What is Budgeting Software?
Budget software allows businesses to create, manage and edit budgets of all types. Budgeting software is a more specialized form of accounting software that focuses on the tasks related to budgets. This type of software is increasingly being used by companies instead of manually creating budgets in an Excel spreadsheet, as it greatly simplifies management tasks and prevents errors.
Budget software allows businesses to create, manage and edit budgets of all types. Budgeting software is a more specialized form of accounting software that focuses on the tasks related to budgets. This type of software is increasingly being used by companies instead of manually creating budgets in an Excel spreadsheet, as it greatly simplifies management tasks and prevents errors.
Business budgeting software can be used by companies of all sizes, ranging from tiny start-ups all the way to multinationals with dozens of locations all over the world.
Budget Management Software History
In the 1980s and early 1990s, most business budgeting activities were done by using spreadsheets. Various templates were created that allowed budgets to be quickly created for teams, projects, departments or entire companies. However, using a spreadsheet template as a budget planner isn't always too convenient. Many users found them to be limiting and prone to errors.
Dedicated budgeting software was created in the 1990s. At first, this type of program was aimed at medium-sized and larger businesses. However, tools that allow small businesses to create a budget were soon released. Since then, budget software has evolved significantly. Newer programs have more powerful reporting and forecasting features that allow users to quickly see their actual results compared to what was planned in the budget.
What a Business Budget Application Can Do for You
As your business grows, creating budgets becomes more and more important. Without them, you won't really have the ability to identify how much capital you currently have, nor plan for revenue or expenses. No matter what kind of business you run or what industry you operate in, having a budgeting solution in place is important.
One of the biggest advantages of using business budget software is that it gives you a more efficient way to control your finances. By creating a budget and keeping it updated, you'll have better control of your company's operations and a clearer picture of how you're spending your money. This allows you to keep a closer eye on your company's expenses to ensure that you don't go over your planned budget.
Budgeting software also lets you see how your company has been performing. Many programs in this category have a variety of features that let you see your expenditures and revenues for the year. This lets you see which departments or projects have been profitable for you and which ones are running at a loss.
Key Facts about Budget Software
- As a Business grows creating budgets becomes more and more important.
- Ability to identify how much capital you currently have and will need.
- Plan your revenue or expenses
- Budget allows you to keep a closer eye on your company's expenses
- Budgeting software lets you see how your company is performing against plan
- Allow users to quickly see their actual results compared to what was planned
- Simplifies budget tasks and prevents errors
- Spreadsheet as a budget planner, users found them limiting and prone to errors
Forecast 5 is a purpose built budgeting software that can help you achieve your businesses budgeting needs.
| Your Need | Forecast 5 Features |
|---|---|
| Combine entities, branches, cost centres, etc | Departments, Consolidations, Folders |
| Multi-Currencies | Multi-currency, set exchange rates per month. |
| Handling of wages, stock, accruals etc | Built in rules to ensure correct calculations |
| Full integrated Financial output | P&L, Cashflow, Balance sheet, Funds flow |
| Loans CAPEX Financed Assets Factoring | Each of these are added in one easy step per record |
| Record KPI’s | Memo records allow you to forecast on KPI’s |
| Rolling Forecasts, Multi-years | Up to 15 years, amendable by percentage |
| Import and export of data | Export and import from clipboard or Forecast 5 |
| Financial ERP integrations | Xero, Sage 50, Sage 300 and MYOB Exo |
| Flexible chart of accounts options | Define your own records match to your GL Chart |
| Actuals & Variance analysis | Month by month actuals entry + variance reports |
| Easy to implement | Set up in 2 – 4 days |
| Prepare for loss in sales, increase in costs | What If by record or section. Save as a new forecast. |
| Cater for loans, fixed assets, depreciation, etc. | All provided in the balance sheet records. |
Forecast 5 can assist with re-focusing your business activities, enabling you to work smarter. A purpose-built budgeting and cashflow solution that is easy to use, affordable yet comprehensive and accurate.
Forecast 5 is the smarter solution.
Contact us today to book in a demo or click to download a free 21-day trial.
