The Best Budgeting Software of 2021

Our budgeting software reviews are the result of over 40 hours of research on 50+ budgeting software companies from across the web. These reviews and our budgeting software guide help small businesses and startups find the best budgeting software for their business.

Disclosure: Your support helps keep the site running! We earn a referral fee for some of the services we recommend on this page. Learn more

How We Chose the Best Budgeting Software

Budgeting software is a crucial tool for any business aiming for growth and the achievement of its goals. This software helps to make budgeting and accounting simpler. In our quest to find the best budgeting software, we considered several weighty factors that matter most to users, listed below.

Budgeting Features

We recommend software that provides users with several features for managing their budget, including a general ledger, balance sheet, forecasting tool, and profit and loss (P&L) statement. The ideal budgeting software must be able to load historical data, such as actuals. It should also bring together different tools that make the budgeting process easy and hassle-free. These features will minimize your overhead costs and the need to move your data from the budgeting to the reporting system.

Integrations

The best software comes with pre-built integrations for human resource (HR) systems, enterprise resource planning (ERP) systems, accounting systems, and other tools that are often used together with budgeting software. Web and Microsoft Excel integration is also vital as it enables users to use Excel or web pages for forecast data collection and budgeting. Meanwhile, web pages help users employ Macs, PCs, iPads/iPhones, or other related web-aware tech. Users want to export data from various sources. That’s why integration and live connection are essential in budgeting software.

Reporting Tools

Detailed reports help users understand the financial health of their business. Users want the capability to analyze their data and see the results through immediate, actionable reports. Budgeting software should enable you to generate simple reports that show if you’re adhering to your budget on a monthly, quarterly, or yearly basis.

Suppose you’re interested in monitoring your spending closely. In that case, this type of software should allow you to have real-time, daily, or weekly dashboard reports that offer you at-a-glance reports on critical budget categories. A basic report should show you what you had budgeted for against your actual spending. It should also provide advanced reporting features that offer analysis and budgeting forecasting capabilities.

The 14 Best Budgeting Software Programs of 2021

CompanyPriceFree Trial/ DemoVisit
BoardQuote-basedFree trialVisit Board
CCH TagetikQuote-basedFree demoVisit CCH Tagetik
Centage Planning MaestroQuote-basedFree demoVisit Centage Planning Maestro
DivvyFreeFree demoVisit Divvy
Float1 client: $59/month
2-4 clients: $39/client/month
Free trialVisit Float
idu-ConceptQuote-basedFree demoVisit idu-Concept
MintFreeFree versionVisit Mint
OneStream XFQuote-basedFree demoVisit OneStream XF
OracleNetSuite ERPQuote-basedFree demoVisit OracleNetSuite ERP
ProphixQuote-basedFree trialVisit Prophix
QuickenStarter: $35.99/year
Deluxe: $46.79/year
Premier: $70.19/year
Free trialVisit Quicken
ScoroEssential: $28/user/month
Work Hub: $42/user/month
Sales Hub: $42/user/month
Free trialVisit Scoro
TimeCampBasic: $5.25/user/month
Pro: $7.50/user/month
Free trialVisit TimeCamp
Workday Adaptive PlanningQuote-basedFree trialVisit Workday Adaptive Planning

Board

Board
Board is a software that brings together corporate performance and business intelligence. It’s an intelligence and business management system that you can use to monitor your organization’s corporate business activities. The platform enables users to extract data from different sources and generate full-service reports that can be transferred in various formats, including HTML and comma-separated values (CSV) files.

The software supports multilingual capabilities, making it ideal for businesses that want to deliver reports in several languages. Its data collection and analysis functionalities allow users to view data to help companies make informed financial decisions. Also, the system can be deployed on-premise or in the cloud.

The chief features of this software include:

  • Installed (Windows), web-based, cloud, iPad/iPhone, and Android deployment
  • Strategy management
  • Cash management
  • Forecasting
  • What-if scenarios
  • Asset planning
  • Version control

Although Board’s pricing isn’t available publicly, you can contact the service provider directly and ask for a price quote. You can also access a free trial of the software and sample what to expect if you subscribe to its paid model.

