Best Budgeting Software

The best budgeting software for small businesses are PocketGuard, Quicken, Honeydue, Intuit Mint, and Goodbudget. Small business budgeting software helps businesses to create, manage, monitor, and track their budget.

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Reviewed and edited by Supriya Bajaj
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Most Popular Budgeting Software

This listing showcases software based on user recommendations and popularity. It also highlights products from our valued client partnerships.

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List of 20 Best Budgeting Software

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Category Champions | 2025

Product Description

This information is provided by vendor.

Zoho Books is a great budgeting software for managing the finance of your business. The software provides end-to-end accounting functionalities, including GST invoicing, audit trails, core accounting, stock monitoring, expense tracking, bank reconciliation, and financial reporting. Zoho Books creates GST invoices and files tax returns... Read More About Zoho Books

Zoho Books Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Client Portal
  • Customizable Reports
  • Inventory Management
  • Project Accounting
  • Automated Workflows
  • Payment Gateways
  • Estimates
  • Sales Orders
  • View all Features

Standard

$ 10

Organisation/Month Billed Annually

Professional

$ 21

Organisation/Month Billed Annually

Premium

$ 42

Organisation/Month Billed Annually

Elite

$ 69

Organisation/Month Billed Annually

4.6
out of 5 (110 Reviews)
Features
4.5
Ease of Use
4.5
Value for Money
4.5
Customer Support
4.5
Atoba Longkumer
Cofounder & CEO

We are using the free version of Zoho Books, and it's very helpful for keeping our company accounts tidy. The invoicing feature is nice, and the recurring invoice module is awesome since we are a SaaS platform.

Read all 110 Reviews

Zoho Books Features and Usability-Based User Satisfaction Score

Rating Score 9.2

Rating Score

Out of 10

No. of reviews Score 10.0

No. of reviews Score

Out of 10

Freshness Score 10.0

Freshness Score

Out of 10

Social Score 8.7

Social Score

Out of 10

Monthly website visitor Score 8.0

Monthly website visitor Score

Out of 10

Category Champions | 2025

Product Description

Xero is award-winning, web-based accounting software for small business owners and their accountants. It is beautifully designed and easy-to-use online bookkeeping for expense management. Read More About Xero Accounting

Xero Accounting Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Customizable Dashboards
  • Invoicing
  • Sales Tax Management
  • Bill Payments
  • Purchase Orders
  • Payroll Management
  • Inventory Management
  • Project Management
  • View all Features

Starter

$ 29

Per Month

Standard

$ 46

Per Month

Premium

$ 69

Per Month

4.7
out of 5 (15 Reviews)
Features
4.7
Ease of Use
4.8
Value for Money
4.9
Customer Support
4.4
Abhishek Bisht
Account Executive

As a small organization of fewer than 10 employees, Xero proves to be a cost-effective solution for our company's requirements. It is a very easy-to-use accounting tool for anyone who is a new user. Xero provides real-time insights, which overall help in making immediate actions with up-to-date financial data. The security and compliance standards ensure up-to-date accounting standards are used.

Read all 15 Reviews

Xero Accounting Features and Usability-Based User Satisfaction Score

Rating Score 9.4

Rating Score

Out of 10

No. of reviews Score 3.0

No. of reviews Score

Out of 10

Freshness Score 10.0

Freshness Score

Out of 10

Social Score 9.5

Social Score

Out of 10

Monthly website visitor Score 6.0

Monthly website visitor Score

Out of 10

Emergents | 2025

Product Description

Refresh.me is your go-to platform for managing and organizing your finances effortlessly. It connects to thousands of banks and financial institutions, giving you a complete picture of your money in one place. You can track spending, monitor investments, and stay on top of your credit... Read More About Refresh.me

Refresh.me Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Multi Currency Support
  • Financial Goal Setting
  • User Permissions
  • Bill Reminders
  • Mobile App Integration
  • Debt Management
  • Recurring Transactions
  • Tax Reporting
  • View all Features

