The 12 best disclosure management software tools for 2024

Financial disclosures are inherently complex and high-risk. Mistakes can be costly, getting all the data you need can take days, and your team can be occupied for weeks to get things ready.

That’s where disclosure management software comes in. It allows you to streamline and automate necessary disclosures, turning a workflow into an efficient process that you can check off your list.

• What is financial disclosure?
• What is disclosure management software?
• Benefits of disclosure management software platforms
• The 12 best disclosure management software tools for 2024
• How to choose the best disclosure management software for your business
• FAQs about disclosure management software
• Conclusion: choose the best disclosure management software

By the end of this article, you’ll know everything you need to about financial disclosures, the benefits of disclosure software, and how to choose the right platform for you and your business. 

What is financial disclosure?

Every type of organization, from small or medium businesses to multinational corporations, has to disclose certain financial information to meet legal and regulatory requirements. Larger organizations usually have to meet more of these requirements than smaller organizations and public companies have their own set of standards that don't apply to private companies. For instance, publicly traded companies have to disclose financial information to the public regularly (usually quarterly and annually) while private companies don’t have this requirement.

Financial disclosure refers to the process of providing the financial information needed to meet these requirements.

Who requires financial disclosure?

Financial disclosures are typically done at the request of regulatory bodies, financial institutions, and government agencies. In these situations, financial disclosures are legally required for your organization to remain compliant. That being said, other groups can also require disclosures. For instance, a private equity firm may require financial disclosure from an organization it's considering buying a stake in.

Which organizations have to do financial disclosure?

No matter their size, industry, or complexity, nearly every organization has to go through some kind of financial disclosure process. Here are a few examples of the types of organizations that need to do this:

• Publicly traded companies: Since shares for these companies are traded on stock exchanges, they have to make their financial statements available through financial disclosure.
• Nonprofit organizations: These organizations have to maintain some level of transparency to ensure they’re using donated funds effectively.
• Security-issuing companies: Organizations that issue securities in financial markets are beholden to regulators who require certain financial disclosures.
• Government contractors: When working with government entities, organizations may be required to disclose financial information. This can prevent conflicts of interest and ensure taxpayer funds are used appropriately.

What does financial disclosure consist of?

In essence, financial disclosure involves collecting necessary financial information, verifying its accuracy, and then using it to prepare the documents needed for disclosure. This will usually require collaboration from multiple professionals in the Office of the CFO and other departments, which can significantly increase the amount of time needed to prepare the necessary disclosures.

Depending on the requirements it needs to meet, an organization may need to produce different financial information, such as:

• Income statements: These documents list all transactions, both revenue and expenses, for a specific period, be that monthly, quarterly, or yearly.
• Cash flow statements: Statements showing how much cash comes into the business over a defined period.
• Balance sheets: These documents track assets, liabilities, and the owner’s equity. They give an idea of the organization’s financial health.
• Shareholder’s equity statements: These statements reveal who owns how much of a company, and how those shares have changed over time.

Who in a company is responsible for disclosure management?

The Office of the CFO is broadly responsible for financial disclosure management, and the process is typically led by the CFO or a Controller. That said, the actual work of putting financial disclosures together may be managed by financial analysts, accountants, and reporting specialists. If audits need to be performed, then whatever internal or external team typically manages these will be involved as well.

Data may need to be sourced from throughout the organization, meaning that leaders from other departments may be needed to access that data.

What is disclosure management software and what does it do?

Financial disclosures involve tons of data from multiple sources. Collecting that data manually or with accounting software can artificially complicate the process. That’s where disclosure management software comes in. These platforms automatically find, centralize, and prepare the information the Office of the CFO needs to make necessary disclosures. Some tools are built specifically for this process, while others—like financial performance management tools—can handle it just as well while being a valuable tool for other tasks as well.

Benefits of disclosure management software platforms

Disclosure management software can bring some serious benefits to teams that implement them.

Task automation

There are a ton of small, repetitive tasks that go with financial disclosures, and they can keep your teams away from high-value projects for too long. Most disclosure management software allows you to automate much of that work away.

Better risk management

Disclosures involve regulatory bodies and legal compliance, which are inherently risky. Mistakes can be costly, and misreporting information can potentially bring about some serious consequences. Disclosure management software usually creates guardrails that prevent some of the most common mistakes.