PriceFree Trial / Demo Features
Quote-basedFree trial>24/7 live support
>P&L statements
>Reports
>More features available at Board

Pros & Cons of Board Budgeting Software
Board comes with an attractive and intuitive user interface. It’s also easy to learn and use via its comprehensive toolbox approach. The solution offers fairly competitive pricing and great functionalities for businesses. With this software, it’s easy to create reports even if you lack technical knowledge. Its drill-down functionality lets users view granular data, thus maintaining initial reports in an easy-to-understand format. On the downside, the platform lacks application programming interface (API) and limits integration with other relevant business systems.

ProsCons
>Appealing and intuitive user interface
>Competitive pricing
>Drill-down functionality
>Lacks API limits integration

What Customers Are Saying
Most Board clients seem to be content with what the software offers. One says, “Board allows us to consolidate in a split-second! Yes, consolidation can happen with a single button! Yes, consolidation can happen for 48 manufacturing plants and 85 warehouses! At the beginning, I was very skeptical, but I can guarantee you that it works.”

CCH Tagetik

cch-Tagetik
CCH Tagetik allows businesses to drive strategy and business transformation by unifying data and all financial processes in one platform. This solution helps lower costs, save time, and minimize risks. Tagetik is a simple budgeting software that provides an exceptional structure for forecasting and budgeting. It helps businesses achieve in-depth analytics and more forward-looking planning by linking people, processes, and data in a single platform.

The solution can be deployed as a private cloud, SaaS, or on-premise. It’s ideal for businesses of varying verticals and sizes. Plus, it features integrated financial intelligence to help users access insights and visibility useful in determining a business’s financial health.

CCH Tagetik’s core features include:

  • Reports and analytics
  • Integration capabilities
  • Disclosure management
  • P&L statements
  • Strategic, cash flow, profitability, and budget planning tools
  • Balance sheet
  • What-if insights on cash flow
  • Financial consolidation

A free demo for this software is available, and users and prospects can utilize this feature to determine the software’s price and effectiveness in solving their needs.

PriceFree Trial / Demo Features
Quote-basedFree demo>Cash management
>Forecasting
>Balance sheet
>More features available at CCH Tagetik

Pros & Cons of CCH Tagetik Budgeting Software
CCH Tagetik is extremely flexible and integrates with other software seamlessly. Because it’s a cloud-based solution, you can expect minimal downtime. The software is easy to use and offers exceptional results in managerial consolidation and budgeting. Unfortunately, it lacks asset planning and general leader capabilities.

ProsCons
>Seamless integrations
>Minimal downtime
>Simple to use
>Lacks general ledger
>Lacks asset planning feature

What Customers Are Saying
Customers have kind words to say about CCH Tagetik and its consolidation abilities. Here is what one states, “We chose Tagetik some years ago for consolidation. The year after we started a new project for budgeting and planning … every project was a success.”

Centage Planning Maestro


Centage Planning Maestro is a cloud-based planning and analytics solution that offers companies financial intelligence features, helping them plan, budget, report, and analyze performance. This information allows businesses to react promptly to market changes and tap into emerging opportunities in time.

The platform synchronizes the balance sheet, P&L, and cash flow to ensure your business complies with Generally Accepted Accounting Principles (GAAP). This helps show the short- and long-term financial health of a business. This solution is ideal for financial teams in nearly all sectors, including health care, manufacturing, retail, wholesale/distribution, and nonprofits.

The top features of Planning Maestro are:

  • Web-based, cloud, and SaaS deployment
  • Custom reporting
  • Reporting templates
  • Integrations
  • Data analysis
  • Cash management
  • General ledger

The pricing for Centage Planning Maestro depends on a business’s individual needs. You can also access a free demo for the software to familiarize yourself with how the software functions.

PriceFree Trial / Demo Features
Quote-basedFree demo>Version control
>Asset planning
>P&L statements
>More features available at Centage Planning Maestro

Pros & Cons of Centage Planning Maestro Budgeting Software
Centage Planning Maestro is simple to use. The platform presents all the necessary features small businesses need in the budgeting process. The software helps you to tap into financial intelligence to come up with budgets that work. It also synchronizes all your financials for better analysis.

ProsCons
>Financial intelligence
>Affordable and easy to configure
>Synchronizes financials
>No free trial

What Customers Are Saying
Centage Planning Maestro customers like this product for different reasons. One user likes the “… ease of budgeting at a very detailed level. Provided us with a better understanding of what drives our business from a financial perspective and what the impact might be if we were to change any of those variables.”

