkeeping tasks like invoicing, expense tracking, bank reconciliation, and payroll, all accessible from any device. Xero boasts user-friendly interfaces and automated features, saving time and simplifying financial management. Popular features include online invoicing with reminders, bank feeds for automatic transaction import, and customizable reports for insights into cash flow and profitability. While Xero caters well to various industries, its strengths lie in freelancer/contractor work, startups, and service-based businesses. Pricing scales with business size and complexity, starting at a monthly subscription for basic accounting needs and increasing with additional features and users. Compared to some competitors, Xero offers a robust mobile app, strong integrations with third-party tools, and a focus on user experience. However, it may lack advanced inventory management or complex accounting functions suited for larger enterprises. Ultimately, Xero's value proposition lies in its ease of use, automation, and scalability, making it a popular choice for small businesses seeking a streamlined and efficient accounting solution. Pros: Cloud-based access anywhere Easy invoicing and expense tracking Automated bank reconciliation User-friendly interface Mobile app for on-the-go use Cons: Learning curve for new users Limited inventory management No built-in payroll (separate fee) Higher cost for advanced features Limited phone support
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 - $100
Company Size
Small Medium Large
Deployment
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Platform
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Wave Accounting

by Wave Accounting
Wave Accounting
Wave Accounting streamlines financial management for small businesses and freelancers. Its intuitive interface simplifies bookkeeping tasks like expense tracking, invoicing, and receipt scanning. Users praise its ease of use and mobile accessibility, making it ideal for entrepreneurs on the go. Wave offers core accounting features like bank reconciliation and income/expense reports, all for free. Premium plans unlock advanced functionalities like payroll, double-entry bookkeeping, and tax filing for an affordable monthly fee. Compared to similar products, Wave shines in user experience. Reviews highlight its intuitive design, helpful tutorials, and responsive customer support. However, its free plan lacks features crucial for larger businesses, requiring an upgrade for robust accounting needs. Ultimately, Wave excels as a beginner-friendly, cost-effective solution for solopreneurs and small teams seeking hassle-free financial management. Pros Free core features Easy to use interface Mobile-friendly design Excellent customer support Free bank reconciliation Cons Limited features in free plan No inventory tracking No double-entry accounting Few integrations with other software Limited reporting options
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 - $100
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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NetSuite Accounting

by NetSuite, Inc.
NetSuite Accounting
Netsuite Accounting assists financial leaders in designing and modifying operations by pairing bookkeeping with robust compliance management to increase business performance and close proficiency. Immediate access to information offers users full visibility to study all the nooks and crannies and expeditiously fix issues. This visibility enables users to draft thorough statements and disclosures that conform to ASC 606, GAAP, SOX and other compliance requirements.Its key accessories include tax management, general ledger, accounts receivable and payable and cash management.
User Sentiment User satisfaction level icon: good
Cost Breakdown
$100 - $500
Company Size
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Deployment
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Platform
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Mint

by Intuit
Mint
Mint is a one-stop-shop to manage financial life with one app. Powered by Inuit, it simplifies spending, credit scores, balances, budgets and more in one application. It offers a wide range of easy-to-use financial planning and tracking tools. In terms of personal finance, it provides helpful tools like budgeting, transaction tracking, and categorization.A free online personal finance service, access it via a browser or any mobile device. Every time the customer visits the site, the financial data gets updated automatically, making budgeting and expense tracking, paying easy and also helps in tracking credit scores. It syncs the bank accounts, credit cards and retirement accounts to track income, purchases and savings.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 or less
Company Size
Small Medium Large
Deployment
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Platform
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Zoho Books

by Zoho Corporation
Zoho Books
Zoho Books is a cloud-based accounting software offering streamlined bookkeeping tools for small businesses and freelancers. Its core functionality revolves around managing expenses, invoices, payments, and payroll. Users can track income and outgoings, generate financial reports, and collaborate with their accountant. Zoho Books caters best to solopreneurs and small teams seeking an affordable, user-friendly accounting solution. Its intuitive interface and mobile app make it accessible for individuals with limited accounting expertise. Key benefits include automatic data entry, bank reconciliation, and inventory management. Popular features encompass purchase orders, recurring invoices, and project profitability tracking. User reviews within the accounting context praise its ease of use, affordability, and helpful customer support. Zoho Books offers tiered pricing based on the number of users and required features. Plans range from a free version with basic functionality to more comprehensive options for growing businesses, making it a scalable solution as accounting needs evolve. Pros Easy to use Affordable pricing Mobile app access Good customer support Solid basic features Cons Limited advanced features Reporting customization Inventory management depth Integrations with third-party apps Scalability for larger businesses
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 or less
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Deltek Vision

