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Every business owner is familiar with the importance of financial reporting, whether they have just begun their business or are yet to do so.
As Xero states, “The objective of financial reporting is to track, analyze and report your business income. The purpose of these reports is to examine resource usage, cash flow, business performance, and the business’s financial health. It helps you and your investors make informed decisions about managing the business.”
Financial reporting is an integral part of every business. Hence, C-suite executives, senior managers, small business founders – all these professionals have to invest their time in preparing financial reports before year-end. However, as all the processes progress in a company, startup founders need to keep a monthly track of their finances. For some businesses, even weekly updates matter.
There are several tools and software to help professionals with financial reporting, making managing finances easy. But is it as easy to manage money as it seems, even with software? In addition, you may have questions like which software is best for your business? Or do you need a paid version of the software?
It is evident for a business owner to develop cold feet before investing in financial reporting software. So let’s start with basic questions first and find out the best software for your business.
What Is Financial Reporting Software?
An ideal financial reporting software primarily enables businesses to automate financial data collection. In addition, it helps to track trends that directly influence business goals more accurately. As a result, financial reports provide business owners greater insight and visibility into their business workings.
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What Should You Look For In Financial Reporting Software?
The next step is to know what business owners should look for in financial reporting software. Features may differ for different people. However, some common points can help you select the right financial reporting software.
Dashboards
You must pick software that captures your company’s financial health data and display it in an easy-to-read style. You must also be able to create dashboards to summarize data for a particular audience, such as a business owner or accountant.
Software That Makes Exporting Data Easy
Financial reports assist decision-makers, investors, and regulatory authorities in tracking corporate performance and increasing transparency. As a result, it is critical to converting data from dashboards and reports to CSV or PDF files to share it.
In addition, exportable data is beneficial for business owners, as they can convert it into a preferred, easy-to-view form.
Customization
An excellent financial reporting software allows users to create custom fields, views, and formatting to keep track of the data that matters most to their company. You can also look for drag-and-drop functionality to adjust formatting and layout options, arrange data in various ways, and drill down into data for a complete analysis.
Other software Integration
Ensure that you can seamlessly transfer data between applications. For example, if your company outsources payroll or has industry-specific needs like inventory tracking or fixed asset depreciation, this is essential for you to expect from financial software.
Multi-User Capability
You can simplify tax preparation and filing by sharing reports with accountants and bookkeepers. However, for accountability and accuracy, be sure systems have tracked changes.
These are must-have features for the best financial reporting software. But, of course, businesses need to make an informed decision – selecting software based on the features required.
However, small companies and startups often run on bootstrapped budgets, meaning that they also have to look for the best value for money options. Hence, here are some valuable opportunities for businesses that have just started and need to save costs.
Highly- Affordable Financial Reporting Software
At a Glance Features:
- Ideal for Accounting
- Suitable For All Business Sizes
- Supports Various Platforms
Reviews:
- Value for money
- Good functionality
- Easy to use
QuickBooks Enterprise is accounting software for small businesses suitable for various industries, including construction, non-profit distribution, manufacturing, and retail. Any business owner may grow operations with QB Enterprise’s sophisticated inventory, reporting, invoice tools, and premium assistance from Enterprise’s CS and Payroll teams.
QuickBooks Enterprise has configurable reporting capabilities to assist customers in analyzing data and making sound business decisions. This accounting software by Quickbooks lets organizations access QuickBooks data to answer any company problem with over 200 auto-filled templates and 70 industry-specific reports.
Pricing: QB enterprise offers three yearly plans – Gold ($1044), Platinum($1070), and Diamond($2100).
- FreshBooks
Quick Glance Features:
- Easy integration options
- Helps to enhance productivity
- Suitable for various industries
Reviews:
- An affordable option for small businesses
- Good functionality
- Easy to use
FreshBooks automates billing and takes it out of your hands. You can set up automated invoicing, online payment alternatives (ACH and Credit Card), and late payment reminders to get paid 2x faster. Next, increase team productivity by using accurate time tracking and collaborative project tools to track and log every minute, file, and chat.