Individual

$ 12

Per User

Couple

$ 22

Per Month

Family

$ 32

Per Month

Refresh.me Features and Usability-Based User Satisfaction Score

Freshness Score 9.5

Freshness Score

Out of 10

Social Score 5.0

Social Score

Out of 10

Monthly website visitor Score 2.0

Monthly website visitor Score

Out of 10

Software by Moneyspire Inc

Product Description

Moneyspire is your one-stop solution and professional financial partner that can help you track your transactions, create custom reports, and do market analysis based on your criteria. It can help you invest your money right. Read More About Moneyspire

Moneyspire Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Payee Management
  • Customizable Categories
  • Tax Reports
  • Reminders
  • Multi Currency Support
  • Account Management
  • Reporting
  • User Permissions
  • View all Features

Standard

$ 30

One Time

Pro

$ 40

One Time

Free Version

$ 0

One Time

5.0
out of 5 (1 Review)
Features
4.0
Ease of Use
4.0
Value for Money
5.0
Customer Support
5.0
Teri Walter
President

I converted to Moneyspire in approximately 2018, after Quicken, which I used for years and loved, switched to a cloud-based subscription model. Cloud-based subscription software means it lives only on someone else's computer; you can't access it without an internet connection and lifelong payments. When you stop paying, your data is gone for good. Moneyspire is inexpensive, tracks all my accounts and investments, provides the reporting I need for tax purposes, and converts my Quicken data. It doesn't have some bells and whistles that Quicken did, like loan amortization, but these can be handled separately. Excellent value, and I highly recommend it to anyone who values financial privacy. Now that Intuit is doing the same thing to QuickBooks, I anticipate having to convert my businesses to Moneyspire as well.

Read Review

Category Champions | 2025

Product Description

This information is provided by vendor.

TallyPrime is India’s leading business management software for GST, accounting, inventory, banking, and payroll. TallyPrime is affordable and is one of the most popular business management software used by nearly 20 lakh businesses worldwide. Read More About TallyPrime

TallyPrime Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • E Way Bill Generation
  • Tallyvault
  • Payroll Management
  • Mis Reports
  • Invoicing And Billing
  • Budgeting
  • Gst Compliance
  • Tds Management
  • View all Features

TallyPrime Silver

$ 313

Full License for Single User

Get Offer

TallyPrime Silver Monthly Subscription

$ 10

Monthly License / Single User

Get Offer

TallyPrime Gold Monthly Subscription

$ 31

Full Monthly License for Multi-User (Easy Renewal)

Get Offer
4.7
out of 5 (387 Reviews)
Features
4.6
Ease of Use
4.6
Value for Money
4.6
Customer Support
4.5
Mohammed Arfath
Consultant

TallyPrime is by far the best business companion you can have for the growth of your business. Because for not only recording transactions, but you can track your entire business in one software. The extraction feature helped me alot while auditing. Bank reconciliation feature, inventory management, customisation feature helps alot.

Read all 387 Reviews

TallyPrime Features and Usability-Based User Satisfaction Score

Rating Score 9.4

Rating Score

Out of 10

No. of reviews Score 10.0

No. of reviews Score

Out of 10

Freshness Score 10.0

Freshness Score

Out of 10

Social Score 8.6

Social Score

Out of 10

Monthly website visitor Score 8.0

Monthly website visitor Score

Out of 10

Most Reviewed

Category Champions | 2025

Product Description

This information is provided by vendor.

QuickBooks is an online budgeting software for business owners to keep them on top of their finances. Its easy-to-use interface, 100% data security, and streamlined workflows help owners focus more on their growing businesses. QuickBooks is well-known for its features like budgeting, forecasting, expense management,... Read More About QuickBooks Online

QuickBooks Online Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Customizable Invoices
  • Third Party Integrations
  • Bank Reconciliation
  • Invoicing
  • Time Tracking
  • Mobile App
  • Inventory Management
  • Expense Tracking
  • View all Features

Simple Start

$ 30

Per Month

Get Offer

Essentials

$ 60

Per Month

Get Offer

Plus

$ 90

Per Month

Get Offer
4.4
out of 5 (66 Reviews)
Features
4.3
Ease of Use
4.4
Value for Money
4.2
Customer Support
4.1
Reinaldo Cabrera
Account Executive

QuickBooks is powerful but has some surprising limitations. Importing sales needs extra tools. Journal entries lack customer/supplier info unless linked to receivables/payables. Simple tasks can be overly complex. Bank feeds are great, but reconciliation is often easier in spreadsheets.