by Deltek
Deltek Vision
Deltek Vision is an enterprise planning solution that helps users streamline the complete project lifecycle and increase profitability. It enables critical business processes via Deltek Cloud. It has project lifecycle support and manages pre-awards, handles project close-outs, onboards new clients and projects and keeps projects on-budget and on-time. It also identifies the right talent, delivers against compliance and financial imperatives and measures KPIs across clients and projects. It is secure, flexible and scales with users’ businesses.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$500 - $1,000
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Sage Intacct

by Sage Intacct
Sage Intacct
Sage Intacct is a cloud-based accounting software designed for growing businesses with complex needs. It centralizes financial data, automates tasks, and offers real-time insights, streamlining financial operations. Ideal for mid-sized organizations with multi-entity structures and diverse accounting requirements, Intacct scales with your growth and seamlessly integrates with other business systems. Users praise its intuitive interface, customizable dashboards, and robust reporting capabilities. Automation features like purchase order approvals and multi-currency transactions save time and reduce errors. Additionally, Intacct's strong security and compliance features provide peace of mind. While pricing varies based on individual needs and usage, Intacct typically falls within the mid-range for enterprise-level accounting software. Costs are subscription-based, with monthly or annual payment options. Compared to similar products, Intacct users highlight its scalability, flexibility, and user-friendliness as key differentiators.To learn more about Sage, visit our Sage company page. Pros Cloud-based scalable Automates tasks saves time Real-time insights reporting Flexible customizable Strong security compliance Cons Higher cost than basic software Steeper learning curve Limited mobile functionality Customization can be complex Fewer integrations than some competitors
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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SAP S/4 HANA Finance

by SAP, Inc.
SAP S/4 HANA Finance
SAP S/4HANA Finance, an enterprise resource planning (ERP) software built on the powerful HANA in-memory database, streamlines and integrates financial processes across an organization. It caters to mid-sized to large enterprises seeking real-time financial insights, automation, and improved financial governance. Key benefits include faster closing cycles, enhanced reporting accuracy, and deeper operational visibility through real-time data availability. Popular features encompass automated journal entries, integrated budgeting and forecasting, and robust compliance support. User experiences highlight improved user interface, streamlined workflows, and mobile accessibility. Pricing is based on a subscription model with tiers determined by company size, user count, and specific functionalities. While an investment, S/4HANA Finance aims to deliver long-term cost savings through increased efficiency and reduced errors. Pros Real-time data Simplified processes Improved reporting Mobility flexibility Scalability efficiency Cons High implementation cost Steeper learning curve Limited customization options Integration challenges Potential data migration issues
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Tipalti

by Tipalti
Tipalti
Tipalti is an accounting solution that automates payables and invoice-to-pay-to-reconciliation procedures, allowing companies to adapt and thrive with updated practices while keeping payables hassle-free, safe and more efficient. Its scalability enables users to pay a large population of suppliers for digital goods and services.Supplier and invoice management, payment reconciliation, tax and value-added tax (VAT) compliance and self-billing are its top features.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$100 - $500
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Oracle Financials Cloud

by Oracle America
Oracle Financials Cloud
Oracle Financials Cloud is a comprehensive suite of cloud-based financial management applications designed for mid-size to large enterprises. It automates and streamlines core financial processes, including accounting, financial reporting, payables, receivables, and project accounting. The solution boasts robust features like AI-powered insights, automated workflows, and global capabilities, making it a suitable choice for businesses seeking enhanced financial visibility and control. Users praise the platform's scalability, ease of use, and extensive functionality. However, some report occasional performance issues and a steeper learning curve compared to simpler solutions. Pricing varies based on modules selected and user count, typically starting from a monthly subscription per user. Overall, Oracle Financials Cloud offers a robust and scalable solution for managing financial operations, particularly well-suited for larger organizations seeking advanced features and global capabilities. However, potential users should consider the learning curve and pricing structure before adopting the platform. Pros Scalable Automates tasks Global capabilities AI-powered insights Robust features Cons Steep learning curve Occasional performance issues High cost Complex setup Limited customization
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 or less
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Odoo

