10 Financial Statement Analysis Tools

It is very important to know the financial health of your company. This is easily achieved by statement analysis tools. These solutions will examine your financial information and provide you with explicit solutions. They assist you in making intelligent business choices in a short period of time.

Most companies have problems interpreting their financial statements. They waste hours in spreadsheets and number calculations. This is too time-consuming and, in most cases, it gives rise to errors. The tools of financial statement analysis are the solution to this issue, as they complete the tedious task.

This paper will discuss the most effective financial statement analysis tools. We will find out what they are, the reason why you require them, and the type of one that best fits in your business. We shall begin by learning what these tools are.

What are Financial Statement Analysis Tools?

Financial statement analysis software is are programs that assist in interpreting your financial data of the company. They steal from your balance sheets, income statements, and cash flow statements. This crude data is then converted into easily comprehensible insights by them.

These financial tools are automated such that they integrate with your accounting systems. They extract information from various places and consolidate it all in a single place. This is because it does not require you to enter quantities manually, and the error is also minimized. You receive correct information, and you do not waste hours in calculations.

Why Look for the Financial Statement Analysis Tools?

• Economize Time on Hand Calculations: Tools of financial statement analysis automate complicated computations, which save hours of work.
• Reduce Human Errors: Automated systems remove errors and occurrences that arise when a manual data entry process is involved.
• Get Live Financial Intelligence: Check your financial status in real time without having to wait a month to know your financial status.
• Take Better Business Decisions: Get access to the correct data on time to drive strategic planning and business decisions.
• Enhance the Accuracy of Financial Planning: Design more dependable budgets and forecasts based on past trends and data.

Top 10 Financial Statement Analysis Tools

1. Cube

Cube is a full-fledged FP&A product that is built with finance teams in mind, and they desire enhanced financial statement analysis tools. It operates directly with Excel and Google Sheets, which implies the ability to use spreadsheets that are familiar to you.

Cube does away with manual processes that are very tedious and also minimizes errors. The platform assists companies of all natures to enhance their financial analysis features within a short time. In Cube,, can perform strong financial statement analysis without having to leave your comfort zone spreadsheet. It provides AI-powered functionalities to provide more immediate and in-depth answers.

Key Features

• Motivates financial consolidation processes to be fully automated.
• Offers predictive solutions on an AI basis.
• Allows real-time working capabilities.

Pros

• Deployments in a matter of weeks.
• Works using known spreadsheets.
• On-call support staff.

Cons

• Currently US and Canada only
• The fee for a one-month subscription is monthly.
• Learning curve for features

Best For

Mid-sized enterprises

Pricing

Starts at $2,000/month

Website: https://www.cubesoftware.com

2. Oracle Essbase

Oracle Essbase is one of the effective database management system products used in complex financial analysis. It is a company that specializes in online analytical processing and business intelligence applications in large organizations. The tool processes huge volumes of financial information in an efficient way and allows analytical insight. Oracle Essbase is a product that is integrated with other products of Oracle to have a complete financial ecosystem.

It has Smart View, which allows the development and sharing of comprehensive financial reports without difficulty. The platform will be targeted towards businesses that require advanced financial statements analysis software. It provides features of what-if analysis to experiment with various business situations before actual implementation.

Key Features

• High-level what-if scenario analysis.
• Integration with Excel by way of Smart View.
• More than 100 mathematical capabilities.

Pros

• Strong analytical processor strengths.
• Linking with various sources.
• Converts Excel to models

Cons

• Difficult initial setup process.
• Patch updates are time-consuming.
• A high learning curve is demanded.

Best For

Large enterprises

Pricing

Custom pricing available

Website: https://www.oracle.com/essbase

3. QuickBooks

One of the best accounting programs used by small businesses is QuickBooks by Intuit. Although it is mainly an accounting tool, it has sound financial statement analysis tools. The platform is efficient in invoicing, cost tracking, and reporting financial matters to small teams.

QuickBooks gives you real-time access to your business financials using simple-to-read dashboards. It is associated with various sales channels and has many third-party applications integrated with it. The program will contain profit and loss sheets, balance sheets, and cash flow statements.

Key Features

• Projects cost-effortlessly.
• Monitors real-time cash flow
• Creates export financial reports.

Pros

• Different pricing levels are offered.
• Third-party applications integration.
• Access to expert support was included.