Divvy

Divvy
Divvy allows businesses to spend in smarter ways. The platform supports the automation of expense reports and prevents wastage. The software is affordable and suitable for any type of organization or business. Divvy combines modern software, smartcard technology, and people skills to deliver a unique budgeting experience. It helps simplify receipt capturing, expense reports, and employee reimbursements. This system tracks and categorizes each company’s expenses in real time.

With this software, employees can access company funds after approval by budget owners easily. Also, users can develop personalized budgets and track their spending. Users can manage budgets for specific events, departments, or companies daily, weekly, quarterly, monthly, or yearly. Divvy is a free cloud-based accounting and expense management solution for businesses. Key features include managing payments and subscriptions, building strategic budgets, automated expense reports, and virtual cards.

Divvy’s other salient features include:

  • Approval process control
  • Receipt management
  • Reimbursement management
  • Spend control
  • Workflow management
  • Online, business hours, and 24/7 live support
  • Forecasting
  • Automated expense reports
  • Balance sheet
  • General ledger

Divvy has a free version with limited functionalities. If you need extra capabilities, you can contact the vendor for a custom quote. A free demo of the software is also available for those interested in learning more about its functionalities.

PriceFree Trial / Demo Features
Free, but custom add-ons require a quoteFree demo>Installed (Windows), web-based, cloud, and SaaS deployment
>P&L statements
>Third-party integrations
>More features available at Divvy

Pros & Cons of Divvy’s Budgeting Software
Divvy allows you to segment departments and manage and control their spending. This application is easy to use and allows users to keep track of receipts and ensure each team complies with the set budget. It helps employees be more transparent and trustworthy in spending and also increases accountability and openness. It also integrates with QuickBooks effortlessly. However, Divvy lacks version control capability.

ProsCons
>Integrates with QuickBooks
>Enhances accountability and transparency
>Allows segmentation
>Lacks version control feature
>Add-ons cost extra

What Customers Are Saying
Divvy’s customers are happy with the solution and the features it offers for managing expenses. One declares, “We are VERY excited to be a part of the Divvy customer family. We feel that the enhancements that the Divvy platform has to offer in terms of us managing our expenses will greatly impact the efficiency of our employees as well as the accuracy of their spending.”

Float

Float
Float is the ideal solution for businesses and bookkeeping and accounting firms searching for an efficient and hassle-free way to manage cash instead of using spreadsheets. Its intuitive interface offers users the privilege of planning for up to three years. In addition, you can visualize cash flow periodically as daily, weekly, or monthly. Your task is to set a budget for future cash and wait to see as it turns to payments, bills, and invoices automatically.

With this platform, you can use the budget vs. actual report feature to understand if your projections are realistic. Also, you can utilize the scenarios tool model to see how various decisions affect cash flow. Float integrates with other tools, such as QuickBooks Online, Xero, and FreeAgent, to help businesses forecast their future bank balances and control cash flow.

Here are Float’s top features:

  • Integrations with Free Agent, Xero, and QuickBooks Online
  • Cash flow forecasting
  • Business budgeting
  • Visual reporting
  • Forecasting
  • Detailed drill-down
  • Budgeting
  • Exporting and reporting
  • Create scenarios
  • Sync your accounting software
  • What-if scenarios

Float’s pricing starts at $59 per month, but the specific cost you can expect to incur depends on your unique business needs. A free trial is available for users who want to sample the product before purchasing it. If you need more information on pricing, you can contact the service provider directly.

PriceFree Trial / Demo Features
1 client: $59/month
2-4 clients: $39/client/month
Free Trial>Support available online and during business hours
>Cash management
>Web-based, cloud, and SaaS deployment
>More features available at Float

Pros & Cons of Float Cash Flow Forecasting Budgeting Software
Float integrates with various accounting software like Xero and QuickBooks. Setting up clients on the platform is much easier than other cash flow software on the market. This software allows you to forecast based on different scenarios, enabling you to check the impact of different interventions. Float is easy to use, even for those who are not bookkeepers or accountants. Unfortunately, this software lacks general ledger and P&L statements features.