Read all 66 Reviews

QuickBooks Online Features and Usability-Based User Satisfaction Score

Rating Score 8.8

Rating Score

Out of 10

No. of reviews Score 10.0

No. of reviews Score

Out of 10

Freshness Score 9.0

Freshness Score

Out of 10

Social Score 8.4

Social Score

Out of 10

Monthly website visitor Score 8.0

Monthly website visitor Score

Out of 10

Software by You Need A Budget

Product Description

You Need a Budget (YNAB) is the best budgeting software for designing and maintaining a budget. This user-friendly software helps you manage your relationship with money with its flexible budgeting solutions. With the YNAB money management system, you will save effortlessly and spend confidently by... Read More About You Need A Budget (YNAB)

You Need A Budget (YNAB) Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Debt Paydown Tool
  • Bank Syncing
  • Spending And Net Worth Reports
  • Real Time Sync
  • Security And Encryption
  • Workshops And Webinars
  • Reports And Trends
  • Multi Currency Support
  • View all Features

Software by The Infinite Kind

Product Description

Keep an eye on your cash flow with Moneydance. It is advanced budget management software that lets you create a budget and helps you stick to it. Moneydance offers a wide range of features, such as online banking, reporting, account registers, portfolio management, and more. Read More About Moneydance

Moneydance Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Import/export Data
  • Tax Reports
  • Reconciliation
  • Memorized Transactions
  • Online Banking
  • Reporting
  • Third Party Extensions
  • Mobile App
  • View all Features

Starter

$ 50

Per Month

Get Pricing
5.0
out of 5 (1 Review)
Features
5.0
Ease of Use
5.0
Value for Money
5.0
Customer Support
5.0
Anny Charlotte
Web Developer

I am very thrilled to comment. Moneydance is one of the works that developers have always wanted. Its multiple characteristics and features allow a financial manager to provide better service to their organization. From the general ledger to the income statement, everything is perfectly handled. Almost every corner of North America now considers Moneydance the most popular financial software.

Read Review

Category Champions | 2025

Product Description

This information is provided by vendor.

ClearTax is a complete corporate budgeting software that helps businesses with finance management and saves them time and money. It provides almost all the features you wish for in budgeting software, including GST compliance, e-invoicing, e-way bills, ITR filing, tax consulting, payment tracking, stock management,... Read More About ClearTax

ClearTax Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Multiple Income Sources
  • Capital Gains Tax
  • Advance Tax Calculator
  • Tax Payment Tracking
  • Income Tax Calculator
  • Income Tax Notice Assistance
  • E Filing Of Income Tax Returns
  • Form 16 Upload
  • View all Features
4.5
out of 5 (28 Reviews)
Features
4.5
Ease of Use
4.5
Value for Money
4.5
Customer Support
4.4
Y SAI RAMYA
AUDIT MANAGER

It is almost impossible to file GST returns in minutes without this software. The reconciliation we can get from this software is perfect and very simple.

Read all 28 Reviews

ClearTax Features and Usability-Based User Satisfaction Score

Rating Score 9.0

Rating Score

Out of 10

No. of reviews Score 6.0

No. of reviews Score

Out of 10

Freshness Score 8.5

Freshness Score

Out of 10

Social Score 8.4

Social Score

Out of 10

Monthly website visitor Score 8.0

Monthly website visitor Score

Out of 10

Software by CountAbout

Product Description

Keep a tab on your savings and expenses with CountAbout. It is an all-in-one enterprise budgeting software that helps you pay off debt faster and reach your savings goals sooner by making small differences in your budgeting. CountAbout enables you to identify leaks in your... Read More About CountAbout

CountAbout Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Budgeting Tools
  • Recurring Transactions
  • Custom Reports
  • Custom Categories
  • Customizable Dashboard
  • Notifications
  • Export Data
  • Cloud Sync
  • View all Features

Basic

$ 10

Per Year

Get Pricing

Premium

$ 40

Per Year

Get Pricing

Emergents | 2025

The next generation Online Accounting Software

Product Description

This information is provided by vendor.

