10 Best Financial Reporting Software Tools for 2025

According to recent studies, the financial reporting software market was valued at  $14.94 billion in 2024. Experts predict this figure will reach $37.56 billion by 2031. These tools are changing the way businesses manage their financial data faster than ever before.

Manual financial reporting is no longer sufficient. The process wastes time, introduces errors, and hinders businesses. Modern financial reporting tools help teams automate their core financial statements. These include income reports, balance sheets, and cash flow summaries. Additionally, these tools provide evidence-based insights to the core team, enabling them to make more informed decisions. Businesses need these solutions now more than ever, and with good reason. The numbers tell the story: companies could save approximately $125 billion worldwide by 2030 through the automation of finance and accounting tasks.

This blog examines the top financial reporting software solutions for businesses seeking to modernize their financial operations in 2025.

Best Financial Reporting Tools at Glance

Selecting the best financial reporting software is crucial for streamlining reporting processes, enhancing data accuracy, and ensuring regulatory compliance. Below is a curated list of 10 leading platforms, along with their best-suited applications:

Best Financial Statement Reporting Software

Platform	Supports
Highradius	Enables enterprise finance teams to achieve 100% error-free, AI-driven financial reporting with real-time ERP integration, multi-entity consolidation, and 70% faster decision-making
Anaplan	Mid to large enterprises that need connected planning and scenario modeling
Datarails	Finance teams using Excel-based workflows who want automated consolidation and reporting
NetSuite	Enterprises and multi-entity organizations requiring a unified ERP and financial reporting platform
Planful	Mid to large enterprises seeking streamlined FP&A, automated close, rolling forecasts, and scenario analysis.
Prophix	Mid-sized to large finance teams looking for automated consolidation and reporting.
Sage	Mid-sized businesses seeking multi-dimensional reporting and audit-ready workflows.
SAP (BPC / Analytics Cloud)	Large enterprises that require consolidation and multi-entity, multi-standard financial reporting.
Vena	Mid-sized, Excel-centric teams looking for workflow automation and template-based reporting
Workday	Enterprises needing unified FP&A and multi-entity reporting with real-time insights

*List of leading financial reporting software, arranged in no particular order

What is Financial Reporting Software?

Financial reporting software streamlines the compilation, analysis, and presentation of financial data. These tools automate data collection, reducing errors and centralizing information for stakeholders. They clean, transform, summarize, and analyze millions of data rows instantly, saving countless hours. 

Beyond automation, financial reporting tools offer customizable dashboards for insights and generate standard and custom reports. Modern cloud-based solutions provide secure, remote access to financial information, enabling informed decision-making and real-time visibility into financial performance, thereby helping achieve strategic business goals.

Key Features to Look For in a Financial Statement Reporting Software

The selection of finance reporting software begins with identifying software that provides resilient, in-depth reporting capabilities, transforming raw data into actionable information. The best financial statement software should allow users to drill down through data from performance metrics to the journal level.

Financial reporting tools should provide users with the capability to process data in real-time, enabling quick decisions and offering customization options that align with business requirements. It should automate repetitive tasks, reducing errors, allowing teams to focus on strategic activities.

Here are the must-have features to look for in financial reporting software:

• Multi-entity support with intercompany elimination features
• Currency translation and multi-currency support
• Workflow management with status monitoring
• Predefined data integration with source systems
• Compliance with financial reporting standards (GAAP, IFRS)
• Immediate dashboards and reporting tools

The right financial reporting automation tools should centralize and make financial information easily accessible. It should automatically collect data from various sources and include customizable dashboards that enable immediate monitoring of key metrics. Furthermore, strong vendor support and detailed training resources are essential for a successful implementation.

Top 10 Financial Statement Reporting Tools

1. Highradius

HighRadius transforms financial reporting with its AI-powered financial reporting platform, enabling finance teams to achieve unmatched speed and accuracy. Its AI agents automate complex tasks such as journal entry creation, variance analysis, and compliance monitoring, resulting in 95% faster report preparation, 90% faster variance analysis, and 100% elimination of manual reporting errors. Teams can also customize reports 95% faster, gaining real-time insights for smarter, data-driven decisions and accelerating decision-making by 70%.

With dynamic dashboards and drill-down capabilities, HighRadius offers actionable visualizations that clearly explain variances and highlight key trends. The platform integrates seamlessly with existing ERP systems, making it suitable for both mid-sized companies and large enterprises. By shifting time from manual processes to strategic analysis, HighRadius empowers finance teams to deliver faster, more accurate financial reporting that directly supports business outcomes.