by Odoo
Odoo
Odoo offers more than 10,000 integrated business applications for website building, sales, business operations management and employee productivity. It’s available for deployment through the cloud or on-premises, and they offer implementation services. It’s suitable for businesses of all sizes and budgets. Its open-source model and strong technical foundation is developer-friendly and allows users to customize to meet their specific needs. With that being said, it's good for businesses that may have unique requirements. It’s fairly low cost of ownership and ability to centralize all business processes provides ample opportunity for reducing costs. Its integration capabilities allows the user to work from one centralized location, which ultimately can save an organization time.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 - $100
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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BILL Spend & Expense

by BILL Operations, LLC
BILL Spend & Expense
BILL Spend & Expense (formerly called Divvy) is a free cloud-based accounting and expense management solution. It provides businesses with a secure financial platform to manage payments, subscriptions and eliminate the requirements of expense reports. The swipe to books functionality helps make well-informed cash flow decisions, cut down on the losses before they happen and frees businesses from the worry of saving receipts ever again.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 or less
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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QuickBooks Pro

by Intuit
QuickBooks Pro
QuickBooks Pro is a program designed to efficiently execute bookkeeping processes such as invoicing, cost tracking, receipt scanning and more while offering users a third eye on their finances by displaying the most current information in comprehensive dashboards and reports. Inventory and sales tax tracking, accounts payable management and bill management are some of its quintessential features.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 - $100
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Express Accounts

by NCH Software
Express Accounts
Express Accounts is a small business bookkeeping program, suitable for organizations in all industries. It facilitates tasks such as report generation, sales documentation, integration and more.In addition to compatibility with both Windows and iOS, it offers mobile capabilities, providing on-the-go access to its users. It is an affordable option that helps businesses to streamline workflows and save both time and money. Sales, accounts receivable, reporting and business management are some of its accessories.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 - $100
Company Size
Small Medium Large
Deployment
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Platform
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Vena

by Vena Solutions, Inc.
Vena
Vena is a cloud-based platform designed to streamline financial close and consolidation processes for businesses. It caters to mid-sized and large organizations, particularly those with complex account structures and diverse reporting requirements. Key benefits include centralized data management, automated workflows, and real-time reporting capabilities, which contribute to improved accuracy, efficiency, and transparency in financial operations. Popular features include its user-friendly interface, robust data reconciliation tools, and flexible reporting formats. User reviews highlight Vena's ability to significantly reduce manual tasks, improve collaboration between finance teams, and generate consolidated reports quickly. However, some users note the occasional occurrence of technical glitches and limited customization options. Pricing is based on a subscription model, with varying tiers depending on the number of users, functionality required, and data volume. Costs are typically in the range of $5,000 to $25,000 per year, billed annually. Pros Streamlines financial close and consolidation Improves accuracy and efficiency User-friendly interface Robust data reconciliation tools Flexible reporting formats Cons Occasional technical glitches Limited customization options Relatively high cost Learning curve for new users May not be suitable for small businesses
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Xledger

by Xledger, Inc.
Xledger
Xledger is a cloud-based financial management platform that combines multi-dimensional reporting and devolved budgeting in a single unified module. It automates processes such as bookkeeping, invoicing, asset management and bank reconciliation. It supports multi-entity, multi-currency transactions, consolidating data for all the entities in the user’s enterprise.For charities and nonprofits, it combines donor management and fund accounting. It helps professional services organizations automate and streamline processes through the entire project lifecycle, starting from workflow and ending with payment processing. Users can grow without limits by tracking costs and maximizing profits.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$1,000 or more
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Sage 300 Cloud

by Sage Group
Sage 300 Cloud
Sage 300cloud (formerly known as Sage ERP Accpac) helps businesses manage their finance and bookkeeping needs. It offers handy accounts receivable, accounts payable and general ledger accessories to ease routine processes. Its general ledger accessory has robust consolidation features and easily ciphers intercompany transfers, making it suitable for companies with intricate corporate structures like multi-entities, franchises and companies with international subsidiaries. Its application programming interface (API) and software development kit (SDK) components make it an effective option. It can scale and extend its capabilities to customers in several industries.
User Sentiment User satisfaction level icon: good
Cost Breakdown
$100 - $500
Company Size
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Deployment
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Platform
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Amilia

