What is Financial Reporting Software?

Financial reporting software refers to solutions that are designed to help users perform financial and accounting tasks. This type of software varies from basic single-entry systems like bookkeeping and check writing to complex double-entry solutions. Leading vendors offer advanced functionality such as fixed assets and inventory. Financial reporting software can be beneficial for your company as it can help to keep your books accurate and you can also get timely reminders to avoid late penalties. In today’s competitive business environment, a quality financial reporting software has become essential to cut accounting costs and boost efficiency.

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Types of Financial Reporting Software

One of the things that makes choosing financial reporting tools so difficult is the variety of programs that can be used for the purpose. They range all the way from basic tool suites to ultra costly and accurate programs. The list of features can also be categorization criteria, as certain programs do nothing but calculate payroll requirements, while others are more robust and they allow users to prepare taxes and forecast future accounting difficulties, and even do some custom branding. The basic division criterion is deployment, depending on which you can choose between:
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On-premise financial reporting systems

These are covered with a single license, and are hosted on the client’s local server. They qualify as the most expensive ones, due the fact that they require complex setup and occasionally some hardware installation.

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Software-as-a-service (SaaS) financial reporting systems

These are usually paid per month, and are hosted on the vendor’s server. The business owner is not responsible for installation, updating, and maintenance.

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Cloud-hosted financial reporting systems

Most of these offer free basic plans, and qualify as the most affordable ones due to their universal access and the fact that the client doesn’t need to update them or to pay for maintenance.

Key Features of Financial Reporting Software

Most financial reporting tools include the following essential features:

Basic accounting tasks

Small businesses can easily take care of their accounting needs with software that offers basic features like invoicing (both by snail mail and email), client and vendor management, financial report generation, and income and expense tracking.


    The software should enable you to automate processes like recurring payments, automatic billing, and past-due notifications to save you time.

      Estimate and quote creation

      You can use customized templates to create estimates and quotes for clients; these can be automatically converted into invoices.

        Tax preparation

        Financial reporting software can also help with your taxes by including features such as tax reporting and multiple tax rates, and automatic tax calculations. You should be able to easily email all necessary files to your accountant.

          Multiuser access

          Most financial reporting software can be used by multiple users. This will help you to give access to your accountant and financial consultants too.

            Benefits Of Financial Reporting Software

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            Simplified Financial Process

            In som companies, reports are created by employees who do not have a background in finance. It can be time-consuming to provide these employees end user training on new software. Therefore consider Microsoft Excel and Word to collect data and for narrative contributions as they are easy to use.

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            Real Time Updates

            The availability of real time updates feature can reduce overall reporting time as well as time spent in revisions. For further efficiency, the updates should automatically made to the linked documents and reports.

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            Solutions that charge by the contributor or by the report, and those that limit the number of contributors are not ideal applications. SHun these type of solutions and focus on selecting a simple financial reporting solution that makes it easy to produce virtually any type of report, including customised presentations and reports that usually takes time to prepare.

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            Workflow Management

            The software should be able to automate the reporting process including tasks such as setting and managing deadlines for contributions, delegating responsibilities, managing reviews and sign-offs sending alerts when required, tracking edits and sources and showing the latest report status when needed

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            Easier Number Handling

            The financial reporting software should make it easy for the users to handle numbers accurately by providing features such as currency conversions, rounding and number formatting. This can eliminate employees frustration and save them time while preparing financial reports.

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