Budgeting Software: Our Picks for the Top Solutions in 2020

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Shopping for new accounting software is like shopping for a new refrigerator. These applications come with a boatload of functions that make you scratch your head about whether or not you need them. We get it. Have you ever considered purchasing budgeting software? A solution that streamlines budgeting practices, manages the revenue you earn and offers thorough analyses of your financial information to make thoughtful business decisions. Kudos to our handy-dandy research team because we have a top-notch list of the best budgeting software around.

Before you dive into our elaborate list, take a look at some of the common features found in this type of software.

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Best Budgeting Software

Key Features

When browsing for new programs, you need to get an idea of the functions and modules you want and some of the common features found in budgeting software. Keep in mind that just because a feature is common or most recommended, it doesn’t mean that it’s best for your business. If you want more ideas for your features wishlist, take a look at our customizable requirements template or this insightful article.

  • Budgeting: This module is a given. You want a good budgeting module that will help you formulate and monitor your budget so you can compare actual to projected spendings.
  • Reporting: An effective reporting accessory enables you to customize and generate necessary reports such as profit and loss, accounts payable, accounts receivable and return on assets among others.
  • Analytics: This component can analyze and display your crucial key performance indicators (KPIs) and formulate what-if analyses to aid you in making wise business decisions.
  • Revenue Management: A reliable revenue management tool should measure the revenue you’ve earned on a weekly, monthly, quarterly and yearly basis.

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Top Budgeting Software

Now that you have your wishlist of features and requirements, it’s time to dive into our list of the top budgeting software.

Adaptive Insights

Adaptive Insights is a cloud-based budgeting software that serves companies of all sizes. The industries it serves include business services, healthcare, manufacturing, non-profit organizations and software.

Adaptive Insights

A preview of Adaptive Insights’ Dashboard

Thorough Budgeting

The capital management and budgeting tool enables you to conduct prompt modeling and analysis when formulating ideal portfolio management decisions. Email alerts notify approvers when capital budgets are ready for evaluation while audit trails overview modifications. This module gauges KPIs like performance, uptime and maintenance hours for vast capital assets and develops capital expenditure (CapEx) files for comparing actual expenses to budgets. You can also view the impact of large capital spendings on your budget so you can compare different spending scenarios.

Accurately Forecast Revenue

Thanks to adaptive insights in the revenue management module, you can develop estimates aligned with finance, sales and service organizations. The real-time dashboards are equipped with helpful insights to optimize sales operations. You can also generate driver-based revenue and sales forecasts for all enterprises that collaborate with finance, sales and service teams and apply revenue recognition standards to one-time or recurring booking streams.

Perform KPI Analysis

You can view your least and most profitable organizations with the profitability analysis accessory. It comes with practice models for allocation and driver-based profitability evaluation, preparation and implements historical data and assumptions to detect your most and least profitable customers, products and channels. Some of the profit KPIs that this tool measures with its prompt dashboards include product net margin by customer and customer lifetime value among others. These KPIs can also be seen by key stakeholders to keep them informed.
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More Mentionable Modules

In addition to these features, Adaptive Insights comes with other noteworthy accessories that can streamline the budgeting process. These accessories include:

  • Workforce Management: This tool permits you to develop hiring plans, identify gaps and align with financial performance and business goals while extending workforce management and personnel planning for finance team members, HR and managers.
  • Expense Management: You can employ this module to pinpoint budget costs, cost reduction areas and company spending. This capability also helps you to execute expense forecasting, planning and analytics.
  • Cash Flow and Balance Sheet Forecasting and Management: This function advocates balance sheet assumptions and drivers like days sales outstanding (DSO) and days payable outstanding (DPO) for payables and receivables.
  • Financial Close Management: You can integrate this accessory with Microsoft Dynamics, Oracle, SAP, Sage, Lawson, Intacct, Netsuite and others to aggregate data, manage close processes, offer audit trails and conduct overall internal and external financial disclosure.
Price: $$$$$
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Company Size Suitability: S M L

Budgyt

Tailored for organizations of all sizes, Budgyt is a cloud-based budgeting software that caters to non-profit, sports, manufacturing, services, retail, financial, restaurants, IT services and wholesale industries so users can construct budgets and thorough reports.