ProfitBooks is a top budgeting software for gaining full control over your business finances. The software lets you easily manage all your transactions in one place with unique features like sales orders, tasks, and document management. ProfitBooks is highly secure as it enforces five levels... Read More About ProfitBooks

ProfitBooks Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Expense Tracking
  • Mobile Access
  • Time Tracking
  • Payment Reminders
  • Gst Compliance
  • Recurring Invoices
  • Customer Management
  • Payroll Management
  • View all Features

Professional Plan

$ 83

Per Year

Get Offer

SMB Plan

$ 125

Per Year

Get Offer
4.5
out of 5 (15 Reviews)
Features
4.4
Ease of Use
4.5
Value for Money
4.3
Customer Support
4.4
Markus Schiefer
Sales Assistant

ProfitBooks helped lower inventory costs and raise customer service levels. The low stock alerts work properly and help avoid the cost of goods not sold.

Read all 15 Reviews

ProfitBooks Features and Usability-Based User Satisfaction Score

Rating Score 9.0

Rating Score

Out of 10

No. of reviews Score 3.0

No. of reviews Score

Out of 10

Freshness Score 7.5

Freshness Score

Out of 10

Social Score 9.0

Social Score

Out of 10

Monthly website visitor Score 8.0

Monthly website visitor Score

Out of 10

All-in-One Platform to Run Your Business.

Product Description

This information is provided by vendor.

Deskera is next-generation budget planning software that helps you drive scalable costs and improved margins. With its modern, centralized, and integrated business processes, you can organize your finances as per your needs and keep a tab on accounting and transactional activities with a complete audit... Read More About Deskera

Deskera Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Project Accounting
  • Customizable Dashboards
  • Purchase Orders
  • Inventory Management
  • Multi Currency Support
  • Financial Reports
  • Customer Management
  • Payroll Integration
  • View all Features

Professional

$ 83

User/Month

Get Offer

Startup

$ 17

User/Month

Get Offer

Essential

$ 42

User/Month

Get Offer
5.0
out of 5 (1 Review)
Features
5.0
Ease of Use
5.0
Value for Money
5.0
Customer Support
5.0
Sumit Mathur
Owner

Its payroll software is amazing and perfect for small businesses like ours. I can easily manage flexible pay schedules. It's the best for today's times with hybrid work.

Read Review

Software by Prophix Software

Product Description

"Prophix is the best online budgeting software that helps you create and maintain a budget for your finances. The software streamlines budgeting and planning processes with greater speed, accuracy, and agility. Prophix saves time with improved collaboration and keeps everyone engaged and aligned with unified... Read More About Prophix Software

Prophix Software Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Version Control
  • Budgeting
  • Data Integration
  • Dashboards
  • Expense Management
  • Role Based Access
  • Customizable Templates
  • Workflow Automation
  • View all Features

Software by Personal Capital Corporation

Product Description

Personal Capital is a budgeting software for businesses that helps keep spending in check. The software ensures that your transactional decisions are aligned with your financial goals by tracking and organizing spending and savings. On top of that, Personal Capital lets businesses create various customizable... Read More About Personal Capital

Personal Capital Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Account Balances
  • Customizable Alerts
  • Portfolio Performance
  • Savings Planner
  • Cash Flow Analysis
  • Spending Tracking
  • Mobile App
  • Integration With Financial Institutions
  • View all Features

Category Champions | 2025

Product Description

This information is provided by vendor.