FreshBooks is a small business accounting software that runs on the web. It caters to many businesses, including marketing, legal firms, consulting firms, traders, home service providers, and information technology (IT) companies.
Invoicing, expenditure tracking, time tracking, reporting, and payments administration are all key elements of FreshBooks. It offers invoice customization, takes online payments, and sets payment reminders. In addition, you can successfully integrate FreshBooks with Paypal, MailChimp, Zenpayroll, and Basecamp.
Pricing: Lite: $4.50/month – 5 clients Plus: $7.50/month – 50 clients Premium: $15.00/month – unlimited clients. Custom pricing is available for specialized features and unlimited clients.
- Divvy
At a glance:
- Great customizations
- real-time visibility into spending
Reviews:
- Recommended for new businesses
- Customize according to needs
For organizations, Divvy is a free cloud-based accounting and expenditure management tool. You can efficiently execute all-important business aspects with Divvy, such as managing payments and subscriptions, creating strategic budgets, automated expense reports, and virtual cards.
Divvy keeps track of and categorizes every business spend as it occurs. Employees can seek monies, and budget owners can grant those requests. In addition, users can make their budgets and track their spending.
On a quarterly, yearly, monthly, or daily basis, users can manage budgets for particular events, departments, or entire corporations. You can make one-time budgets as needed and automatically set up recurring budgets to renew.
Divvy provides enterprises with real-time visibility into their spending and the tools to prevent losses.
Pricing: Business owners can start with a free version.
- NetSuite
At a glance:
- Automate core processes
- suitable for all businesses
Reviews:
- Pricing not available
- Makes working easy
- It comes with most business processes inbuilt
NetSuite enables fast-growing businesses to work more effectively by automating core processes and providing real-time insights into operational and financial performance through an integrated system including ERP, financials, commerce, inventory management, HR, PSA, and supply chain management, CRM, and more.
NetSuite is a cloud accounting software that gives you a complete picture of your financial performance and cash flow. General ledgers, cash management, tax management, accounts receivable and payable, fixed asset management, and payment management are all included in the system. As a result, the financial reporting software is suitable for businesses of all sizes.
Pricing: NetSuite does not publish pricing information. Please contact Oracle for details on the starting price and available plans or tiers.
- Sage Intacct
At a glance:
- Ideal for small to medium accounting organizations
- Provides a comprehensive set of tools
Reviews:
- Built to support consolidated processes
- Easy to use
Sage Intacct is a cloud-based accounting and financial management software. Sage Intacct’s software is designed for small to medium accounting organizations, and it may give financial reporting, operational insights, and the capacity to automate essential financial procedures.
In addition, Sage Intacct is a cloud financial management solution that manages the core financials and offers expert services to assist with Sage Intacct software implementation.
Sage Intacct provides any accounting department or finance team with a comprehensive set of essential accounting tools, including a general ledger, accounts payable, accounts receivable, cash management, and order management.
Built-in dashboards, real-time reporting, time and expense management, project accounting, revenue management, and worldwide consolidations for numerous organizations are all supported. Non-profit, Software and SaaS, Professional Services, Financial Services, Healthcare, Hospitality, Wholesale Distribution, Construction, and Real Estate are among the industries we offer specific solutions to.
Sage Intacct’s accounting solution integrates with any CRM, payroll, POS, or ERP system such as Salesforce, ADP, and more with an open API structure.
Pricing: Pricing varies according to plant type.
- Quickbooks Online
At a glance:
- offers free intuit mobile apps
- fits all sizes of business
Reviews:
- Pricing makes it fit for small businesses
- Focuses on ease of users
Quickbooks Online is web-based accounting software that you can use to manage all aspects of the financial side of the business. For example, business owners can use the software in bookkeeping, payroll, invoice management, bank reconciliation, expense tracking, financial reporting, tax management, etc.
Users can photograph bills and submit them as expenditure proofs or share them with the appropriate stakeholders and download and reconcile credit card transactions. The accounting tool fits all sizes of business.
Quickbooks Online offers free intuit mobile apps for Android and IOS devices.
