It really depends on the organizational hierarchy of your organization. In very large companies, and if your role is not that senior, you might be reporting to the project manager. In smaller companies, you might be reporting to the CEO or the Finance Manager.
The rule is that the smaller the company is, the more senior the role that you will be reporting to.
There is no such thing as "better" when it comes to whom you'll be reporting to. If your organization dictates that you should report to a certain role, then you have no other option.