Cons

• Higher features are an added expense.
• The quality of customer support is different.
• Fewer features in time-off requests.

Best For

Small businesses

Pricing

Plans from $35/month

Website: https://www.quickbooks.intuit.com

4. NetSuite

NetSuite is a full-fledged cloud-based ERP solution that provides powerful financial statement analysis applications. The site integrates the functions of financial management, CRM, inventory management, and e-commerce. It offers live business intelligence at the button press. NetSuite applies business intelligence to assist in forecasting and scenario planning.

The system consolidates accounting, project management, and financial reporting at a single point. It is effective in scaling between the departments, subsidiaries, and international operations.

Key Features

• Optimization of supply chain management.
• Human resources payroll features.
• Business intelligence reporting applications.

Pros

• Concentrates various business operations.
• Scales in international operations.
• Deep multi-entity support

Cons

• Tailorings require the assistance of specialists.
• Intricate workflow functionality shortcoming.
• Large implementation costs were needed.

Best For

Large businesses

Pricing

Custom licensing fees

Website: https://www.netsuite.com

Also Read: Best E-commerce Data Analytics Tools

5. Sage Intacct

Sage Intacct is cloud-based accounting and financial management software for growing businesses. The software simplifies the main accounting processes, such as accounts receivable and payable, effectively. It has the capabilities of financial statement analysis that can be utilized to provide in-depth business insights. The visibility of the real-time reporting with Sage Intacct and its customizable dashboards is enhanced.

The program is tailored to small to midsize companies. It does the budgeting, financial reporting, and cash flow forecasting automatically. The invoices can be customized to suit the branding and corporate needs of users.

Key Features

• Abilities of managing vendors involved
• Options for invoice customization.
• Reports and analytics are advanced.

Pros

• Extensive training resources are provided.
• Dashboards: real-time reporting.
• Functionality options on an industry basis.

Cons

• Outdated and unintuitive interface
• Complex permissions system navigation
• Very costly compared to competitors

Best For

Midsize companies

Pricing

Contact for a quote

Website: https://www.sage.com/en-us/sage-business-cloud/intacct

6. Anaplan

Anaplan is a business-grade planning system that links businesses and improves business processes. It helps companies to create powerful models of overall financial planning. The platform caters to the finance teams that require potent finance statement analysis tools.

Anaplan has its own Hyperblock technology that allows higher modeling. It will enable users to build complex business models using customizations. It has multidimensional modeling and thorough planning of scenario features enabled by the software.

Key Features

• Multidimensional modeling facilities are present.
• Instant group work capabilities.
• High-technology scenario planning.

Pros

• Powerful scenario planning
• Access to collaboration is centralized.
• Version control included

Cons

• Steep learning curve
• Consumes plenty of resources.
• There are limitations of the workspace.

Best For

Global enterprises

Pricing

Contact for a quote

Website: https://www.anaplan.com

7. Workday Adaptive Planning

Workday Adaptive Planning is an end-to-end financial planning and analytics solution. The software streamlines financial processes and automates them at the same time, allowing real-time collaboration. It provides good financial statement analysis software to help in budgeting and planning,, ng as well as reporting.

The platform has seamless integration with the ERP, CRM, and other business systems. Workday Adaptive Planning is mostly appropriate in companies utilizing other Workday solutions. It offers automatic budgeting, forecasting, and scenario modeling in an AI-driven manner.

Key Features

• Budgeting and forecasting based on AI.
• Alignment tools of workforce planning.
• Operation planning in real-time.

Pros

• Fast data updating features.
• On-the-fly interdepartmental cooperation.
• High concentration of planning and reporting.

Cons

• Small companies are charged high prices.
• Complex management othe f the formula is needed.
• Poor Excel capabilities.

Best For

Enterprise companies

Pricing

Contact for a quote

Website: https://www.workday.com

8. Zoho Analytics

Zoho Analytics is a self-service business Intelligence and analytics business solution. It enables businesses to gather, store, and analyze financial information in an efficient manner. The platform provides powerful financial statement analysis tools that have good visualization abilities. Zoho Analytics is integrated with other Zoho applications and numerous third-party applications.

People are able to build reports and dashboards without the need to have any coding skills. The application has data cleaning tools that prepare and transform data. It has both TN-premise and scalable deployment of the cloud. Zoho Analytics has easy customization requirements through the use of drag-and-drop dashboard construction.

