Best Budgeting Software For Business

Good software in online business budgeting software is a must-have for many businesses and accounting professionals who want to keep track of their finances. Be it expense tracking or financial tracking; the right budgeting software can help in expense management and financial management.

Therefore, whether you’re a freelancer who helps small businesses with budget planning or looking for a budgeting software solution for your business, this post is for you.

We will introduce the top 10 budget management software options that can help you track finances accurately, make financial reports, and streamline your financial planning. 

So, stick with us and read on.

What should a business budgeting software have?

With many budget management software, it can be challenging to pick the right tool. 

So, here are the important things that you need to look for when choosing a budgeting software solution.

1. Flexibility in budget categories

Budget categories define the expenses and income in a software program. These categories should allow you to edit the information, remove any unneeded categories, and customize them accordingly.

You should avoid budget tools with a default set of expenses and income.

2. Template for budget reports

Financial reporting is extremely important for businesses to keep track of their money. Any budgeting tool you choose should allow you to generate simple reports quickly and efficiently.

Good software will also come with a dashboard, allowing you to view the financial reports in real-time. If you have a big business and want a more detailed report, your software should offer that option.

3. Security of financial information

Another important feature of good budgeting tools is the security of financial data. Encryption of data is important, especially if other accounts are linked with the budgeting software.

Therefore, reading the security or the privacy statement of the budgeting tools is a good practice to ensure that you sign up on a platform that cares about data security and integrity.

4. Ease in setting up the account

It is also important that the budgeting software allows easy setup. Although this might not seem important at first, using a budgeting application with a complicated interface might not be worth it. For example, if your business tracks sales from different affiliate programs, you will need an easy way to categorize these.

Even if the initial setup of the accounting software takes time, using it should be downhill. The best way to see if your team can handle the budgeting software is to try its free trial first.

5. Budget

Like any other tool or software you will buy for your business, you also need to consider your budget when getting a business budgeting software.

Accordingly, you should first determine your budget bracket and then look for the best budgeting software in that price range.

6. Exporting data

Since Excel is a default software for many businesses and professionals, some people find it easy to handle their data if it is transferred to an Excel spreadsheet. A good accounting application should allow you to export the data in whatever format you prefer.

7. Web and mobile access

Since your mobile phone is with you 24/7 wherever you go, it’s imperative that the accounting software has a mobile version. So in case you travel, you can access the financial data and easily use the software.

Best budgeting software 2022

1. QuickBooks Online

QuickBooks is one of the most famous budgeting software, especially for small businesses. Although QuickBooks is traditionally considered an accounting software, it can automate almost all the budgeting and forecasting tasks, be it invoicing, billing, or financial reporting.

The application is quite user-friendly with a dashboard that provides a full overview of the budget and expenses. It is also quite robust when it comes to financial reporting, as businesses and professionals can create customized reports or use the templates offered by the application.

QuickBooks Online offers four categories, including Simple Start, Essentials, Plus, and Advanced that customers can choose according to their budgeting process and needs.

Although the application can be a little expensive for new businesses and it is also difficult to set up this budgeting software, it still comes with excellent features that your business can benefit from.

This budgeting software facilitates financial planning by allowing businesses to create custom and professional sales receipts, sales estimates, and invoices efficiently. 

QuickBooks Online also helps companies organize their expenses easily in tax categories to track how much they owe to their stakeholders.

QuickBooks Online is also the best budgeting software for inventory management. It also has a mobile application, so you can manage your financial data and take care of business budgeting on the go.

Most importantly, this business budgeting software ensures that all the financial information you input in the platform is kept safe and secure. It has a comprehensive security and privacy policy that you can go through on its website. In this way, the software ensures that businesses can do financial planning without worrying about the safety of their data.

The software can be easily integrated with other applications like TimeCamp which you can use to track QuickBooks activity and issue invoices based on time.

Key features 

Simple Start

• Ideal for small businesses or single users

• Track income and expenses

• Maximize tax deductions

• Manage the cash flow

• Accept invoices and payments

• Ability to connect with the bank

• Organize all the expense receipts

• Track check numbers

• Make basic reports

• Send estimates

• Track the miles to sort out expenses of business trips

• Manage 1099 contractors

• Tracks sales, as well as sales tax

Essentials

• Up to 3 users allowed

• All features in Simple Start

• Manage time

• Pay bills on time

Plus

• up to 5 users allowed

• All features in Essentials

• Track your inventory

• Track the profitability of your project

Advanced

• More than 5 users allowed

• All features in Plus

• Get Business analytics & insights

• Manage your expenses related to employees

• Make batch invoices & expenses list

• Customize access of your team members according to their roles

• Get exclusive app integrations

• Have a dedicated account team

• Access on-demand online training

• Automate processes & tasks

• Restore your company data in case it’s lost

Pricing

Simple Start is available at $25 a month. While QuickBooks online Plus cost $50. With more features, the Plus and Advanced versions of the software cost $80 and $180 respectively. 

