What happens when you combine smooth technology and hectic finance? Budgeting software.
This powerful tool is specifically designed to perform various budgeting operations. Basically, it helps you control your expenses, stay on track of finances, and plan future outcomes. But more importantly, this tool makes your entrepreneurial life easier.
What Is Budgeting Software?
Budgeting software refers to the systems and programs used by finance professionals and entrepreneurs use to take care of the financial aspect of their business. More precisely, it performs various accounting tasks and streamlines different workflows, allowing you to increase your revenue and grow your business.
Nowadays, there are many budgeting software available in the market. They come with different features, pricing models, and interfaces. But, they all have one thing in common – these tools can enhance your business and get your finances in order.
Here’s how your business can benefit from these powerful budgeting solutions.
Why Do You need Budget Software for Your Company?
If you aren’t a tech-savvy business owner, you probably shy away from using technology in your daily operations. However, if you give budgeting software a chance, you will see how it can make a positive impact on your business. Some of its benefits are:
- It allows you to automate tedious tasks and save time during the budgeting process.
- It eliminates common human calculation errors and as a result, increases the overall accuracy of the finance process.
- It allows you to forecast if you need extra capital for your daily operations or to invest in your business for its growth.
- Based on past information, it assists you in forecasting future sales and expenses.
If this list has made you change your mind, then let’s see the wide offer of available budgeting software.
Top 10 Budgeting Software
Xero is an intuitive, cloud-based small business accounting software that helps you manage your expenses, inventory, invoices, bookkeeping, bank reconciliation, and more. You can access it from your computer or mobile phone.
- Easy-to-use. There are comprehensive instructions, so you’ll get by even if you aren’t a tech-savvy person.
- It’s integrated with different apps, which makes the accounting a breeze and mistake-free.
- Daily credit card transactions and bank transactions are automatically imported.
- Unlimited number of users.
- Unlimited email support when you get in a pickle.
Best for: small business who are looking for affordable budgeting software that has excellent value for money.
QuickBooks is a small business budgeting and accounting solution recommended by many accountants all over the world. It provides you with a comprehensive overview of your budgets and forecasts, helps you track your expenses efficiently and more.
- Expenses tracking to know where your money goes.
- Automatic sales tax calculation.
- Accurately track and pay your bills on time.
- Keep track of each product you purchase and sell.
- Monitor cash flow with straightforward reports.
Best for: small businesses who need to improve their budgeting and expense management.
Price: Simple Start plan $10/month, Essentials plan $20/month, Plus plan $35/month and Advanced plan $60/month
Free trial for 30 days
FreshBooks is one of the best cloud finance & accounting software that makes small business billing and invoicing so simple. Its powerful features allow you to organize expenses, track your time, and follow up with clients.
- Create professional-looking recurring invoices.
- Simple and intuitive interface.
- Pay your staff effortlessly and accurately.
- Easy to understand reports.
- Get paid up faster when you accept credit cards online in FreshBooks.
Best for: small and growing businesses.
Price: $15/month (bill up to 5 active clients)
$25/month (bill up to 50 active clients)
$50/month (bill up to 500 active clients)
Free trial for 30 days
FreeAgent is an excellent online accounting tool that allows you to keep track of your finances seamlessly. It brings everything together in one place, from invoice and expense management to sales tax and project management.
- Set up recurring invoices that can send themselves automatically.
- Import expenses by taking pictures of your receipt.
- Send a professional estimate in no time.
- Generate sales tax reports for purchases and sales.
- User- friendly interface.
Best for: small businesses and freelancers.
Price: from $10 per month
Free trial for 30 days
#5- Sage 50cloud
Sage 50cloud is an online accounting tool that helps you manage your accounting, cash flow, invoicing, taxes, inventory, and the list goes on. Besides, it offers various add-ons for payroll, credit card processing, and other business necessities.
- Record all your expenses, purchases, and never miss a payment.
- Pay employees with ease, report taxes, and track benefits.
- Get reports on sales, upcoming expenditures, profits, and taxes.
- Keep track of all your customers.
- A clear dashboard that tells you how your business stands.
Best for: small and medium-sized businesses
Price: from $46.83 per month
SCORO is a business management and budgeting software that helps you forecast your cash flow, sales, and different budget scenarios. It allows you to put all your important data in one place and make sure that everything runs smoothly.
- Manage projects.
- Automate late invoice reminders.
- Keep track of your purchases and costs.
- View detailed financial reports.
- Budget planning and forecasting.
Best for: companies that need one solution to manage the entire business.
Price: from $26 user/month
Free trial for 14 days
Tradogram is a cloud-based procurement solution that assists you in controlling costs, managing suppliers, and maximizing expenses. All in all, it streamlines and automates purchasing process, helping you get the most of your money.
- Create a purchasing process that suits the needs of your business.
- Organize suppliers list with all the necessary details.
- Design your own budgets and plan project spend.
- Keep track of your inventory.
- Customize your own reports.
Best for: businesses that look for a cost-effective procurement management tool to organize their direct and indirect expenses and streamline the whole purchasing process.
Price: from $10 per user/month billed annually
BillQuick is a budgeting software for small and medium-sized businesses that offers project management, time tracking, and billing capabilities. This user-friendly tool combines everything you need to run your business successfully, even if you’re a non-technical person.
- Create and manage invoices.
- Automatic billing.
- Track Personal time off, compensation time, overtime, sick time, vacation and holidays.
- Manage your budget.
- Easy-to-use platform.
Best for: accounting companies, IT firms, legal offices, construction, and architecture firms.
Price: from $19.95/ month/ user
FinancialForce Accounting is a straightforward cloud-based accounting solution perfect for service-oriented companies who are trying to streamline their workflows. It’s not just another budgeting software, but a business tool that helps you run your operation on a daily basis.
- Monitor cash inflow and outflow across multiple bank accounts.
- Track the whole lifecycle of your assets from procurement to disposal.
- Automate billing and ordering.
- Generate invoices from your Salesforce data.
- Customize dashboard reports.
Best for: small and medium businesses that need an accounting package integrated with Salesforce.
Price: not provided by the vendor
Vena is centralized budgeting software that involves budgeting, planning, and forecasting solutions, as well as automation of business workflows and processes. Besides, it consolidates all financial information in one place, which makes finance management a breeze.
- Predict short and long-term revenue with greater accuracy.
- Automate the budgeting process.
- Get real-time data from sales, marketing, and finance.
- Keep all your essential data in one place.
- It is integrated with Excel spreadsheets
Best for: medium and large-sized companies.
Price: contact vendor
How to choose the best budgeting software for your business?
After reading this comprehensive list of best budgeting software, you probably feel overwhelmed with all specifications and wondering how to choose the best one for your company. Here are some tips to help you in that process.
- Think about the needs of your business. Do you need just accounting tool or you’d use project management tools as well? Don’t waste your money on features you will never use.
- Choose one that adapts to the size of your company. Some solutions are better for small business, while others are more convenient for larger, fast-growing firms.
- Select a tool that offers a trial version so that you can test the waters. It’s a safe way to check if the budgeting software fits your needs and type of business.
- Read some reviews about the product. Maybe other users can give you valuable insights and help you make the right decision.
Now that you are armed with the best budgeting software for your small business, continue reading here some smart budgeting tips for small business that will help you be on top of your finances and plan for the future.