5 Best Automated Financial Reporting Software

November 13, 2023
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Key business stakeholders and CFOs will all agree about the importance of financial reporting. In the same vein, many CFOs will agree that the process to create accurate and timely reports can be overly cumbersome, especially with the use of legacy systems.

As such, automated financial reporting software is a desirable solution for any business looking to streamline the reporting process and enable real-time decision making.

We’re going to look at the top financial reporting software in the hopes that this list of financial reporting tools can be of service to your business.

Coming Up

What is Financial Reporting?

What are the Benefits of Financial Reporting?

What is Financial Reporting Software?

What are the Benefits of Automated Financial Reporting Software?

What are the Types of Financial Reporting Software?

What is the Best Automated Financial Reporting Software?

How to Choose Financial Reporting Software?

Closing Thoughts

What is Financial Reporting?

Financial reporting helps CFOs share insights with stakeholders so that they can make the right decisions to better the business. Three main financial statements are required to produce said reporting, including the income statement, balance statement, and cash flow statement.

While these statements are required at least once a year, most businesses will manage such reporting at the end of each month during the month-end close process. By doing so, stakeholders and CFOs can remain aware of the company’s financial position at all times.

What are the Benefits of Financial Reporting?

The intention and benefits of financial reporting is to have timely information about how the business is faring financially. Since finances impact every decision that is made, it only makes sense for business leaders to require direct access to this data at a moment’s notice.

Furthermore, financial reporting is required for publicly traded businesses to remain compliant.

Financial reporting also helps to:

  • Optimize debt management
  • Identify business trends
  • Manage liabilities
  • Communicate financial records
  • Analyze cash flow
  • Reduce errors

What is Financial Reporting Software?

Financial reporting software is used to streamline the financial reporting process, from process automation to data analysis. For the finance team, this means freeing up time and resources to focus on strategic initiatives, while also being able to ensure accuracy of information.

Financial reporting software can also help with:

  • Collecting data
  • Aligning budgets
  • Performing reconciliations
  • Creating financial statements
  • Conducting the financial close process
  • Meeting deadlines
  • Avoiding late penalties

There are different types of financial reporting software based on their capabilities. Some of these include:

  • Accounting software
  • Tax management software
  • Financial statement software
  • Financial consolidation software
  • General ledger software
  • SEC reporting software
  • Invoicing and payment software

While you can search and find financial reporting software by need, you can also find robust finance automation solutions like SolveXia, which can help run your processes 100x faster with automation and conduct analysis to provide deep insights.

For example, SolveXia can be used to automate many complex and critical finance functions, such as: regulatory reporting, rebate management, expense analytics, revenue management, and reconciliation, to name a few.

What are the Benefits of Automated Financial Reporting Software?

Automated financial reporting software can dramatically shift your organization to boost productivity, save time, and even increase both employee and customer satisfaction.

Let’s dive into some of the most outstanding benefits of deploying automated financial reporting software:

1. Automated Processes

Automated financial reporting software removes the mundane and repetitive manual tasks from your team’s to-do lists.

With a solution like SolveXia, you can run your processes from a pre-built library of templates or design your own with no need for coding. Once you hit start, the process will run as designed and be standardized across your business.

As a result, your business can reduce errors, save time, gain greater visibility, and remove key person dependencies, to name a few upsides. Additionally, you’ll be able to complete processes 85x faster with 90% less errors!

2. Bank-Grade Security

Given the immense amount of data involved in financial reporting, accuracy and security are always key concerns. Financial reporting software has to remain compliant to protect your business and customer’s data.

With a cloud-based solution, updates are automatically conducted to keep your software up-to-date always.

3. Integrated Systems

The best financial reporting software integrates with your existing tech stack. You get to unify data from various systems and spreadsheets, which allows you to see the big picture without anything being lost in the shuffle.

4. Customizable Reports

Financial reporting software can also enable you to create custom reports depending on your business’ needs and the responsible parties who will need access to said reports.

This means that you gain access to insights in real-time, enabling timely and informed decision making capabilities. Without any need for IT setup, custom reports provide personalized and relevant insights to those who need it most.

What are the Types of Financial Reporting Software?

There are different types of financial reporting software, ranging from single-focused solutions to the most complex and jam-packed software you can find. Regardless of their offerings, we can categorize financial reporting software by how it is deployed, namely:

1. Cloud-Based

Automated financial reporting software that is cloud-based grants universal access to anyone, anywhere who has the login credentials. Many small businesses prefer to go this route because the software gets automatically updated, requires no upkeep, and tends to be the most cost-effective solution.

