Damilare AdamsWhy do you still have problems with accounting, bookkeeping, and finances in your business in this technological age? Truth is, it could be overwhelming to handle finances especially if you’re a young business, so how do you get on top of this, well we have the budgeting software for businesses you should try?
What if there’s a tool that helps fix all these problems, like budgeting software? Business budgeting tools basically help you control your expenses, stay on track of finances, offer payroll services, plan future outcomes and also make your job easier as an entrepreneur.
A recent survey discovered that about one-third of small businesses with budgets (35%) exceeded their budget in 2020. Meanwhile, 43% of small businesses spent about what they budgeted for, and 19% spent less than their 2020 budget. This brings the conclusion by experts that having a budget helps businesses regularly evaluate their financial progress.
In this article, I’ll be suggesting some of the best business budgeting softwares that can help you find exactly the right tool to manage, plan, and forecast your company’s budgets. I’ll also explain why these tools are essential to your business.
As an entrepreneur or someone who plans to have a business someday, I’ll recommend that you bookmark this article as I’ll also be sharing free tools in case you’re still grappling with money problems.
What is Budgeting?
Budgeting serves as a plan, estimation and coordination of resources, income and expenditures over a certain period of time, usually monthly, quarterly or yearly. A business budget allows a entrepreneur to plan out all foreseeable expenses, reach its business goals and anticipate any operational or unexpected changes as needed to support the business.
What Is A Budgeting Software?
A business budget software basically is a set of computer programs or tools or softwares used by entrepreneurs and small businesses to manage, track and take care of the financial aspect of their business.
In short, budget software performs various accounting tasks and streamlines different workflows, allowing you to increase your revenue and grow your business. It also has fantastic reporting features that helps businesses generate financial statements, cash flows reports, profit and loss reports and even more.
You should know that these budget softwares may come in the form of a software for your computer, or an app on your device, it also has different features, pricing models, and interfaces. So you should choose carefully the one that best suits your business needs.
Budgeting Software for Businesses
- FreshBooks
- QuickBooks
- Xero
- BillQuick
- Scoro
- FreeAgent
- Float
- PlanGuru
- Divvy
- Centage
Here are the best Budget Software for Small and medium-sized businesses you should consider today:
1. FreshBooks
FreshBooks is one of the best cloud finance, accounting & budgeting software that makes small and medium-sized business billing and invoicing so simple. If you’re looking for a basic budgeting tool that has a bit of everything, you should consider FreshBooks. It has powerful features that help businesses organize expenses, track time, and follow up with customers.
For now, FreshBooks has four unique versions: Lite, Plus, Premium and Select.
Pricing:
The Lite version is the cheapest option and it costs $15 per month. There’s also a $25/month plan and a $50/month plan. You also get to enjoy a free trial for 30 days.
Pros
- Easily integrates with other web services
- Easy and simple to navigate interface
- Unique reporting feature
- Simple and recurring invoice creation
- Pay your staff easily and accurately.
Cons
- Quite expensive especially when adding team members.
- Not suitable for complex budgeting
2. QuickBooks
QuickBooks is one of the best business accounting and budgeting tools and mostly used by accountants all over the world. Although it is well known as an accounting tool, It also provides various features from expense tracking to invoicing, helping companies to get a complete overview of their budgets and forecasts.
It also has a feature called Self-Employed, which includes tools designed for freelancers, contractors and other self-employed professionals.
Pricing:
QuickBooks has four pricing plans: Simple Start ($25 per month), Essentials ($50 per month), Plus ($80 per month), and Advanced, ($180 a month).
Pros
- Invoicing and payments
- Income and expense management
- Balance sheet
- Track sales and sales tax
- Capture and organize receipts
- Easy to generate profit and loss
- Simple user-friendly interface and customized dashboard
- Run standard reports
Pros
- Quite expensive and doesn’t have a free version
- Difficult for non-finance professionals
- Requires a technical know-how to set up
3. Xero
Xero is an advanced, cloud-based business budgeting software that helps manage expenses, inventory, invoices, bookkeeping, bank reconciliation, project management modules and more all in one place.
Xero can be accessed from your computer or mobile phone.
Pricing:
Xero has three basic pricing plans, (Early $9) (Growing $30) and (Established $60) plans.
Pros
- Easy to use
- Multi user features
- Accessible and simple user interface
- Project management tools
- Multi currency feature
- Free trial
Cons
- Limited reporting options
- Not ideal for larger businesses
- Quite expensive
4. BillQuick
BillQuick is another top business budgeting and forecasting software that enables budgeting even if you’re not with a computer. The tool is mostly used by tech companies, legal professionals, construction, accounting and finance firms and architecture.