Data centralization

Your financial data is likely scattered over a dozen data sources—or more. With the right integrations, your disclosure management platform can keep all that data under one roof, saving you the time and effort you’d spend chasing it down.

T​he 12 best disclosure management software tools

Let’s dive into some of the best disclosure management platforms on the market, who they’re best for, the integrations they support, and more. 

1. Prophix 

Prophix offers an integrated financial performance platform that acts your all-in-one command center for everything the Office of the CFO needs to handle. That includes financial disclosure.

With Prophix, everyone who needs to collaborate on financial disclosures can work in a single shared environment. And because Prophix integrates natively with Office 365 and your ERP, you don't have to go out looking for the data you need—it's always right at your fingertips.

Best for: Finance teams ready to invest in a platform that won’t just streamline financial disclosure, but can make all financial processes effortless.

Features:

• Cloud-based financial performance management.
• A single unified platform for all financial data.
• User-friendly interface that reduces the load on IT and maintenance teams.
• Deep automation.
• Intelligence version management to prevent costly errors.
• Office 365 integration for seamless authoring of corporate documents, reports, and statements.
• Create, view, and compare versions with version management.
  

Pros:

• Strikes the right balance between ease of use and customizability.
• Hands-on onboarding and training enable your team to get the most out of Prophix faster.
• Deep, native integrations centralize data from your entire stack.
• Visualizing data can be done quickly and allows stakeholders to review financials at a glance.

Cons:

• Since Prophix is a full financial performance platform, you’ll need some time to effectively use every part of it.
  

Integrations: Prophix can be integrated with almost any ERP (enterprise resource planning), HRIS (human resources information system), and CRM (customer relationship management) platform through pre-built connectors or API access.

Pricing: Get a financial disclosure platform that suits your needs and your budget. Chat with an expert!

2. Workiva

​​If you want a single, dedicated platform for all your financial reporting, ESG, auditing, risk analysis, and financial disclosure needs, then Workiva might be the platform for you. Stay compliant while keeping everyone in the loop.

Best for: Workiva is best used by accounting, finance, and legal teams in large, multinational corporations with extensive compliance and disclosure requirements.

Features:

• Centralizes financial reporting, ESG reporting, auditing, and risk management.
• Embedded generative AI eliminates hours of manual work.
• Built-in regulatory requirements make financial disclosure a breeze.
• Single source of truth keeps data up-to-date across reports automatically.
• Machine-learning-powered XBRL tagging.

Pros:

• Creating disclosures is as simple as creating a document in Microsoft Word.
• Simple, easy-to-use interface.
• Powerful version control features.

Cons:

• Training up your team to use the platform effectively can take time.
• Some users have noted that the platform can run a bit more slowly around the time when important financial filings are due.
• Working with supporting documentation can be clunky at times.

Integrations: Workiva has a ton of built-in integrations for ERPs, consolidation, budgeting and planning, and other platforms. These integrations include Box, Drive, Onedrive, HubSpot, NetSuite, ServiceNow, Aurora, and MySQL.

Pricing: Workiva’s price isn’t available on their website; you’ll have to book a demo with their sales team to know more.

Workiva vs. Prophix
While Workiva is a platform dedicated to disclosure and compliance, whether that’s for financial disclosures or ESG filings, Prophix can manage the same processes while allowing you to optimize and streamline every other essential process the Office of the CFO is responsible for. That makes Prophix a more reliable platform in more situations

3. SAP Disclosure Management

The SAP Disclosure Management tool is part of SAP’s broader financial management software, an ERP system used by enterprises like Microsoft, Nestlé, Toyota, Cirque Du Soleil, and the Women's Tennis Association. It helps these companies streamline the financial disclosure process by automating data collection and accelerating the creation and publication of financial statements necessary for these disclosures.

Best for: Since it’s fully integrated with other SAP software, SAP Disclosure Management is best for enterprises that already use this software suite.

Features:

• Enables real-time collaboration between multiple users.
• Support for XBRL tagging, facilitating compliance.
• Robust document management and version control for building reliable audit trails.
• Advanced data mapping and validation centralize the information needed for disclosures.
• Support for multiple languages.
  

