Increase your financial reporting speed, accuracy, and flexibility with ERP-integrated reporting solutions.
Automate and Accelerate Your Reporting and Gain Confidence in Your Data, with Financial Reporting Software
If you are a finance professional in today’s challenging business environment, you know that the Office of the CFO holds the crucial responsibility of not only understanding where the organization stands today but for plotting a course toward a successful future.
Unfortunately, the conventional reporting tools supplied with most ERPs and financial systems fall short of meeting the ever-evolving demands of your business. This forces finance teams to resort to tedious manual processes to extract, format, and present ERP data. These manual processes invite errors and consume valuable time, preventing finance teams from performing deeper analysis and offering strategic guidance, which the broader organization now expects from them.
It’s time to break free from these shackles and empower finance with modern, automated reporting solutions that enable accurate, efficient reporting, freeing time to deliver the insightful analysis and strategic direction that drives organizational success.
To increase productivity and accuracy, finance teams aim to reduce the amount of manual manipulation required to produce financial reports. Financial reporting software can automate the creation of financial statements, saving time and effort and reducing the risk of human error. The software can compile data from multiple sources into comprehensive and accurate reports. This is particularly valuable when creating regular reports, such as monthly or quarterly financial statements.
Finance teams often struggle to compile and distribute timely financial reporting with up-to-date information. Automated reporting software integrates with data sources in real-time or near real-time, enabling up-to-date reporting, financial analysis, and data visualization. The software can provide instant insights into key financial metrics, trends, and KPIs by connecting to disparate source systems and databases. Users can create and share reports, dashboards, charts, and graphs that facilitate data-driven decision-making and enhance financial transparency.
Ensuring compliance with accounting and financial reporting standards can constantly challenge finance teams. Automated financial reporting software helps ensure reports adhere to the latest regulations and requirements. It can include built-in templates, predefined formats, and automatic calculations that comply with accounting standards such as GAAP (Generally Accepted Accounting Principles), IFRS (International Financial Reporting Standards), and regional standards. By automating these processes, the software reduces the risk of non-compliance and facilitates smoother audits.
Finance teams often find it challenging to include all the necessary stakeholders in the financial reporting process, including accountants, finance managers, executives, and auditors. Automated financial reporting software can centralize the reporting process and enable better collaboration among disparate team members. It can offer features such as user permissions, version control, and automated workflows, ensuring that everyone involved has access to the correct information at the right time. This streamlines the reporting cycle, improves data accuracy, and reduces the time spent on manual coordination.
What is the Best Financial Reporting Software for Your ERP?
With a range of financial reporting software designed to work seamlessly with your ERP system, whether you use SAP, Oracle, Microsoft Dynamics, NetSuite, or any other ERP, discover the solution that meets your needs and expectations.
Query Designer allows us to spend more time doing what we need to do as contractors.
I’m a big fan of Jet Reports. I tell everybody Jet Reports is the best tool we’ve ever had for the company. If you don’t already have Jet Reports, you need it.
Wouter van BeekIT Director
Our teams are quick to understand the look and feel of the solution because it’s more or less the same as they were used to... It made it an easy decision to start using insightsoftware. Starting up was so easy.
Roles & Industries
Who Needs Financial Reporting Software?
Financial reporting software is essential for finance professionals across different roles and industries who want to quickly and efficiently manage their financial data and processes.
Financial reporting software helps CFOs lead and manage their organizations’ finance teams with excellence and efficiency. It automates tasks, improves reporting, enables data visualization and analysis, ensures compliance, informs decision-making, unlocks collaboration with stakeholders, and maintains data security. It also allows CFOs to provide strategic direction and leadership with the finance function and across their broader organization.
Financial reporting software helps financial controllers coordinate and supervise their organizations’ accounting and finance functions, boosting their teams’ efficiency and accuracy, saving manual effort, ensuring compliance, and providing insights for financial management. It enables controllers and their teams to produce and deliver accurate and timely financial statements and reports; establish and maintain internal controls, policies, and procedures; and streamline and automate reconciliations, audits, tax compliance, and other accounting tasks.
Financial reporting software helps financial analysts access, analyze, and visualize data in real-time. It automates and streamlines reporting processes, supports forecasting and budgeting, facilitates collaboration, and ensures compliance and data security. With financial reporting software, financial analysts can interpret data, provide strategic analysis, and deliver valuable insights that drive informed decision-making.
Business and Professional Services
Business and professional services companies can quickly and efficiently track and manage financial performance and operations using financial reporting software. They can bill their clients accurately and efficiently, monitor their project performance and utilization rates, and optimize their resource allocation and planning flexibly and efficiently. They can also track and manage their revenue streams, expenses, profitability, and cash flow.
