Find out more about Budgeting Software
What is Budgeting Software?
Budgeting software is used by finance professionals to perform accounting and financial tasks. This type of system ranges from simple single-entry apps for check writing and bookkeeping to advanced double-entry platforms that offer sophisticated tools. Budgeting software can help your company in many ways such as eliminating manual tasks, automating repetitive routines, keeping your books accurate, getting timely notifications to avoid fines and more. Thus, this system has become an essential tool for fast growing enterprises. If you are keen to know more about budgeting software, we advise you to read about the best solutions in the category, especially FreshBooks which our review team rates as the top ranked one.
Most Popular Budgeting Software
Best Budgeting Software
How To Choose The Best Budgeting Software
Online financial planning solutions use historical data and estimate future conditions to monitor an organization’s financial growth and compare it to predictions. It is essential for the long-term survival of a company to estimate a budget and work within its scope. Budgeting software for enterprises helps forecast likely future expenses, and establish realistic and precise budgets to enhance the chances of attaining profitability. We’ve summarized some of the most important aspects of best Budgeting software to help you choose the right one for your company.
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The best bet when choosing the best Budgeting software is to sign up for at least a few free trial plans from the vendors that are popular. With that method you will have the opportunity to test the important elements and you will get a good overview of the capabilities of each app. The best thing to do is to try software tools that currently have the highest results in our SmartScore and Customer Satisfaction Rating in the Accounting and Finance software category: FreshBooks reviews, Intacct, Xero, AcccountEdge, and Float.
Business budgeting software is mainly targeted to the following categories of buyers:
- Small companies – Small businesses and startups place importance on user-friendly interface and intuitive presentation methods, so that they can generate easily understandable charts and graphs. Budgeting is an important feature, but the forecasting capabilities of a software can be limited by lack of historical information.
- Medium-sized and growing companies – Slightly bigger and fast growing companies use systems that predict future sales and growth based on past performance. However, they may make the mistake of assuming that last year’s good sales will continue this year. A lot of different factors need to be considered and the budgeting software should be capable of predicting changes in those vital factors, so that you don’t need end up massively overinvesting in your firm’s infrastructure.
- Large enterprises – Large organizations with multiple units need a complex budgeting process. The software should be capable of handling multiple types of revenue sources and expenses from different units. All this data requires to be integrated in an intelligent, seamless way.
What are Examples of Budgeting Software?
- FreshBooks: One of the best cloud solutions for small business that streamlines tracking and invoicing. It allows you to collect payment online, and it is packed with advanced analytic features.
- Intacct: Another highly-efficient cloud solution for small and medium businesses that provides statistics and key figures to help companies make smarter decisions.
- QuickBooks: Simple and very popular software for small businesses that are just beginning to manage accounts receivable. It checks invoices and purchase orders and eases business transactions.
- Xero: An online accounting app for businesses from all scales and industries, but also individual accountants and bookkeepers. It focuses on collaboration, and keeps teams connected wherever they are.
- FinancialForce Accounting: Easy-to-use and maintain platform that provides an affordable end-to-end accounting solution for businesses from all scales.
Types of Budgeting Software
There are many different types of budgeting software, varying from free and basic tool suites to ultra costly and accurate programs. Features can also be categorization criteria, as certain programs do nothing but reporting, while others are more robust and they allow companies to control processes, forecast and analyze, and even do some custom branding. Deployment is also an important factor based on which there are:
- On-premise budgeting systems. These are covered with a single license, and are hosted on the client’s local server. They qualify as the most expensive ones, due the fact that they require complex setup and occasionally some hardware installation.
- Software-as-a-service (SaaS) budgeting systems. These are usually paid per month, and are hosted on the vendor’s server. The business owner is not responsible for installation, updating, and maintenance.
- Cloud-hosted budgeting systems. Most of these offer free basic plans, and qualify as the most affordable ones due to their universal access and the fact that the client doesn’t need to update them or to pay for maintenance.