Pricing: Quickbooks Online has five pricing levels to meet the demands of businesses. The plans are subscription-based and billed monthly, with the option to cancel. Additionally, each plan includes a free expert setup. Freelancers or self-employed professionals can use the most basic plan, which starts at $7.50 a month.
The easy-start plan is $12.50 per month for small enterprises and includes invoice management and auto-generated tax reports, while the essentials plan is $25 per month and includes more users, time tracking, and bill payments. Finally, the plus plan costs $40 per month and includes additional user seats, inventory tracking, and project profitability tracking.
The Advanced plan for mid-sized businesses is $95 a month for 25 employees, including on-demand training, batch invoices, premium apps, and other features.
- Xero
At a glance:
- Best-suited for accountants & bookkeepers
- It has an app for Android & IOS
Reviews:
- Easy to use
- Highly-affordable
Xero is a cloud-based accounting system for small and developing enterprises. Xero connects small businesses with trusted consultants and gives owners rapid access to their financial status. Xero may be accessible from any device with an active internet connection because it is a web-based solution.
Small businesses can examine their cash flows, transactions, and account details from any place, thanks to Xero’s sophisticated accounting capabilities. All bank transactions are imported and coded automatically. Online bill pay assists in keeping track of expenditures and staying on top of bills due while also boosting connections with vendors who supply vital business products.
Pricing: Personal costs can also be controlled with Xero via mobile review and approval of each receipt. Xero provides infinite customer assistance and connection with a wide range of systems, including ADP, Bill.com, and Vend. The solution includes a 30-day free trial period for product testing and feature evaluation.
- Zoho Books
At a glance:
- Ideal for Accounting
- Best For All Business Sizes
- Supports Multiple Platforms
Reviews:
- Great value for money
- Great ease of use
- Great functionality
Zoho Books is a complete accounting solution for organizations of all sizes that manage finances throughout the firm. Accounts payable and receivable, time tracking, payroll, transaction management, inventory control, and banking are all automated.
Furthermore, Zoho Books facilitates customer and supplier interactions via the client portal, where customers can securely maintain payment information for recurring transactions.
Zoho Books includes automatic bank feeds, a collaborative client portal, accounting and taxes, online payments, invoice templates, and analytical reports. In addition, users can utilize the system to manage various timesheets for different projects and track reimbursable expenses.
By automating periodic invoices, setting up payment reminders, and receiving payments using online payment gateways, users may manage customers and handle client invoices online or by mail.
Pricing: Zoho Books has three pricing levels and a free version for organizations earning less than $50,000 per year.
The base package is $10 per organization each month for three users. The professional package costs $20 per organization per month for five users and includes voice and chat customer support. The premium plan is $30 per organization/month for ten users and includes Twilio and Zoho Sign connectors, vendor portals, validation lists, webhooks, and workflow rules.
- Wave Accounting Software
At a glance:
- One-stop for all accounting functions
- Allows data import from other apps
- Free trial available
Reviews:
- Suitable for businesses of all sizes
- Accurate accounting tool
Wave is accounting software available online and includes invoicing, billing, payment tracking, payroll administration, finance management, credit card processing, and receipt scanning. Wave Accounting is intended to assist organizations in streamlining their bookkeeping operations.
Businesses can handle all bank account and credit card information in real-time using Wave’s bank reconciliation capabilities, improving bookkeeping efficiency and accuracy.
Companies can also generate reports that include sales tax, balance sheet, cash flow, profit/loss, and more. In addition, the Wave dashboard features an invoicing function for collecting invoice payments. As a result, small business owners, freelancers, accountants, bookkeepers, and tax preparers can easily use Wave.
Wave Accounting does not require downloads and is accessible from any web-enabled device. You can import data from other apps, such as Quickbooks. In addition, users can access visual dashboards, reporting, invoicing tools, and other features via an internet interface.
Pricing: You can start with Wave Accounting for free. Upgraded plans with enhanced features are available for other Wave products.
These nine financial reporting software can make accounting and report-making easy for you. You can choose several options if looking for a free trial.
A bonus point with some of these tools is that they offer integrations with other apps, making life easier for business owners. However, one may ask – even with the ease of use and so many features, can business owners make time to go through every feature of every tool, try out its free version and finally decide which accounting software is right for them?