2. On-Premise

On-premise automated financial reporting software is deployed using the client’s local server. To set up this kind of software will require a dedicated IT team and a fair amount of time. It could even require hardware setup.

3. Software as a Service (SaaS)

For software as a service solution, the vendor’s server is used for hosting. As such, setup, installation, and maintenance is all handled by the vendor, as well. Payment is made on a subscription basis, either monthly or annually.

What is the Best Automated Financial Reporting Software?

Now, it’s time to talk about what you’re here for: the best automated financial reporting software. Of course, the best for you isn’t the best for everyone, but we’ll touch more on what to consider when evaluating these options shortly.

As for now, let’s expand upon our favorites so you can get a taste of what solutions exist.

1. SolveXia

We’re starting off strong with a finance automation solution that offers a wide-range of functions for accounting and finance departments.

SolveXia is a no-code, cloud-based software that enables fast collaboration, reduces manual processes, secures your data, and transforms your data into real-time insights.

It takes under 30 minutes to have SolveXia up-and-running, and better yet, SolveXia works seamlessly with your existing technologies so you never have to worry about losing data. With our secure solution, you’ll reap 90% fewer errors in your data and be able to execute processes 85x faster than doing so manually.

Your finance and accounting team gains extra time back in their day to focus on high-value responsibilities and serve as strategic advisors, rather than manual, data entry professionals.

SolveXia can automate an array of critical finance functions, including: reconciliation, expense analytics, rebate management, regulatory reporting, and more. You can see how SolveXia works in action by requesting a demo here.

2. Xero

Xero is a solution to help simplify tasks and is well-suited for small businesses. The accounting software can be used to customize reports, send invoices, receive payments, and get paid in multiple currencies. You can use the software to export reports as spreadsheets or PDFs, depending on your needs.

3. Wave Accounting

Wave is a double-entry accounting tool for small businesses that is cloud-based. It provides its users with financial reports and integrated accounting with features like receipt scanning and payroll. You can use Wave for data import/export, bank reconciliation, expense tracking, reporting, analytics, billing and invoicing, to list a few of its top functions.

4. DataRails

DataRails enables process automation for financial planning and analysis. While you can continue to use Excel spreadsheets, DataRails can execute financial reporting, budgeting, forecasting, scenario analysis, commission management, and data consolidation. The tool can integrate with popular accounting software, as well as ERPs and CRMs to help centralize your data.

5. QuickBooks

It’s like you’ve heard of QuickBooks before, but to refresh your memory – QuickBooks is a software-as-a-service (SaaS) solution for accounting, payroll and more.

It’s a solid choice for an introductory financial analysis tool for small businesses or freelancers because it’s easy to use. Some of its features include: insights and reports, invoicing, tax preparation, multi-currency support, and financial consolidation.

How to Choose Financial Reporting Software?

Although the above list only consists of the top five automated financial reporting software options, there are many more that you’ll come across, or may already have considered.

As you consider which tool to deploy, you’ll want to look out for some key features and functions, including:

1. Integration

Since you’re already using a fair share of technology, you’ll want your automated financial reporting software to fit right in like a puzzle piece. This means you’ll want to ensure that it can integrate with your systems, especially because data is a key need for any automation software.

2. Scalability

Is your chosen solution able to grow with your business? The hope is that your transaction volume continues to expand, so the software should be able to process extra data in little to no extra time.

3. Analysis

Given the need for data analysis for informed decision making, you’ll want to find a tool that can not only connect your data but one that can also analyze it to derive insights.

4. Security

Data security is a primary concern and for valid reasons. You’ll want an automated reporting software that is always updated with the latest compliance and regulations. Additionally, it’s recommended to find a solution with access controls, as not everyone within your organization will require the same access.

Closing Thoughts

Automated financial reporting software has the potential to streamline your processes, generate deep insights in real-time, and reduce costly errors within your organization. Depending on your business’ needs and goals, you can surely find a solution that is fitting.

Our top pick SolveXia, offers a wide range of customer support, scales with your business’ needs, and is easy-to-use, regardless of your technical abilities.

Not only will you be able to access data analysis at your fingertips, but you’ll also be able to automate your most critical finance and accounting functions to save time, boost productivity, and minimize compliance risks.

Request a demo to get started today.

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