This budgeting tool offers invoicing, project management, time tracking and billing features making it a great tool for creative teams.
Pricing
BillQuick has a free plan and a professional plan that starts from $19.95/ month/ user and an enterprise plan $24.95/ month/ user
Pros
- Automatic billing
- Tracking feature
- Easy to use interface
- Email invoices as PDF
Cons
- Quite expensive
- Requires technical know-how to operate
5. Scoro
SCORO is one of the best budget app widely used as business management and budgeting tool that facilitates forecasting your cash flow, sales, and different budget scenarios.
Scoro combines budgeting features with other financial tools to manage the accounting of an entire company in one place. You can also manage expenses and resources, manage project budget and invoices.
Pricing:
Scoro has a 14 days free trial for new users and has an advanced plan starting from $26/ user /month.
Pros
- Inbuilt financial KPI dashboard
- Budget planning and forecasting
- Invoicing
- Project management
- Tracking feature
- Project budget
Cons
- Requires technical know-how
- Quite expensive
6. FreeAgent
FreeAgent is one of the cheapest premium budgeting software you can acquire for your business. It is a Cloud-based budgeting tool for people with little or no experience in accounting.
It saves time and it is automated for handling essential administrative tasks, including: invoicing, expense tracking and management, project management, and real-time cash flow monitoring.
Pricing:
FreeAgent has a 30 days free trial for new users while its premium version starts from $10 per month.
Pros
- Automated Recurring invoice
- User friendly interface
- Easily generate sales tax
Cons:
- Not flexible for user customization
7. Float
Float is an easy-to-use cash flow forecasting and business budget management tool that integrates seamlessly with other tools like Xero, Quickbooks Online, and Free Agent.
You can view your cash flow on a daily, weekly or monthly basis. Float will alert its users when cash flow is low or if there is a cash surplus, creating actionable insights for businesses. You can also create a budget seamlessly with floats.
Pricing:
Float offers a 14-day free trial period and three paid versions: Essential $69/month, Premium $119/month, and Enterprise $249/month.
Pros
- Easily integrates with top accounting platforms
- User-friendly interface
- Cash flow forecasting
- Visual reporting
- Automatically imports data
- Quick set-up
Cons
- It is quite expensive
- Difficult to import large amounts of data
- No mobile app
There are also a few CRM Softwares to help your business
8. PlanGuru
PlanGuru is one of the best business budgeting tools if you’re looking for a software with a decent budget. This Cloud-based budgeting tool is suitable for simple budgeting and complex budgeting. You can use the tool as a forecasting and analytics tool.
The tool comes as a mobile app and a desktop app.
Pricing:
PlanGuru offers premium versions of its app for $99 per month or $899 annually. Additional users cost an extra $29 per month or $299 per year.
Pros
- Easily Integrates with Excel, QuickBooks, and Xero
- Balance sheets
- Income statements
- Simple and user-friendly interface
- Cash flow statements
- Multi user feature
Cons
- Limited reporting flexibility
- It is quite expensive
9. Divvy
Divvy is a free to use cloud-based business budgeting tool with features tailored to corporate cards and expense management.
Divvy makes it easy to set up the budgets and manage all of your finances, create invoices, employee reimbursement etc. You can also set up budgets by teams, projects, events, or any other way you want. Divvy is more of a personal budget management software.
It offers an Intelligent accounts payable software that reduces time spent on AP by 50%.
Pricing:
Divvy offers its service for Free.
Pros
- Divvy card
- Fast and efficient reconciliation
- Move your Divvy transactions into your accounting software for books and reports.
- It is free
- Real-time visibility in one place.
- Mobile app on App store and Playstore
- Truly automated expense reports
10. Centage
Centage is an easy to use Cloud-based business budgeting tool that utilizes ‘Maestros’ to budget, forecast and offer other financial services.
Furthermore, Budget Maestro also has simple customizable dashboards, making it easy for finance and non-finance experts to understand.
Pricing;
Unlike every other tool on this list, Centage price is only available based on request.
Pros
- Simple and User-friendly interface
- Budgeting and planning
- Collaborative budgets feature
- Forecast
Cons
- Requires technical know-how
- Pricing is based on quotation
Why You Need Business Budgeting Software
There are several reasons why you need a business budget software and every serious entrepreneur should consider getting one, especially if you’re a new business:
- It makes forecasting easy, thereby putting your sales and expenses in order.
- It promote accuracy by preventing financial errors
- Automation of strenuous tasks.
- Automated invoicing
Before you select the best business budgeting softwares for your company, you should consider
- The need of your business
- The size of your company
- The price of the tool. You should always try the free or trial versions first.
Techibytes Editor
Elizabeth
Erica Ofure
Godswill