Key Features

• Importation of data from a variety of sources.
• Technology of sophisticated predictive analytics.
• Dashboard creation by drag-and-drop.

Pros

• Easy drag-and-drop interface
• Embedded analytics support
• Scalable deployment capabilities.

Cons

• Delay of data synchronization every now and then.
• High learning curve featured controls.
• Poor real-time data updates.

Best For

Medium businesses

Pricing

Plans from $24/month

Website: https://www.zoho.com/analytics

9. Jirav

Jirav is a financial analytics software with the ability to budget, forecast, and report. The site offers financial statement analysis to aid strategic decision-making processes. It minimizes manual planning by effective integration capabilities with trending systems. Jirav allows users to match financial predictions with the important operational inputs.

The software provides flexible dashboards and reports according to the requirements. It promotes the rolling predictions and scenario planning of changing markets. Jirav is compatible with QuickBooks, Excel, Google Sheets, and NetSuite.

Key Features

• Driver-based financial planning devices.
• Visibility of profit and loss statement.
• Custom dashboard making possibilities.

Pros

• Available key system integrations.
• Rolling forecast support
• On-board dashboards that are highly customizable.

Cons

• Inadequate training programs are guided.
• Not as intuitive as the competition.
• Challenging the making of assumptions.

Best For

Growing businesses

Pricing

Plans from $50/month

Website: https://www.jirav.com

10. Spotlight Reporting

Spotlight Reporting is an all-inclusive business financial reporting and future forecasting software. The platform will improve the quality of financial statement analysis to improve the decision-making process. It automates the advisory services of accounting firms and their customers. Spotlight Reporting involves the presentation of data in engaging visual forms to understand more.

The software can be connected to such popular accounting solutions as Xero and QuickBooks. It assists in the multi-entities consolidation of up to 500 entities at a time. High-level dashboards with important business metrics can be easily created by users.

Key Features

• Up to 500 multi-entity consolidations.
• Developed high-level dashboard builders.
• KPI tracking for metrics

Pros

• Multi-purpose reporting system.
• Integrations of accounting systems.
• Industry-specific templates were added.

Cons

• Initial capital to organizations.
• Poorly customized reports.
• Initial set-up is time-consuming.

Best For

Accounting firms

Pricing

Plans from $295/month

Website: https://www.spotlightreporting.com

How to Choose the Right Financial Statement Analysis Tools

• Assess Your Business Size: Optimize the match tool for your company size.
• Consider Integration Needs: This is so as to make sure that the tool is compatible with your current accounting and business systems.
• Evaluate Your Budget: Select financial statement analysis tools that are afforded by your financial resources.
• Check User-Friendliness: Choose the tools that your team can master without having to spend a lot of time training.
• Review Reporting Features: Find tailor-made reports to suit your business reporting.

Conclusion

Financial statement analysis tools have turned into a necessity for both large and small businesses. They are used to convert complicated financial information into straightforward information that you can easily understand. These are time-saving tools that minimize errors and assist in better business decision-making.

In this guide, we have examined ten outstanding tools of financial statement analysis. The tools have their own advantages and features of use depending on the business requirements and size.

Whether it is Cube with its spreadsheet-based platform or Spotlight Reporting with its dedicated accounting firm capabilities, one can find something that suits them well. Act now by considering the statement analysis tools discussed in this paper.

Most of them are providing free demos or trials to test them. Select the one that suits your needs most and begin bettering your financial analysis abilities at this point.

Also Read: Best AI Risk Management Tools

FAQs

Q1: What are the tools of financial statement analysis?

Financial statement analysis software is are computer programs that examine the financial information of your company. They make you decode balance sheets, income statements, and cash flow reports without expending too much time.

Q2: What would be the purpose of financial statement analysis tools?

These solutions are time-efficient, less error-filled, and give you immediate data on your financial well-being. They assist you in better business decisions, which are founded on valid data analysis.

Q3: What will financial statement analysis tools cost?

Basic tools may cost as low as 24/month, whereas enterprise can be as costly as as$2,0000/month and more. Most of them have their own price that depends on your needs and the size of the business.

Q4: Are there any tools of financial statement analysis that can be used by small businesses?

Of course, there is a wide range of small business-oriented tools such as QuickBooks and Zoho Analytics. They also have cost-effective plans that are appropriate for small companies and departments.