Pros:

• Since it’s part of the SAP ecosystem, Disclosure Management can work seamlessly with the tools SAP users already rely on.
• SAP Disclosure Management is built with enterprise-sized organizations in mind, meaning every feature is made for their specific needs.
• The platform’s audit trails, version control, and similar features create robust paper trails for the Office of the CFO.
  

Cons:

• Unlike other solutions, SAP Disclosure Management can involve a lengthy implementation and onboarding process.
• SAP Disclosure Management isn’t the most customizable platform, so if it doesn’t suit your needs it’ll be tough to make it work.
• With any enterprise solution, ongoing maintenance and support can get expensive.
  

Integrations: SAP Disclosure Management uses a REST API, meaning your developers can easily build custom integrations for it. It also integrates natively with Microsoft 365 and many other tools.

Pricing: While pricing isn’t available on SAP’s website, some sources place the initial purchase price for an SAP license at a minimum of 100,000 Euros, or roughly $107,000 USD.

SAP Disclosure Management vs. Prophix
SAP Disclosure Management may be a go-to solution for organizations already using the SAP ecosystem—and a few others who aren’t. But if you want a platform that feels as featured without the lengthy onboarding process, Prophix is a better choice.

4. CCH Tagetik by Wolters Kluwer

​​CCH Tagetik is a corporate performance management (CPM) platform that allows teams to manage everything from budgeting and planning to supply chain planning and disclosure management. It’s built for organizations that need to bring finance and operations together to streamline financial processes.

Best for: Mid-sized and large enterprises that need a CPM platform, usually those with 500+ employees and over $300M in annual revenue.

Features:

• Modern, collaborative consolidation and reporting help streamline financial disclosure.
• An end-to-end solution for meeting statutory, financial, and management disclosure requirements.
• Data normalization on entry and constant automated validation.
• Automatic, deep audit trails.
• Built-in data and process governance.

Pros:

• CCH Tagetik is incredibly customizable and flexible.
• The interface is easy to learn since it’s evocative of Excel, which many finance teams are used to.
• CCH Tagetik’s scalable architecture means it can handle massive amounts of data.
  

Cons:

• The initial learning curve can be quite steep.
• CCH Tagetik’s customizability means getting it to fit your needs just right can be complex.
• Some organizations absolutely need an external consultant to get this tool to work for them.

Integrations: CCH Tagetik integrates with some of the most common platforms for enterprise-sized businesses, including SAP, Microsoft Suite, and Qlik.

Pricing: According to some sources, the price for CCH Targetik starts at $50,000 USD.

CCH Tagetik by Wolters Kluwer vs. Prophix
CCH Tagetik has extensive customization options and comprehensive features that make it a natural fit for enterprise-sized businesses, but with a price tag that reflects that. Prophix is suited both for enterprise businesses and mid-sized organizations, with options that fit your team’s needs and their budget.

5. Oracle Hyperion Disclosure Management

​​Made by the same people who brought you Netsuite, this disclosure management software is part of Oracle’s Hyperion platform. It's designed specifically for organizations with significant reporting requirements, whether that’s due to their size, their organizational structure, or operating in an industry with complex compliance standards.

With Oracle Hyperion Disclosure Management, the Office of the CFO can manage their financial disclosure requirements efficiently with a custom, robust solution.

Best for: Organizations with complex financial disclosure requirements and both the time and budget to implement a custom enterprise solution.

Features:

• Automated financial report creation.
• Deep workflow management for increased compliance and more effective governance.
• Version control and automatic audit trail.
• Enterprise-level XBRL mapping.
• XBRL taxonomy management, editing, and viewing.
  

Pros:

• Built-in compliance and regulatory requirements make disclosures much simpler.
• Seamless integration with other Oracle solutions.
• Native collaboration features bring the Office of the CFO together for important disclosures.
  

Cons:

• This platform can have a steep learning curve, often requiring specialized training and consultants.
• Both upfront and ongoing costs can be significant, putting this disclosure management software out of reach for many organizations.
• Organizations that have already invested in the Oracle ecosystem will get the most value out of this platform.
  

Integrations: Oracle Hyperion Disclosure Management can be integrated with the rest of the Oracle suite and Microsoft 365. It also offers integrations for document management systems, XBRL reporting tools, and more.

Pricing: The price for this disclosure management software isn’t widely available, but some users have noted it has a high price tag.

