Whether you want to learn how to prepare your own financial statements, such as annual reports, or just better understand the information they communicate to your investors, lenders, and bankers, there are many tools available to assist you.
No matter what, it’s a good idea to have a CPA look over your statements. But you’ll also feel more in control of your business if you can generate your own statements and understand the information they contain. If you want to create your own financial statements, start here—these are our top picks for the best financial reporting software for small businesses.
NetSuite ERP, our favorite financial management solution, is a comprehensive accounting solution that provides end-to-end functionality, including customer and vendor contact information, marketing analyses, and, of course, instant financial statement generation. NetSuite’s main benefit is its one-stop shop feature; the software doesn’t require users to understand financial statement preparation but instead generates the reports for you.
Any eligible employee can access any of the financial statements from their mobile devices or desktops. Additionally, you can use NetSuite to customize financial statements by profit center or region. NetSuite’s biggest drawback is the cost, which can range from $8,000–$15,000 per year for a company with just 10 employees.