Spreadsheets. Endless back-and-forth approvals. A month-end close that drags on forever. If your finance team is drowning in manual work just to get a clear picture of company spend, it’s not a people problem. It’s a software problem.
The right financial reporting software gives you real-time visibility into where money is going, automates tedious finance tasks, and helps you make smarter decisions faster. Whether you’re a CFO at a growing company, a controller juggling multiple entities, or a fractional CFO working with multiple clients, the right reporting tool can be the difference between staying ahead of your finances or constantly playing catch-up.
However, not all financial reporting software is built the same. Some solutions focus on general accounting, while others prioritize procurement, approvals, and spend management.
In this guide, we’ll break down the best financial reporting tools for SMBs in 2025 so you can find the one that fits your needs.
- What is financial reporting software?
- Benefits of using financial reporting software
- Key features of top financial reporting software
- Best financial reporting software for SMBs
- How to find the right financial reporting software for your needs
What is financial reporting software?
Financial reporting software helps businesses track, analyze, and present their financial data in a clear, structured way. It automates reporting processes, reduces manual errors, and provides real-time insights into a company’s financial health. Plus, the right software can streamline compliance, improve decision-making, and save time on month-end close.
Benefits of using financial reporting software
With the right tool, financial reporting goes from a headache to a strategic advantage.
Here’s how:
- Increased visibility across the company. Keep leadership, investors, and key stakeholders aligned with real-time financial insights.
- Make decisions based on data, not gut instinct. Move beyond spreadsheets and guesswork with accurate, up-to-date financial metrics.
- Automate tedious finance tasks. Free up your time from manual data entry and number crunching so you can focus on more strategic tasks.
- Faster month-end close. Reduce the time and stress of reconciling accounts and generating reports.
- Better compliance and accuracy. Minimize errors and ensure financial statements meet regulatory requirements.
Key features of top financial reporting software
The best financial reporting software gives SMB finance teams real-time visibility, automates tedious processes, and helps leaders make smarter decisions.
Here are the must-have features:
- Customizable financial reports. Generate balance sheets, profit and loss statements, inventory forecasts, and cash flow reports tailored to your business.
- Drill-down reporting. Click on financial statements to see transaction-level details and uncover trends.
- Budget tracking & variance analysis. Compare actuals vs. budgets in real-time to stay on top of company spend.
- Multi-entity consolidation. Manage financials across multiple business units or subsidiaries.
- Multi-currency support. Convert transactions and financial reports into different currencies for global operations.
- Automated invoice and expense tracking. Sync expenses, invoices, and payments to keep reports accurate.
- Approval workflows. Ensure expenses and purchase requests go through the right review process before impacting financials.
- Audit-ready compliance. Generate GAAP, IFRS, or tax-compliant reports with built-in controls.
- Custom dashboards. Give CFOs and finance teams a real-time view of cash flow, liabilities, and profitability.
With these features, SMBs can go beyond static reports and get real-time, actionable insights.
Best financial reporting software for SMBs
With so many options out there, the right financial reporting software depends on your business size, complexity, and reporting needs. For SMBs, the best tools also strike a balance between automation, customization, and ease of use.
Here are some of the top financial reporting solutions to consider in 2025.
ProcurementExpress.com
For SMBs that manage a high volume of purchases, standard financial reporting software isn’t enough. You don’t just need financial statements. You need real-time visibility into purchasing, approvals, and budget impact before expenses hit your books. That’s where ProcurementExpress.com stands out.
Built for finance teams who need airtight purchasing automation controls and clear spend reporting all in one simple-to-use interface, ProcurementExpress.com streamlines procurement from purchase requests to approvals while keeping budgets and reports up to date in real-time. Team members can submit purchase requests in minutes, managers can approve or reject them with a click, and invoices are automatically scanned and matched for seamless reconciliation. No more chasing down rogue expenses or manually cross-referencing invoices.
Beyond procurement, it provides powerful spend visibility with detailed budget tracking, custom dashboards, and rich spend analysis reports. See exactly where company money is going, track multi-currency purchases, and switch between multiple company accounts with ease. Every purchase is logged, categorized, and reported so finance teams can close the books faster and make smarter spending decisions.
And because financial control means nothing without security, ProcurementExpress.com includes role-based access, single sign-on (SSO), and supplier management tools to ensure compliance and data protection.
For SMBs that want purchasing-first financial reporting, ProcurementExpress.com is the best way to bring spend management and financial insights together in one intuitive platform.
QuickBooks Online
QuickBooks Online is the default choice for many SMBs when it comes to cloud accounting and financial reporting. It offers a full suite of financial reports, including profit and loss statements, balance sheets, and cash flow reports, to give businesses a clear picture of their overall financial health.
Where QuickBooks Online excels in general accounting and bookkeeping, it automates invoicing, tracks expenses, and syncs with bank accounts. For businesses that need broad financial reporting across all aspects of the company, QuickBooks Online provides built-in dashboards and customizable reports.
However, QuickBooks is not a purchasing or spend management tool. While it tracks expenses and integrates with some purchasing workflows, it lacks features like purchase approvals, invoice matching, and supplier management. Businesses with high procurement volume may find they need additional tools—like ProcurementExpress.com, which integrates with QuickBooks—to gain full visibility into company spending before purchases are made.
Xero
Xero is a cloud-based accounting platform known for its user-friendly interface. It provides SMBs with real-time insights into their cash flow, P&L statements, and balance sheets. It is a solid choice for businesses that need straightforward, automated financial management.
One of Xero’s standout features is its bank reconciliation and invoicing automation, which helps businesses streamline bookkeeping. It also offers customizable financial reports that allow users to drill down into transaction details.
However, like QuickBooks, Xero isn’t built for procurement or spend management. It lacks purchase approval workflows, supplier management, and invoice matching.
FreshBooks
FreshBooks is a cloud-based accounting tool designed for freelancers, consultants, and service-based businesses that need an easy way to manage invoices, expenses, and financial reports. It provides basic profit and loss statements, cash flow reports, and expense tracking.
Where FreshBooks stands out is automated invoicing and client billing. It’s particularly popular among small businesses that need to track billable hours, send professional invoices, and manage payments without getting lost in accounting complexity. Its financial reports offer simple insights into business profitability and cash flow, but they’re not as robust as tools like QuickBooks or Xero.
How to find the right financial reporting software for your needs
Ultimately, the best financial reporting software for your business depends on how you track, analyze, and act on financial data. Some businesses need full-fledged accounting software with tax and compliance features, while others prioritize spend visibility and purchase automation controls to manage company expenses.
When evaluating your options, consider:
- Your business model. Do you need full accounting and financial statements, or are you focused on spend management and purchasing controls?
- Automation capabilities. Look for tools that reduce manual work, from invoice matching to real-time budget tracking.
- Customization & reporting depth. Can you tailor reports to your needs, or are you stuck with rigid templates?
- Integrations with existing tools. Will it work with your ERP, cloud accounting software, or inventory management systems?
- User experience & team adoption. A powerful tool is useless if your team struggles to use it or opt for intuitive software.
- Scalability. Can the software handle growth as your company scales and financial complexity increases?
The right financial reporting software should give you visibility, accuracy, and control without overcomplicating your workflows.
Final thoughts
Choosing the right financial reporting software comes down to understanding your business needs and finding a solution that balances automation, visibility, and ease of use. Whether you need a full accounting suite like QuickBooks or Xero or a tool like ProcurementExpress.com that streamlines purchasing and spend management, the best option is the one that keeps your financial data accurate and actionable.
Want to see how it works? Start your free trial of ProcurementExpress here.
