Top 8 Financial Reporting Software for Accountants, CFOs & FP&A Teams in 2025

Accounting with traditional tools like Excel often feels like a constant game of catch-up, with overflowing spreadsheets, manual data entry, and back-and-forth reconciliations.

These outdated systems leave teams dealing with scattered data, poor collaboration, and error-prone reports.

In its research, CFO.com found that the average FP&A professional spends 75% of their time on gathering data and administering the process.

But today’s CFOs, accountants, and FP&A teams need more than basic reporting. They need real-time insights, multi-entity visibility, audit-ready compliance, and seamless integrations. And they need them all in one unified platform.

That’s where modern financial reporting tools come in. They streamline budgeting, data entry, forecasting, and compliance with dynamic dashboards, automation, and integrations.

But with so many tools offering similar features, how do you choose the best financial reporting software?

Does the tool prioritize user-friendly design for accountants?

Scalability for CFOs?

Collaboration for FP&A teams?

This guide breaks down 8 of the best financial reporting software platforms to help you find the one that fits your team.

Let’s get started.

What is Financial Reporting Software?

Financial reporting software is a specialized tool designed to streamline the creation, analysis, and presentation of financial reports.

General accounting tools like QuickBooks or Xero focus on bookkeeping and transactions.

On the other hand, financial reporting software focuses on the following key factors:

• Budgeting: Streamline budgeting by consolidating data from multiple sources, like QuickBooks and NetSuite, into centralized, customizable templates for faster analysis.
• Forecasting: Generate accurate forecasts and dynamic predictions based on historical trends and current performance using real-time data and AI-driven analytics.
• Compliance: Automate audit-ready reports and minimize risks associated with regulatory requirements by maintaining detailed audit logs.
• Performance tracking: Monitor financial performance across departments or entities instantly with real-time dashboards and custom KPIs.

These platforms help accountants, CFOs, and FP&A teams with accurate, real-time insights to enable informed financial decision making.

Top 8 Financial Reporting Software in 2025: An Overview

Let’s quickly compare the top eight financial reporting software before delving into a deeper analysis.

Here is a quick overview of these tools:

Software	Key Features	Ideal for	Pricing	Free Trial
PathQuest BI	Intuitive and user-friendly UI, Drag-and-drop report builder, Reporting automation, Advanced data security	SMBs and enterprises	Custom	No
Datarails	Report-sharing workflows, FP&A Genius, Automatic data collection	SMBs and mid-market companies	Custom	No
Oracle NetSuite	Real-time financial reporting and dashboards, Multi-currency and multi-entity management, Automated revenue recognition	Growing mid-market and enterprise businesses	Custom	No
Freshbooks	Project-based time tracking, Client retainer auto-billing, Invoice-to-project conversion	Freelancers, solopreneurs, and small businesses	$2.1/month	30-day
Cube	Spreadsheet-native FP&A, Real-time dashboards, Automated data consolidation	Midsize and enterprise businesses	Custom	No
Xero	Business snapshot analytics, Customizable reporting, Short-term cash flow	SMBs, startups, and accountants	$2.90/month	30-day
Zoho Books	Custom workflow automation, Client portal collaboration, Zoho Analytics integration	Small and midsize businesses	Free plan	No
Vena Solutions	Vena Copilot AI, Template version control, Real-time dashboards	Mid-sized and large enterprises	Custom	No

Top 8 Financial Reporting Software: Detailed Reviews

Making the right call when picking an important tool like financial reporting software for your business is never easy. It takes time, effort, and considerable effort to choose the right one.

That’s why we bring you a detailed analysis of the top eight financial reporting solutions in the market now.

1. PathQuest BI

PathQuest BI is a robust financial reporting and business intelligence platform designed to give businesses of all sizes real-time control over their financial data. The platform connects seamlessly with accounting systems like QuickBooks, Xero, and NetSuite to transform raw financial data into actionable dashboards, KPIs, and consolidated reports.

