20 Best Financial Reporting Tools for 2025: Features, Benefits & Trends

Every organization needs one thing: financial transparency, and a financial report where it begins. Reports show the health, compliance and growth-readiness of your organization. However, creating financial reports isn’t always simple. 

Most organizations struggle with scattered data across multiple systems, manual reconciliations that consume hours, and reporting processes prone to human error. The right financial reporting tools can solve these challenges by offering automated data collection and generating audit-ready reports. 

In this article, we will talk about financial reporting tools, how they differ from financial reconciliation tools, some key features, and the best financial tools in 2025.

What are Financial Reporting Tools?

Financial reporting tools are software solutions that collect, organize, and present financial data from multiple systems in a structured format. They generate reports like balance sheets, income statements, and cash flow statements to support compliance, audits, and informed decision-making.

Financial reporting tools help a business by providing accurate visibility into its financial health, reducing manual effort, and minimizing errors. They streamline compliance, speed up audits, and deliver insights that support better planning, budgeting, and strategic decision-making.

Financial Reporting vs. Financial Reconciliation Tools

Let’s see how financial reporting tools are different from financial reconciliation tools:

Reconciliation is an important process for reporting because it validates and matches financial data across systems, removes errors, and identifies discrepancies early. This creates accurate, compliant, and audit-ready reports that stakeholders and regulators can rely on with confidence.

Types of financial reports covered by reporting tools

Financial reporting tools generate various types of documents so that companies can get a clear picture of finances. Let’s take a look at some of the major financial statements generated by financial reporting tools:

1. Core Financial Statements

• An income statement that shows revenue, expenses, and profit over specific accounting periods in order for businesses to assess their operational performance.
• A balance sheet includes a list of assets, liabilities, and equity for that particular time period.
• A cash flow statement that tracks cash movement from operating and investing to all other financial activities.

2. Additional Financial Reports

• Budget and forecasting reports
• Tax reports with compliance documentation
• Monthly, quarterly, and annual financial summaries

3. Specialized Reports

• Accounts receivable and payable reports
• Project profitability reports
• Multi-currency reports for international operations

Key features to look for in financial reporting software

The best financial reporting tool is one that makes reporting faster, more accurate and fully compliant while integrating with your systems seamlessly. Here are the key features that matter most: 

1. Integration

A software should offer seamless integration with the company’s ERP, CRM systems, and accounting platforms to reduce the hassle that can occur during software integration. These systems contain all of the company’s previous and major accounting information, and a reporting system should be able to integrate smoothly with existing systems.

2. Automation and customization

An effective reporting software also provides automated report generation that can be customized to meet business requirements. Companies might require specific reports at times, such as analytical reports or regulatory reports. A reporting software should be able to generate any automated report as per the company’s requirements.

3. Compliance

A software should include built-in compliance features that ensure compliance with local and international regulations such as AML (Anti-Money Laundering), KYC (Know Your Customer), etc.

4. Data Security

Advanced security features such as data encryption, 3DS (3D Secure) for multi-factor authentication, careful access controls to make sure that data cannot be accessed by everyone, and compliance with ISO 27001, etc, make sure that sensitive financial information is protected.

5. User Experience

A user-friendly interface offers proper navigation through the platform, requires minimal expertise about technology, so that users are able to access without much training about how to use certain software, saving time and increasing efficiency.

Best Financial Reporting Tools [2025 List]

With so many options available, choosing the right financial reporting tool can feel overwhelming. To make it easier, we’ve curated a list of the best financial reporting tools for 2025.

1. TallyPrime

TallyPrime was launched in 2020, replacing Tally ERP 9. It is India’s leading business management software that includes accounting, inventory management, GST compliance, etc. TallyPrime can also generate more than 400 reports for business insights, streamlining financial processes that would generally be complex if done manually.

Key Features:

• Invoicing is GST-compliant with e-way bill generation
• Automated tracking for real-time inventory management
• Multi-currency support for global transactions
• Multiple aspects, such as company management, can be viewed through a single platform
• Offers remote access through cloud connectivity options
• Financial reports like profit & loss, balance sheet, cash flow, etc, can be customized

2. QuickBooks

QuickBooks is a cloud-based accounting software developed by Intuit. Along with helping businesses to manage their finances, it also lets them perform advanced accounting functions. The platform can be connected to bank accounts and credit cards, through which bookkeeping tasks can be fully automated. QuickBooks serves millions of businesses around the world with its tools that offer invoicing, tracking of expenses, etc.