by Amilia Enterprises
Amilia
Amilia is a comprehensive software solution designed to streamline and manage tasks within the realm of Recreation Management. It is particularly well-suited for organizations and businesses that operate in the leisure and community services sectors, offering a range of tools to facilitate program registration, membership management, and facility booking. One of the key benefits of Amilia is its ability to enhance customer engagement through an intuitive online platform, making it easier for users to access services and for providers to manage operations efficiently. Among its popular features are online registration, payment processing, and scheduling, which collectively contribute to a more organized and user-friendly experience. When compared to similar products, Amilia stands out for its user-centric design and flexibility, accommodating a variety of recreational management needs. Pricing considerations for Amilia typically involve a range based on the scale of usage, with options for monthly or annual payment plans, ensuring that there is a cost-effective solution for different sizes of organizations.
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Buyer's Guide

Financial Reporting Software Is All About Helping Businesses Share Accounting Data

By Peter Lalush, Content Writer at SelectHub

Financial Reporting Software BG Intro

In today’s technologically driven business market, it’s easier than ever to keep track of your business’s financial status. It’s also just as easy — and just as important — to report that status to anyone who needs to remain informed. From governing bodies to shareholders to other employees, financial reporting software is built to make it easier than ever to share information on your business’s performance.

In this buyer’s guide, we’ll cover the ins and outs of this kind of accounting software, suggest a few software options to start your shopping journey, and share some tips on how to be sure you’re choosing the right fit for your business.

Executive Summary

  • Financial reporting software helps businesses create, fill out and send financial statements.
  • Key features include automatic data importing, document personalization and financial forecasting.
  • Be sure to ask questions internally and to the vendor to determine which software is right for your business.
What This Guide Covers:

What Is Financial Reporting Software?

Financial reporting software is an accounting module that helps you visualize financial data and generate statements. These can help your business comply with federal standards and keep stakeholders informed about the state of your finances, as well as enable you to mark trends and make important decisions about your business going forward.

Primary Benefits

Financial Reporting Software Primary Benefits

Better Visibility

Financial reporting software enables you to format data in easily digestible ways, ensuring that anyone in any department can get a sense of how your business is performing. You can also generate and submit reports for external organizations, such as auditors and federal agencies, in order to share the clearest possible picture of your operations.

Improved Efficiency

Using financial reporting software allows you to bypass the process of document design and manual data entry. It provides you with useful templates and automatically imports your financial data for you, allowing you to meet international standards, improve accounting performance and cut the costs of capital, and making use of this software allows you to meet those standards easily.

Related Categories

Reduced Errors

By connecting with other accounting software modules, financial reporting software can directly import the details of every transaction into reports and documents. In addition to saving time, this greatly reduces the potential for typos that can occur when copying data from one place to another.

Key Features & Functionality

Document Templates

Financial reporting software offers several templates and presets to start from that make it easy to format your data for federal agencies, stakeholders and external contractors who may need a window into your business’s performance.
Data Importing

Use data from other accounting software modules to balance sheets and other reports, ensuring no errors occur and maintaining informational consistency between multiple databases.
Forecasting

Financial reporting software makes it simple to use the data from your reports to forecast future performance and make informed decisions. Some accounting software uses machine learning to suggest the right decisions for you.
Personalization

Give your documents a custom letterhead or format that represents your business, enabling you to add a professional yet personal touch when submitting reports.

Software Comparison Strategy

So, how do you nail down which financial reporting software will be the best for your business?

Make sure you start any search by asking internal questions about what your company needs a new piece of software to do and how your current systems fall short. You can use our questions template below to start these conversations before making a list of every solution that might fit your needs.

From there, narrow your list down to three-to-five of the best picks before reaching out to vendors and starting conversations. If you need more help with this part of the process, try our requirements template to get a clear sense of what your business really needs.

It’s also helpful to research vendors externally before talking to them using reports and reviews from other websites. Some vendors also offer free software trials so you can get a sense for how easily their product will incorporate into your business workflow.

Cost & Pricing Considerations

Financial reporting software can vary in price depending on how many users will need access. If you have a dedicated accounting department, they might be the only ones you need to onboard. If not, you may need to onboard your entire organization, resulting in a higher cost.

Company Size

Financial reporting software can vary greatly in price depending on how many users will need access. If you have a dedicated accounting department, they will likely be the only ones you need to onboard. If not, you may need to onboard your entire organization, resulting in a higher cost.