What sets PathQuest BI apart is its focus on real-time visibility and decision-ready insights. Finance teams can analyze P&L, cash flow, and performance metrics across entities or departments without waiting for manual updates.

Whether you are a small, medium, or large business,  PathQuest BI helps you reduce reporting time, eliminate spreadsheet errors, and improve strategic planning.

Key features

• Collaboration across departments: Streamline collaboration across finance, operations, and leadership with multi-entity consolidation, role-based access, and visual dashboards
• Intuitive and user-friendly UI: Unlike rigid legacy tools, PathQuest BI offers you a flexible, intuitive interface tailored for modern finance workflows
• Drag-and-drop report builder: Build reports using a no-code interface and drag-and-drop options with customizable KPIs to analyze financial performance across departments, locations, and time periods
• Reporting automation: Automate routine reporting tasks, track budgets vs. actuals, and prepare for audits using built-in compliance features
• Advanced data security: Token-based access as a second layer of security for your business’s financial data, and ensure control for admins over every transaction within the platform

Pros

1. Get a consolidated view of all your business operations from a single platform
2. Transform real-time financial data into actionable insights for decision making
3. Make decisions using historical, current, and predictive representations of financials
4. Extensive training and upskilling sessions offered by the PathQuest BI team for faster onboarding in 2-3 weeks
5. Access and manage your financial reports on the go with PathQuest BI’s mobile apps for Android and iOS devices

Cons

1. It does not offer a free plan
2. Lack of APIs

Best suited for:

Small, medium, and large businesses

2. Datarails

Datarails is an Excel-native financial planning and analysis software built for finance teams that love spreadsheets but need AI-powered automation. The platform is ideal for SMB to mid-market companies looking to modernize without giving up Excel flexibility. It lets CFOs and FP&A teams build consolidated reports, variance analyses, and dashboards within the platform using Excel. Datarail also supports budgeting and forecasting, which makes it ideal for lean teams managing month-end and board reporting cycles. It also comes with native integration capabilities to connect with QuickBooks, NetSuite, Sage, and other ERPs.

Key features

• Report-sharing workflows: Create workflows to share financial reports from PDFs to live dashboards, Excel reports, and PowerPoint presentations
• FP&A Genius: AI to help find answers to queries related to budgets, forecasts, and more
• Automatic data collection: Automatically collect data from diverse sources for P&L, balance sheet, and cash flow statements.

Pros

1. Use Excel on the front-end to reduce training and software adoption time
2. Faster, more interactive, and customized reporting with real-time updates
3. Easy communication with real-time collaboration and version control

Cons

1. Deeper and advanced features have a steep learning curve
2. Dependent on the logic used on the Excel sheet

Best suited for:

SMBs and mid-market companies

3. Oracle NetSuite

Oracle NetSuite is a comprehensive, cloud-based ERP with powerful financial reporting features built for growing mid-market and enterprise businesses. Its core capabilities include multi-entity consolidation, real-time dashboards, and compliance reporting across global operations. With deep integrations into procurement, inventory, and CRM tools, it is ideal for finance leaders who want end-to-end visibility. The platform also offers customizable reports, automated workflows, and audit-ready controls, which are a must for fast-scaling businesses needing unified insights across multiple subsidiaries.

Key features

• Real-time financial reporting and dashboards: Get role-based dashboards and customizable reports to monitor KPIs like profitability and cash flow instantly
• Multi-currency and multi-entity management: Automate currency conversions and generate financial statements in local currencies to simplify multi-entity reporting
• Automated revenue recognition: Automate revenue recognition processes for ASC 606 and IFRS 15 compliance

Pros

1. Hundreds of standard reports that users can customize as needed
2. Real-time insights into financial performance to make timely decisions
3. Compliance with local and global tax and reporting requirements

Cons

1. Complex and expensive initial implementation
2. Steep learning curve for reporting features

Best suited for:

Growing medium-sized and large businesses

4. FreshBooks

FreshBooks is a user-friendly financial reporting and invoicing tool tailored to freelancers, solopreneurs, and small business owners. While lighter in features compared to enterprise tools, it excels at simplifying core finance tasks like expense tracking, profit reporting, and client billing. FreshBooks has an intuitive interface and mobile-first design that’s ideal for business owners, freelancers, and founders who prefer flexibility. The platform also comes with a range of integrations with Stripe, PayPal, G Suite, and Shopify. This makes it a suitable choice for businesses that want hassle-free financial visibility and insights.