ProsCons
>Powerful integrations
>Supports forecasting
>Easy to use
>No P&L statements
>Lacks general ledger

What Customers Are Saying
Float customers love that the software is easy to use, and the support staff is reliable. Here is what one says: “I love using Float, and everyone at Float is super-helpful and friendly. I recommend this app every time someone requests a cash flow as it’s by far the easiest system to use and efficiently produce a cash flow forecast under pressure.”

idu-Concept

idu-Concept
This is a web-based solution targeting medium-sized and large businesses that helps with budgeting, financial reporting, forecasting, and asset management. This platform supports revenue and financial budgeting as well as different budget types like project-based budgeting, itemized budgeting, employee budgeting, activity-based budgeting, percentage and dynamics allocations, and depreciation budgeting.

The system allows automatic data capturing via different ERP integrations, data aggregations, and real-time updates. Users can also attach and link supporting documentation to prepare budgets and drill down from aggregate and company accounts to cost centers and individual accounts.

idu-Concept’s key features are:

  • 24/7 live support
  • Version control
  • Fixed asset management
  • Verification and monitoring
  • Multiple screen layouts
  • Customized calculations
  • Asset management
  • Revenue budgeting and reporting

idu-Concept provides several modules, each one priced differently. Contact the service provider directly for more information on the ideal module for your business. This software provider also offers a free demo to explain more about features and pricing.

PriceFree Trial / Demo Features
Quote-basedFree demo>Forecasting and reports
>24/7 live customer support
>Web-based, cloud, and SaaS deployment
>More features available at idu-Concept

Pros & Cons of idu-Concept Budgeting Software
idu-Concept provides multiple financial management modules that you can utilize to help your business realize its financial goals via smart and effective budgeting, better handling of assets, accurate financial forecasting, and efficient spend management. It helps financial managers save time and create viable budgets. The solution comes with smart budgeting and forecasting tools to simplify the task. However, this software lacks P&L and cash management capabilities. It also lacks a demo or free trial.

ProsCons
>Multiple financial management modules
>Smart budgeting and forecasting tools
>Simplifies tasks and helps users save time
>Lacks cash management
>No free trial

What Customers Are Saying
Customers commend this software for different reasons. One states, “I have been using idu-Concept software for about one year, and I’m totally [a] fan of it. idu-Concept makes my everyday life very easy and helps me to make [a] profit for the company.”

Mint

Mint
Mint is a mobile-based solution that allows easy tracking of expenses and balances. Users can create an account on this platform, link all their financial accounts, and generate an analysis that offers possible avenues for saving money, including retirement rollovers, credit cards, and savings account deals. The system provides security through multifactor authentication, the ability to delete financial information remotely in case the mobile device is lost, and security scanning via VeriSign.

Mint also provides an appropriate way of tracking and checking your credit score. The system allows you to see a snapshot of your financial status, including bills, debts, assets, credit score, and retirement funds.

Mint’s main features include:

  • Intuitive dashboard
  • Credit score management
  • Tax reporting
  • Investment tracking
  • Two-factor authentication
PriceFree Trial / Demo Features
FreeFree version>Reports
>Integrations
>Web-based, cloud, SaaS, iPad/iPhone, and Android deployment
>More features available at Mint

Pros & Cons of Mint Budgeting Software
Besides budgeting, Mint provides credit score monitoring. The platform helps you generate a budget based on your spending habits automatically. With this solution, you get weekly summaries through email to know what’s happened with your finances in the past week. You also get alerts via short message service (SMS) or email about pending bills and how to save money. This software’s main drawbacks are the lack of a free trial or demo and no forecasting capability.

ProsCons
>Provides credit score monitoring
>Generates weekly summaries
>SMS and email alerts
>Lacks forecasting feature

What Customers Are Saying
Customers seem to enjoy how the software breaks down data for users. One states, “I love using this software. It tells me all my bank account balances on one screen and shows me daily and weekly expenses broken down into categories automatically, such as bars and nightclubs, restaurants, gas, etc.”

OneStream XF

OneStream
OneStream XF is a modern performance management solution that has made budgeting, financial consolidation, planning, forecasting, reporting, and analysis simple by unifying them into a single platform. It features Microsoft Office and Excel integration to make reporting and analysis easier.

The platform helps minimize the time and effort used to deliver timely and accurate reports about your business. This solution can apply to every area of your enterprise, and it’s available either on-premise or in the cloud. OneStream XF comes on a per-module basis, meaning that you can upgrade the software with a single module each time. The software is available as a unified SmartCPM platform, a completely integrated product known as OneStream XF.