Current Software

A less robust financial reporting software option can sometimes be a smart financial decision if your business already makes use of software that covers some of your financial needs. It can be useful to replace your current software with a completely new system, but this is usually more expensive.

Deployment

Using cloud-based software usually means you can expect a lower cost of entry, but you’ll need to pay a subscription fee each month rather than a single upfront payment as you would with an on-premise software option.

The Most Popular Financial Reporting Software

We’ve put together the following list of popular options to help you get started on your financial reporting software search. Use these as a jumping-off point for determining the right software for your business.

QuickBooks Online

A tried-and-true staple for businesses of all sizes, Intuit’s QuickBooks Online gives you financial reporting capabilities accessible from any connected device. By leveraging the cloud for its accounting platform, the software enables users to see all their data in a single place and trace trends before they happen.

QuickBooks Online

QuickBooks Online is simple to pick up and implement for any business.

Freshbooks

Smaller businesses need look no further than Freshbooks for financial reporting software. In addition to powerful core accounting capabilities, it comes with an easy-to-use invoicing and reporting module that enables you to create a professional letterhead with just a few clicks.

Freshbooks

Freshbooks gives users professional document design tools.

Xero

If customizability is your main concern, Xero has you covered with a marketplace of over 700 third-party add-ons to ensure your experience and workflow are exactly how you want them to be. Its core accounting capabilities make financial reporting simple to implement as well.

Zoho Books

Xero’s reporting functions allow any user to understand a business’s financial position. Source

 

 

Key Questions To Ask

To get a better understanding of your company’s requirements, ask yourself and your company stakeholders the following questions.

  • What budget do we have available for this software?
  • How many employees will use the software?
  • How much training will employees need to use the software?
  • What features does our company need the most?
  • What existing software will we need new software to integrate with?

Financial Reporting Software Key Questions To Ask

Here are a few questions to ask potential vendors in order to learn more about their company and their product.

  • What customer support and training do you offer?
  • Is the software customizable to specific business needs?
  • Do you have experience working with businesses in our industry?
  • What data security features does the software offer?
  • Is this software compatible with my existing software system?

Next Steps

If you were on the fence about adopting financial reporting software, we hope this article has given you some insight into why it could be right for you. There are plenty of options out there, so be sure to search carefully to find the best fit.

If you’re ready to take the next step, take a look at our free software comparison report to see top market solutions side by side and help find which software option is right for you.

Product Comparisons

Additional Resources

About The Contributors

The following expert team members are responsible for creating, reviewing, and fact checking the accuracy of this content.

Khaleel
By Khaleel Hayes
Technical Content Writer
Khaleel Hayes is a Technical Content Writer for SelectHub, with over 4 years of experience crafting content for manufacturing, PLM, ERP and technology selection audiences. He's also a freelance writer in his spare time. His body of work includes poetry, short plays, feature articles and film reviews either self-published or in Denver publications. He graduated with a B.A. in Journalism and an English minor from Metropolitan State University of Denver in May 2018. When not writing, he enjoys classic movies and music, tasty burgers, tasteful bookstores, and breathtaking art and photography.
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Rohit Dutta
Technical Research By Rohit Dutta Mazumder
Senior Analyst
Hailing from the serene landscapes of Assam, India, Rohit is a seasoned professional with diverse expertise in several software categories. Armed with a Bachelor of Technology in Mechanical Engineering and an MBA in Operations Management, he brings a unique blend of technical acumen and strategic thinking to the table. His proficiency extends across dynamic fields such as Product Lifecycle Management, Hotel Management, Ecommerce, Accounting and Finance.
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Shashank
Technical Review By Shashank K K
Principal Analyst
After graduating with a Masters in Finance from Trinity College Dublin, K K Shashank's research and detail-oriented skills led them to SelectHub. He has diverse knowledge across various software categories like Accounting, Financial Planning and Analysis, Ecommerce, Risk Management, PLM, Insurance and more since 2020.
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Hunter
Edited By Hunter Lowe
Content Editor
Hunter Lowe is a Content Editor, Writer and Market Analyst at SelectHub. His team covers categories that range from ERP and business intelligence to transportation and supply chain management. Hunter is an avid reader and Dungeons and Dragons addict who studied English and Creative Writing through college. In his free time, you'll likely find him devising new dungeons for his players to explore, checking out the latest video games, writing his next horror story or running around with his daughter.
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