Financial reports such as cash flow statements and balance sheets let you check how well your business is doing. But the process of creating these reports is complex and time-consuming. You need to collect and analyze large volumes of financial data while maintaining high accuracy levels.
And if—like many other businesses—you use spreadsheets to generate financial reports, you increase the risk of manual errors, which can lead to regulatory noncompliance and penalties. That’s where a financial reporting tool can come to your rescue.
The software can help ensure accuracy in financial reporting and make the process more efficient. But using software doesn’t necessarily mean parting with a chunk of your IT budget. You can get compelling financial reporting tools for a reasonable price or even better, free of cost!
In this article, we’ve listed the three best free reporting software solutions you can try. Each of these tools (arranged alphabetically) has a minimum user rating of 4 (out of 5) on Capterra and offers the key financial reporting features. See the full selection methodology here.
- Free plan: Includes up to ten companies, email support, and all the features of the tool, such as online invoices, multicurrency transactions, financial performance reports, live bank feeds, and payment reconciliation.
- Paid plans: The paid plan costs $39.95 per month. It supports up to fifty companies, offers phone and email support, and includes all the features of the tool.
SlickPie is cloud-based accounting software that offers online invoicing, expense management, tax management, bank statement reconciliation, and an interactive dashboard, among other features. It’s specifically designed for small businesses but can also be used by firms of all sizes.
Its financial reporting feature offers data visualization capabilities to generate reports such as trial balance, balance sheet, journal report, aged payable, and aged receivable. It also lets you create real-time reports to help identify how each department, team, or region is performing financially.
- Free plan: Includes unlimited users and features such as automatic forecasting, ratio analysis, financial visualization, and performance reports. Customer support is available via a knowledge center.
- Paid plans: The starter plan costs $49 per month, billed monthly. Besides the features of the free plan, it offers multicurrency consolidations, a report designer and builder, and custom branding. Support is available via email and live chat.
Syft Analytics is a cloud-based financial reporting and data analytics tool. It offers business data analysis to help you create financial forecasts, track profits, and benchmark your business performance.
Its artificial intelligence-driven financial reporting feature includes custom report templates, data visualization, an interactive dashboard, and financial data consolidation for multiple entities. The tool can integrate with various accounting software solutions, including QuickBooks, Xero, and Sage.
- Free plan: Includes unlimited business users and offers features such as income and expense tracking, year-end financial statements, and reports on overdue invoices and bills, cash flow, and profit and loss.
- Paid plans: The tool doesn’t offer any paid plans.
Wave is a cloud-based accounting software app that helps track your income and expenses. Some of its key features are bookkeeping, invoicing, credit card payments, and expense management.
Its financial reporting feature offers both accrual-based and cash-based reporting. It also provides comparative reporting, which lets you compare two financial reports for a given time period. The software can be integrated with tools such as Zapier, Capital One, and Block Advisors.
How to choose the right free reporting tool for your business
These considerations can make selecting a free financial reporting tool a little easier:
- Check if the tool supports multicurrency transactions. If you have international clients or plan to expand your business overseas, make sure the online reporting tool you select supports multiple currencies. Also, see if it can accommodate foreign exchange rates and conversions.
- Look for a scalable solution. As your business grows in size, you’ll need to handle more data, more entities, and more complex operations. Check if the tool you’ve shortlisted offers upgrade plans or the features required to support scalability. Also, see if you’re comfortable with the upgrade price or if it’ll strain your IT budget.
- Verify data security options. Cloud-based software providers often store data on third-party servers. As your financial data includes sensitive business intelligence, check with the provider where the data will be stored, who will have access to it, and what data security measures will be in place to protect it from unauthorized access.
- Read product reviews. Before finalizing any tool, be sure to read user reviews on third-party websites such as ours. Reviews will help you learn about the tool’s features and pros and cons. They’ll also let you see if its performance meets your needs and expectations. Check out this article to learn how to make the most of user reviews.
Common questions to ask while selecting a free financial reporting tool
Here are a few questions you can consider asking the software provider to learn more about the key aspects of the tool:
- Will I need additional training to use the tool? Check with the software provider how complex the tool is. Ask if you’ll need additional training to get familiar with its features and if this training will cost you extra.
- Does the tool support third-party integrations? You may want to integrate the tool with your HR software, accounting software, or manufacturing software to pull in information from multiple data sources or to extend the tool’s capabilities. So, make sure the software you select supports third-party integrations with tools of your choice.
- Is customer support available around the clock? If you find yourself in a fix when working on a time-sensitive task, the availability of timely support may save your day. Thus, check with the software provider if support services are available round the clock or for only a few hours. If the latter, see if the hours align with your work timings.
How we evaluated products
This article was updated on Feb. 23, 2021. Products considered for this article had to:
- Be included in Capterra’s category page for financial reporting solutions.
- Offer a free, stand-alone version of the software (not a trial version of the software where you must purchase a product after a limited amount of time).
- Meet our financial reporting software market definition: Financial reporting software helps businesses automate the collection of financial data and more accurately tracking trends that impact business goals.
Software that met the market definition also needed an above-average overall user rating compared to other products in the category.
- “Best” free tools had a minimum overall rating of 4 out of 5 stars from reviewers on Capterra at the time of publication.