MProfit is India’s leading budget management software that helps you effectively manage your financial assets. It offers total portfolio management solutions for managing and tracking multiple asset classes like stocks, F&O, mutual funds, traded bonds, fixed deposits, NPS, PMS, AIF, etc. MProfit also offers in-depth... Read More About MProfit

MProfit Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Backup And Restore
  • User Access Control
  • Fixed Deposit Management
  • Insurance Management
  • Loan Management
  • Data Import And Export
  • Portfolio Management
  • Tax Reporting
  • View all Features

MProfit Lite

$ 33

Per Month

Get Offer

MProfit Plus

$ 83

Per Month

Get Offer

MProfit HNI

$ 250

Per Month

Get Offer
4.8
out of 5 (186 Reviews)
Features
4.8
Ease of Use
4.7
Value for Money
4.8
Customer Support
4.8
Bhavana
No

MProfit offers tech solutions for investors and financial professionals to manage multi-asset investments. MProfit aims to eliminate the need for cumbersome tools and complex spreadsheets that investors often rely on for manual data entry and analysis.

Read all 186 Reviews

MProfit Features and Usability-Based User Satisfaction Score

Rating Score 9.6

Rating Score

Out of 10

No. of reviews Score 10.0

No. of reviews Score

Out of 10

Freshness Score 9.5

Freshness Score

Out of 10

Social Score 9.5

Social Score

Out of 10

Monthly website visitor Score 8.0

Monthly website visitor Score

Out of 10

All-in-one work management software

Product Description

This information is provided by vendor.

Shape your financial future with Scoro, the best budgeting software. It is a great tool for planning and forecasting your resources with efficient work management. Scoro allows you to manage finances in multiple currencies and control the visibility of sensitive information using roles and permissions.... Read More About Scoro

Scoro Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Mobile Access
  • Work Scheduling
  • Document Management
  • Sales Pipeline Management
  • Time Tracking
  • Project Management
  • Client Portal
  • Financial Management
  • View all Features

Plus

$ 22

User/Month

Get Offer

Premium

$ 33

User/Month

Get Offer

Ultimate

$ 55

User/Month

Get Offer
4.0
out of 5 (1 Review)
Features
5.0
Ease of Use
4.0
Value for Money
4.0
Customer Support
4.0
David Martin
Director Global Operations

The driving force behind our team's improved performance, increased production, company expansion, and satisfied stakeholders is the Scoro platform, which allowed us to complete our tasks more quickly than we had anticipated while delivering only valuable items. Scoro is where we create projects, break them down into tasks and subtasks, assign tasks, structure all of our projects, prepare budgets, and keep track of our time and money.

Read Review

Category Champions | 2025

Product Description

This information is provided by vendor.

Zoho Invoice is a free cloud-based budget management software for small businesses. The software enables you to create professional invoices, schedule payment reminders, and keep track of all your spending. Moreover, it helps you manage your finances hassle-free by providing a complete breakdown of your... Read More About Zoho Invoice

Zoho Invoice Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Time Tracking
  • Mobile App
  • Payment Reminders
  • Recurring Invoices
  • Online Payments
  • Client Portal
  • Project Billing
  • Multi Currency Support
  • View all Features

Free

$ 0

Per Month

Get Offer
4.7
out of 5 (28 Reviews)
Features
4.5
Ease of Use
4.8
Value for Money
4.7
Customer Support
4.8
Happy
Administrative Assistant

Zoho Invoice is best for sending invoices to my customers, very easy to use, and you get value for your money!!!

Read all 28 Reviews

Zoho Invoice Features and Usability-Based User Satisfaction Score

Rating Score 9.4

Rating Score

Out of 10

No. of reviews Score 6.0

No. of reviews Score

Out of 10

Freshness Score 8.5

Freshness Score

Out of 10

Social Score 9.6

Social Score

Out of 10

Monthly website visitor Score 8.0

Monthly website visitor Score

Out of 10

Easy Software Solutions

Product Description

This information is provided by vendor.