Key features

• Project-based time tracking: Integrate directly with invoices for accuracy and tracking billable hours per project
• Client retainer auto-billing: Automatically bill retainers to ensure steady cash flow for service-based businesses
• Invoice-to-project conversion: Convert estimates to projects and streamline workflows for freelancers and consultants

Pros

1. User-friendly interface simplifies accounting tasks
2. Affordable pricing for SMBs and freelancers
3. Tax-friendly reports that make compliance easy

Cons

1. Limited advanced features
2. Not scalable as businesses grow

Best suited for:

Freelancers, solopreneurs, and small businesses

5. Cube

Cube is a finance-centric FP&A platform that streamlines spreadsheet-based planning. It is designed for FP&A and finance leaders who want the flexibility of Excel or Google Sheets, process automations, and scalable processes with control. Cube also streamlines reporting, budgeting, and scenario planning while syncing live data from ERPs like NetSuite, QuickBooks, and Sage. It offers a lightweight setup and collaborative workflows for lean finance teams who want to modernize their reporting stack without replacing spreadsheets.

Features

• Spreadsheet-native FP&A: Improve Excel/Google Sheets with FP&A tools for quick and efficient planning and analytics
• Real-time dashboards: Drive deep insights from custom KPIs and performance metrics
• Automated data consolidation: Pull data from diverse sources for automated drill-downs and roll-ups

Pros

1. Simplified workflows with Excel/Google Sheets integration
2. Strong customer support with dedicated managers
3. Reduced setup time with fast implementation

Cons

1. Limited advanced analytics 
2. Limited scalability for complex needs

Best suited for

FP&A teams and accountants in midsize and enterprise businesses

6. Xero

Xero is a cloud-based accounting and reporting software designed for small businesses, startups, and accountants. It offers easy bank reconciliations, financial reporting templates, and payroll integration with a clean, intuitive interface. It also offers real-time reporting and automation features to simplify compliance and bookkeeping. Xero stands out for its rich app ecosystem with connectors for 1,000+ tools, including Stripe, Square, and HubSpot. It is ideal for growing businesses that need scalable, collaborative accounting without enterprise complexity. 

Key features

• Business snapshot analytics:  Get real-time insights into financial health and performance trends with interactive tables and graphs for SMBs
• Customizable reporting: Tailor financial reports with flexible layouts, filters, and grouping for deeper analysis
• Short-term cash flow: Forecast expected cash movements over 30 days to help businesses anticipate and manage upcoming financial needs

Pros

1. Intuitive user interface to simplify accounting tasks
2. Extensive integration capabilities suitable for small businesses
3. Strong and customizable reporting features to ensure financial visibility

Cons

1. Add-ons needed for advanced analytics tasks
2. Not scalable for businesses with multi-entry needs

Best suited for:

Small and medium businesses, startups, and accountants

7. Zoho Books

Zoho Books is a cloud-based accounting and reporting solution designed for small to midsize businesses. It offers robust financial statements, cash flow tracking, project-based accounting, and client billing within a single platform with a clean interface. Zoho Books simplifies routine finance tasks with built-in automation for approvals and reminders. It also integrates well with other CRM, Inventory, and Analytics apps from Zoho, which makes it highly suitable for teams already in the Zoho ecosystem. For tech-savvy SMBs that need a budget-friendly platform with extensive analytics capabilities, Zoho Books is the best.