OneStream XF’s core features include:

  • 24/7 live representative
  • Powerful Integrations
  • Interactive dashboards
  • Detailed operational planning
  • Financial budgeting and forecasting

OneStream XF offers quote-based pricing, and you can get more information about the product and its pricing by contacting the service provider directly via email or phone. A free demo for the product is also available to guide you on how to use the product.

PriceFree Trial / Demo Features
Quote-basedFree demo>P&L statements
>Cash management
>Balance sheet
>More features available at OneStream XF

Pros & Cons of OneStream XF Budgeting Software
OneStream XF offers a unique user experience. Although the software provides excellent budgeting tools to users, the company continues to make regular improvements to the product to make it better. The support team is responsive and helpful to users. Unfortunately, the software lacks a reporting feature and free trial.

ProsCons
>Unique user experience
>Responsive support
>Continuous improvement
>No free trial
>Lacks reporting feature

What Customers Are Saying
Customers heap praises on OneStream XF for its comprehensive functionalities. One remarks, “Very happy with our choice and would not change decisions if we could go back and choose different vendors. OneStream brings all the information to the finance users. It makes it easier for them to do their jobs ― be it close the books, prepare the budget, forecast, or analyze the data. OneStream does it all!”

OracleNetSuite ERP

Oracle-Rdbms
NetSuite ERP is a fully scalable ERP software suitable for all types of businesses. This solution aids in automating front- and back-office processes, including budgeting, billing, financial management, fixed assets, inventory management, order management, and revenue management. It ensures each segment of the organization can access customized reports and key performance indicators for its responsibilities.

What makes NetSuite ERP stand out is the combination of business intelligence and financial management operations to develop data and reports that enable businesses to make better-informed decisions. This system automates critical functional areas, such as revenue and inventory management, billing, CRM, and e-commerce, enabling users to optimize financial close, eliminate inefficiencies, and minimize costs.

NetSuite ERP’s salient features include:

  • 24/7 live support
  • Cash management
  • Forecasting tools
  • Balance sheet
  • Version control
  • Asset planning

The software comes with a free demo to make it easy for prospective users to learn about pricing and features.

PriceFree Trial / Demo Features
Quote-basedFree demo>Web-based, cloud, and SaaS deployment
>P&L statements
>Integrations
>More features available at OracleNetSuite ERP

Pros & Cons of NetSuite ERP Budgeting Software
NetSuite ERP allows organizations to enhance employee productivity via multidepartmental integration and software automation. The platform also promotes business relationships through self-service business-to-business (B2B) portals, improving collaboration between suppliers and customers. Its real-time data visibility makes decision-making easier. However, the software is pricey for small businesses and lacks a free trial.

ProsCons
>Multidepartmental integration
>Self-service B2B portals
>Real-time data visibility
>Lacks free trial

What Customers Are Saying
NetSuite ERP clients love the reporting features and note that customization on the platform is easy. One user states, “All-inclusive, one-stop ERP system good for small companies and scalable for the future. Reporting/view features are nice, and reminders on the homepage & personalized dashboard are a good touch.”

Prophix

Prophix
Prophix is a CRM software that enables businesses and organizations to integrate and automate their budgeting, planning, financial consolidation, forecasting, and reporting in one platform. It brings together data for better analysis. It also helps enhance efficiency and offers better visibility to all parts of the organization.

Prophix helps locate revenue trends and alternative scenarios that help users decide on the next course of action. It automates repetitive business operations, such as data imports, currency conversions, and allocations, and allows companies to adhere to the set standards and policies.

The chief features of this software include:

  • Balance sheet
  • General ledger
  • Forecasting
  • P&L statement
  • Version control
  • Asset planning
  • Profitability modeling and optimization
  • Cash flow planning
  • Mac and Windows installment; web-based, cloud, SaaS, iPad/iPhone, and Android deployment

Prophix pricing is quote-based, which means you have to contact the vendor and explain your situation to see how much you’ll pay to meet your specific needs. A free trial for this software is also available to help prospects determine if the product will address these needs.

