The Best Business Budgeting Software
We reviewed the most popular business budgeting systems on the market and selected our favorites for different types of companies.
- Native Microsoft 365 integration including Excel
- Centralized database
- Automated budgeting and reporting
- Cloud and on-premise implementation
- Spreadsheet-style interface
- Supports all types of financial and non-financial budgeting
- Versatile platform with unique data management capabilities
- Streamlined financial close and consolidation process
- Powerful reporting and analysis capabilities
Business budgeting software includes tools such as strategic planning, projections, budgeting, data automation, and team collaboration. We used our advanced review methodology to evaluate top solutions for businesses of all sizes.
- Vena: Best Overall
- Prophix: Best for Enterprises
- OneStream: Best for Corporate Finance
- Anaplan: Best Planning Features
- Datarails: Best for Mid-Sized Companies
- PlanGuru: Best for Small Businesses
- Workday Adaptive Planning: Best Scalability
- Budgyt: Best Usability
- Planning Maestro by Centage: Best for Multi-Location Companies
- Mosaic: Best Collaboration Tools
1 Vena - Best Overall
Why We Chose It: We put Vena at the top of our list because of its complete planning capabilities and native integration with Microsoft 365. The finance planning module features budgeting, forecasting, and reporting. All of a business’s data is connected to Vena, making it easy to organize and quickly reference charts. Pre-configured templates and models can automate data visualization and financial reporting, helping companies see entries at the granular level.
We like that Vena is integrated with Microsoft 365, meaning all businesses using Excel will already be familiar with the interface. Through Excel, it optimizes workflows, generates audit trails for security, and allows collaboration with multiple team members. We recommend Vena for mid to large-sized companies in industries such as banks and credit unions, as the software is pricey.
2 Prophix - Best for Enterprises
Why We Chose It: Prophix is an effective budgeting software for enterprises due to its features designed to streamline complex processes. These include Online Analytical Processing (OLAP) technology, as these databases are built to handle large amounts of information typical for larger companies. Enterprises can use this tech for multi-dimensional planning across business variables, from account type to organization, on a spreadsheet-style interface. It also automates data collection and consolidation with top-down and bottom-up capabilities for greater flexibility in budgeting.
The software fosters team collaboration, offering functionalities like task ownership and deadline reminders to keep everyone aligned. Additionally, Prophix uses AI to automate reporting and provide deep data insights, freeing up more time for managers. It also features automated maintenance and updates, providing actionable insights through personalized dashboards. While its tools are effective, we don’t like that Prophix’s pricing details are not readily available.
3 OneStream - Best for Corporate Finance
Why We Chose It: OneStream is a good choice for corporate finance because of its features that support extended Planning and Analysis (xP&A) across multiple departments like sales, marketing, and supply chain. The software offers a unified platform for data-driven insights, allowing continuous planning and performance management. Features like agile planning and scenarios help corporations adapt to market changes, while its predictive analytics instantly generate budgets and forecasts without requiring technical expertise.
We also like Onestream’s “extensible dimensionality” tool, which enables granular operational plans to coexist with corporate and line-of-business plans, providing a comprehensive solution for complex corporate financial needs. Its “what-if” driver-based planning immediately displays the impact of decisions, enabling faster and more decisive choices. However, new users may be overwhelmed during the initial setup because of the abundance of features and complex dashboards.
4 Anaplan - Best Planning Features
Why We Chose It: We like Anaplan because of its strong budgeting and planning modules, as well as its other features that go beyond, such as sales, marketing, and compensation modeling. Specifically, the sales module lets businesses gain insight into sales performance with models using specific metrics like account size, individual rep history, and account potential.
Anaplan’s long-range planning and scenario modeling can help companies predict their financial future based on data. Its xP&A feature lets enterprises consolidate financial information into one place, allowing CFOs to make more educated decisions. We recommend Anaplan for enterprise-level businesses, as it offers extensive features at a high price tag.
5 Datarails - Best for Mid-Sized Companies
Why We Chose It: We found Datarails best for mid-sized businesses because of its Financial Planning and Analysis (FP&A) tools and project collaboration. It automates tasks like preparing balance sheets and cash flow statements while consolidating data from all departments into one place. The consolidation helps growing businesses save time and resources by analyzing metrics like sales or key variance drivers.
For businesses that don’t wish to leave Excel, Datarials Flex is a direct Excel add-in for FP&A. It includes analysis tools such as variance analysis and drill-down without leaving the program. This feature also helps with onboarding, as users can keep all existing spreadsheets without moving them. We found that Datarails isn’t the best fit for enterprises, as it can have issues handling large data volumes.
6 PlanGuru - Best for Small Businesses
Why We Chose It: PlanGuru works best for small businesses that require effective budgeting and planning tools on a limited budget. It features cash flow projections, financial ratios, and debt modeling, allowing users to manage budgets using real-time cash flow data. Companies graduating from Quickbooks Online can easily integrate into PlanGuru, ensuring a smooth transition.
PlanGuru is one of the most affordable budgeting software on the market. Its annual plan for a single-entity business is $83/month. For multi-department companies, it’s $250/month billed annually. However, it does have its flaws; the interface is slightly outdated, and modules lack scalability as the business grows.
7 Workday Adaptive Planning - Best Scalability
Why We Chose It: Workday Adaptive Planning made our list because of its versatile planning capabilities and real-time adaptiveness. It supports expansion and can handle complex data inputs from organizations with thousands of users. The software breaks down silos with features like rolling forecasts and various budgeting approaches (top-down, bottom-up, incremental, and zero-based), allowing for a more cohesive and agile planning process.