Sleek Bill is the corporate budgeting software every business needs to plan a budget. The software makes it easier to manage GST, invoices, and clients, and it can be used anytime, anywhere, so you can access your bills from any desktop, tablet, or laptop. Sleek... Read More About Sleek Bill

Sleek Bill Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Quotation Management
  • Gst Compliant Invoices
  • Backup And Restore
  • Barcode Scanning
  • Multi Currency Support
  • Tax Management
  • Inventory Management
  • Mobile App
  • View all Features

Premium + Inventory Yearly License

$ 44

Per Year

Get Offer
4.0
out of 5 (1 Review)
Features
5.0
Ease of Use
5.0
Value for Money
4.0
Customer Support
3.0
Praveen Chandora

Thanks for creating this outstanding software for small business owners.

Read Review

Emergents | 2025

Product Description

This information is provided by vendor.

Wings Accounting is a world-class enterprise budgeting software to run your business better. The software helps with financial accounting, inventory, and taxes, providing deep insights into your business. Wings Accounting also ensures full GST compliance of e-invoices, e-bills, and online/offline returns with GST laws and... Read More About Wings Accounting

Wings Accounting Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • User Access Controls
  • Project Accounting
  • Accounts Payable
  • Financial Reporting
  • Purchase Order Processing
  • Bank Reconciliation
  • Fixed Assets Management
  • Integration With Other Systems
  • View all Features
4.6
out of 5 (8 Reviews)
Features
4.3
Ease of Use
4.4
Value for Money
4.5
Customer Support
4.3
dhwanit
Owner

Using this software for the past six years, I have faced no issues. Maintaining inventory is very simple, although it does not have the option to create multiple barcodes for a specific style with color and size variations.

Read all 8 Reviews

Wings Accounting Features and Usability-Based User Satisfaction Score

Rating Score 9.2

Rating Score

Out of 10

No. of reviews Score 2.0

No. of reviews Score

Out of 10

Freshness Score 7.0

Freshness Score

Out of 10

Social Score 8.6

Social Score

Out of 10

Monthly website visitor Score 6.0

Monthly website visitor Score

Out of 10

Category Champions | 2025

Product Description

This information is provided by vendor.

FreshBooks is simple and easy-to-use software for invoicing, payments, accounting, time-tracking, and bookkeeping. This top budgeting software helps keep an eye on the bigger picture by providing reports and analytics that explain your profitability, cash flow health, spending, etc. FreshBooks is ideal for freelancers, self-employed... Read More About FreshBooks

FreshBooks Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Bank Reconciliation
  • Multi Currency Support
  • Client Management
  • Project Management
  • Reporting
  • Recurring Invoices
  • Proposals
  • Third Party Integrations
  • View all Features

Lite

$ 19

Per Month

Get Offer

Plus

$ 33

Per Month

Get Offer

Premium

$ 60

Per Month

Get Offer
4.6
out of 5 (55 Reviews)
Features
4.4
Ease of Use
4.5
Value for Money
4.4
Customer Support
4.5
Scott
Owner/Proprietor

FreshBooks is a very good one. I wish it were a little faster for me to enter 8 hours a day for a month, but it is otherwise everything I need for my small consultancy. I was even able to add all of the older invoices for which I had not been paid yet, so that interest and penalties would add up as of the right date. That was the main thing I needed as I had gotten so many partial payments that it was becoming quite a pain to calculate interest and penalties due.

Read all 55 Reviews

FreshBooks Features and Usability-Based User Satisfaction Score

Rating Score 9.2

Rating Score

Out of 10

No. of reviews Score 10.0

No. of reviews Score

Out of 10

Freshness Score 9.0

Freshness Score

Out of 10

Social Score 9.0

Social Score

Out of 10

Monthly website visitor Score 8.0

Monthly website visitor Score

Out of 10

Budgeting Software Guide

What is Budgeting Software?

Budgeting software helps in creating, managing, evaluating, and updating the budget of organizations or businesses. It estimates expenses, sets a guideline, and regulates payments.

