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.
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. There are also online budgeting tools that can be used by non-profit organizations.
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.
- 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