Its driver-based expense planning and seamless integration with other enterprise solutions ensure effective, real-time data visualization. We like its different planning modules, which include financial, workforce, and operational, enabling businesses to gain insights into all facets of the company. One downside we found is that the initial implementation can be time-consuming while creating complex business models.
8 Budgyt - Best Usability
Why We Chose It: Budgyt offers a user-friendly interface and solid budgeting features, making it ideal for small—to mid-sized businesses. All data can be controlled from one place, enabling easy navigation. Also, it hyperlinks all budgeted data so users can search for specific terms. Budgyt exports all reports to Excel and formats them into particular categories, like departments.
We like that Budgyt allows unlimited users on every plan, allowing collaboration from every department and team member. It also automates budget creation and tracking processes, saving businesses time and reducing errors caused by manual data entry. One sticking point we found is that due to its organizational tools, users may need to clean up their data while entering it into the system.
9 Planning Maestro by Centage - Best for Multi-Location Companies
Why We Chose It: Planning Maestro, previously known as Budget Maestro, made our list because it efficiently consolidates P&Ls. It offers data integration with real-time access and allows businesses to view all P&Ls in one place. This is ideal for multi-entity companies such as hotel chains gathering financial data from dozens of different properties.
We also found its forecasting module to be effective. It offers testing and predicting multiple scenarios, evaluating budgets, and visualizing financial data. Its forecasting tools help businesses predict outcomes and set realistic budget goals. While its tools are helpful, a significant downside to Centage is audit trails are only available in the most expensive “enterprise” plan.
10 Mosaic - Best Collaboration Tools
Why We Chose It: We like Mosaic FP&A because of its optimized communication tools, making it a good choice for businesses with large financial teams. It features role-based permissions and custom dashboards to ensure the right data gets to the right people, eliminating informational silos. Mosaic also increases transparency with board members and investors, as it automates investor reporting packages and KPIs.
We also found Mosaic’s live tracking of budget vs. actuals noteworthy because it allows teams to respond efficiently to real-time insights. In-app notes heighten collaboration while planning and budgeting, as team members can share ideas while working from anywhere.
What is Business Budgeting Software?
Business budgeting software is a digital tool designed to automate and streamline the budgeting process. It provides a centralized platform for financial planning, tracking income and expenses, and forecasting future financial scenarios.
Unlike traditional methods such as spreadsheets, which are often error-prone and time-consuming, these tools offer advanced features like real-time data updates and integration with other financial tools to make financial management more accurate and efficient.
Criteria for Recommending Business Budgeting Software
- Ease of Use: We look for interfaces that are intuitive and don’t require a steep learning curve. You don’t want to spend weeks training your team to use the software.
- Integration: The ability to sync with other tools you’re already using (like QuickBooks or even Excel) is a big plus. The smoother the integration, the less hassle you’ll have transferring data.
- Scalability: You want software that will grow with you. If you’re a small business now but plan to expand, choose software that offers additional features you can unlock as you grow.
- Customization: The software should allow you to customize reports, dashboards, and other features according to your needs.
- Real-Time Updates: Real-time data can provide you with the most current financial picture, which is crucial for making informed decisions.
- Affordability: Watch out for hidden costs like set-up fees, additional charges for premium features, or limits on the number of users. Get a full understanding of the pricing model.
- Security: Your financial data is sensitive. Ensure the software follows best practices for data encryption and security protocols.
- Customer Support: Effective customer support can make the transition much easier, especially if you’re new to budgeting software.
- Trial Period: A free trial period or a money-back guarantee can give you peace of mind and ensure the software suits your needs before fully committing.
Key Benefits
- Automated Data Collection: Say goodbye to manual data entry. These tools pull in financial data automatically, reducing the chance of errors.
- Comprehensive Reporting: Generate budget variance reports, cash flow forecasts, and other key performance indicators (KPIs) at the click of a button.
- Time Savings: Automation and real-time updates free up your time for more strategic tasks, like long-term financial planning.
- Enhanced Collaboration: Cloud-based solutions allow for easy sharing and collaborative editing so everyone on the team can access up-to-date information.
- Strategic Planning: With data and analytics at your fingertips, you can make more informed decisions faster.
- Financial Health: Regular, precise tracking of income and expenditures helps you understand your financial standing and adjust as needed.
- Scalability: Good budgeting software will adapt as your business grows, providing more features to meet new demands.
Choosing the Right Business Budgeting Software
Choosing the correct budgeting software for your business hinges on several factors, including features, pricing, scalability, financial complexity, and integration options. Evaluating your specific needs and requirements is crucial before selecting a software solution. Don’t forget to take advantage of free trials and discounts, evaluate the complexity of your finances, and review integrations to find the best budgeting software for your business.
Frequently Asked Questions
How do I create a budget for my small business?
To create a budget for your small business, consider revenue and list costs, create profit and loss statements and balance sheets, include extra funds, and finish the budget. Negotiate costs with suppliers, estimate revenue, and factor in seasonal and industry trends. Additionally, keep separate personal and business accounts, choose a budgeting tool, project cash flow, calculate gross and net profit, and divide the net profit.
Is Quickbooks a budgeting software?
Quickbooks is an accounting software with budgeting capabilities that helps businesses create and edit their budgets monthly, quarterly, and yearly, with data automatically pre-filled. It also lets users compare actual income and expenses with the budgeted amounts. So, while it can be used for budgeting, it is not as comprehensive as the software that made our list.
What is cloud-based forecasting?
Cloud-based Forecasting is a method that utilizes machine learning algorithms and predictive models to forecast the reliability and performance of cloud server systems. It increases accuracy and provides customer-defined forecasting solutions for supply chain problems. Additionally, it can be used to predict future cloud cost spending based on historical data and upcoming project costs.