The company does not offer any free trial. However, it offers discounts from time to time, so businesses can try the business budgeting software and decide.

2. Xero

Xero is another great business budgeting software for those who don’t want a complicated software for budgeting and forecasting. With the help of Xero, businesses can manage their financial data, take care of the cash flow, and get a complete overview of their budgeting and forecasting levels.

As one of the best budgeting tools in the market, the budgeting solution is also well-known for its Excellent integration capacities, affordability, accessible user interface, and great customer service.

Although large businesses might benefit from other budgeting solutions and it has very limited options for reporting, it can still help in monitoring your business performance in terms of finances, as it is quite easy to use.

Xero makes financial planning a breeze for businesses. This business budgeting software allows businesses and professionals to pay their bills on time, claim expenses, connect with bank feeds, and ensure effective budgeting and forecasting.

Its forecasting capabilities, user-friendly interface, and budget-friendly pricing make it a very effective cloud-based budgeting software for small businesses.

Check our Xero time tracking integration with TimeCamp.

Key features

Early

• Best for freelancers, small businesses, and individual traders

• Enter up to 5 bills

• Manage bank transactions

• Manage bills and receipts using Hubdoc

• Send quotes and up to 20 invoices

• Manage short-term cash flow, as well as business snapshot

Growing

• Best for small and medium businesses

• Enter various bills

• Manage bank transactions

• Manage bills and receipts using Hubdoc

• Send quotes and invoices

• Manage short-term cash flow, as well as business snapshot

• Manage bulk reconciled transactions

Established

• • Best for large businesses and enterprises

  • Send quotes and invoices

  • Enter various bills

  • Claim different expenses

  • View business analytics

  • Manage bank transactions

  • Manage bills and receipts using Hubdoc

• Manage short-term cash flow, as well as business snapshot

• Manage bulk reconciled transactions

Pricing

The Early package of Xero starts from $12 per month. 

The growth package comes at $34 per month, while the established package costs up to $65 per month.

Want to know how to make group decisions? This blog is for you!

3. Freshbooks

Freshbooks is one of the best budgeting and accounting tools for small businesses’ basic budgeting requirements. It is the best budget software for those accounting firms and professionals who don’t have a big budget to spare on an accounting tool.

With the help of Freshbooks, businesses and professionals can create budget estimates, make efficient financial decisions, and view the cash flow forecast. 

Although the application is not capable of helping companies that have complicated budget requirements, it is still very effective for self-employed professionals and small business owners to manage their business budgets.

As a prominent software solution in the market, it can help create invoices. The application also integrates well with other applications and web services. 

Most importantly, it is very easy to navigate this application, so even if you don’t have much technical or financial knowledge, you can still use it very easily.

The cloud-based accounting software can help businesses and freelancers both with cash flow management, strategic planning of finances, creating sales tax reports, and managing the entire budget process.

Key features

Lite

• Ideal for freelancers and self-employed professionals with basic budgeting needs and accounting tasks

• Tracks expenses

• Send unlimited invoices to 5 clients maximum

• Track sales tax and make reports

• Use credit cards for payment and make bank transfers

• Access the application on both iOS and Android

Plus

• Ideal for business owners looking for flexible accounting tools

• Tracks expenses

• Send unlimited invoices to 50 clients maximum 

• Track sales tax and make reports

• Use credit cards for payment and make bank transfers

• Capture receipt data

• Get business performance reports

• Have your accountant manage the account

• Track mobile mileage

• Track all the expenses automatically

• Make double-entry accounting reports

• Access the application on both iOS and Android

Premium

• Ideal for businesses with a large clientele base

• Tracks expenses and project profitability

• Keep track of the bill payments of vendors while managing different accounts payable.

• Customize email templates for clients and vendors, as well as email signatures

• Send unlimited invoices to an unlimited number of clients

• Send estimates and proposals to an unlimited number of stakeholders

• Send late payment reminders and bill late fees automatically to the stakeholders

• Get checkout links for payment

• Have recurring billing and client accounts

• Create financial and accounting reports

• Track sales tax and make reports

• Use credit cards for payment and make bank transfers

• Access the application on both iOS and Android

Select

• Ideal for large-scale businesses

• Send unlimited number of invoices to an unlimited number of clients

• Get a dedicated account manager for your account

• Access credit card transaction rates that are lower than the market rates

• Get a 2-team member account

• Remove the FreshBooks logo and other branding material from the emails sent to clients.