Key features

• Custom workflow automation: Automate complex, multi-step financial tasks to reduce manual effort
• Client portal collaboration: Ensure seamless client communication, document sharing, and payment collection with a secure online portal
• Zoho Analytics integration: Connect with Zoho Analytics to deliver advanced dashboards and deeper, customizable insights

Pros

1. Automate invoicing, payment reminders, and bank reconciliation
2. Mobile app for real-time access and financial data management
3. Cost-effective solution for small and medium-sized businesses. 

Cons

1. Limited customization options
2. Lack of advanced features in advanced platforms

Best suited for

Accountants and FP&A teams in SMBs that need automation

8. Vena

Vena is a powerful FP&A and financial reporting software built for Excel users who need enterprise-grade control. It combines Excel’s familiar interface with cloud-based workflows, audit trails, and data connections. Vena excels in offering budgeting, forecasting, and consolidated reporting capabilities vital for finance teams managing multiple departments or entities. With integrations into ERPs like NetSuite and Dynamics, it’s ideal for mid-market companies upgrading from manual processes to flexible automation with control and a minimal learning curve.

Key features

• Vena Copilot AI: Generate reports and simulate scenarios using natural language prompts for self-service financial insights
• Template version control: Track and manage changes to Excel-based templates for better auditability, consistency, and collaboration
• Real-time dashboards: Ensure live KPI monitoring and financial visualizations through seamless Power BI integration for data-driven decision-making

Pros

1. Collaborative workflows for better team accountability and performance
2. Centralized database offering a single source of truth for financial data
3. Simplify FP&A tasks with the help of seamless Excel integrations

Cons

1. Long implementation time
2. Comparatively expensive for SMBs

Best suited for:

Medium-sized and enterprise businesses

How to Choose the Right Financial Reporting Software?

Accountants, CFOs, and FP&A teams face distinct challenges from manual processes to inaccurate data, multi-entity complexity, and compliance risks.

Hence, each of them has different requirements to fulfill when looking for a financial reporting solution.

Here is how you can do it:

For accountants

Accuracy, audit logs, and compliance are non-negotiable for accountants working on the books of accounts of a company. They need to avoid costly errors and penalties while reducing manual reconciliations that take time.

Here is what accountants need to focus on to find the best financial reporting tool that meets their needs:

1. Ease of data entry and import with automation features that reduce manual work and intuitive interfaces
2. Audit trails and version control to ensure every entry is trackable for compliance
3. Automated and AI-driven error detection capabilities with real-time alerts for anomalies or data mismatches
4. Built-in and customizable template-based reports to save time with reusable monthly, quarterly, and year-end templates
5. Integration with accounting systems, like Xero and SAP, to pull data from GL, AP, and AR modules

For CFOs

Quite contrary to accountants, CFOs often need the bigger picture, thanks to the leadership nature of their role.

CFOs need a tool that helps them with board-ready reporting and long-term planning. They also juggle forecasts across multiple departments and need consolidated views to make the right call.

Here is what CFOs need to focus on while looking for a financial reporting solution:

1. Custom dashboards that can track custom KPIs, such as cash flow, revenue growth, and margins in real-time
2. Scenario modeling capabilities for comparing forecasts and outcomes across business scenarios
3. AI-powered regulatory compliance tools with built-in frameworks for GAAP, IFRS, and SOX
4. Multi-entity and multi-currency support for quick consolidation of data across subsidiaries and geographies
5. Scalability to ensure the tool can grow with the company to avoid costly and time-consuming migrations

For FP&A teams

Effective forecasting and performance tracking are integral to the role of finance planning and analysis teams.

They may find it hard to integrate disparate data sources and collaborate across departments without the right tools. Hence, their choice must be a financial reporting and analysis software tool that offers AI-driven analytics and cloud-based collaboration.

Here is what they need to focus on to find the right tool:

• Real-time data visualization to create interactive charts that help FP&A leaders understand insights quickly
• What-if analysis capabilities to quickly test scenarios based on new assumptions
• Collaboration tools to enable shared access and comments across finance and business teams
• A rolling forecast feature that enables the team to go beyond static budgets with continuous planning

How to Implement Financial Reporting Tool: Tips for Finance Teams

Rolling out a financial reporting tool properly is vital to ensure it helps you meet your goals of transforming your workflows and eliminating manual processes. As such, you need to plan your implementation carefully.

