8.6
Editor’s Rating:
Best Overall
PlanGuru: Income Statement
PlanGuru
  • Detailed forecasting capabilities
  • Compatible with Excel and QuickBooks
  • Suitable for small to medium-sized businesses and nonprofits
8.4
Editor’s Rating:
Best for Large Organizations
Prophix: Unified Platform
Prophix
  • Cloud and on-premise implementation
  • Spreadsheet-style interface
  • Supports all types of financial and non-financial budgeting
8.3
Editor’s Rating:
Best for Small to Medium-Sized Businesses
Budgyt: Users
Budgyt
  • Cloud-hosted
  • Easy-to-use by any industry
  • General ledger import/export feature

Having the right budgeting software is crucial for staying ahead of the competition and making informed financial decisions. We’ve compiled a comprehensive review of the top 10 business budgeting software solutions for 2023, highlighting their unique features and benefits to help you make the right choice.

1 PlanGuru - Best Overall

Why We Chose It: PlanGuru shines for its detailed forecasting abilities, tailor-made for small to medium-sized businesses and nonprofits. The software plays nice with Excel and QuickBooks, making it easy to plug into existing workflows. Features like cash flow projections, financial ratios, and debt modeling allow users to manage budgets using real-time cash flow data.

Despite its power, the software keeps its pricing under wraps, which might make budgeting for the budgeting software a bit ironic. Still, for detailed financial planning, PlanGuru is tough to beat.

Best Overall:
PlanGuru
★★★★★
★★★★★
(2)

PlanGuru: Income Statement
PlanGuru: Cash Flow
PlanGuru: Balance Sheet
PlanGuru: Non-Financials
What We Like
Detailed forecasting capabilities
Compatible with Excel and QuickBooks
Suitable for small to medium-sized businesses and nonprofits
What We Don’t Like
Pricing not readily available
Overview
Price Range: $$
Starting Price: $99/month
Client OS: Windows
Deployment: Cloud or On-Premises

2 Prophix - Best for Large Organizations

Why We Chose It: Prophix stands out as the ideal budgeting software for large organizations due to its robust set of features designed to streamline complex processes. It uses OLAP technology for multi-dimensional planning, which ditches the clunky spreadsheets and broken formulas for a more seamless planning model.

Prophix also automates the cumbersome tasks of data collection, versioning, and consolidation, saving both time and resources. With built-in capabilities for top-down and bottom-up planning, organizations get the flexibility to approach budgeting and planning in a way that aligns with their specific needs.

The software excels in fostering collaboration across teams, offering functionalities like task ownership and deadline reminders to keep everyone aligned. Additionally, Prophix uses artificial intelligence to automate repetitive tasks and provide deep data insights, freeing up managers to focus on more strategic work. Its reporting features are particularly strong, enabling automated maintenance and updates, and providing actionable insights through personalized dashboards.

Best for Large Organizations:
Prophix
★★★★★
★★★★★
(2)

Prophix: Unified Platform
Prophix: Revenue Planning
Prophix: Profitability Analysis
Prophix: Member Properties
Prophix: Ad Hoc Analysis
What We Like
Cloud and on-premise implementation
Spreadsheet-style interface
Supports all types of financial and non-financial budgeting
What We Don’t Like
Could be more user-friendly for non-admins
Free trial is limited
Pricing details not readily available
Overview
Price Range: $$$
Client OS: Windows, macOS, iOS, Android, Web
Deployment: Cloud or On-Premises

3 Budgyt - Best for Small to Medium-Sized Businesses

Why We Chose It: Budgyt offers a user-friendly interface combined with powerful budgeting features, making it ideal for small to midsized businesses. With its scalability, robust reporting tools, and real-time data updates, Budgyt streamlines budget creation and tracking, thereby saving time and reducing errors.

Its budget versioning and “what-if” analysis allow businesses to quickly adapt to market changes. Also, the software’s accessibility across devices makes collaboration easy, ensuring that team members can contribute to budget planning and monitoring regardless of location.

Best for Small to Medium-Sized Businesses:
Budgyt
★★★★★
★★★★★
(9)

Budgyt: Users
Budgyt: Users
Budgyt: Searching
Budgyt: Reporting
Budgyt: Budgyt Formulas
Budgyt: Budgyt Formulas
Budgyt: Data Entry
Budgyt: Data Entry
Budgyt: Data Entry
Budgyt: Data Entry
Budgyt: Dashboard
Budgyt: Dashboard
Budgyt: Dashboard
Budgyt: Dashboard
Budgyt: Dashboard
Budgyt: Dashboard
Budgyt: Dashboard
Budgyt: Activity Audit
Budgyt: All Budgets
What We Like
Cloud-hosted
Easy-to-use by any industry
General ledger import/export feature
What We Don’t Like
Data has to be “cleaned up” before use
UI could be more intuitive
Overview
Price Range: $
Starting Price: $199/month
Client OS: Windows, Web
Deployment: Cloud Hosted

4 FLOAT - Best for Visual Storytelling

Why We Chose It: Float is the go-to budgeting software for businesses that need visual storytelling to navigate their financial future. With features like real-time cash flow forecasting and project tracking, Float lets you map out your finances to steer clear of risks. Its intuitive dashboard replaces cumbersome spreadsheets, offering real-time data synced with your accounting platform for always-up-to-date visual forecasts.

