Key Financial Reporting Tools Every Finance Professional Needs

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The financial reporting tool you use can make all the difference to your clients. Finance teams and professionals need the very best financial reporting software to create unique, bespoke financial reports, all promising accurate financial data in user-friendly dashboards.

With more financial reporting software solutions than you can count, which one is the right one

And do they offer the customizability needed for financial professionals and accountants to provide insights into their clients’ businesses? 

Here is an overview of some of the best financial reporting software tools on the market, and how to choose between them.

Key Features to Look for in Financial Reporting Tools

Before we deep dive into the best financial reporting software options on the market, it’s important to understand the features each solution offers: 

Integration Capabilities For Data Collection

One of the most critical features of any financial reporting tool is its ability to integrate seamlessly with existing financial systems like Xero and QuickBooks. 

To help your clients make informed business decisions, you need to analyze all the financial data available. When you don’t have proper data integration, you simply don’t have data transparency, and without it, you can’t offer proper financial advice and solutions.

Make sure you check the integration process difficulty as well, and whether you will have the option for dedicated support during the integration process.

User-Friendly Interface

The purpose of using financial reporting software is to make you more efficient. 

That means spending less time figuring out how to bring the data together to create a financial report, and spend more time on what you do best–analyzing the data. 

Key things to consider are: what’s the learning curve of this solution, how intuitive is it, its reporting capabilities, its financial reporting processes, and how long it takes to actually generate a report.

Real-Time Financial Reports

Access to real-time data is crucial for making reports that help your clients understand the financial state of their business better. Accurate financial reporting can only happen when you have access to all the current and past financial data. 

Whichever financial reporting software you choose should have a way to integrate real time data, automated or requested by a click of the button.

Flexibility to Create Custom Reports

Every business has unique reporting needs. The ability to customize reports to fit specific requirements is not only a significant advantage – but also a chance to differentiate yourself as a finance professional in your company.

Top Financial Reporting Software for Finance Professionals

Here is how the latest software tools for accounting compare against each other:

1. Flex

Flex provides menu-driven reporting from inside Excel with a focus on consolidations. Its purpose is to help finance teams build better solutions.

Key Features:

  • Connects to Xero and QuickBooks
  • Connects multiple organizations
  • Consolidated reporting
  • Secure, direct API access
  • Menu-driven reporting

Best For: Clients who prefer a menu-driven, UI-heavy approach. There is a learning curve to Flex, so it might not be as time-efficient if you need a tool that lets you start creating reports right away. Flex also doesn’t use custom functions and it’s targeted towards general reporting across the entire accounting database.

2. Excel FSM

Excel FSM generates financial statements and trial balance reports, pulling data from QuickBooks and QBO. It helps to automate your custom financial statements.

Key Features:

  • Financial statement generator
  • Trial balance program
  • NPO statement generator
  • Pulls data from QuickBooks and QBO

Best For: Financial professionals that prefer menu-driven tools, despite a less modern interface. Excel FSM uses old COM model technology, which might be seen as outdated.

3. Scott’s Add-ins 

Scott’s Add-ins is a tool that enhances existing Excel capabilities while maintaining your good old Excel environment. It was built to allow financial professionals to create bespoke financial reports without reinventing the wheel.

Key Features:

  • Seamlessly syncs live data from Xero and QuickBooks into Excel
  • Keeps data updated in real-time with one button click
  • Allows for fully custom, bespoke financial reports for specific business needs
  • Simple, intuitive, user-friendly interface, with zero onboarding required
  • Templates available to get started right away 

Best For: Financial professionals needing a reliable, customizable tool for creating unique financial dashboards. Especially useful if you want to differentiate yourself in your industry or company, and do so with next to no onboarding.

4. G-Accon 

G-Accon connects Google Sheets to accounting software, enabling custom reports and bulk data import.

Key Functionality:

  • Allows for data transfer in both directions
  • Provides a variety of reporting templates
  • Automatic data refresh
  • Supports importing bulk data
  • Combines data from different sources.