Here are a few steps you can follow:

1. Define your reporting goals and workflows

The first step in ensuring effective implementation of the tool comes with a bit of self-assessment. Identify what you want from a financial reporting tool.

For example, accountants would need a tool that comes with automation and error-detection capabilities. On the other hand, a CFO would need features to make decisions, while the FP&A team may prefer a tool with more analytics capabilities.

While implementing, understand these goals to align the tool to meet them by choosing the right subscription plan, training the team on the right module, and creating the right workflows.

2. Ensure data accuracy and integrations

Ensure the software integrates seamlessly with ERP/CRM systems like QuickBooks, Xero, or NetSuite to eliminate inaccurate data.

If you use legacy systems or custom tools to manage operations, check if the tool integrates with them seamlessly. In case it does, make sure that the tool offers support to build the connectors for integration.

Failing to check for integrations can lead to significant development costs and data transformation issues, like missing data and delayed sync.

3. Run pilot reports before the full rollout

Test pilot reports to validate forecasting accuracy and compliance outputs, catching issues early. This ensures your reports align with strategic and regulatory needs.

You can also make changes to workflows and improve them if issues are identified. With a thorough review of the issues, the pilot rollout enables you to identify areas that work well and that need further refinement. 

It also allows you to save time and money while streamlining the department’s implementation of the finance reporting software.

4. Train users on dashboard/report builder tools

Implementation of a tool without training the users on vital modules is crucial for the software’s adoption in your organization.

Equip teams with training on dashboards and report builders to maximize performance tracking and collaboration. Build a training plan based on your needs and target users, like accountants, the PF&A team, and the CFO.

Proper training will also help you address the issues of user resistance and improve the adoption rate.

Why Choose PathQuest for Financial Reporting?

PathQuest BI stands out with its aim to empower finance teams with clarity and efficiency from businesses of all sizes. It is flexible and has a user-centric design that makes it easy for any user to build real-time dashboards. 

For businesses that need accurate financial data and analytical support to inform critical business decisions, PathQuest BI helps:

• Consolidate financial data across multiple locations, entities, or franchises for real-time, GAAP/IFRS-compliant reports with transaction-level granular details
• Integrate seamlessly with QuickBooks, MYOB, and NetSuite and offer audit-ready reports tailored for multi-entity businesses
• Create tailored dashboards with KPIs, scorecards, and visualizations via an intuitive drag-and-drop interface
• Leverage historical and real-time data for advanced financial forecasting and identifying growth opportunities to improve decision-making accuracy
• Access financial reports, notifications, and performance metrics via PathQuest BI’s mobile app on Android and iOS devices

Want to discover how PathQuest BI can transform your financial operations with business intelligence solutions?

Book a free demo of PathQuest BI now. 

Frequently Asked Questions

What is financial reporting software?

Financial reporting software automates budgeting, forecasting, compliance, and performance tracking. It also provides real-time insights through financial data analysis and data visualizations for accountants, CFOs, and FP&A teams.

What makes financial reporting software different from Excel or traditional accounting platforms?

Unlike Excel’s manual processes, financial reporting software offers automation, real-time dashboards, and integrations. It also offers advanced analytics and insights that are unavailable with traditional accounting platforms.

Can financial reporting tools support compliance?

Yes, tools like PathQuest BI and NetSuite provide audit trails and GAAP/IFRS-compliant reports. This ensures accuracy and regulatory adherence for accountants managing complex compliance needs.

Do these financial reporting platforms work with QuickBooks or Xero?

Most best financial reporting software solutions, such as PathQuest BI, integrate seamlessly with QuickBooks and Xero. These seamless integrations help ensure error-free data flow and seamless collaboration between different platforms.

How much does financial reporting software typically cost?

Most financial reporting solutions offer custom pricing based on the user’s unique needs. If you wish to know more about PathQuest BI’s costs, contact our support team.