What sets Float apart is its ability to model countless scenarios, answering crucial ‘What if?’ questions and aiding strategic planning. This visualization aspect is not just eye-candy; it’s a powerful tool for making informed decisions, like when to hire or how to handle cash flow gaps. Coupled with high user reviews and seamless integration with accounting software like Xero and QuickBooks, Float makes visual financial storytelling not just possible, but practical and effective.

Best for Visual Storytelling:
Float

Float: Float Cash Flow
What We Like
Visually appealing budgeting software
Focus on visual storytelling
QuickBooks Online, Xero and FreeAgent are all compatible
What We Don’t Like
Pricing plans may be expensive for some users
Overview
Price Range: $$
Starting Price: $59/month
Deployment: Cloud Hosted

5 Scoro - Best for Integrated Financial Management

Why We Chose It: Scoro is the top pick for businesses that want a unified solution for budgeting and financial management. With Scoro, you not only get to plan and track budgets but can also manage invoices, harness powerful reporting, and integrate with your existing accounting software. The platform provides real-time overviews of your financials, replacing the need to shuffle between spreadsheets and other tools.

What sets Scoro apart is its comprehensive feature set that goes beyond simple budgeting. The platform allows you to compare multiple budget scenarios against real revenues, costs, and profits. Its enterprise-level reporting is unparalleled, offering insights on everything from budget deficits and surpluses to real-time sales margins. Plus, its ability to divide budgets by various categories—like projects, users, or accounting objects—adds an extra layer of customization and control.

Best for Integrated Financial Management:
Scoro
★★★★★
★★★★★
(2)

Scoro: Dashboard
Scoro: Client Management
Scoro: Invoices
Scoro: Projects
Scoro: Reports
Scoro: Settings
Scoro: Mobile Calendar
What We Like
Client-based access to purchase history
Strong activity planner
Visual interface is easy to use
What We Don’t Like
Lack of contact synchronization with external mail apps
No Gantt charts
No line items in quotes
Overview
Price Range: $$
Starting Price: $26/user/month
Client OS: iOS, Android, Web
Deployment: Cloud Hosted

6 Datarails - Best for Mid-Sized Companies

Why We Chose It: Datarails delivers where it matters for mid-sized companies, specifically in project collaboration and financial management. It not only allows for forecasting and planning but brings automation and real-time updates into the mix. If your team lives and breathes Excel, you’ll find Datarails to be a snug fit.

The downside? Pricing info is MIA, which might be a deal-breaker for some. Still, for financial management that hits the sweet spot for mid-sized companies, Datarails has got the goods.

Best for Mid-Sized Companies:
DataRails
★★★★★
★★★★★
(28)

DataRails: Insights
DataRails: File Boxes
DataRails: Versions
What We Like
Comprehensive financial management solution
Tailored for mid-sized companies
Real-time updates
What We Don’t Like
Pricing details not readily available
Overview
Client OS: Windows, Web
Deployment: Cloud Hosted

7 Mosaic - Best for Real-Time Collaboration

Why We Chose It: Mosaic stands out for real-time collaboration by fostering a unified “set of truth” across an organization. Its role-based permissions and custom dashboards ensure the right data gets to the right people, eliminating informational silos.

On the decision-making front, Mosaic’s live tracking of forecast vs. actuals allows teams to respond to real-time insights swiftly, and in-app notes make collaborative planning a breeze. All of this culminates in not just sharing data, but having a two-way conversation with it, making Mosaic an ideal pick for real-time collaboration.

Best for Real-Time Collaboration:
Mosaic

Mosaic: Actuals
What We Like
Cutting-edge technology product
Seamless real-time collaboration
Information sharing among team members
Overview
Starting Price: $199/month

8 Workday - Best for Streamlining Workflows

Why We Chose It: We selected Workday Adaptive Planning as the best for streamlining workflows largely because of its versatile planning capabilities and real-time adaptiveness. 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.

Additionally, its driver-based expense planning and seamless integration with other enterprise solutions ensure that you’re not just planning but effectively executing and adapting those plans in real-time, ultimately making workflows more efficient.