Oracle Hyperion Disclosure Management vs. Prophix
Oracle Hyperion Disclosure Management is a dedicated platform built with enterprise-sized organizations in mind—and it has the price and learning curve to match. If you want a platform that suits your needs as it scales with you, you’ll want to go with Prophix instead.

6. Nasdaq Metrio​

A SaaS platform for sustainability reporting and disclosure management, Nasdaq Metrio stands out from many of the options on this list by being simpler to use, quicker to deploy, and more like many of the tools you’re used to.

It’s currently used by organizations like Target, Clorox, and Air Canada.

Best for: Organizations whose disclosure management focuses primarily on ESG requirements.

Features:

• Collect ESG (environmental, social, and governance) data from throughout your organization.
• Automate survey workflows.
• Report to all major frameworks and disclose to regulators efficiently.
• Mitigate risk with built-in guidance and a robust audit trail.
• Streamline collaboration to eliminate duplicate tasks.
  

Pros:

• The platform is easily and quickly customizable.
• Reporting features streamline communication between departments.
• Metrio makes it easy to provide visibility on disclosure management processes to stakeholders.
  

Cons:

• Trying to get a full picture of where specific data comes from isn’t always easily accessible for Metrio users.
• Working with numerous data sources can be complicated.
• Some users have said that this tool seems less mature than others on the market.
  

Integrations: Nasdaq Metrio integrates natively with a number of data sources, like CRMs, ERPs, and document management systems.

Pricing: The pricing for this tool isn’t available online; you’ll have to get in touch with their sales team.

Nasdaq Metrio vs. Prophix
If ESG requirements have a prominent place in your disclosures, then Nasdaq Metrio might be the best platform for your needs. But if you want a disclosure management system that doesn’t have that focus—while allowing you to do a lot more—Prophix is the way to go.

7. SAI360 Compliance and Management

SAI360 Compliance and Management allows organizations to track, report on, and manage disclosures for ESG goals and other compliance requirements. With this platform, you can centralize all your ESG reporting and ensure that your disclosures are prepared and ready to go ahead of any filing requirements—without the hours of manual work you’d expect.

Best for: This disclosure management platform is best suited to enterprise-sized organizations with strict ESG requirements and other regulatory guidelines.

Features:

• Manage unlimited metrics across ESG factors.
• Future-proof reporting and disclosure management.
• Build and share executive dashboards to report on performance before disclosures.
• Deep risk assessment and mitigation features.
• Centralized policy and procedure management.
  

Pros:

• Robust workflow automation streamlines disclosure management while eliminating manual work.
• Real-time monitoring and reporting make disclosures less of a surprise.
• As a solution dedicated to enterprise-sized businesses, it’ll scale with you as you grow.
  

Cons:

• The platform's ESG focus may not be appropriate for all organizations or industries.
• Like many other dedicated enterprise solutions on this list, setup and ongoing costs can be high.
• You’ll have to depend on SAI360’s team for software updates, support, and maintenance.
  

Integrations: SAI360’s APIs and other protocols allow it to be integrated with most enterprise systems.

Pricing: Pricing for this platform isn’t available online. You’ll have to reach out to their sales team.

SAI360 Compliance and Management vs. Prophix
While SAI360 Compliance and Management has a more specific focus on compliance and risk management—making disclosures easy—Prophix is an all-in-one financial performance management platform that also lets you handle financial disclosures.

8. Navex COI Disclosures

Working in an industry where conflicts of interest need to be disclosed? Navex COI Disclosures is built into the NAVEX One GRC Platform, specifically for these often tricky disclosures. With this platform, you can automate this process and avoid the errors that come with manual disclosures.

Best for: Enterprises that need a governance, risk, and compliance platform that also handles conflict of interest disclosures.

Features:

• Custom conflict of interest questionnaires.
• Completion tracking and automated reminders.
• Simple disclosures at the employee level.
• Deep conflict analysis.
• Cost-effective stakeholder communication across multiple languages.
  

Pros:

• This platform allows leaders to identify conflicts of interest early on, making disclosures easier.
• Navigating the platform is simple enough for any employee to do.
• The platform is easy to roll out and implement.
  

Cons:

• Software updates aren’t as regular as with other tools.
• Some users find that customer support isn’t as effective as it could be.
• The interface isn’t as customizable as other platforms.
  