Best For: Users of Google Sheets who need to move data between accounting systems and spreadsheets. G-Accon is currently limited to Google Sheets, however they might offer an Excel version in the future.

5. Spotlight 

Spotlight Reporting offers engaging financial reports, forecasts, and benchmarking tools.

Key Features:

  • Data visualization
  • Provides comprehensive financial forecasts
  • Merges financial data from multiple entities
  • Compares performance against industry standards

Best For: Businesses needing highly customisable and visual reporting. Spotlight is known for its engaging data visualizations and detailed forecasting.

6. Fathom 

Fathom provides financial analysis, management reporting, and cash flow forecasting.

Key Features:

  • Financial analysis
  • Creates reports for internal management use
  • Cash flow forecasting
  • Combines financial data from multiple entities
  • Compares performance across different groups

Best For: Advisors & accountants focused on detailed financial analysis, especially for management reporting.

7. Syft 

Syft builds interactive dashboards and provides AI-powered data review.

Key Features:

  • Uncovers business insights
  • Tracks cash flow in real-time
  • Creates forecasts based on key business drivers
  • Merges data from various entities
  • AI-powered data review: Detects anomalies and potential risks

Best For: Business advisors who need financial analytics and visual reporting. Syft’s AI capabilities help in identifying potential risks and anomalies. However, there is a learning curve to training the AI, reports can be limited, and you might need to resort to manually editing the reports.

8. Planful 

Planful is a cloud-based FP&A software for operational and financial intelligence.

Key Features:

  • Customized reports that support quick report adjustments
  • Extensive user support
  • Easy-to-navigate user interface
  • Manages data access securely

Best For: Companies looking to streamline planning and budgeting cycles. Planful offers a variety of planning and analysis options. However, there is no dynamic dashboard and it can be challenging to create custom formulas or reports.

9. Prophix 

Prophix automates corporate performance management, including budgeting, forecasting, and reporting.

Key Features:

  • Simplifies multi-currency reporting
  • It offers role-based reporting access
  • Ensures data protection

Best For: Medium-sized and large businesses needing to streamline financial reporting. Prophix is great for automating tedious manual reporting processes. A big challenge is data importing during deployment and it can be very slow when larger changes are made to your data set.

10. Datarails 

Datarails is a cloud-based platform for financial planning and analysis.

Key Features:

  • Analyzes data automatically.
  • Creates easy-to-understand visual reports.
  • Quick data updates

Best For: Consolidating financial reports, especially for monitoring company performance. The challenging part is the lack of collaboration workflow and the limited number of templates you can choose from.

11. Cube 

Cube is an FP&A platform designed to streamline and automate reporting tasks.

Key Features:

  • Detailed custom data models 
  • Simplifies data connections with pre-built data integrations.
  • User-friendly interface

Best For Managing lines of business and reducing manual tasks. It’s not scalable for larger companies and needs improvement in their customer support.

12. OneStream 

OneStream is a cloud-based ERP solution for large and mid-sized organizations that helps in automating financial processes.

Key Features:

  • Unified corporate performance management that connects financial and operational data
  • Combines diverse data sources

Best For: Businesses who need help for planning, consolidation, and reporting. However, there is a steep learning curve, and significant onboarding is required. 

13. Oracle NetSuite 

Oracle NetSuite provides a user-friendly interface with real-time analytics and advanced financial reports.

Key Features:

  • Manages tax-related processes
  • Oversees cash flow operations
  • Maintains financial records and payment processes

Best For: Organizations needing a solution with real-time insights. There is however a high learning curve, and it’s one of the pricier options on the market.

14. Intuit QuickBooks 

Intuit QuickBooks is a popular accounting software ideal for small or growing businesses.

Key Features:

  • Creates and sends invoices.
  • Tracks and manages expenses.
  • Handles tax compliance.
  • Manages inventory levels.

Best For: Freelancers and small businesses needing basic financial reporting. QuickBooks is user-friendly and integrates easily with other tools, but it lacks the option for creating custom reports.