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 even the most elaborate budget strategy ineffective. Business budgeting software automates most repetitive tasks related to budgeting and forecasting to minimize 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 or the approval process can be standardized to organize the entire process and improve 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 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 are the Benefits of Business Budgeting Software?

There is a clear winner when it comes to manual and automated budgeting. Here are some of their benefits-

Budgeting Software Benefits

  1. 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 so that minimal human effort is involved in the budgeting process, yielding accurate results.

  2. 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.

  3. 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, ensuring the data is uniform across all the platforms.

  4. Improved Forecasting

    Most budget management apps come equipped with superior forecasting capabilities. These programs can use complex algorithms, permutations, and combinations to sift through vast historical data for the most accurate results.

What to Consider When Choosing Budgeting Software?

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

1. How user-friendly is the system? Can anyone use the system, 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, accounting, and HRM applications?

6. Will using the system saves costs 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?

The most important goal when running a business is to bring in revenue. It is easy to get caught up in the spending, however. There are office costs, marketing fees, and merchandise purchases. If you are not careful, you can spend more to run the business than you bring in from consumers. Human error accounts for a lot of mismanaged monetary assets. You may forget to add something to the list or allow an emergency. Budgeting software can help to keep you on track.

Of course, you must choose the right budgeting software for your business needs. This is something that can vary from one business and individual to another. There are various factors you need to consider when it comes to purchasing the right software, and taking the time to do this means you will be able to get the maximum benefit from the software you purchase or download.

When looking at different types of budgeting software for your business, one of the things you need to consider is the features and ease of use. The last thing you want is complicated and frustrating software, so look for something simple yet effective. Another thing you need to consider is the price of the software, as you need to ensure that the price fits in with your budget. You can also get free versions of budgeting software, although these are often more basic than the premium versions you pay for.

It is also well worth looking at reviews of the software you are considering for your business, as this will make it easier to determine whether you are making the right choice. You can look at consumer reviews online and make a more informed decision about the software you choose for your business. You can then be certain that you have the right product for your specific needs and benefit your business the most.

  1. Tells you when to Quit

    Budgeting software is a calculator tailored to your personal needs. You can set spending limits and set up notifications. You can be notified of the situation when the spending is at a certain amount. This allows business owners time to assess the situation before they exceed the allotted amount. Changes can be made to accommodate the spending trend each month. Those in charge can also halt spending privileges when something looks wrong. When you are aware of problems early on, there is a better chance of coming up with a viable solution.

  2. Allows for Collaboration

    One main reason a company budget goes awry is that too many people are involved with the assets. One department may purchase without consulting the other. There may not be room in the budget for two purchases. A large company can go into debt quickly if there is unauthorized spending. The people spending the money may never be in the same room or even in the same city. Budgeting software allows different users to log on and view the current budget state. They can also add the number of purchases into the system. This allows everyone to be aware of the budget situation.

  3. Go Back in Time

    Budget software is a great way to compare budgets over several years. You can look back at years when your spending was more in control and find out what was different. You can also look at years that resulted in debt to learn from your mistakes. It is also helpful to have a record of the budget for your business for each year. If you are ever audited, you can easily prove your spending habits. Patterns and increases in production costs can also be traced. When you spot a negative trend, your business can be saved from a financial disaster. 

What Type of Business Needs Budgeting Software?

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 the other. Therefore, their requirements for 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:

  1. Small Businesses

    Small businesses would, first and foremost, require money management software that is easy to use. They may not have individuals skilled in finance and accounting to manage the activity. 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.

  2. 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 consider all the possible factors that may impact their future. They cannot afford to get carried away and make any overinvestment.

  3. Large Organizations

    Due to the sheer scale of operation, budget and forecasting become very complex activities 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. Therefore, they need money management software capable of handling such a huge operational scale.

Best Budgeting Software Tools to Manage Your Finances

  1. You Need A Budget aka YNAB

    You Need A Budget has developed a cult following in recent years and claims to have helped many users get out of debt. It has an easy-to-use and flexible system. What makes it work is a simple but effective philosophy: every dollar has to be accounted for. You give every dollar a job – from living expenses and investments to vacation and education. It allows you to sync your bank account or enter transactions manually.