PriceFree Trial / Demo Features
Quote-basedFree trial>24/7 live support
>Cash management
>Third-party integrations
>More features available at Prophix

Pros & Cons of Prophix Budgeting Software
Prophix budgeting software is easy to use. Also, browsing from different pages and modules is hassle-free. Its knowledge bank is extensively the same as its customer resource pool. The Prophix budgeting tool offers cross-functional accountability and support. The software allows you to handle several tasks simultaneously, including expense tracking, expense allocation, forecasting, project tracking, expense and capital allocation, compensation planning, and expense allocation. Unfortunately, a free demo for the software isn’t available.

ProsCons
>Simple to use
>Multiple functionalities
>Excellent budgeting capability
>No free demo

What Customers Are Saying
Prophix customers are impressed with the software’s versatility. For example, one says, “Prophix is so versatile. Originally, Prophix was acquired to just solve a budgeting need. However, the software is so much more powerful than that. It gives the ability to forecast, budget, produce financial reports, cash management, project planning, and more.”

Quicken

Quicken
Quicken is a personal finance solution that enables users to access all their financial information, including bank details, investment accounts, and credit cards, on a single platform. In addition, the platform provides bill management, customized budgeting, and money management tips. With this software, you can view your account balances, track retirement accounts, and access financial transactions.

Quicken is available for on-premise deployment through Mac and Windows. Its budgeting tools enable you to create personalized budgets centered on your regular expenses, savings goals, spending patterns, and bill payments. You can also sync this financial data from the desktop to mobile gadgets. Its investment management tools enable you to watch stocks, monitor investment accounts, analyze holdings, and track net worth and financial performance reports.

Quicken’s core features are:

  • Web-based, cloud, SaaS, iPad/iPhone, and Android deployment
  • Tax planning
  • Streamlined web dashboard
  • Robust tracking

This budgeting software’s pricing starts at $35.99 per year, although you’ll pay more for the higher tiers, such as Deluxe and Premier, which come with extra functionalities. Unfortunately, a free trial isn’t available for this software.

PriceFree Trial / Demo Features
Starter: $35.99/year

Deluxe: $46.79/year

Premier: $70.19/year
Free trial>Forecasting
>Reports
>Third-party integrations
>More features available at Quicken

Pros & Cons of Quicken Budgeting Software
Quicken helps you track your personal finances with simplicity. It helps users track spending habits via bills and reports on mobile devices. It’s also one of the most affordable budgeting software. If you have investment accounts, this solution helps you create Schedule D tax reports. Its what-if analysis feature allows you to know any tax implications if you wish to sell any of your investment accounts. However, the software lacks cash management capability.

ProsCons
>Affordable
>Tracks spending habits
>Can prepare Schedule D tax reports
>Lacks cash management feature

What Customers Are Saying
Many customers are confident that the software is up to its task, and its reports are actionable. One user says, “I liked that it integrates all my accounts, and I can track rentals, home, and business at the same time. Reports are fairly accurate and are very useful for accounting and tracking purposes.”

Scoro

Scoro
Scoro is a cloud-based solution designed to cater to small and medium-sized businesses (SMBs). The platform offers a control hub that displays account information, pending tasks, calendar events, and key performance indicators all on one screen. With this solution, you’re able to see and monitor task changes in real time. It also allows for different access levels, meaning only people working on a particular project can access it.

The software comes with invoicing and budgeting capabilities to aid in labor cost tracking, advanced reporting, and sending of invoices. Its integrations include Dropbox, Microsoft Outlook, Microsoft Dynamics, and Mailchimp.

The core features for this software include:

  • 24/7 live support
  • Financial reports and analysis
  • Asset planning
  • Financial key performance indicator (KPI) dashboard
  • Automated revenue stream
  • CRM and project management

Scoro offers a free trial to enable prospects to determine if the software addresses their specific unique needs. Scoro’s support is available via email, phone, user guides, and video tutorials.

PriceFree Trial / Demo Features
Essential: $28/user/month
Work Hub: $42/user/month
Sales Hub: $42/user/month
Ultimate: Custom quote
Free trial>Cash management and forecasting
>Numerous third-party integrations
>P&L statements
>More features available at Scoro

Pros & Cons of Scoro Budgeting Software
The budgeting software is easy to learn and use. Because of this, employees can grasp its workings quickly during the trial and training stages. Plus, you can customize the platform to meet your specific needs. With this software, time tracking, planning, and budget management are made simple. But the solution lacks a balance sheet and general ledger capability.