Pricing: Pricing for this platform isn’t available online, but you can request a quote.

Navex COI Disclosures vs. Prophix
Navex COI Disclosures is a platform specifically designed for streamlining conflict of interest disclosures throughout the organization. But if you want to manage all sorts of disclosures right out of the same tool you use for financial performance management, Prophix is a better choice.

9. Insightsoftware

​​Insightsoftware is a software suite that allows financial professionals to handle everything from financial reporting to business intelligence and financial close to operational reporting. That makes it a serviceable option for disclosure management, too.

Best for: Teams that can’t justify a dedicated disclosure management platform and can manage with a platform that covers all their other financial processes.

Features:

• Embedded analytics turn data into insights, which is useful come disclosure season.
• Ad-hoc reporting features and drill-down capabilities.
• Simple integration with the most popular ERP systems on the market.
• Disclosure management tools for regulatory filings and compliance reports, including XBRL tagging for SEC filings.
• Cloud-based or on-premise deployment.
  

Pros:

• The tool is deeply customizable.
• Built-in ETL (extract, transform, load) means you have all the data you need for disclosures.
• Built-in compliance requirements make errors less likely.
  

Cons:

• Since Insightsoftware is more of an overall financial reporting suite, it won’t have the same depth as dedicated disclosure management tools.
• Features come module by module, meaning some leaders may need multiple budget approvals to get all the functionality they need.
• Leveraging every aspect of the tool is difficult without specialized training.
  

Integrations: Insightsoftware integrations with more than 140 ERP systems, the top five EPM platforms on the market, and many other tools.

Pricing: You won’t find pricing for this tool online, but you can request a price.

Insight Software vs. Prophix
Insight Software and Prophix are two of the most similar tools on this list since they’re both broader tools for handling most of your financial processes. With Prophix, you get a cloud-based financial performance platform that’s already transformed hundreds of organizations across many industries.

10. DFin ActiveDisclosure

ActiveDisclosure by DFIN is a disclosure management platform that helps organizations handle SEC filing and reporting, ESG reporting, proxy reporting, and much more. They market themselves as an “affordable” solution, meaning you’ll likely pay less for their platform than others on this list.

Best for: Organizations that have significant disclosure needs, especially to the SEC, but don’t want to pay for some of the more expensive solutions.

Features:

• IPO (initial public offering) specific experts and features for handling disclosures and financial reporting.
• Centralized ESG data for simpler financial reporting.
• Change tracking and advanced editing.
• Built-in validations for preventing costly mistakes.
• Intelligent iXBRL tagging.

Pros:

• With its specialized focus on disclosure management (and especially SEC disclosures), you have access to purpose
• Advanced workflow management helps bring the team together for disclosure season.
• ActiveDisclosure offers expert support 24/7/365.

Cons:

• ActiveDisclosure doesn’t have the longevity as some other platforms on this list, meaning you’re dealing with a solution with less of a proven track record.
• While it’s affordable, ActiveDisclosure will likely still be one of the most expensive pieces of software you’ll use.
• The narrow focus for this tool may not suit all organizations.
  

Integrations: ActiveDisclosure integrates with Excel, ERPs, ESGs, and SOX platforms.

Pricing: You won’t find pricing for this tool online. You’ll have to contact their sales team.

DFin ActiveDisclosure vs. Prophix
If you need a dedicated disclosure management platform for SEC filings, then ActiveDisclosure may be the right tool for you. For every other disclosure, Prophix will be your best option.

11. Certent Disclosure Management

​​From the same organization behind the entire suite of Insightsoftware tools, Certent Disclosure Management is a dedicated tool for all your disclosure management needs, from regulatory disclosures to external and internal reports. The platform is currently used by WD-40, Blackstone, and Air France.

Best for: Organizations that need an all-in-one disclosure management platform, especially if they’re already using Insightsoftware tools.

Features:

• Microsoft Office-based disclosure management.
• XBRL and iXBRL tagging and filing.
• Solvency II reporting.
• Press releases and regulatory news service announcements.
• Automated narrative reporting.
  

Pros:

• Being able to link Excel sheets to disclosures allows for live data in disclosures prepared in Word.
• Automations take days out of reporting and disclosure workflows.
• Since this tool essentially lets teams work with Office files, the time it takes to train employees is much shorter than some other platforms.
  

