Janet Jarnagin Shares the Top Eight Financial Reporting Software Solutions for 2021
Financial reporting software can significantly simplify the way that companies do business. The software has become much more sophisticated in recent years, enabling businesses to do their work more efficiently and effectively.
Janet Jarnagin, a board and management reporting executive from New York, reviews the top eight financial reporting software solutions for 2021, explaining some of their top features and how they can help businesses get organized.
1. NetSuite
NetSuite is the premium cloud-based ERP (Enterprise Resource Planning) software solution used by thousands of businesses worldwide. The applications included in NetSuite include financials, professional services automation, HR, and omnichannel commerce.
Produced by Oracle, the software is engineered to scale up with growing businesses and to help to streamline critical processes. The software enables users to gain a real-time view of the customer sales process. It analyzes invoices and recurring invoices. It provides customizable KPIs, reports, and dashboards.
NetSuite also includes local and global tax compliance features. It allows post-order transactions to be automated across many invoices. It will enable your business’s general ledger to meet changing business needs.
2. Sage Intacct
Sage Intacct is a cloud-based solution that handles all aspects of ERP management. It uses extensive automation to streamline business processes.
Some of the Sage Intacct features include accounting, purchasing, cash management, financial consolidation, vendor management, subscription billing, revenue recognition, project and fund accounting, inventory management, and other financial reporting applications.
The software is flexible and relatively easy to learn to use. The one weakness of the software is that it is difficult to integrate with external software solutions like Excel.
3. Divvy
Divvy is a free cloud-based system that manages accounting and expenses. Some of its most popular features include managing subscriptions and payments, building budgets, automating expense reports, and creating virtual cards.
Divvy can track and categorize company expenses in real-time. Each user can create a personalized budget for their department. The program also offers access to credit.
4. Planning Maestro
Planning Maestro by Centage Corporation is a cloud-native platform that provides planning and financial analytics. It has helped transform how companies forecast and report their performance and update the budgeting process.
The software helps professionals understand their organization’s financial health, allowing them to make rapid decisions in accordance with market changes. This software is best for small businesses, but it has excellent features and integrates easily with programs like Excel.
5. Budgyt
Budgyt is a relatively low-cost solution that helps companies with multiple departments simplify their budgeting process. Budgyt can replace Excel worksheets and provide a collaborative workspace. The tool allows input from business leaders to be collected, enabling leaders to spend more time making decisions and less time worrying about complex spreadsheets. Instant consolidation features let users see the impact of a scenario change, allowing them to make real-time decisions using actual data.
6. Acumatica
Acumatica is a cloud ERP solution that provides a flexible, efficient means of analyzing and reporting business financial data. It is easily adaptable to mobile and telework scenarios.
One of the most exciting areas in Acumatica for Janet Jarnagin is its warehouse management system. This system can automate receiving, shipping, and packaging of goods. It includes many other automated features that can speed up data analysis and report creation.
It is easy for non-technical staff to use and get reports on their own. The software is generally reliable, and the support from the company is outstanding.
7. SAP Business One
This software can streamline processes and show different insights into financial data. It helps lower costs across financials, inventory, sales, purchasing, project management, HR, and operations. SAP Business One is best for small to medium-sized businesses as a complete ERP solution but is easily scalable.
The program allows easy comparison and reporting across many financial fields. Another enticing feature is that it is simple to attach documents to the system.
8. BlackLine
BlackLine is a sophisticated ERP software solution that helps accounting and finance professionals automate accounting workflows and streamline financial reporting. The software also allows for the creation of a centralized workspace to complete accounting activities.
BlackLine completely changes the accounting process, automating many steps and taking away the potential for manually calculated errors. The program monitors for fraud, errors, and inefficiency. This helps finance professionals focus on other aspects of their jobs.
The software is relatively easy to use, and it is appropriate for businesses of any size which is why many members of the Fortune 50 use it.
Finding the Right Financial Reporting Solutions
All of these software solutions can help make your company’s accounting data work for you. Automating manual processes like reporting and reconciliation saves time and helps to eliminate errors. In addition to accounting features, many of these solutions include inventory management, budgeting, and cash flow assistance.
Janet Jarnagin encourages companies of all sizes to look into the possibilities of an enterprise-wide financial reporting system like the programs she reviewed. When companies have powerful and easy financial software, they will be more likely to run their businesses efficiently and effectively.
