No matter what type of business you run, whether it be a major corporation or a small local shop, being able to budget and take advantage of newer technologies is absolutely crucial. Regardless of how big or small your business is, it can often be tough to keep track of all the key financials and expenses. Luckily the innovation of budgeting software has made keeping all this information much easier.
However, which software programs should you be looking into? With so much information out there, and so many different programs available, how can you know which ones are worth running? Thankfully for you, we’ve done the research for you. In this article, we will examine the benefits of running business budgeting software, as well as take a look at some of the top options available.
What is Budgeting Software and Why Should I Use it?
Put simply, business budgeting software is any sort of computer software that helps to track, plan, and assess finances and projections. In the past tracking, budgets required lots of spreadsheets, time, and manpower. But thanks to newly innovated software programs keeping track of all these crucial details is easier than ever before.
Along with tracking sales and finances, budgeting software can also include payroll programs to help monitor salaries and payments to employees. Where in the past all of these would be tracked separately and monitored across a number of spreadsheets, leading to errors, miscalculations, and just generally more work, now all of these important documents and data can be tracked and stored in one convenient online location. Everything from accounting, to payroll, to projection software can all fall under the umbrella of business budgeting software.
However, how do you know which software programs are right for you? You must first consider a number of factors such as the size of your business, what features you need, and how much you are willing to pay. Below we will take a look at some of the top budgeting software options. Hopefully, they will provide some guidance for your decision.
The first budgeting software program we will take a look at is QuickBooks Online from Intuit. QuickBooks Online is technically considered an accounting software program. However, its versatility makes it a great option for small businesses as well. Pricing for the QuickBooks program can range anywhere from $25-180 a month depending on how many features you need to make use of. One of the biggest selling points of this program is its highly-user friendly interface. The dashboard is easy to navigate. Additionally, with a little bit of practice, QuickBooks can easily help to automate and track your financial tasks.
Quickbooks has a helpful feature that generates quality and detailed reports to help better monitor your business’ financials. With QuickBooks online you can easily generate profit and loss statements, balance your books, and many other helpful reports. Users can choose from a number of configurations on QuickBooks to find the option that best suits the needs of their business. All in all, QuickBooks online is one of the top budgeting software programs available.
Our next software program on the list is Cube software. A great and multi-versatile tool for both smaller businesses and large-scale companies, Cube is one of the top software programs for helping you budget. Cube’s program includes a number of quality features such as automated data consolidation, Excel and Google Sheets integration, multi-scenario analysis, and more. Cube even has a multi-currency feature that allows you to track finances in local currency as well as reporting currency.
Cube does come at a bit of a steeper price than the aforementioned Quickbooks, with payment plans starting at $1250 per month. They also have options of $2450 and $3750 per month which are suited to larger companies and enterprises. Despite the higher costs, Cube is one of the top budgeting software programs available today.
The final program we will take a look at today is the accounting software Xero. The Xero accounting software is an ideal choice for small to large businesses and provides a number of valuable features. With prices starting as low as $9 a month, Xero is a great option for those who don’t need a ton of more complex features. A great cloud-based budgeting option, Xero has all of the basic essentials you need to keep track of your budgeting.
With the more expensive plans, users can access unlimited quotes and invoices. On the top-tier plan, users have access to multi-currency features. Xero is a great option for those unfamiliar with financial software. Since it has an extremely user-friendly interface and a top-notch customer support program. Xero may not be suited for larger companies and corporations. But, it is a great basic option for small to medium-sized businesses.