The Best Tools for Creating a Financial Statement

Understanding your finances has never been easier.

We are committed to sharing unbiased reviews. Some of the links on our site are from our partners who compensate us. Read our editorial guidelines and advertising disclosure.

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.

Best financial statement tools

Best overall: NetSuite ERP

NetSuite ERP

NetSuite ERP is a comprehensive accounting solution that provides end-to-end functionality.

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.

Best for spreadsheets: Microsoft Excel

Microsoft Excel
Microsoft Excel

Excel can be an excellent tool for preparing financial statements

If you use Microsoft Office, you can access its spreadsheet software, Microsoft Excel—one of the foremost spreadsheet programs in the world.

Spreadsheets organize data in columns and rows, particularly numerical data such as monthly profit and loss information. Microsoft Excel comes with hundreds of templates for customized reports, including financial statements. You can also download many financial statement templates for free on Microsoft’s website.

While Excel can be an excellent tool for preparing financial statements, it requires users to understand basic accounting concepts, such as the difference between short- and long-term assets or how depreciation is calculated differently in the cash flow and income statements. Plus, Excel won’t catch mistakes like incorrect data entries. Since it doesn’t include any fail-safe mechanisms, you have to be extra cautious when entering numbers and generating reports.

Most user-friendly: Adaptive Planning

Adaptive Planning logo
Adaptive Planning

This software includes flexible budgeting, forecasting, and benchmarking tools as well as attractive graphics and intuitive analytic observations.

Adaptive Planning is an award-winning company that provides performance management software at the corporate, business, and enterprise level. The software includes flexible budgeting, forecasting, and benchmarking tools as well as attractive graphics and intuitive analytic observations. Managers can make swift decisions using data mining tools. The software creates all the major financial reports, including cash flow and income statements, plus budgeting and variance analysis tools to assist business managers in interpreting financial statements.

Find Your Money—and Keep More of It

With plans starting at $15 a month, FreshBooks is well-suited for freelancers, solopreneurs, and small-business owners alike.

  • Track time and expenses
  • Create custom invoices
  • Accept online payments

Best for compliance: Sage Intacct

Sage Intacct

Sage Intacct’s customizable software allows for flexible and real-time reporting and analysis.

With Sage Intacct’s customizable software, you can access the full range of accounting features, or you can just use one function at a time (like financial report creation). Sage Intacct guarantees compliance with the latest US and international accounting standards while also providing reports specifically geared toward your industry or business.

Sage Intacct’s customizable software allows for flexible and real-time reporting and analysis. It is not a one-size-fits-all solution, however. Those who choose Sage Intacct’s software should expect to work closely with the company to configure the software to their own needs.

Get business accounting right the first time
Learn all about business accounting with our free ultimate guide.

By signing up I agree to the Terms of Use and Privacy Policy.

The takeaway

Choosing the right financial statement tool can reduce the time you spend collecting and organizing financial data, which means you can make quicker and more accurate financial decisions. Whether you prefer a tool ready for immediate use like Microsoft Excel or a customized configuration like Sage Intacct, these financial tools can help you plot a better financial course for your business.

Want more accounting software choices beyond the four listed here? On our best accounting software page, you’ll find more software options with features like expansive financial reports.

Related content


At, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.

Kylie McQuarrie
Written by
Kylie McQuarrie
Former staff writer Kylie McQuarrie has been writing for and about small businesses since 2014. Her work has been featured on, G2, and Fairygodboss, among others. She's worked closely with small-business owners in every industry—from freelance writing to real-estate startups—which has given her a front-row look at small-business owners' struggles, frustrations, and successes.
Recent Articles
Best Payroll Software for Small Business 2023
We looked at 20 of the most popular payroll programs in the US, to rate...
A black male waiter serves a group of black and white women eating at a restaurant
The 9 Best Payroll Software for Restaurants 2023
We looked at and assessed the top payroll brands’ prices, plans, payroll and HR features,...
A Black woman in a pink sweater sits at a table calculating sums
Gusto Payroll Review 2023
In our Gusto review, we dive into pricing, payroll and HR features, customer reviews, and...
male using ipad on an abstract background
The 5 Best Payroll Apps for Small Business 2023
Constantly on the go? Get one of our top payroll mobile apps so you’ll always...