Key Features:

• Transactions can be categorized
• Invoice creation and automated payment reminder
• Supports international business transactions with multi-currency support
• GST/VAT tracking 
• Extended functionality with multiple app integrations
• Generates various financial reports like balance sheet, cash flow, etc.

3. Xero

Launched in 2006, Xero is a cloud-based accounting software that provides business management tools and real-time data access to businesses regarding their finances. Their platform has automated processing for payments, financial reports that can be customized according to the business’s needs, and so on. Xero’s user interface can be easily used, and it is ideal for medium-sized businesses.

Key Features:

• Automated transaction matching along with real-time bank reconciliation
• Payment reminders
• Multi-currency accounting that supports more than 160 currencies
• Real-time data insights with customizable reporting of finances
• Automated tracking of stock levels
• Offers more than 1000 integrations

4. Zoho Books

Zoho Books was launched in 2011; it is also a cloud-based accounting software. Designed to simplify financial management for small and medium-sized companies, the platform automates invoicing, expense tracking, and has real-time financial reporting capabilities. Zoho Books not only offers integration with Zoho applications, but also with multiple third-party services, providing businesses with a unified platform for business management.

Key Features:

• The platform has portals for both the customer and the vendor for efficient collaboration
• Receipt scanning is automated, providing a smart expense tracking
• GST compliance is automated
• Offers 50+ financial reports
• Automated stock updates for real-time inventory management
• Transactions are automatically categorized

5. FreshBooks

FreshBooks is specifically designed for small businesses, freelancers, and entrepreneurs. The platform streamlines financial management through multiple features such as expense tracking for time management, automated invoicing, etc. FreshBooks emphasizes features that can be easily used yet are professional at the same time to help businesses maintain financial records accurately and efficiently.

Key Features:

• Smart expense tracking that includes receipt scanning
• Multiple payment gateway integrations
• Team collaboration features for project management
• Multi-currency and multi-language support for international business
• Smooth conversion to invoices
• Payment and late fees reminders

6. Oracle NetSuite

Oracle NetSuite is one of the world's leading ERP platforms, launched in 1998, the platform is trusted by over 42000 organizations globally. NetSuite provides business management on a single platform, including finance, accounting, CRM, and ecommerce, eliminating problems caused by having multiple disconnected systems.

Key Features:

• Real-time financial reporting, such as access to live data from summary reports and individual transactions
• Financial statements can be customized through various pre-built reports
• Global transactions can be handled with multi-currency and multi-language support
• AI-powered fraud detection that checks for unusual patterns
• ERP can function on any device
• Real-time business analytics 

7. SAP S/4HANA

SAP S/4HANA is an ERP system with in-memory database technology and built-in AI capabilities. The platform combines transactional data with analytics in real-time and comes in cloud and on-premises versions, providing options for different business needs.

Key Features:

• Provides combined financial and management accounting in one system
• Analytics are predicted by AI, providing automated insights
• Multi-ledger accounting support
• Real-time reporting on live data related to transactions
• Interface can be accessed through all devices

8. Microsoft Dynamics 365 Finance

Microsoft Dynamics 365 Finance is an ERP-based solution that helps organizations to streamline all of their financial operations with management capabilities enhanced by Microsoft Copilot. The platform can be easily integrated with all of Microsoft’s ecosystem, making it the right choice for businesses that are already using Microsoft tools like Office 365.

Key Features:

• Financial analytics are enhanced by Microsoft Copilot
• Cash flow management with predictive analytics
• Streamlined workflows for financial closings
• Works seamlessly with Teams, Excel, etc.
• Supports multiple currencies and companies
• Real-time financial reporting

9. Acumatica Cloud ERP

Acumatica is one of the fastest-growing Cloud ERP solutions, and it has the highest customer satisfaction ratings in the industry. The platform is set apart with a consumption-based pricing model, which allows businesses access without worrying about licensing costs. It is specifically built for the cloud with web technology, delivering financial management for businesses.

Key Features:

• Unlimited user licensing with a consumption-based pricing model
• Financial reports can be segmented
• Real-time dashboard and KPIs
• Fraud detection and workflow automation with Artificial Intelligence and machine learning
• Can be deployed on public cloud, private cloud, or on-premises
• Ensures security with detailed tracking

10. Workiva

Workiva stands out by providing a unified solution for financial reporting, ESG sustainability reporting, and audit management. It was built to handle the complexities of modern regulatory requirements while ensuring data accuracy. 

