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Best Budgeting software

Finding the best Budgeting Software for your business is now faster and easier! Compare prices, reviews, features, and get free consultation to find the perfect software.

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Budgeting Software For Your Business

To cement its long-term survival, a business must be able to effectively determine a budget and stick to it. This is non-negotiable. Therefore, when it comes to budgeting and forecasting, businesses cannot afford to cut corners. Business budgeting software can help businesses leverage historical data and make reliable estimates to bring financial progress in line with business expectations. They enable precise forecasting which in turn create sound budgets. With their help, businesses can remain consistently profitable in the long run. 

What Is Budgeting and Forecasting Software? 

Any manual process in business is highly vulnerable to human error. Budgeting is a highly data-driven process. The slightest inaccuracy, oversight or error can render the even the most elaborate budget strategy ineffective. Business budgeting software automates most repetitive tasks related to budgeting and forecasting to minimise human intervention and drastically reduce the scope of error.

Budget management software automatically issues reminders to users whenever they are required to make any data entries. They can also automatically import data from other accounting, ERP and HRM applications. Not only does this save time, but it also ensures that the data remains uniform and consistent across all systems. Therefore, data is collected promptly with as little human intervention as possible.
 

Budgeting and forecasting activities generally require much collaboration and coordination among different individuals within the organization. This becomes especially cumbersome in a manual process. Budget management software can facilitate easy collaboration. The budgeting process or the budget approval process can be standardised in a manner that makes the entire process organized and improves communication. They also come with budgeting tools that allow users to create hypothetical forecasts. They come equipped with features that allow users to factor in things that are often overlooked, such as inflation. Therefore, budgeting and forecasting solutions can help businesses prepare better for the future and make informed decisions as they formulate their budgets.

What Do You Need?

Budgeting is a sensitive activity no matter what the scale. The exercise may not differ much across the industry, however, we can all agree that the priorities of one organization may not quite match with the other. Therefore, their requirements from a budgeting software may differ from each other. Here is how the size of the organization can inform one's decision when they are in the market for budget software:

  • Small Businesses
    Small businesses would first and foremost require money management software that is easy to use. They may not have individuals very skilled in finance and accounting to manage the activity for them. Small business budgeting tools must, therefore, be very user-friendly. While budgeting is important for small businesses, they may not require elaborate forecasting tools as they do not generally have much historical data.

  • Mid-Size Organizations
    An area that most growing organizations struggle with is forecasting. Growing organizations are usually at a critical juncture where how they forecast can drastically impact their future. They cannot afford to overlook anything and must take into account all the possible factors that may impact their future. They cannot afford to get carried away and make any kind of overinvestments.

  • Large Organizations
    Due to the sheer scale of operation, budget and forecasting become a very complex activity in larger organizations. They tend to have multiple types of expenses and various sources of revenue. They have a huge number of employees and many departments. They, therefore, need money management software that is capable of handling such a huge operational scale.

What Are the Benefits of a Budget Management Software?

When it comes to manual and automated budgeting, there is a clear winner. Here are some of their benefits-

  • Accuracy
    Budgeting involves sensitive data and numbers and is an error-prone process. Errors can make the most strategic budget plans invalid. A reliable online budgeting tool or a money management app can automate most of the tasks in a manner that there is minimal human effort involved in the budgeting process, which yields accurate results.
  • Swift and User-friendly
    When repetitive manual tasks are automated, resources are no longer required to spend hours and hours pouring over Excel sheets, consolidating them and sharing them. Budget management apps enable users to retrieve historical data within minutes. They also enable users to manage and amend the budget easily without requiring a complete reworking. This saves much time and effort and simplifies the process.
  • Consistency
    Online budgeting tools and money management apps store data in a consistent format irrespective of the source. They can import data from other systems, which also ensures that the data is uniform across all the platforms.
  • Improved Forecasting
    Most budget management apps come equipped with superior forecasting capabilities. These programs can use complex algorithms, permutations and combinations to can sift through vast amounts of historical data for the most accurate results. 

Market Trends in Budgeting and Forecasting:

  • Dynamic Market Conditions
    Social media, technological advancements, and even political factors among others have been influencing the market like never before. It is evolving and changing at a rapid pace. More and more budget software providers have been developing their solutions bearing this in mind.

  • Specialised Solutions
    In continuation of the point above, the market and the various industries within the market are evolving rapidly. Workflows are becoming more unique every day. Budgeting and forecasting system providers have been taking this into account and are creating specialised solutions based on industry verticals.

  • Software as a service (SaaS)
    These solutions are becoming increasingly popular. Web-based online budget management apps are being increasingly preferred over on-premise solutions. They are cheaper, easier to implement and highly scalable. 

What Must You Keep in Mind When You Select A Vendor?