    Pricing34-day free trial; $83.99 annually; students get the first year free

    Available onWeb, The App Store, Google Play, Windows

    Pro TipThe savings goals and debt payoff feature help you to attain true financial stability.

  2. PocketGuard

    Can’t keep yourself from overspending? This app can help. It does what its name suggests – guards you against splurging on things you don’t need with money you don’t have. PocketGuard links your financial accounts and tracks your spending throughout the month. You can set spending limits on each category. The app will notify you when you’re close to the limit, reminding you that you are committed to controlling your spending in that area.

    PricingFree; Premium version (PocketGuard Plus) costs $3.99 per month or $34.99 annually

    Available on: App Store, Google Play

    Pro Tip: PocketGuard tracks recurring expenses and helps you find better deals.

  3. Personal Capital

    Personal Capital has a greater focus on tracking and analyzing your investments. It analyzes your investment classes for free and lets you know which funds cost you the most. You link all your accounts on the app to get a complete overview of how each of your investments is doing. Its free money-tracking dashboard can be used to track other expenses as well. The optional paid features include expertized financial guidance, portfolio management, and financial planning. Even without the paid features, you can still do a lot with the app's free version.

    PricingFree; the Price of paid services depends on your net worth

    Available on: Web, The App Store, Google Play

    Pro Tip: The Retirement Planner feature lets you plan and manage your retirement fund effectively. For free!

  4. Splitwise

    This one’s not a complete budgeting app, but it’s still handy. Splitwise is a nifty app that helps people track how much they owe to friends and colleagues and vice versa. It makes sharing expenses on outings, meals, events, etc, easy to track by logging in each transaction. It keeps a total over time so that you can pay back the money in a large payment rather than keeping track of every small amount or forgetting to pay it back. It also has email reminders for when a shared expense is due or when you must pay someone back. Neat, right?

    Pricing: Free

    Available on: The App Store and Google Play

    Pro Tip: Splitwise has a ‘spinoff’ app, Plates, dedicated solely to splitting your restaurant bills!

  5. TurboTax

    An Intuit offering, TurboTax is a consumer-friendly tool for filing your taxes. It makes filling in the tax information easy, you can do it by importing your W-2 form information or just taking a picture of the form. For a short-term fix, a free version is a good option, especially if you only need to file your 1040A or 1040EZ.

    The paid version, like Personal Capital, connects you with a CPA or other expert to help you maximize your returns.

    PricingFree up to 5 returns; Paid plans start from $39.99 per return

    Available on: The App Store, Google Play, Windows Store

    Pro Tip: Get maximum deductions by staying updated on changing tax laws through the Tax Reform section on the TurboTax website.

  6. Mint

    Mint is a highly popular budgeting app. It takes your bank and credit card information to analyze your income and spending trends. It then points out the areas where you can spend less to improve your finances. You can set alerts for bills and upcoming payments to avoid unnecessary late fees. It also analyzes your credit score for free and gives you tips on how to improve it. You also get notified in case of unusually large spending or suspicious transactions.

    PricingFree

    Available on: The App Store and Google Play

    Pro Tip: Track your spending trends over time and by the merchant to see where you spend the most.

  7. Hopper

    This last one is for the Globetrotters. Or for anyone who likes good deals on flights and hotels. It claims to have saved 30 million travelers $1.8 billion to date.

    If you like to travel, but get stressed out at the thought of planning, from when to go to which flight to take, then Hopper is for you. It helps you to plan less and travel more. It predicts prices for hotels and flights with 95% accuracy, up to one year in advance. You can see the price predictions for each period of time and decide when the best time to make your trip. It will notify you automatically when booking your hotel or flight is the best time.

    PricingFree

    Available onThe App Store and Google PlayPro Tip: The Hopper website has a section dedicated entirely to travel tips, which can be useful when putting together that spur-of-the-moment trip.

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Last Updated: October 07, 2024