Cons:

• Some integrations, like Adobe InDesign, aren’t as robust.
• Deploying this tool on every device in your organization can be time-consuming.
• Some users have noticed occasional slowness with this platform.
  

Integrations: Most notably, Certent Disclosure Management integrates with the Office suite, but it also works with ERPs like NetSuite, and financial platforms like Oracle Financials Cloud.

Pricing: This platform’s price isn’t available on the company’s website. You’ll have to get a quote from their sales team.

Certent Disclosure Management vs. Prophix
When it comes to an all-in-one, dedicated disclosure management platform, Certent Disclosure Management is a solid option. But if you want a tool that does more—from financial planning and analysis to budgeting and forecasting—you should go with Prophix.

​​​12. IRIS CARBON​

IRIS CARBON is a collaborative, cloud-based disclosure management platform that makes handling even the most complex disclosures simpler. It has built-in, predefined reports to streamline the process and automations that eliminate much of the complex manual work that comes with it.

Best for: Organizations that have a significant amount of disclosures to prepare, from annual and quarterly reports to ESG disclosures and press releases.

Features:

• Office 365-based disclosure management platform.
• Support for over 150 iXBRL and EDGAR form types.
• Change tracking and version control.
• Built-in approval workflows.
• Robust data security (SOC 1, SOC 2, ISAE 3000, and ISAE 3402 certifications).
  

Pros:

• A user-friendly interface means employees can get around the tool without too much training.
• Predefined reports make disclosure simpler, even for less experienced teams.
• Users get unlimited support from the IRIS CARBON team.
  

Cons:

• Text-block tagging can be difficult to use.
• Handling larger disclosures can slow the system down.
• Some users have found the tagging time to be a bit long.
  

Using IRIS CARBON and Prophix together

IRIS CARBON is fully integrated with Prophix for disclosure management, meaning you get an all-in-one, integrated financial performance management platform that handles disclosures like a dedicated solution.

Want to know more about how you can use Prophix and IRIS CARBON together? Check out our resource.

How to choose the best disclosure management software platform for your business

Disclosure management platforms can all seem similar after going through a long list, but the details matter. When picking a tool, make sure to closely examine the following:

• Regulatory frameworks: If you’re primarily handling SEC disclosures but a tool you’re looking at doesn’t manage these, you’ll know to avoid it.
• Search and reporting tools: One of the most time-consuming tasks in disclosure management is gathering the data you need. Ensure the tool you pick can automate and streamline most of this work for you.
• Source system integrations: The best disclosure management tool for you is one that integrates seamlessly with the platforms your disclosure data is in.
• Compliance checklists: Dedicated disclosure management software has built-in controls to help teams properly manage compliance and disclosure processes.
• Collaboration abilities: Disclosures are often a team effort, so pay close attention to collaboration features that make that teamwork effortless.

FAQs about disclosure management software

What is the best IFRS reporting tool?

Many of the disclosure management tools in the list above are perfect for making disclosures that comply with IFRS (International Financial Reporting Standards) standards. This includes:

• Prophix
• Workiva
• Certent Disclosure Management
• Oracle Hyperion
• Tagetik
• SAP Disclosure Management

What's the difference between disclosure management software vs. financial close and consolidation software?

Financial close and consolidation software centralizes financial data so your team can produce accurate financial statements quickly. Conversely, disclosure management software is usually dedicated to preparing reports for specified disclosures, like quarterly reports for publicly traded companies or SEC filings for financial institutions. They perform similar functions with different end results.

What's the difference between disclosure management software vs financial reporting software?

At first glance, they perform similar functions: turning financial data into reports. But while financial reporting software can more broadly handle many of your financial reporting needs, disclosure management software has features specifically for creating and releasing disclosures that comply with various regulatory bodies.

Conclusion: Choose the best disclosure management software

When choosing disclosure management software, you have to ensure it has the right integrations for your needs, it’s easy to use, and is not prohibitively expensive. But while you might think you need a dedicated platform for this, there’s a better option.

Prophix. 

Prophix offers a fully integrated financial performance platform that also allows you to streamline financial disclosures, shaving entire days off of your process. It’s made with modern finance teams in mind and automates the manual work away.

Watch a demo and see what you can do with Prophix.