Quick Overview
- 1#1: QuickBooks Online - Cloud-based accounting software that automates the preparation of balance sheets, income statements, and cash flow statements for small to medium businesses.
- 2#2: Xero - Real-time cloud accounting platform enabling seamless creation, customization, and sharing of financial statements.
- 3#3: Sage Intacct - Cloud financial management solution with advanced automation for multi-entity financial statement preparation and reporting.
- 4#4: Oracle NetSuite - Comprehensive cloud ERP system that streamlines financial consolidation and statement generation for global enterprises.
- 5#5: Workiva - Connected reporting platform that facilitates collaborative financial statement drafting, review, and compliance filing.
- 6#6: BlackLine - Financial close automation tool that ensures accurate reconciliations and timely financial statement preparation.
- 7#7: FloQast - Close management software that accelerates the financial close process and supports statement preparation workflows.
- 8#8: Zoho Books - Affordable online accounting app with customizable reports for generating professional financial statements.
- 9#9: Wave - Free cloud-based accounting software providing essential tools for creating basic financial statements.
- 10#10: Vena Solutions - Excel-integrated FP&A platform that enhances financial statement preparation through planning and reporting integration.
These tools were chosen based on automation power, user experience, functional depth, and overall value, balancing robustness with accessibility to suit varied business sizes and operational requirements.
Comparison Table
Financial statement preparation software is essential for efficient financial management, with tools like QuickBooks Online, Xero, Sage Intacct, Oracle NetSuite, Workiva, and more. This comparison table outlines key features, usability, and suitability to help readers find the right solution for their business needs.
| # | Tool | Category | Overall | Features | Ease of Use | Value |
|---|---|---|---|---|---|---|
| 1 | QuickBooks Online Cloud-based accounting software that automates the preparation of balance sheets, income statements, and cash flow statements for small to medium businesses. | specialized | 9.4/10 | 9.6/10 | 8.9/10 | 9.1/10 |
| 2 | Xero Real-time cloud accounting platform enabling seamless creation, customization, and sharing of financial statements. | specialized | 9.1/10 | 9.3/10 | 8.9/10 | 8.7/10 |
| 3 | Sage Intacct Cloud financial management solution with advanced automation for multi-entity financial statement preparation and reporting. | enterprise | 8.7/10 | 9.2/10 | 7.8/10 | 8.0/10 |
| 4 | Oracle NetSuite Comprehensive cloud ERP system that streamlines financial consolidation and statement generation for global enterprises. | enterprise | 8.4/10 | 9.2/10 | 7.6/10 | 7.9/10 |
| 5 | Workiva Connected reporting platform that facilitates collaborative financial statement drafting, review, and compliance filing. | specialized | 8.7/10 | 9.2/10 | 7.5/10 | 8.0/10 |
| 6 | BlackLine Financial close automation tool that ensures accurate reconciliations and timely financial statement preparation. | specialized | 8.6/10 | 9.1/10 | 7.9/10 | 7.8/10 |
| 7 | FloQast Close management software that accelerates the financial close process and supports statement preparation workflows. | specialized | 8.2/10 | 8.5/10 | 8.7/10 | 7.8/10 |
| 8 | Zoho Books Affordable online accounting app with customizable reports for generating professional financial statements. | specialized | 8.2/10 | 8.4/10 | 9.0/10 | 9.1/10 |
| 9 | Wave Free cloud-based accounting software providing essential tools for creating basic financial statements. | other | 7.3/10 | 6.7/10 | 9.1/10 | 9.6/10 |
| 10 | Vena Solutions Excel-integrated FP&A platform that enhances financial statement preparation through planning and reporting integration. | enterprise | 8.4/10 | 8.7/10 | 8.9/10 | 7.8/10 |
Cloud-based accounting software that automates the preparation of balance sheets, income statements, and cash flow statements for small to medium businesses.
Real-time cloud accounting platform enabling seamless creation, customization, and sharing of financial statements.
Cloud financial management solution with advanced automation for multi-entity financial statement preparation and reporting.
Comprehensive cloud ERP system that streamlines financial consolidation and statement generation for global enterprises.
Connected reporting platform that facilitates collaborative financial statement drafting, review, and compliance filing.