Key Features:

• ERP-agnostic integration that naturally works with SAP, Oracle, Microsoft Dynamics, NetSuite, and other major systems
• Automated validation, variance checks, and report compilation that let teams focus on strategic analysis
• AI-generated narrative commentary crafted for CFO-level storytelling
• Automated intercompany eliminations that remove transactions between different entities within a group
• Multi-currency conversion support that unites financial data across different reporting standards (IFRS, GAAP)

The platform creates audit-proof transparency by tracking every data change, logic update, and reviewer comment. Agents flag potential compliance risks, data gaps, or late entries before submission to prevent surprises.

2. Anaplan

Anaplan is a cloud-based planning platform designed for connected planning across finance, sales, supply chain, and HR. It enables scenario modeling and real-time collaboration across departments.

Key features:

• Real-time planning and scenario modeling
• Centralized data hub for multiple business units
• Dynamic dashboards and reporting with drill-down capabilities
• Integration with ERP, CRM, and other financial systems

3. Planful

Planful (formerly Host Analytics) offers cloud-based financial planning, analysis, and reporting software. It focuses on accelerating close cycles and improving forecasting accuracy.

Key features:

• Streamlined financial consolidation and close
• Rolling forecasts and scenario planning
• Real-time dashboards and executive reporting
• Integrates with ERP and HR systems for a unified view

4. Prophix

Prophix delivers corporate performance management solutions, including budgeting, planning, and reporting. It emphasizes automation and workflow-driven processes for finance teams.

Key features:

• Automated financial consolidation and reporting
• Budgeting, forecasting, and scenario analysis
• Workflow automation for approvals and processes
• Integration with major ERPs and Excel

5. SAP (SAP Analytics Cloud / SAP BPC)

SAP offers enterprise-grade financial planning and reporting solutions, including SAP Analytics Cloud for planning and SAP BPC for consolidation. Ideal for large enterprises with complex structures.

Key features:

• Unified planning, analysis, and reporting
• Real-time data connectivity with SAP and non-SAP systems
• Advanced scenario modeling and predictive analytics
• Multi-currency, multi-entity, and multi-standard support

6. NetSuite

NetSuite offers integrated financial reporting within its cloud ERP suite, providing organizations with a centralized view of financial data across all entities. Its customizable dashboards and real-time reporting features help finance teams monitor performance efficiently.

Key features

• Live financial reporting with instant generation and customizable dashboards
• Hundreds of prebuilt standard reports with country-specific formats
• Multi-book feature that supports multiple sets of books for different accounting standards
• Automated compliance with global standards like GAAP and IFRS

7. Sage

Sage combines accounting functionality with financial reporting suited for mid-sized businesses. It allows users to generate compliance-ready reports and manage multi-currency transactions efficiently. 

Key features

• Built-in financial reports let users drill down to source transactions
• Customizable dashboards show performance metrics through interactive charts and graphs in real time
• Supports variance analysis and month-end close procedures
• Intelligent GL outlier detection spots unusual transactions to prevent errors and fraud

8. Datarails

Datarails enhances financial reporting for Excel users by automating data collection, consolidation, and version control. It’s a strong choice for FP&A teams seeking better visibility without leaving their spreadsheet environment. 

Key features

• Smooth integration with any ERP, CRM, and HRIS system
• Automated data consolidation from disparate sources into a centralized database
• Version control tracks every cell change with a complete history
• Live reporting with drill-down capabilities

9. Workday

Workday provides advanced financial and operational reporting within its broader enterprise management suite. Its strength lies in data unification and real-time insights for large global organizations. 

Key features

• Immediate reporting for any business dimension
• A single system that unifies financial, worker, operational, and sales information
• Simple drag-and-drop analysis with complete drill-down options
• Reports written in business language instead of traditional accounting strings

10. Vena

Vena integrates financial reporting and planning with Excel, enabling teams to automate workflows while maintaining the familiar usability of spreadsheets. It supports budgeting, forecasting, and performance tracking with centralized data controls. 

Key features

• Excel serves as the primary interface through native Microsoft 365 integration
• Ready-to-use templates support executive, month-end, and board reporting
• A central database removes the need for manual data consolidation
• Direct connections to ERPs like NetSuite, Microsoft Dynamics, Sage Intacct

Benefits of Financial Reporting Tools

Modern financial reporting software delivers far more than organized data; it transforms how finance teams operate. Companies that optimize their reporting processes can shorten their financial close cycle by up to 40%, enabling faster, data-driven decisions.