Budgyt Dashboard

An example of Budgyt’s dashboard.

Control Budget Information

You can control your budget processes by allowing other users to submit insights for approval with the approval process and workflow tool. You can audit logs for every submission for confirmed and pending approvals, view crucial information by what’s submitted, pending or approved and monitor conversations around approvals or disapprovals.

Extensive Reporting

The reporting component enables you to build reports that extend budget-to-actual comparisons by departments. This accessory comes with an extensive library of varying reports that you can export into Excel. You may format reports by:

  • Company
  • Region
  • Department
  • Super Header
  • Group
  • Category
  • Non-Financial Category
  • Sub-Category
  • Category Notes
  • Periods (12 or 13)
  • User Permissions

You can also allocate reports to users that accurately align with their permissions.
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More Mentionable Modules

Although Budgyt lacks some of the common features found in a budgeting software, it has other features that can ease your budgeting methods. These modules include:

  • Data Entry Point: This tool permits you to add descriptions, vendors or other types of reference notes and add data with built-in spreading tools.
  • Version Control: You can make unlimited versions of your budget with this accessory while also adapting to varying scenarios and establishing user permissions for each version.
  • Multi-Department Formulas: This tool enables you to generate formulas that handle specific structural changes across several department businesses and set which assumptions other users can review or modify.
  • User Permissions: You can set or adjust user permissions on editing data, viewing data, reporting access, region access, department access, category view or edit rights and user submissions.
  • Historical Data Access: This tool enables you to import data from application programming interface (APIs) or manually with comma-separated values (CSV) including information from your general ledger.
  • Employee Module: Thanks to employee dashboards in this module, you can distribute employee payroll to one or more departments by dollar or percent as well as view and manage expenses across departments.
Price: $$$$$
Deployment:
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Company Size Suitability: S M L

Sage Intacct

Sage Intacct is a cloud-based budgeting application built for small and medium-sized businesses to cater to accounting, financial, franchise, non-profits, professional services, subscription and SaaS, wholesale distribution, health care and hospitality industries.

Sage Intacct

A preview of Sage Intacct’s metrics

Manage Processes

Thanks to the process control accessory, you’ll know who makes edits to your budget in real time. You can also develop and save several situations to one budget for process handling.

Transparent Performance Reports

You can sort information for critical stakeholders, investors, executives, sales, finance and other departments with the real-time dashboard and reporting tools. The general ledger chronicles multiple aspects to capture business information of transactions, operational gauges and budgets. These tools also showcase company performance and are equipped with custom report templates and more than 150 financial reports.

Conduct Comparison and What-If Analyses

The comparison and what-if analysis component receives actuals and installs them into your budgets and plans for comparisons. You can also perform what-if analyses for various situations by adjusting drivers and studying the potential impact to your enterprise.
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More Mentionable Modules

Sage Intacct has a few more accessories and tools to boost the productivity of your budget operations. These features include:

  • Full Collaboration: This feature enables you to invite department heads to formulate or modify budgets as well as plan and present budgets to managers.
  • Data Security: You can limit access for budgets and payroll with user-level security and allow users to transfer sensitive information out of emails and spreadsheets with the data security feature.
  • Changeable Templates: Financial data, account structures and dimensions can be implemented with the best-practice templates module and can run in a few days or hours with the best–practice template module.
  • Billing and Project Costing: This accessory automates pricing, billing, subscription models, revenue recognition and other processes and instantly ensures you’re compliant with international financial reporting standards (IFRS) 15 and accounting standards codification (ASC) 606.
  • HR and People Management: You can receive prompt workforce insights that pinpoint trends, oversee HR and people metrics and review requested reports and dashboards with the HR and people management tool.
  • Accounts and Order Management: The accounts and order management accessory tracks and reviews payments, approvals and reports while the cloud-based accounts receivable application integrates with your business systems to provide one view of quotes, sales orders and invoices.
Price: $$$$$
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Company Size Suitability: S M L

SAP Business Planning and Consolidation

SAP Business Planning and Consolidation is an on-premise and cloud-based budgeting software for large enterprises that integrates with SAP and non-SAP data. Besides budgeting, this solution also offers built-in financial intelligence, legal and management consolidations and prepackaged content among other tools.