One of the most crucial things for a business to run successfully is prioritizing and focusing on the core areas. For example, if a startup founder turns away from their specialization and focuses on choosing the right financial reporting software, it may take him enormous time. Simply because they are not a specialist in the field.
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According to research, poor time management is one of the key reasons businesses fail. Moreover, a company will incur losses when a person is not sufficiently qualified or experienced to handle a department.
When business owners manage company accounts with an amateurish approach, they put their business at high risk. According to Forbes, bad accounting is one of the five reasons small businesses lose money!
Mapping a Solution
Keeping an in-house accounts manager is way too expensive for small businesses. But, hiring a virtual assistant for bookkeeping and financial reporting is a feasible solution. Not just for small businesses, for any business!
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Why Should You Hire A Virtual Assistant?
Firstly, every business owner is decked with responsibilities. Sorting out financial documents seems like an added responsibility when you can delegate it to a well-qualified and skilled professional who can be your financial advisor assistant. But, what are some other reasons to get a virtual assistant?
Get a financial coach: A bookkeeping virtual assistant can be your virtual financial coach, going beyond helping you prepare your reports on time. Finance is not a small business game. It is an entire department that requires your attention full-time. At times, you need informed advice from an experienced professional to save costs or get more things done without spending more. A financial reporting or bookkeeping assistant can help you with that.
360-degree support: Some business owners think having a bookkeeper virtual assistant is not essential because finance-related tasks are for year-end. That’s a bubble that you can come out of by reading about 14 Bookkeeping Tasks A Virtual Assistant Can Do For Entrepreneurs. They provide year-round support to entrepreneurs.
The benefits do not end here. When you hire a virtual assistant, you can consider a few options, such as connecting with a virtual assistant agency to select an ideal candidate for your business requirements. Wishup is a VA agency.
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Why Choose Wishup Virtual Assistants?
- Saving Costs: Having an in-house bookkeeper is more expensive than having a remote bookkeeper. You can save more than half of your costs when you hire virtually with Wishup. You can pay virtual assistants hourly charges, meaning paying only for the number of hours your business requires their services.. Full-time employees take hefty, full-time salaries that may take a toll on your small business.
- Pre-Trained Bookkeepers: You work with trained professionals when hiring a virtual bookkeeper from Wishup. They are skilled in more than 70 tasks, ranging from invoice management to financial reporting. In addition, these qualified professionals bring industry-specific experience to aid customers globally.
- Pre-Vetted Virtual Assistant: It may take you from a few days to months to hire an ideal bookkeeper for your company. Wishup considers this and tries its best to save clients’ time by pre-interviewing the professionals and doing a background check, picking only the top 1% professionals, best at bookkeeping.
- Reduced Onboarding Time: Traditional hiring requires making a job description, posting it on various platforms, and waiting for a suitable candidate’s reply. No doubt hiring a bookkeeper with Wishup will take you less time than traditional techniques. Then you can review a portfolio of qualified prospects and select the finest one to work with at the earliest.
- Experienced Professionals: We ensure that only qualified individuals who have already worked on various challenging assignments work for you. You can benefit from a bookkeeper’s skills to ensure that your firm moves on the right path.
- No Additional Employer Overheads: Wishup offers the best pricing for its virtual bookkeeping assistants. Another advantage of hiring a virtual bookkeeper is that business owners save on employee costs such as insurance costs, office setup costs, power charges, etc.
Final Word On Hiring A Virtual Assistant
According to CNN, companies are heading towards remote work because that is the new normal for everyone, organizations, and professionals. In addition, this is an excellent time to consider the qualities that US-based entrepreneurs are looking for in their workforce.
They want to work with an ethically mature workforce, highly qualified professionals, and loyal and trustworthy virtual assistants. Indian virtual assistants possess all these qualities, making them a perfect pick for business owners starting their ventures.
Moreover, a virtual assistant can act as a financial advisor, helping you overall with work processes. Check out all you need to know about hiring a virtual assistant for bookkeeping right here or schedule a free consultation by mailing us at [email protected].
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