depends very much on the nature and volume of your work.
You say that you are doing "lots of large reports", and I'm wondering if this is a one-off project or forms part of your normal working life? The reason I ask is that there are several possibilities.
If this kind of workload is going to be permanent there is, in my opinion only one solution, and that's the Professional edition of Dragon Naturally Speaking 7 from Scansoft
click here This is an industry standard software application, costing over $600, which is why I asked about the nature of your workload - there are cheaper versions of the software but the Professional edition is the one to go for if your budget permits.
I also have to prepare lots of long reports (and write regular articles for publication) but I've never managed to get along with speech recognition software - I find that it's just not fast enough for my needs, and prefer to type everything manually. I do know people who use the Dragon software though, and they say it's the best on the market.