SAP Business Planning and Consolidation

An example of SAP BPC’s budget overview accessory

Develop Various Budget Forecasts

You can conduct what-if modeling and scenario planning to immediately evaluate budget appropriateness with the budget forecasts. You can also conceive forecast models and swiftly update and alter forecasts as needed.

Mobile Reporting

The mobile reporting accessory engages stakeholders throughout the entire company with Excel, HTML5 and mobile reporting interfaces.
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More Mentionable Modules

SAP Business Planning and Consolidation has other features outside of the typical budgeting accessories to streamline your budgeting practices. These features include:

  • Joint Planning and Consolidation: This tool contains a single integrated application to conduct business planning and consolidations.
  • Financial Intelligence: You can run what-if analyses to locate rapid course corrections with this tool and it automates aggregations, allocations and other manual processes.
  • Legal and Management Consolidations: This module automates the consolidation process and permits you to meet all of your financial reporting requirements including full audit trails.
  • Self-Reliance and Accountability: You can nurture self-reliance with several business users by offering them a finance tool custom-built for and managed by your finance department with the self-reliance and accountability tool.
  • Prepackaged Content: The prepackaged content accessory allows you to employ prepacked industry and functional content for varying types of scheduling and also takes advantage of financial consolidation starter kits to meet financial regulations.
Price: Unknown
Deployment:
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Company Size Suitability: S M L

Planning Maestro

Planning Maestro is a cloud-based budgeting software for businesses of all sizes preferably for the architecture, engineering and construction (AEC), business services, software and technology, distribution, education, energy, healthcare, insurance, manufacturing, non-profit and retail industries.

Planning Maestro

A preview of Planning Maestro’s budgeting module

Thorough Budgeting Practices

You can create a driver-based budget that houses factors like seasonal trends with Planning Maestro’s budgeting tool. This accessory can recognize internal and external factors that affect your plans as well as exhibits varying planning and what-if scenarios. The integral financial consolidation function ensures you stay focused on results no matter the amounts of entities, locations or products. You can evaluate results with or without adjustments and produce generally accepted accounting principles (GAAP) compliant documents.

Intricate Revenue Planning

The revenue planning module can also initiate revenue planning by studying past sales performances to generate practical sales estimates. These sales projections are in reference to the quantities of bookings, salespeople, stores, past sales revenue, website visits and other factors.

Sort and Send Reports

You can view typical and intricate views of your business insights such as CRM, payroll, ERP, general ledger and more with the reporting and dashboarding module. You can trace pre-defined and non-financial drivers to discern what’s happening throughout your enterprise so you can effectively respond to opportunities and risks. This tool permits you to build and format reports, graphs, charts and other visualization tools in a presentation style. You can also determine which report goes to the ideal internal or external stakeholder and instantly send them with accurate information that pertains to that specific individual.

Adjustable Analytics

The self-service analytics feature allows the CFO and internal stakeholders to supervise performance vs. plan, cash flow and profit and loss on a weekly or monthly basis. You can pick and choose predefined benchmarks to filter current views as well as allow executives to conduct queries and construct reports.
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More Mentionable Modules

Although Planning Maestro has the typical features of a budgeting solution, there a few tools worth mentioning that can further streamline your budgeting methods. These accessories include:

  • Forecasting: It’s possible to develop precise, blended, in-sync statements of cash flows, balance sheets, profit and loss statements, and several other management reports as well as compare numerous forecasts with actuals thanks to the forecasting tool.
  • Scenario Planning: This function allows you to assess plenty of assumptions and predict their impacts on your financial statements with built-in automated workflows and compliances for a transparent view of your general ledger.
  • Workforce Planning: You can let other users schedule their workforce from their CRM or HR programs for efficient workforce plans and follow workforce-related costs, overtime, premium time and shift differentials with the workforce planning module.
Price: $$$$$
Deployment:
Platform:

Company Size Suitability: S M L

That’s All, Folks!

This concludes our picks of the best budgeting software around. No matter which software you choose, make sure to pick the one that aligns best with your accounting needs and practices. Also check out our thorough comparison guide to review and compare other vendors.

Which program is at the top of your list and why? Let us know in the comments!

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Khaleel HayesBudgeting Software: Our Picks for the Top Solutions in 2020

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