Key Features of Budgeting Software
The following list of common features is part of every good budgeting solution:
- “What-if” analysis and re-forecasting. This advanced feature is the key for superior decision making, enabling companies to use current expense data to plan and to report. It simply defines the level of reliability for each company, and it makes powerful risk assessment possible.
- Business rules modeling. The feature is critical for every business action, as it defines constraints and establishes a common framework for business proceeding. It is backed by standardized modeling approaches such as Business Process Execution Language, Z Notation, and others.
- Drill-down and drill-through. This is a powerful reporting feature supposed to discover even the most hidden details of every business, drill through meaning that the system can analyze information from multiple reports at a time.
- Exception reporting and alerting. This features help the effective shift to behavioral monitoring and notifies companies on critical issues. In most cases, exception tracking is automated via email alerts.
- Extract to Excel and other products. The function is tightly associated to the system’s integration power, meaning that you have to look for budgeting software that can blend within your existent infrastructure, and export information to the formats you’re commonly using.
- Interactive Visualization. The feature refers to the system’s professionally created timelines, where you don’t simply get to see information, but to alter it too. Ideally, visualizations should be easy to use and require little, if any coding knowledge.
- Process Controls. The feature regulates costs for given periods of time, or such related to particular projects and employees. It is one of the most important sources to compare and plan the budget in accordance with their long-term financial goals.
- Self-service reporting and analysis. The function provides for rapid management of the data infrastructure, including the capacity for every department to mine insight data and to benefit from it.
- Metadata management and source data integration. Companies use this feature to harvest metadata from their third-party integrations, such as ETL, business intelligence, warehousing technologies, etc.
- Budgeting by exceptions and top-down budget entry. The feature enriches the system with warnings and error notifications to display transaction results that are otherwise invisible in regular budget checking.
Benefits of Budgeting Software
These are the main benefits companies experience when using a good budgeting system:
- Increased accuracy – Human errors and tight deadlines can gravely impact the accuracy of your budgeting which can have a big effect on your firm’s profitability. A good budgeting solution eliminates common calculation errors, and boosts the overall accuracy of the budgeting process.
- Simpler and Faster – Budgeting software boasts high-level functionality for this purpose. You can save time creating the process and the software allows data to be saved and reused in later years too. This makes it easy to amend and manage budgets, and you can greatly reduce the amount of time you spend on the budget process.
- Report consistency – You can make use of budgets that have same readable format no matter which employee prepares them. This ensures the budgets easily connect with employees across the organization.
- Better forecasting – Computer budgeting programs make use of smart algorithms that can accurately forecast future sales and expenses based on past information. This enables a company to plan better and achieve long-term success.
List of Budgeting Software Companies
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A summary of overall user satisfaction with the solutions in our Financial Reporting Software category evaluated with our unique algorythm that finds customer reviews, comments and opinions across a wide range of social media platforms in order to help you make an educated investment decision.
Every vendor in the Accounting & Finance Software category will provide a different group of pricing packages for its service and each package will include a unique set of elements. Below we list the overal pricing for the cheapest plan provided for each app. Please note that advanced features may cost extra.
An overview of what kind of devices and operating systems are supported by the listed B2B solutions in the Accounting & Finance Software category, including mobile platforms and web-based solutions.
Check which languages and geographies are supported by the best B2B apps in the Accounting & Finance Software category, including solutions intended for international markets and created for multi-cultural teams of employees.
Find out what pricing plans are offered by the vendors in the Accounting & Finance Software category to see which one suits your business requirements and expenses best. Be aware that certain solutions can offer free or freemium accounts for you to try out first.
An analysis of which groups of companies a given B2B service in the Accounting & Finance Software category aims for, from small businesses and non-profits to big enterprises.
A summary of what kinds of service deployement are supported by every B2B vendor in the Accounting & Finance Software category. While the majority of modern SaaS services are cloud-based there are services may offer an on-site deployment model as well.