Financial close automation tool that ensures accurate reconciliations and timely financial statement preparation.
Close management software that accelerates the financial close process and supports statement preparation workflows.
Affordable online accounting app with customizable reports for generating professional financial statements.
Free cloud-based accounting software providing essential tools for creating basic financial statements.
Excel-integrated FP&A platform that enhances financial statement preparation through planning and reporting integration.
QuickBooks Online
specializedCloud-based accounting software that automates the preparation of balance sheets, income statements, and cash flow statements for small to medium businesses.
Intelligent Report Builder with automated statement generation, forecasting insights, and customizable tags for precise financial analysis
QuickBooks Online is a cloud-based accounting software renowned for its robust financial statement preparation capabilities, automatically generating profit and loss statements, balance sheets, cash flow reports, and trial balances from real-time transactional data. It offers customizable report templates, audit trails, and advanced analytics to ensure accuracy and compliance with GAAP standards. With seamless bank integrations and multi-user access, it simplifies the preparation process for businesses of varying sizes, providing export options to Excel, PDF, and accounting software.
Pros
- Automated generation of key financial statements with real-time updates and drill-down details
- Extensive customization options for reports and dashboards tailored to specific needs
- Strong integrations with banks, payroll, and third-party apps for accurate data import
Cons
- Advanced reporting features require higher-tier plans, increasing costs
- Steeper learning curve for complex customizations and multi-entity reporting
- Occasional limitations in handling very large datasets or highly specialized statements
Best For
Small to medium-sized businesses, accountants, and bookkeepers seeking automated, reliable financial statement preparation with scalability.
Pricing
Plans start at $30/month (Simple Start) up to $200/month (Advanced), billed annually with discounts; additional fees for payroll and apps.
Xero
specializedReal-time cloud accounting platform enabling seamless creation, customization, and sharing of financial statements.
Live bank feeds that automatically import and categorize transactions for precise, up-to-date financial statements
Xero is a cloud-based accounting software that excels in generating key financial statements such as profit and loss, balance sheets, and cash flow reports with real-time data. It automates bank reconciliations, transaction categorization, and multi-currency support to streamline preparation for small to medium businesses. With robust reporting tools and app integrations, it ensures compliance and accuracy in financial statement creation.
Pros
- Automated bank feeds for accurate, real-time transaction reconciliation
- Customizable financial reports and dashboards
- Unlimited users and strong third-party integrations
Cons
- Advanced reporting requires higher-tier plans or add-ons
- Steeper learning curve for complex customizations
- Limited native support for industry-specific statement formats
Best For
Small to medium-sized businesses and accountants needing collaborative, cloud-based tools for efficient financial statement preparation.
Pricing
Starts at $15/month (Early plan) up to $78/month (Ultimate plan), billed annually; pricing varies by region and scales with features/users.
Sage Intacct
enterpriseCloud financial management solution with advanced automation for multi-entity financial statement preparation and reporting.
Multi-dimensional reporting with automated entity consolidations
Sage Intacct is a cloud-based financial management platform that streamlines financial statement preparation through advanced reporting, automation, and multi-entity consolidation capabilities. It automates the generation of balance sheets, income statements, cash flow statements, and custom reports using real-time data from its general ledger and dimensional accounting. Designed for mid-market businesses, it ensures compliance with GAAP and supports audit trails, making close processes faster and more accurate.
Pros
- Robust multi-entity consolidation for complex organizations
- Real-time customizable financial reporting and dashboards
- Strong automation for period-end close and compliance
Cons
- Steep learning curve and complex setup
- High implementation costs and time
- Pricing can be expensive for smaller teams
Best For
Mid-sized to enterprise organizations with multiple entities requiring automated consolidations and scalable financial reporting.
Pricing
Quote-based subscription starting at around $15,000 annually, scaling with users, entities, and modules.
Oracle NetSuite
enterpriseComprehensive cloud ERP system that streamlines financial consolidation and statement generation for global enterprises.