• Set up an account using custom onboarding tools

• Contact a dedicated support team for help with the budget software

• Get support in migrating financial data from other software

• Make payments and get paid with the help of checkout links, credit cards, or bank transfers

• Send late payment reminders and bill late fees automatically 

• Run financial and accounting reports as required

• Get business health reports

• Invite your accountant to use the account

• Set recurring client, billing, and subscription retainers

• Accept credit cards securely over the mobile phone

• Tracks expenses

• Send unlimited invoices to 5 clients maximum 

• Track sales tax and make reports

• Use credit cards for payment and make bank transfers

• Access the application on both iOS and Android

Pricing

The Freshbooks Lite package starts at $6 per month. The Plus package is higher at $10 per month, while the Premium package costs $20 month. 

On the other hand, the Select package has custom pricing depending upon the budgeting solution required by the business.

4. PlanGuru

For years, PlanGuru has been known for supporting finance professionals and small businesses in managing their budgets and finances. As one of the most well-known financial tools in the market, PlanGuru is quite famous for its scalability.

The company offers two types of plans, business and advisor. PlanGuru offers a cloud-based application, as well as a desktop version. 

The desktop version has more features than the application. However, both versions are great for small businesses when managing their finances.

The product is quite effective for evaluating its forecasting capabilities. It also has additional analytics tools, as well as integration options with applications such as QuickBooks Online and Xero. In this way, the application is quite flexible. Plus, PlanGuru offers a free trial on both its mobile and web version.

Key features

PlanGuru App for business/non-profits & Advisors

• Import data up to five years

• Integrate with QuickBooks Online, Excel, and Xero

• Unlimited scenarios per company

• 30 days money-back guarantee

• Import financial and non-financial data on multiple Excel spreadsheets

• Budgeting and forecasting of data for up to 10 years

• Comes with a 3-way built-in forecasting structure

• Solve cash flow statement

• Get more than 20 forecasting methods

• Get a budget archive feature

• Create custom methods using a formula builder

• Forecast budgeting expenses using non-financial data

• Manage group accounts

• Deal with notes payable

• Manage profit and loss statements

• View ratios & KPIs

• Expert dashboards, data, and reports in Excel, PDF, and word

• Access an in-app dashboard and other reporting tools

PlanGuru Desktop for business/non-profits & Advisors

• Import data up to five years

• Integrate with QuickBooks online, Excel, and Xero

• Consolidate different projections

• Access a breakeven tool

• Manage payroll utility

• Get business valuation

• Unlimited scenarios per company

• 30 days money-back guarantee

• Import financial and non-financial data on multiple Excel spreadsheets

• Budgeting and forecasting of data for up to 10 years

• Comes with a 3-way built-in forecasting structure

• Solve cash flow statement

• Get more than 20 forecasting methods

• Get a budget archive feature

• Create custom methods using a formula builder

• Forecast budgeting expenses using non-financial data

• Manage group accounts

• Deal with notes payable

• Manage profit and loss statements

• View ratios & KPIs

• Expert dashboards, data, and reports in Excel, PDF, and Word

• Access an in-app dashboard and other reporting tools

Free version application

• Integration with QuickBooks Online, Xero, and Excel

• Ability to import non-financial data

• Budgeting capability with more than 20 forecasting methods

• Notes payable, as well as line of credit tools

• Calculations of VAT and GST

• In-app dashboard and reporting tools

• Integrated formula builder for creating forecasting methods

KPIs availability for adaptive planning and forecasting

Free desktop version

• Integration with QuickBooks online, Xero, and Excel

• Comes with a breakeven tool

• Consolidate data from different forecasts

• QuickBooks desktop import facility

• Availability of payroll utility

• Ability to import non-financial data

• Budgeting capability with more than 20 forecasting methods

• Notes payable, as well as line of credit tools

• Calculations of VAT and GST

• In-app dashboard and reporting tools

• Integrated formula builder for creating forecasting methods

• KPIs availability for adaptive planning and forecasting

Pricing

The PlanGuru application for businesses and non-profit starts at $99 per month. For adding additional users, the business software costs $29 per month. 

The PlanGuru desktop version also comes at the same price. 

Similarly, the PlanGuru Advisor app and desktop version start at $99 for 3 clients. In case you want more than 10 clients on the software, the prices are customized.

5. Centage

 

Centage is one of the most comprehensive enterprise software providers, with tools for wide-range of operations,including budgeting, financial reporting, budgeting, etc. For enterprises looking for a complete solution for their financial processes, this business budgeting software is the perfect choice.