Key Features:

• Data linking ensures that after a single update, the information will be refreshed across all the reports automatically.
• Connects to general ledgers, ERP systems, and other virtual data sources
• Real-time collaboration 
• Supports over 40 languages and currencies
• Workflow automation with automated reminders, approvals, and task management
• All the changes can be tracked with users and timestamps.

11. Jedox

Jedox is a software company that combines planning, budgeting, and financial reporting in real-time with its unified platform. It provides an Excel-like familiarity and has an in-memory OLAP database that ensures fast performance, even while working with large volume datasets.

Key Features:

• Interface is Excel-integrated, providing a familiar experience
• Real-time OLAP database
• Reporting and planning are unified on a single platform
• Web-based collaboration for real-time data sharing
• The workflow process is automated

12. Cube Software

Cube software seamlessly connects with the company’s existing systems, such as ERP and CRM, in real time; it is a no-code FP&A platform that directly integrates with Excel and Google Sheets, as well, enabling collaboration and analysis for users.

Key Features:

• Integration with Excel and Google Sheets
• Data connectivity with business systems like ERP and CRM
• Forecasting enhanced by Artificial Intelligence
• Real-time collaboration with approval workflows
• Flexible pricing model
• No-code platform that allows finance teams to build models without any technical expertise

13. Vena Solutions

Vena Solutions was launched in 2011; it also provides an FP&A platform that combines Excel, offering budgeting and reporting in a single system. It uses Microsoft integration with Excel, Power BI, and Teams.

Key Features:

• Excel experience with collaboration controls
• Vena Copilot AI for recommendations
• Automation for approval processes, task assignments, and deadline management
• Real-time co-authoring
• Integrated Power BI for visualizations

14. PathQuest BI

PathQuest BI is a regulatory and compliance reporting solution designed for financial institutions so that they are able to streamline regulations and enforce data governance. The platform offers a unified system for businesses to manage risk data, automate report generation, and ensure that global reporting standards are complied with. 

Key Features:

• Provides regulatory reporting templates for IFRS, CCAR, etc.
• Automated data consolidation and workflows
• Duties can be segregated according to roles
• Real-time monitoring and management

15. Suvit

Suvit is a cloud reporting platform that allows finance teams to generate financial statements that are accurate and regulatory filings, all with very minimal manual intervention. The interface supports multiple data sources, providing a seamless experience.

Key Features:

• Data connection with multiple sources like ERP, spreadsheets, and databases
• Customizable report templates for local and international regulators
• Workflow automation
• Version control with audit logs
• A cloud deployment with ISO 27001 certification

16. ClearTax

ClearTax is tailored for the Indian market. It is an end-to-end compliance reporting tool that provides automated tax filings, financial reports, and GST returns. By using Artificial Intelligence, ClearTax reduces errors and improves the submission cycle.

Key Features:

• Automated GST and TDS return
• Pre-filled tax forms with the help of Artificial Intelligence
• E-sign integration
• Dashboard with real-time compliance tracking
• A dedicated customer support and help centre

17. HighRadius

HighRadius has an AI-powered regulatory reporting system, which is designed to automate financial closing, treasury, and compliance processes. It can be integrated with ERP systems so that businesses can extract all their transactional data, apply rule-based validations, and then regulatory submissions.

Key Features:

• Data reconciliation with Artificial Intelligence and Machine Learning
• Regulatory report generation for IFRS, SOX, etc filings
• End-to-end cash forecasting
• Collaboration tools for reviewing and approval
• Cloud infrastructure that is scalable

18. Marg ERP 9+

Marg ERP 9+ is an ERP solution with regulatory and compliance reporting features; it is mostly for small to mid-sized companies. The platform automates the reporting process, which includes GST, TDS, and e-invoicing, all while maintaining audit logs. 

Key Features:

• Automated GST, VAT, TDS, and E-Way bill generation
• Supports operations from multiple locations
• Has a repository for electronic documents
• Dashboards can be customized
• Supports integration with banks

19. Tableau

Tableau is a leading platform for analytics and visualization. It is designed for businesses and data scientists. The platform supports drag-and-drop analytics and real-time data analysis. The ecosystem includes Tableau Server and Tableau Public, both of which allow collaborations to be scalable.