Its impact on accuracy is equally significant. Organizations using automated reporting systems experience up to 90% fewer errors than those relying on manual processes. This higher precision enables finance teams to make more informed strategic decisions and maintain compliance with confidence.

Automation also redefines how time is spent. Traditionally, finance professionals dedicate about 75% of their efforts to data collection and only 25% to analysis. With streamlined reporting, this ratio flip allows teams to spend up to 60% more time on strategic insights and business growth.

Additional benefits include:

• Enhanced stakeholder trust - Companies with strong financial reporting receive higher valuations and better financing terms
• Reduced compliance burden - Businesses using advanced reporting spend 45% less time on compliance tasks
• Improved audit readiness - Automated systems create clear audit trails that keep businesses prepared for examinations

Financial reporting automation tools ultimately gave companies a competitive edge in volatile markets. This enables organizations to respond quickly to opportunities while meeting regulatory requirements.

How to Choose the Best Financial Reporting Software Tools for Your Business

The right financial reporting software changes how your business manages financial data.

The major factors to consider while selecting a financial reporting platform are:

• Ease of Use & Integration: How easily the software integrates with your existing systems and how user-friendly it is for your team. 
• Scalability: The ability of the software to grow with your business. 
• Cloud Functionality: Whether the software is cloud-based, enhancing accessibility and flexibility. 
• AI and Automation: The extent to which the software uses AI to automate tasks and provide deeper insights. 
• Security: The measures the software takes to protect your sensitive financial data.

How Can HighRadius Help in Accelerating Reporting Timelines? 

HighRadius Financial Reporting Software simplifies and modernizes financial reporting by harnessing AI and automation to deliver faster, more accurate, and real-time insights. Designed to eliminate manual effort and improve visibility, the solution helps finance teams close books quickly, reduce compliance risks, and make more informed decisions. 

In addition to financial reporting, HighRadius offers robust Financial Consolidation Software that streamlines the aggregation of financial data from multiple business units, entities, and geographies. It ensures consistency across charts of accounts, currencies, and intercompany eliminations, making it easier for finance teams to produce consolidated reports that are audit-ready and compliant with global reporting standards.

Below are some of the key ways HighRadius supports efficient financial reporting:

1. Accelerated reporting cycles: Reduces report preparation time by up to 95%, enabling 80% faster financial reporting and driving 70% faster decision-making across the organization.

2. Real-time financial visibility: Offers live dashboards and interactive reports, allowing stakeholders to access up-to-date financial data instantly.

3. AI-powered accuracy: Utilizes AI to automate reconciliations and variance analyses, cutting time-to-variance analysis by 90% while minimizing manual errors and ensuring compliance with standards like GAAP and IFRS.

4. Seamless ERP integration: Integrates with existing ERP systems to consolidate data across multiple entities, currencies, and jurisdictions, facilitating comprehensive and compliant reporting.

HighRadius’s financial close and account reconciliation software further enhances reporting accuracy by automating close tasks, standardizing reconciliations, and providing a real-time audit trail, ensuring that financial reports are always complete, timely, and trustworthy.

FAQs

Q1. What are the key benefits of using financial reporting software?

Financial reporting software automates data collection and analysis, reducing errors by up to 90% compared to manual methods. It also speeds up the closing cycle by up to 40%, freeing up time for strategic analysis rather than data gathering. Additionally, these tools enhance stakeholder trust, reduce compliance burdens, and improve audit readiness.

Q2. How do I choose the right financial reporting software for my business?

Consider your business size, reporting needs, and budget. Assess your current processes, identify pain points, and factor in future growth plans. Look for features like real-time reporting, customization options, and integration capabilities with your existing systems. It's also essential to evaluate the software's user-friendliness and the level of support provided by the vendor.

Q3. Can financial reporting software integrate with other business systems?

Yes, most modern financial reporting software can integrate with various business systems, such as ERPs, CRMs, and HRIS. For example, Highradius provides ERP-agnostic integration. This integration capability ensures seamless data flow and eliminates the need for manual data entry across different systems.

Q4. Is cloud-based financial reporting software secure?

Cloud-based financial reporting software typically employs enterprise-grade security measures to protect sensitive financial data. These include encryption, multi-factor authentication, and regular security updates. However, it's essential to verify the specific security protocols of any software you're considering and ensure they comply with relevant industry standards and regulations.

Q5. How can AI enhance financial reporting processes?

AI in financial reporting software can automate complex tasks, provide predictive analytics, and offer intelligent insights. For instance, Highradius uses AI-powered agents to automate over 60% of close tasks and provide real-time anomaly detection.