Real-time multi-subsidiary consolidation for global financial statements
Oracle NetSuite is a comprehensive cloud-based ERP platform with robust financial management modules designed for automated financial statement preparation, including balance sheets, income statements, and cash flow reports. It offers real-time data consolidation, multi-currency support, and advanced reporting tools to streamline the financial close process. NetSuite integrates seamlessly with other business functions like CRM and inventory, providing a unified view for accurate and compliant financial statements.
Pros
- Powerful real-time reporting and analytics with SuiteAnalytics
- Multi-entity consolidation and global compliance features
- Seamless automation of financial close and statement generation
Cons
- High cost with custom pricing and implementation fees
- Steep learning curve and requires skilled administrators
- Overly complex for users needing only basic statement preparation
Best For
Mid-sized to large enterprises seeking an integrated ERP solution with advanced financial statement preparation capabilities.
Pricing
Quote-based subscription starting at around $1,000/month base plus $99-$149 per user/month, with additional implementation costs often $50K+.
Workiva
specializedConnected reporting platform that facilitates collaborative financial statement drafting, review, and compliance filing.
Connected Reporting with dynamic data linking that propagates changes instantly across all documents and XBRL instances
Workiva is a cloud-based platform specializing in financial reporting, compliance, and integrated business reporting, enabling seamless creation and management of financial statements. It connects data across Excel, Word, PowerPoint, and XBRL tags, ensuring consistency and reducing errors in complex filings like 10-Ks and 10-Qs. The platform supports collaboration, audit trails, and integrations with ERPs such as SAP and Oracle for streamlined financial statement preparation.
Pros
- Linked data model ensures real-time updates across documents
- Strong compliance tools and audit trails for regulatory filings
- Robust integrations with enterprise systems like ERPs
Cons
- Steep learning curve for new users
- High enterprise-level pricing
- Less suitable for small businesses or simple reporting needs
Best For
Large public companies and enterprises requiring complex, regulated financial statement preparation and SEC compliance.
Pricing
Custom enterprise subscriptions starting at $50,000+ annually, based on users, modules, and usage.
BlackLine
specializedFinancial close automation tool that ensures accurate reconciliations and timely financial statement preparation.
AI-powered Transaction Matching that automates reconciliations to deliver clean, accurate data directly into financial statements
BlackLine is a cloud-based financial operations platform specializing in automating the financial close process, including account reconciliations, task management, journal entries, and financial reporting. It supports financial statement preparation through configurable report packages, consolidation tools, and XBRL tagging for regulatory compliance. While robust for enterprise-scale operations, it excels more in close automation than standalone statement design, making it a solid #6 ranked solution.
Pros
- Powerful automation for reconciliations and journal entries ensuring statement accuracy
- Seamless ERP integrations (e.g., SAP, Oracle) for data flow into reports
- Built-in compliance tools like SOX controls and audit trails
Cons
- Steep learning curve and lengthy implementation for complex setups
- High enterprise pricing not ideal for SMBs
- Less flexible for custom statement formatting compared to dedicated reporting tools
Best For
Mid-to-large enterprises with complex financial closes needing automated preparation and compliance for financial statements.
Pricing
Custom enterprise pricing, typically $50,000+ annually based on modules and users; no public tiers.
FloQast
specializedClose management software that accelerates the financial close process and supports statement preparation workflows.
Dynamic Close Checklist with built-in Signals for proactive issue detection
FloQast is a cloud-based platform that automates the financial close process, including account reconciliations, task management, flux analysis, and journal entry workflows, which are essential precursors to accurate financial statement preparation. It provides real-time collaboration tools, compliance tracking, and integrations with major ERPs like NetSuite, QuickBooks, and SAP to streamline data validation and review. While not a dedicated financial reporting tool, it significantly reduces errors and close cycle times, supporting reliable financial statement assembly.
Pros
- Powerful automation for reconciliations and close checklists
- Seamless ERP integrations for data import/export
- Real-time visibility and collaboration features
Cons
- Limited native financial statement formatting and presentation tools
- Pricing can be steep for small teams
- Steeper learning curve for advanced customizations
Best For
Mid-market accounting teams focused on accelerating month-end closes to enable faster, more accurate financial statement preparation.
Pricing
Quote-based; typically starts at $1,000-$2,500/month based on users and modules.