ProsCons
>Easy to learn and use
>Customizable platform
>Excellent functionalities
>Lacks general ledger feature
>No balance sheet feature
>Must have a minimum of five users

What Customers Are Saying
Customers are happy with Scoro’s seamless interface and broad functionalities. One states, “What I like the most and has kept me positive with Scoro is its interface since it really provides a very good quality interface that exclusively represents the comfort within the platform.”

TimeCamp

TimeCamp
TimeCamp is an advanced time tracking solution ideal for both small and large teams. Its detailed reports and accurate timesheets help increase profitability and client and team collaboration and track employee performance. Its automatic real-time tracking capability makes it ideal for project management. It also provides different features for billing, reporting, and invoicing.

TimeCamp is the ideal solution for businesses worldwide that struggle with inaccurate client bills, cumbersome time tracking programs, and inaccurate or lost reports.

TimeCamp’s central features include:

  • 24/7 live support
  • Forecasting
  • P&L statements
  • Run rate tracking
  • Income statement
  • Project budgeting
  • Integrations with Xero and QuickBooks

The pricing for this software starts at $5.25 per user, per month, but you can contact the service provider for more detailed information on the ideal package for your business. A free trial is also available.

PriceFree Trial / Demo Features
Basic: $5.25/user/month
Pro: $7.50/user/month
Free Trial>Reports
>Mac, Windows, web-based, cloud, SaaS, iPad/iPhone, and Android deployment
>Supports third-party integrations
>More features available at TimeCamp

Pros & Cons of TimeCamp Budgeting Software
TimeCamp integrates with various other platforms and apps, such as project management software and accounting software, making the importing and generating of reports hassle-free. Its time app is powerful as it saves information for easy future access. It also helps users generate analytic reports crucial in business decision-making. Unfortunately, it lacks balance sheet and cash management capabilities.

ProsCons
>Powerful integration capabilities
>Analytic reports
>Excellent time app
>No cash management feature
>Lacks balance sheet feature

What Customers Are Saying
Customers like that TimeCamp is easy to use and deployed across a broad range of channels. One says, “I like its ease of use the most. It not only helps us in measuring time but also helps us in improving time. Its availability across different platforms (Win, Mac, iOS, and Android) is also a great plus for me. It offers powerful features at a very good price (I have to admit it).”

Workday Adaptive Planning

Adaptive-Planning
Workday Adaptive Planning, formerly Adaptive Insights, is a cloud-based software that helps businesses plan and budget. It offers essential tools that businesses need for forecasting, modeling, and budgeting. It helps users gain insight, collaborate, and make better decisions through modeling and analytics.

The software solution helps businesses minimize the time and resources finance teams spend on spreadsheet-based planning. With its drag-and-drop feature, you can create and edit reports easily. It also allows you to drill down into operational performance, corporate metrics, and key performance indicators to spot patterns and problem areas swiftly.

Its core features are:

  • Integrations
  • Online support during business hours
  • Balance sheet
  • Expense tracking
  • General ledger
  • Workforce modeling
  • P&L statements
  • Version control

With this software, you can access a free trial to determine if it meets your needs. The pricing for Workday Adaptive Planning is available on request and is based on your specific needs, including the number of users. Contact the company directly for a quote. Support is available through phone and email.

PriceFree Trial / Demo Features
Quote-basedFree trial>Web-based, cloud and software-as-a-service (SaaS) deployment
>Cash management
>Forecasting
>More features available at Workday Adaptive Planning

Pros & Cons of Workday Adaptive Planning Budgeting Software
Workday Adaptive Planning is easy to set up and use. In addition, it can be deployed across different departments and requires minimal employee training. This software synchronizes with other applications, such as Oracle and SAP, with ease. You can generate high-quality, accurate reports vital for determining your business’s financial status with this software. However, the software cannot generate P&L statements.

ProsCons
>Easy to use and set up
>Integrates with other apps
>Generates actionable reports
>Lacks P&L statements feature

What Customers Are Saying
Workday Adaptive Planning customers praise this budgeting software due to its ability to simplify the budgeting process. One comments, “A very flexible tool that gives great visibility to the organization. … I cannot say enough about how Workday Adaptive Planning has been a truly effective budgeting, planning, and forecasting tool.”

What Is Budgeting Software?