Key Features:

• Provides a drag-and-drop feature in dashboards
• Data connectivity is live
• Has built-in statistical functions with advanced analytics
• Interface can be accessed through mobile phones as well
• API support and extensions for the marketplace

20. Microsoft Power BI

Microsoft Power BI is an analytical tool that can be integrated with the Microsoft ecosystem. It provides businesses with visual analytics and reporting capabilities, features insights powered by artificial intelligence, and so on. The platform has both cloud-based and on-premises deployment options.

Key Features:

• Data modelling powered by artificial intelligence
• Integration with Microsoft’s ecosystem, like Excel, Teams, etc
• Visuals can be customized
• Security is row-level
• Real-time streaming

How to Choose the Right Financial Reporting Tool for Your Business

Here are a few factors to choose the right financial reporting tool for your business: 

1. Identify Reporting Needs

Start by making a list of all the challenges you face, such as a lack of real-time insights or compliance requirements. Based on this, define the features you need and identify “must-have” ones. Choose a reporting tool that offers these essential features. 

2. Automation and Data Integrity

The tool should be able to automate manual tasks to reduce errors and save time. Real-time data integration, along with automated workflows, is important for accuracy and efficiency.

3. Integration

Choose a reporting tool that can easily connect with your existing ERP, accounting systems, CRM, etc., so that there is no hassle in transferring data and operations can be streamlined seamlessly.

4. Compliance and Security

Go for a reporting tool that is compliance-ready, offers security features such as encryption and multi-factor authentication, while keeping up with all the regulatory requirements.

Trends in Financial Reporting for 2025

New developments in technology are seeping into all fields. Here are a few trends in financial reporting: 

1. AI-Driven Automation

Most of the organizations use Artificial Intelligence for financial operations. AI and Machine Learning are increasingly being used in tools as they reduce manual workload and streamline multiple processes such as reporting, compliance, and fraud detection.

2. Cloud-Based Collaboration

Cloud-first platforms have become the standard. These platforms provide teams with secure access to all the financial data from any place and at any time. Cloud-based platforms are a must-have in a hybrid or remote work setting.

3. Data Visualization and Dashboards

Dashboards, which are interactive and customizable data visualization, makes complex data more accessible and understandable. This helps you simplify everything you need  for accurate decision making.

4. Focus on Security

With an increasing number of cyber threats, businesses value security features like encryption, audit trails, and access control. These features are now essential in financial reporting tools.

How Osfin Makes Financial Reporting Accurate

Financial reporting tools are essential for organizations who want to optimize their operations and maintain compliant practices. However, your financial reporting process is incomplete if you do not have a well-established reconciliation process. This ensures that all of your financial transactions are verified, matched across systems, and free from errors before they flow into reports.

Osfin.ai strengthens this foundation by automating reconciliation across ledgers, core banking systems, payment gateways, and third-party platforms. This file-format agnostic platform can ingest and process data regardless of format from multiple platforms using 170+ integrations. 

Osfin’s advanced rule-based matching logic handles one-to-one, one-to-many, and multi-source matches with 100% accuracy, even at the scale of 30 million records in just 15 minutes. Its real-time expectation handling engine immediately flags mismatches, assigns them with the right reasons and routes them to the right teams for resolution.

As a result, you get financial reporting that is accurate, transparent, and trusted by auditors, regulators, and stakeholders while your data is protected by osfin’s end-to-end encryption, role-based access, and compliance with SOC 2, PCI DSS, ISO 27001, and GDPR guarantee.  

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FAQs on Financial Reporting Tools

1. What are the features to look for in a financial reporting tool?

Key features to look for include automation to reduce errors, cloud accessibility, robust security, real-time data updates and integration allowed with other platforms.

2. What is a financial reporting software?

Financial reporting software centralizes financial data from spreadsheets, accounting systems, etc. It provides businesses with dashboards and reports to track performance with ensured compliance.

3. How do financial reporting tools support compliance and security?

Modern financial reporting tools offer encryption, user-level permissions, audit trails, etc. These features help businesses to meet regulatory requirements, and protect all of their sensitive data and information.

4. How can businesses determine which financial reporting tool is right for their company?

Businesses can assess their company’s size, budget, integration requirements, and reporting requirements to find the best financial reporting software. Small businesses might want a reporting tool with an easy user interface and affordability, while large businesses focus more on scalability, advanced analytics and integration options.

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