“Budgeting is the first step towards better financial management.”
Irrespective of the size and scale of your business, budgeting sits at the core of every process. A smooth and streamlined budgeting can only ensure that all the other business functions are running in tandem with each other.
In the initial days of the business, it might be easy to create a budget manually. Nevertheless, as the business grows, a need for a software tool is being realized where budgeting tasks are automated. Budgeting tools are reliable, fast and convenient. They are easy to implement and use.
There are many reasons to rely on budgeting software. A budgeting tool will give you a clear idea of how your organization is moving ahead. The initial cost of installing a budgeting software may be expensive, but in the long run its a worthy cost. A few noteworthy benefits of budgeting software:
- They boost productivity and cut down the costs of speculation and guessing
- You can use spreadsheets comfortably and share them on the cloud for better visibility
- With built-in financial knowledge, AI powered budgeting software can suggest appropriate measures to improve business processes
- Budgeting automation will save you time by making annual budgeting a hassle free process.
A perfect planning and budgeting software will help you maintain your accounts and keep things simple.
A few known top budgeting software:
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Centage
A unique budgeting software that comes with a packaged tool called Maestro to handle budgeting forecasting and financial reporting needs. Centage is a full-fledged solution to deal with your organization’s budgeting, planning, forecasting, deriving comprehensive analysis all on a sleek financial dashboard.
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Float
Float integrates easily with other accounting tools like QuickBooks, Xero, FreeAgent and many more. Float is a simple and effective cash flow management and budgeting tool to help small and medium sized enterprises with visual reporting, cash flow forecasting and business budgeting.
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GIDE
The daily, weekly and monthly budgeting, strategic planning and rolling forecasts along with consolidating company projects of various business departments in one platform becomes convenient with GIDE. The top features of the software include capital asset planning, capital structuring, managing working capital and profit & loss statement coupled with balance sheets.
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Maxiplan
Leave behind the complexity of spreadsheets and adapt to the cost effective budgeting solutions of Maxiplan. It is easier to track the financial performance with this software, helpful features like cash flow forecasts, revenue forecasting and analysis, adhoc planning and consolidation help support core financial planning needs.
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Adaptive Insights
Adaptive Insights is popularly used by hundreds of organizations because of its cloud based offerings. The budgeting and forecasting tool is powered by unique analytical features coupled with the management of capital, revenue, expenses and balance sheets.
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YNAB
YNAB stands for You Need A Budget. This budgeting tool offers some easily accessible solutions to the newbies. The tool offers customization according to the needs of the organization and, managers can have a glance at multiple financial goals at once. It offers legible, clear and user-friendly instructions during the initial onboarding, color coding and questions that prompt you before taking an action.
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Mint
Mint is powered by an effective dashboard where a user can take an overview of all their debts, bills, assets, credit score and more. It is commonly used by several small and medium sized companies because it helps users get a better overview of their complete financial picture at once. It can evaluate your spending habits and build your budget accordingly.
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Clarity Money
Clarity Money’s basic budgeting version is available for free. Users benefit from features that include linking accounts, expense tracking, organizing expenses and so on. It is powered with a special feature where users can cancel third party subscriptions.
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Prophix
Powered with features that include budgeting, planning and forecasting, cash flow planning, profitability modelling and optimization, financial statutory and management reporting along with personnel planning, Prophix is a well-known budgeting software for B2B. It offers amazing solutions for corporate performance management.
Efficient budgeting and expense management are considered great skills of an organization. If you have these in place, managing other functions becomes a seamless experience.