Financial reporting software is a vital tool for finance teams in construction and engineering firms to help them manage and control the costs of complex and long-term projects. With financial reporting software, they can accurately track and control project costs and revenues, mitigate project risks and issues, and ensure the profitability and success of their projects.
Educational institutions use financial reporting software to manage their financial resources and operations more quickly and efficiently. They can report their financial performance and accountability to stakeholders with transparency and integrity while managing their funding sources, expenditures, grants, and donations. They can also reliably plan and forecast their enrollment, tuition fees, and scholarships.
Financial reporting software helps finance, banking, and insurance companies comply with complex and changing regulatory requirements. It enables them to measure and manage financial risks by ensuring finance professionals have access to timely, accurate data. It provides insight and foresight to help these institutions optimize capital allocation, enhance liquidity management, and analyze profitability.
Government finance professionals must adhere to strict public sector accounting standards, and financial reporting software is vital to ensure they meet these objectives. It gives them timely access to the data they need to accurately report their budget variance, revenue collection, expenditure management, and more. It helps finance professionals manage public finances and resources effectively and responsibly while improving transparency, accountability, and governance.
Finance professionals in healthcare operate in an increasingly complex and volatile environment. Financial reporting software helps them react quickly and confidently to stay on top of change. It provides the visibility and control they need to monitor and improve their financial performance while supporting their strategic planning with data and analytics to optimize their financial outcomes.
Financial reporting software enables finance teams in manufacturing organizations to streamline and automate their financial processes. Automating reporting offers fast access to accurate data so that finance teams can enhance visibility and control over their inventory, cost of goods sold, and gross margin, to drive operational efficiency and productivity optimizations.
Nonprofit finance teams must manage their diverse and often constrained funding sources quickly and efficiently. With financial reporting software, they can track and report on program outcomes and impact with evidence and results. They can also demonstrate their compliance, stewardship, and accountability to donors, funders, auditors, and regulators.
Financial reporting software is a crucial solution for pharmaceutical finance teams who must comply with stringent and evolving regulatory standards quickly and proficiently. It enables them to access the latest data and to collaborate with other stakeholders to measure and optimize the financial performance of their research and development activities, global operations, and supply chain.
Real Estate and Property Management
Real estate and property management firms manage large, complex portfolios and keep track of many different types of financial transactions. Financial reporting software is an essential tool to enable them to monitor and keep track of property performance and valuations, corporate accounts receivable, vendor history, tenant sales, bank reconciliations, customized rent rolls, and more. With the ability to consistently create timely, accurate reports, finance professionals can optimize the financial outcomes of their property portfolio.
Financial reporting software enables finance teams in the retail sector to better manage their sales, inventory, expenses, and cash flow. It helps them track and improve customer satisfaction, loyalty, and retention. Finance professionals can also support their marketing and merchandising strategies with timely data and analytics.
Using financial reporting software, finance teams in utility companies can rise to the challenges and opportunities of a rapidly changing market. They can build comprehensive reports from base rates to infrastructure depreciation and quickly respond to increasing departmental requests for data insights without manual data pulls or relying on IT. This enables them to comply with evolving government regulations while managing their assets and infrastructure efficiently.
Most ERP (Enterprise Resource Planning) systems have pre-built financial reports and a native report-writing tool. However, every organization needs to customize the pre-built reports to fit the unique way that their organization is structured and operates. Native report-writing applications tend to be rigid and require too much technical knowledge to be useful for most finance teams.
The answer is to look for financial reporting software. This purpose-built software understands your ERP’s data structures, the ins and outs of financial data, and can access live data without requiring technical know-how or IT support. Software like this puts finance teams in control of their reporting, enabling them to create refreshable, custom reports, saving time and ensuring consistent, accurate results while providing insights into the financial health and performance of the organization.
Embedded Analytics Tools can integrate with a large variety of data sources. As a rule of thumb, if the source data is open, a robust embedded analytic tool can connect to it. These data sources can include:
Financial reporting software is designed to handle multi-currency and multi-company operations. It should be capable of consolidating financial data from multiple entities or subsidiaries, accommodating different currencies, and providing accurate reports in the desired currency. This functionality allows businesses operating internationally or with multiple entities to manage their financial reporting requirements effectively.
If your company has a more complex organizational structure, you will likely use a dedicated close and consolidate system to prepare your group accounts. Alongside this, you can use specialist financial reporting software, like CXO Software, to efficiently and accurately report your consolidated accounts.