Here are some things that you must consider when you want to choose the best budget app for your requirement:

1. How user-friendly is the system? Can the system be used by anyone or will you need skilled resources?

2. How smart is the forecasting system? Does it factor in things like inflation and other hypothetical scenarios?

3. How many users does the system allow? How does it facilitate collaboration? Does it allow collaborators to communicate with each other on the system itself?

4. How does the system enforce deadlines?

5. How compatible is the system with other finance and accounting and HRM applications?

6. Will using the system save cost in the long run? Is the price reasonable?

7. How does the system use past data? 

8. What kind of reporting and analytics can be expected?

9. How secure is the system?

10. What kind of customer support is offered by the vendor?

Here are some of our top picks from the budgeting and forecasting applications market-

  1. AmpleLogic Excel Automation Software
    Using a “low code platform” technology, AmpleLogic’s Excel Automation Software, it is a widely trusted choice for all the major pharmaceutical companies automates critical business operations that are typically managed on Excel such as budgeting forecasting and planning, financial planning, revenue management, MIS etc.
     
  2. Meshing Budget Management System
    The Meshing Budget Management System contains modules for accounting and finance, audit and internal controls, revenue management, management reporting and expenses. It allows you to process transactions swiftly and accurately while maintaining complete control.
     
  3. Ramco ERP
    Ramco’s ERP suite encompasses solutions related to finance and accounting, supply chain management, production, quality management, project management, asset management, HR and payroll, and dealer management. It is designed to help you be in complete control of your finances so that you can tame costs and boost revenue. 

     
  4. QuickrExpense
    A QuickrBiz application, QuickrExpense enables you to achieve transparency as you manage employee travel and expense claims. It strengthens management control over employee expenses and systematically reduces costs related to expense processing.

     
  5. Mint
    Intuit Mint’s daily budget planner aims to create budgets that you can reasonably stick to. It is capable of automatically suggesting budget goals based on your spending so that you can create budgets and adjust them along the way. It will show you how your spending decisions will impact the money you have left at the end of the month of the year.

     
  6. BudgetPulse
    A free, online web-based application, BudgetPulse is a personal finance management software that can organise your cash flow, expenses, and bank accounts in a centralised manner. It offers charts and graphs that help you easily visualise how you are spending your money every month.

     
  7. Scoro
    Scoro is an all-in-one business management solution that helps you take charge of your team, projects, sales and reports from a single platform. With superior invoice management capabilities, it helps you keep track of your costs. Enterprise-level reports and a dashboard that allows you to track metrics, conversions and other items, make it easy to stay on top of your finances.
  8. You Need A Budget (YNAB)
    You Need A Budget is an award-winning software that is designed to teach you how to manage your money, overcome debt and save more so that you do not live paycheck to paycheck. It has a proven track record, with users even claiming to have overcome five-figure debts.

  9. Moneydance
    A feature-rich personal finance management software, Moneydance even supports multiple currencies as it manages online banking and bill payment. It can also handle account management, budgeting and investment tracking. Graphs, reports and reminders and also a mobile app, help you manage your finances even when you are on the go.

  10. Budget Maestro
    Budget Maestro is an on-premise solution that automates time-consuming and error-prone tasks related to budgeting and planning. It has built-in modelling capabilities that can handle everything from workforce and expense planning, revenue and capital asset management. It is also available as a cloud-based solution in the form of Planning Maestro.

  11. CalendarBudget
    CalendarBudget helps you organize and plan your money on a calendar. It is designed to help you eliminate your debt and steadily grow your wealth. It ensures that your bills are paid on time, and helps you plan for upcoming major expenses. It also helps you manage your savings for the future.

  12. Questica
    Championing a data-driven approach, Questica is a multi-user budgeting software solution that increases accuracy, saves time and improves stakeholder trust. It can help public sector organizations streamline their budgeting process through various features such as multi-year planning, forecasting and analysis, workflow, role-based security access to amendment tracking, performance measurement and optional budget book publishing.

  13. Deltek Cloud
    A secure and reliable cloud platform, Deltek Cloud can help you manage mission-critical business processes and power all aspects of your project lifecycle, including managing the projects on-time and on-budget. It helps you stay true to key financial and compliance imperatives.

  14. EveryDollar
    EveryDollar makes budgeting very easy. It requires less than ten minutes to set up your first budget so that you can add your income, plan your expenses and track your spending so that you can systematically achieve your money goals. While EveryDollar is free, you also have the option of linking your bank account to the application for a fee, using EveryDollar Plus.

  15. Prophix Software
    Prophix can be deployed on the cloud as well as on-premise. It aims to simplify financial processes by automating repetitive tasks such as data imports and allocations. A pre-built functionality pre-populates data as you create budgets, plans and forecasts. The Prophix Automation Center makes it possible to sync multiple processes so that no critical steps are compromised.

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Scoro

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Priyanshi KhandelwalBy Priyanshi Khandelwal | Last Updated: October 26, 2020

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