Zoho Books
specializedAffordable online accounting app with customizable reports for generating professional financial statements.
Automatic multi-currency financial statement generation with built-in tax compliance and audit trail for hassle-free reporting.
Zoho Books is a cloud-based accounting platform designed for small to medium-sized businesses, offering tools for invoicing, expense management, inventory tracking, and automated generation of essential financial statements including profit and loss, balance sheets, and cash flow reports. It supports multi-currency transactions, tax compliance across various jurisdictions, and bank reconciliation to ensure accurate financial data. While versatile for general accounting, its reporting capabilities make it suitable for straightforward financial statement preparation without needing advanced spreadsheets.
Pros
- Intuitive interface with drag-and-drop customization for reports
- Automatic bank feeds and reconciliation for accurate statements
- Multi-currency and multi-GST support for global businesses
Cons
- Advanced financial analytics require Zoho Analytics integration
- Limited native support for complex consolidations or forecasts
- Customization of statement templates is somewhat basic
Best For
Small to medium-sized businesses seeking an affordable, user-friendly tool for generating standard financial statements alongside day-to-day accounting.
Pricing
Free plan for businesses under $50K annual revenue; paid plans start at $20/month (Standard) up to $275/month (Ultimate), billed annually with per-organization pricing.
Wave
otherFree cloud-based accounting software providing essential tools for creating basic financial statements.
100% free unlimited access to core financial reporting and bookkeeping tools
Wave is a free cloud-based accounting software that simplifies financial statement preparation for small businesses by automatically generating profit and loss statements, balance sheets, and cash flow reports from tracked transactions. It integrates invoicing, expense tracking, and bank reconciliations to feed data directly into these statements, reducing manual entry. While suitable for basic needs, it lacks advanced tools for complex consolidations or custom audits.
Pros
- Completely free core accounting and reporting features
- Intuitive dashboard with automatic categorization and bank feeds
- Quick generation of standard financial statements like P&L and balance sheets
Cons
- Limited customization and advanced reporting options
- No support for multi-entity consolidations or complex audits
- Transaction fees for payments and payroll reduce overall value for growing businesses
Best For
Freelancers and very small businesses needing simple, cost-free financial statements without advanced accounting requirements.
Pricing
Free for accounting, invoicing, and reports; payment processing at 2.9% + 30¢ per credit card transaction; payroll starts at $20/month + per-employee fees.
Vena Solutions
enterpriseExcel-integrated FP&A platform that enhances financial statement preparation through planning and reporting integration.
Excel-native FP&A platform that delivers enterprise consolidations and reporting without forcing users to abandon spreadsheets
Vena Solutions is a cloud-based FP&A platform designed for financial planning, budgeting, forecasting, and reporting, with strong capabilities in financial statement preparation through automated consolidations and close management. It integrates natively with Microsoft Excel, Power BI, and ERP systems like NetSuite and SAP, enabling finance teams to build and manage complex financial statements using familiar spreadsheet tools. Vena supports multi-entity consolidations, intercompany eliminations, compliance reporting, and real-time dashboards for accurate, auditable financial closes.
Pros
- Native Excel integration preserves familiar workflows for finance professionals
- Powerful consolidation engine handles multi-entity reporting and eliminations efficiently
- AI-driven insights and automation streamline forecasting and variance analysis
Cons
- High implementation costs and time, often requiring professional services
- Pricing is opaque and scales steeply for larger deployments
- Advanced features have a learning curve beyond basic Excel users
Best For
Mid-to-large enterprises with Excel-heavy finance teams needing robust FP&A and financial close automation.
Pricing
Quote-based enterprise pricing; typically starts at $50,000-$100,000 annually based on users, modules, and customization.
Conclusion
The top tools showcased offer distinct strengths, with QuickBooks Online standing out as the leading choice, thanks to its robust automation for small to medium business needs. Xero impresses with real-time collaboration and customization, while Sage Intacct excels in advanced multi-entity reporting, making them strong alternatives for specific requirements.
Start streamlining your financial processes by trying QuickBooks Online—its intuitive design and powerful capabilities can transform how you prepare and manage financial statements.
Tools Reviewed
All tools were independently evaluated for this comparison