Competitor ImplementationCost CustomizabilityData Integration Real-Time UpdatesEase of Use Best For
Scott’s Add-insNo onboarding required, easy setupFree 15-day trial, plans start from $20/monthHighly customizable, bespoke reportsSeamless sync with Xero and QuickBooksReal-time data syncSimple, intuitive, user-friendlyFinancial professionals needing reliable, customizable tools for unique financial dashboards
FlexLearning curve, menu-driven UI$30/month for small businesses, and $150/month for enterprisesLimited, general reportingSecure, direct API accessNo real-time updatesUI-heavy, learning curveClients preferring a menu-driven, UI-heavy approach
Excel FSMUses outdated technologyAnnual liscence $69.95, but you need to pay extra for each featureMenu-driven, less modern interfacePulls data from QuickBooks and QBONo real-time updatesLess modern interfaceFinancial professionals preferring menu-driven tools
G-AcconLimited to Google SheetsPlans start from $60/monthLimited to Google SheetsData transfer between systemsAutomatic data refreshLimited to Google SheetsUsers of Google Sheets needing to move data between accounting systems and spreadsheets
SpotlightComprehensive, visual reportsPlans start from $49/monthHighly customizable, visual dashboardsCombines data from multiple entitiesProvides real-time insightsEngaging visual reportsBusinesses needing highly customizable and visual reporting
FathomDetailed financial analysisPlans start from $40/month for one companyHighly customizableCombines data from multiple entitiesReal-time cash flow forecastingDetailed, requires expertiseAdvisors & accountants focused on detailed financial analysis
SyftAI training required, learning curveBasic plans start from $19/monthInteractive dashboards, manual editsMerges data from various entitiesTracks cash flow in real-timeAI-powered, but requires trainingBusiness advisors needing financial analytics and visual reporting
PlanfulSecure, extensive supportCustom pricingCustom reports, quick adjustmentsManages data access securelyNo dynamic dashboardEasy-to-navigate interfaceCompanies looking to streamline planning and budgeting cycles
ProphixChallenges in data importCustom pricingRole-based reportingSimplifies multi-currency reportingNo real-time updatesSimplifies reporting, but can be slowMedium-sized and large businesses needing to streamline financial reporting
DatarailsQuick data updatesCustom pricingLimited templatesAutomatic data analysisQuick data updatesUser-friendly, but limited workflowConsolidating financial reports, especially for monitoring company performance
CubePre-built data integrationsPlans start from $1500/monthDetailed custom data modelsSimplifies data connectionsReal-time data connectionsUser-friendly interfaceManaging lines of business and reducing manual tasks
OneStreamSignificant onboarding requiredPlans start from $12/monthRequires significant customizationUnified corporate performance managementRequires manual refreshSignificant onboarding requiredLarge and mid-sized organizations needing help with planning, consolidation, and reporting
Oracle NetSuiteHigh learning curve, real-time analyticsAverage cost per customer $100 – $300/monthAdvanced financial reportsManages tax-related processesReal-time insightsUser-friendly interfaceOrganizations needing a solution with real-time insights
Intuit QuickBooksUser-friendly, basic reportingPlans start from $18/monthBasic financial reportingTracks expenses, manages inventoryReal-time insightsUser-friendly, integrates easilyFreelancers and small businesses needing basic financial reporting

What is the best financial reporting software?

Understanding your unique needs as a financial professional or business is the best way to ensure you pick the right tool. While many solutions like to offer entirely new software, the reality is that in the end, every financial professional comes back to Excel.

So, why reinvent the wheel, when you can simply upgrade it?

Scott’s Add-Ins enhance the efficiency and accuracy of financial reporting, making it an essential tool for finance professionals. With seamless integration, real-time data sync, and extensive customization options, it outperforms most financial software solutions on the market.

Its highly simple, and intuitive nature makes it easy to create unique client dashboards, without the need to be an Excel pro in the process. 

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