Budgeting software is a program or app that helps users create, monitor, and manage their budgets. Typically, this tool syncs with your financial accounts and brings in any relevant data and information automatically to show your current financial situation. Most of these budgeting programs provide different ways of monitoring spending and other financial habits and assist you in remaining focused on your financial goals like long- and short-term savings, debt reduction, and retirement planning.

Budgeting software comes in two major categories: business and personal. The business software is generally more complicated and costly and demands a higher level of customization. Meanwhile, personal budgeting software is simpler and cheaper. When choosing business budgeting software, it’s essential to consider your business’s size and needs since these tools come with varying features designed for different clients.

Benefits of Budgeting Software

Budgeting software comes with several benefits to businesses, including:

  • Increased accuracy: Tight deadlines and human errors play a significant role in your business’s budgeting process and can affect your firm’s profitability. Budgeting software can help eliminate typical mistakes and increase accuracy in the budgeting process.
  • Simpler and faster:Budgeting software can help you save time in the process. Additionally, the data generated is stored and can be reused in the future. Also, amending and managing budgets is easier if you’re using budgeting software.
  • Report consistency: Budgeting software ensures reports follow the same readable format regardless of the person preparing them. This guarantees seamless coordination with various staff across your organization.
  • Better forecasting: With budgeting software, you can use smart algorithms to forecast future sales and expenses accurately based on past information. This is crucial since the business can plan better on how to attain its goals.
  • Business monitoring: Budgeting software also helps in monitoring supplies and cost of labor, identifying malfunctioning and inefficient equipment, and planning for preventive maintenance. The software allows you to manage different departments in your organization centrally. It helps track your inventory and know the items ordered in excess, those reordered, and those mismanaged and wasted. With the software, you’re able to share data with other users easily.

Ideally, budgeting software will assist you in coming up with a realistic budget and justifying budget requests. In simpler terms, it completes your accounting and paints an accurate picture of your business.

Must-have Features for Budgeting Software

Ideal budgeting software should have the following features:

  • Budget reporting: This is vital in summarizing your budget and tracking metrics like capital expenditures, projected versus actual amounts, and overspending or underspending. It also helps you export reports in various formats, such as PDF or Excel, and print or email the reports.
  • Scenario planning: This involves the use of current or past business data to predict potential scenarios in the future, including aspects like business trends, profits, sales, and business events. It uses what-if scenarios to quantify the effect of a future event on your balance sheet.
  • Cash flow management:This feature enables you to monitor cash flow in your business and its impact on your budget across varying lines of credit, departments, and operations. It utilizes tax calculations, income statements, and P&L statements to assess your cash flow.
  • Real-time expense tracking: Although it’s vital to generate robust, detailed reports, it’s also essential to access quick reports in real time. This feature offers an overall picture of your business and helps identify any suspicious activities immediately, without waiting for a monthly or quarterly report.
  • Web and mobile access: We live in the mobile era, which means it should be easy to access your business’s financial data from anywhere via your phone. A significant number of smartphone users have installed at least one financial app on their mobile phones. That’s why budgeting software needs to integrate with your online browser, computer, and mobile devices.
  • What-if analysis and reforecasting: This is an advanced feature that is vital for decision-making. It enables businesses to use current and past data for planning. It’s also useful in risk assessment.

The Cost of Budgeting Software

Budgeting software is available in different forms and complexity. You can choose to pay an upfront cost for the software, which is a direct purchase, or opt for a SaaS package, where you rent the software, and it’s hosted either in the cloud or on-premise.

If you choose to purchase the software, you can expect to pay $3,000 to $10,000 for the affordable models and between $30,000 and $50,000 for the higher-end software. Meanwhile, a SaaS solution will cost about $300 to $6,000 per month, depending on the number of users and features available.

For an upfront solution, you’ll also need to factor in the cost of installation, training, and consultation, which is included in the package ― in most cases. Also, you need to think of the maintenance and support services required when using the software. For instance, you’ll require updates and fixing of any bugs in the solution for new software. Typically, this cost is approximately 18% of the software and is paid yearly.

With the SaaS-based software, the maintenance cost is part of the monthly fee and not an annual fee. In terms of support fees for the in-house solution, you can expect to pay upward of $1,000 per year, but the price mainly depends on the number of users.

Modern budgeting software decreases the personnel cost ― the time your employees spend running and maintaining the software ― since it’s more user-friendly than the traditional, laborious Excel spreadsheets.