Be it expense tracking, expense management, or forecasting future sales, this budgeting software offers the complete budgeting solution. It can be integrated easily with other project management and budgeting solutions, including QuickBooks, Dynamics, and SAGE.

Although the software does not provide prices of its features upfront, which can be problematic for many users, it is still a very comprehensive tool for businesses that are ready to spend on a budgeting tool. This is because even the standard package of this software comes with an elaborative set of tools and features, which can truly be beneficial for businesses that need to amp their financial and budget tracking.

Most importantly, it also comes with various e-learning resources and tools to help businesses brush up on finances and budgeting. In this way, even if you’ve just started your company and don’t have a lot of information about how to manage the finances, you can access its e-learning resources and online community. You can also talk with customer service for support.

Key features

Standard

• Works best for small businesses and self-employed financial professionals

• Customer success manager

• A help service hub

• Access to Maestro online forum

• Availability of standard support

• Access to tutorials, webinars, and e-learning videos

• 1 admin user allowed

• Option for scalability

• Access to revenue, personnel, and expense planning modules

• Data modeler available

• Create work pay and payment schedules

• Manage hours and wages, as well as related expenses

• Manage spread methods

• Create receivable schedules

• Automate formulas for prepaid calculations

• Calculate unit price, deferred revenue, cost, and other important finances

• Automate balance sheets

• Project statistical data

• Automate cash flow

• Manage tiered rates

• Create custom calendars

• Manage custom-created KPIs and load non-financial data

• Access dashboard for viewing real-time data

• View income statement, cash blow, budget vs actual variance, and balance sheet reports

• Manage unlimited years of data

• Option of manual data import

Professional

• Works best for small and medium sizes enterprises

• Customer success manager

• Access help hub and Maestro service hub

• Access to Maestro online forum

• Availability of standard support

• Access to tutorials, webinars, and e-learning videos

• 1 admin user allowed

• Option for scalability

• Access to revenue, personnel, and expense planning modules

• Data modeler available

• Create work pay and payment schedules

• Manage hours and wages, as well as related expenses

• Manage spread methods

• Create receivable schedules

• Option of manual data import

• Automate formulas for prepaid calculations

• Calculate unit price, deferred revenue, cost, and other important finances

• Automate balance sheets

• Project statistical data

• Automate cash flow

• Manage tiered rates

• Create custom calendars

• Manage custom-created KPIs and load non-financial data

• Access dashboard for viewing real-time data

• View income statement, cash blow, budget vs actual variance, and balance sheet reports

• Manage unlimited years of data

• Integrate multiple reporting hierarchies

• View users according to their division and departments

• Restrict and open role-based access to different data, as well as features

• Lock changes on different sheets

• Manage workflow

• Get workflow notes

Enterprise

• Works best for large-scale business and enterprises

• Customer success manager

• Access a help hub and Maestro service hub

• Access to Maestro online forum

• Availability of standard support

• Access to tutorials, webinars, and e-learning videos

• 1 admin user allowed

• Option for scalability

• Access to revenue, personnel, and expense planning modules

• Data modeler available

• Create work pay and payment schedules

• Manage hours and wages, as well as related expense s

• Manage spread methods

• Create receivable schedules

• Automate formulas for prepaid calculations

• Calculate unit price, deferred revenue, cost, and other important finances

• Automate balance sheets

• Project statistical data

• Automate cash flow

• Manage tiered rates

• Create custom calendars

• Manage custom-created KPIs and load non-financial data

• Access dashboard for viewing real-time data

• View income statement, cash blow, budget vs actual variance, and balance sheet reports

• Manage unlimited years of data

• Integrate multiple reporting hierarchies and multiple charts of accounts

• Forecast what-if scenarios

• Access different allocation methods

• Get multi-factor authentication, as well as single sign-on

• View users according to their division and departments

• Restrict and open role-based access to different data, as well as features

• Lock changes on different sheets

• Manage workflow

• Get workflow notes

• Option of manual data import

• Use multiple currencies for transactions

Pricing

The pricing of each plan offered by Centage varies according to the needs and requirements of the company. Therefore, you have to discuss the requirements with the customer support team first. Then, Centage will provide a custom quote. This is particularly because the company offers various add-on options besides its basic budgeting and forecasting solution.

Conclusion

Whether you have a small business that needs to manage cash flow or you work in a multinational company that needs to manage a complicated budget process, business budgeting software can make all the difference.

The business budgeting software that will work for you depends upon the size of your business, your budget, and overall clientele.

The overall best business budgeting application is QuickBooks Online which integrates with other useful applications like TimeCamp. While QuickBooks Online helps manage finances, you can use TimeCamp to track time and create invoices based on the time logs.