Navigating the realm of reporting and financial planning and analysis (FP&A) software can appear daunting and intricate, especially for those new to the scene. Each tool positions itself as the essential resource your organization needs to overcome financial challenges and boost earnings. Yet, despite some platforms promising more than they can deliver, some genuinely make a significant impact, transforming the industry.

In this article, we'll zero in on Reach Reporting, a platform that's attracting attention from finance experts, and assess how it measures up against the competition.

Reach Reporting: An Overview

Reach Reporting provides basic reporting functionalities like financial modeling, budgeting, forecasting, and consolidation. These features aim to improve financial clarity and decision-making for businesses and advisors. Their platform integrates with QuickBooks Online and Xero, as well as Google Sheets.

Additionally, Reach also auto-populates financial data into extensive visual reports. With a substantial template gallery, users can easily create insightful reports.

However, the platform's advisory offerings fall short of its reporting excellence. While Reach Reporting’s focus is on delivering detailed financial reports in a spreadsheet-like environment, its advisory features lack the depth and effectiveness needed for strategic decision-making and planning.

The Limitations of Using Reach Reporting

Reach Reporting, like any software, comes with its own set of pros and cons. While it has several strengths, it's also important to consider its drawbacks.

• Limited Customization: The platform's customization capabilities are constrained, making it challenging for users to tailor reports and dashboards precisely to their needs. The interface for customization is not as intuitive as it could be, which can deter users from fully personalizing their financial reporting experience.

• Steeper Learning Curve: Reach Reporting presents a more complex user interface and feature set that require a significant investment of time and effort to understand fully. This steeper learning curve can be a barrier for new users or those not familiar with advanced financial reporting tools, leading to a longer onboarding process.

• Clunky Consolidated Reporting: Users have reported that the consolidated reporting feature, which is crucial for businesses with multiple entities, can be cumbersome to use. The process of merging financial data from various sources into a single, coherent report is not as smooth or efficient as it is in some competing platforms, potentially complicating financial analysis and decision-making.

• Higher Price Point: Compared to other FP&A software options in the market, Reach Reporting comes at a higher cost. This increased investment may not be justifiable for all businesses, especially smaller ones or those with tighter budgets, making it less accessible to a broader range of companies.

• Limited FP&A and Forecasting Capabilities: Although Reach Reporting offers a basic forecasting feature, its deeper FP&A capabilities are somewhat limited when compared to other leading tools. This limitation can affect businesses looking for in-depth financial planning, analysis, and accurate forecasting, as they might not find all the advanced features they need for comprehensive financial management.

The 5 Best Reach Reporting Alternatives 

Clockwork AI

Clockwork AI is the only FP&A solution built by a former outsourced CFO who successfully scaled his own advisory services. Compared to Reach Reporting, Clockwork allows you to connect Quickbooks Online or Xero in minutes (not days or weeks) and get detailed financial models, weekly cash flow forecasting, custom metrics, payroll integration, and more.

Besides gaining CFO-level insights, Clockwork’s platform updates in real-time, so that you can say goodbye to stale data. Plus, their support team is unmatched  — accountants who are in their Clockwork Champions program get a dedicated Clockwork Coach to guide you every step of the way.

Bottom line: If you’re an accounting firm committed to offering top-tier advisory services and want unlimited customization options, you need Clockwork — it’s built by professionals for professionals.

Jirav

Jirav is known for features designed to make financial planning and analysis easier, including forecasting, budgeting, and reporting capabilities. Compared to Reach Reporting, Jirav is equipped with more robust reporting and FP&A features, having a strong focus on driver-based modeling and integrated financial planning. 

Additionally, Jirav focuses on more advanced financial modeling whereas Reach Reporting provides customizable reports and dashboards using spreadsheet-like templates. Reach’s customization options are generally more focused on the presentation of data rather than advisory-focused services.

Fathom

Compared to Reach Reporting, Fathom is praised for its straightforward approach, enabling users to quickly generate attractive reports.  It offers standard reports with fixed KPIs and forecasting, ideal for those prioritizing speed and ease over customization. 

Reach Reporting, on the other hand, offers customizable reports and a broad range of templates. Originating with a focus on detailed financial reports, Reach has expanded to include forecasting and dashboard functionalities, catering to users seeking comprehensive financial insights and a high degree of report customization. Reach’s platform also has a credit card-free trial and is generally less expensive than Fathom.

LiveFlow

LiveFlow is highly praised for its capability to turn spreadsheets into dynamic, automatically updating financial reports, specifically integrating well with QuickBooks Online for real-time analytics. However, it faces challenges in broader FP&A tasks, scenario planning, and cash flow forecasting. 

However, Reach Reporting is recognized for providing deeper insights and clarity in financial decision-making, with a strong focus on flexibility in standard budgeting and forecasting. It also offers a more comprehensive solution than LiveFlow, particularly in forecasting, and with the option for a free trial to evaluate its offerings.

Spotlight Reporting

Compared to Spotlight Reporting, Reach stands out for its user-friendly design and superior customer support, offering broader integration capabilities with real-time updates.

Both platforms provide a rich library of customizable report and dashboard templates, along with versatile budgeting and forecasting tools. However, Reach's extensive connectivity and real-time data refreshes make it a more agile choice for businesses needing comprehensive and prompt financial insights.

Join the Clockwork AI Movement

After delving into the competitive world of reporting and FP&A software, Clockwork AI stands out as the top contender. More than just an option among many, Clockwork AI is the industry-leading solution for accountants aiming to boost their advisory in minutes.

Are you looking to expand your firm's advisory services? Try out our 14-day free trial, or for those interested in additional perks and savings, explore the Clockwork Champion program by connecting with our team.