Best for Streamlining Workflows:
Workday Adaptive Planning
★★★★★
★★★★★
(3)

Workday Adaptive Planning: Consolidation Report
Workday Adaptive Planning: Adaptive Insights HR Dashboard
Workday Adaptive Planning: Adaptive Insights Capacity and Quoting Plan
Workday Adaptive Planning: Office Connect Reporting Example Adaptive Insights
Workday Adaptive Planning: Finance Dashboard
Workday Adaptive Planning: P&L statement template in Adaptive Planning
Workday Adaptive Planning: Expense Variance Analysis Report
Workday Adaptive Planning: Adaptive Planning Sheets & Data Visualization
Workday Adaptive Planning: Adaptive Planning Cash Flow
Workday Adaptive Planning: Adaptive Planning Balance Sheet
What We Like
Customizable dashboards
Easily drill down into transactions and customer data
Great for medium to large scale companies
What We Don’t Like
Hard to modify existing reports without creating new ones
Not intended for small business
Setup is difficult
Overview
Price Range: $$$
Client OS: Web
Deployment: Cloud Hosted

9 QuickBooks Online - Best for Small Businesses

Why We Chose It: QuickBooks Online stands out for its robust budgeting features tailored for small businesses. Automated future cash flow forecasting allows you to see your financial trajectory based on current data and market trends, helping you make informed decisions. Bank integrations streamline financial reporting by automatically pulling in transactions, saving you time and reducing errors.

With QuickBooks, you can create a detailed budget that gives you control over your cash flow, something essential when 63% of small business owners are using personal funds due to inadequate budgeting. The software is designed for accuracy and ease of use, making it less likely you’ll make budgeting mistakes while allowing you to focus on growing your business.

Best for Small Businesses:
QuickBooks Online
★★★★★
★★★★★
(44)

QuickBooks Online: Sales Dashboard
QuickBooks Online: Find an Accountant
QuickBooks Online: Track Mileleage
QuickBooks Online: Mobile Cash Flow
QuickBooks Online: Bank Reconciliation
QuickBooks Online: Dashboard
QuickBooks Online: Mobile Dashboard
QuickBooks Online: Customers
QuickBooks Online: Mobile Shortcuts
QuickBooks Online: Create Invoice
QuickBooks Online: Sales Vendors
QuickBooks Online: Bill Pay
QuickBooks Online: Banking
QuickBooks Online: Expense Dashboard
QuickBooks Online: Payroll Dashboard
What We Like
Widely used by most accountants
Tons of integrations available
Customizable invoicing
What We Don’t Like
Comparatively expensive
Few industry-specific features
Limited users per plan
Overview
Price Range: $
Starting Price: $30/month
Client OS: Web
Deployment: Cloud Hosted

10 OneStream - Best for Corporate Finance

Why We Chose It: OneStream is the go-to for corporate finance thanks to its sophisticated 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. Key features like Agile Planning and Scenarios streamline the process of adapting to market changes, while its predictive analytics instantly seed budgets and forecasts without requiring technical expertise.

Not only does OneStream allow for in-depth strategic planning and modeling, it also provides extensive flexibility in how these plans can be implemented and adjusted. The platform’s Extensible Dimensionality® enables granular operational plans to co-exist with corporate and line-of-business plans, making it a comprehensive solution for complex corporate financial needs. With capabilities like “What-if” driver-based planning, you can immediately visualize the impact of your decisions, aiding in smarter, faster decision-making.

Best for Corporate Finance:
OneStream

OneStream: Long Term Plan
OneStream: Financial Consolidation
OneStream: Dashboard Reporting
What We Like
Versatile platform with unique data management capabilities
Streamlined financial close and consolidation process
Powerful reporting and analysis capabilities
What We Don’t Like
Some areas require manual workarounds due to limitations
Overview
Price Range: $$$
Client OS: Windows, iOS, Android, Web
Deployment: Cloud or On-Premises

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 tailor 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: Especially if you’re new to budgeting software, having robust customer support can make the transition much easier.
  • Trial Period: A free trial period or a money-back guarantee can give you the peace of mind to ensure the software suits your needs before fully committing.

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.

Benefits of Business Budgeting Software

  • 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 make adjustments as needed.
  • Scalability: As your business grows, good budgeting software will adapt, providing more robust features to meet new demands.

In summary, if you’re tired of spreadsheets or looking for a more streamlined and accurate way to manage your finances, business budgeting software can be a game-changer.

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 a crucial step 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.

We hope this comprehensive review of the top 10 business budgeting software solutions for 2023 has provided you with valuable insights and guidance in choosing the best tool for your organization. Remember that the right budgeting software can significantly impact your business’s financial planning and decision-making process.

Frequently Asked Questions

How do I create a budget for my small business?

To create a budget for your small business, commit to creating a budget, 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 profit and net profit, and divide the net profit.

Is Quickbooks a budgeting software?

Quickbooks is an accounting software with budgeting capacilities that helps businesses to create and edit their budgets on a monthly, quarterly, and yearly basis, with data automatically pre-filled. It also enables users to compare actual income and expenses with the budgeted amounts.

What is the best budgeting tool for Quickbooks?

For the best budgeting tool for QuickBooks, I recommend Jirav’s cloud-based planning and analysis solution to save time and add value as a finance leader, or Budgeto, an easy-to-use budgeting app. These tools offer robust features that allow you to forecast the future of your business and ask the right questions to offer the best advice to your colleagues.

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 is used to increase accuracy and provide 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.

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