Any successful business must have a budget, and the world of technology has responded to this need by creating a wide range of helpful financial tools. The business can choose the budgeting strategy that best fits its unique needs because there is such a vast range of options available. Being the owner of a small business requires you to have a dependable technique of accounting and budgeting at your disposal at all times. Whether you are brand new to the game of budgeting or have been doing it for years, having the best small business budgeting software can have a huge impact on your day-to-day operations. Finding the right software for budgeting a small business can help you improve the efficiency of your work process, as well as the performance of accounting tasks and the money generated by your business.
“The use of budgeting software will help your business in a number of ways, such as the elimination of manual duties, automation of laborious jobs, maintenance of accurate books, receipt of timely alerts to prevent fines, and other advantages.”
Finance professionals can do accounting and financial chores more quickly and effectively with the aid of budgeting software. Software in this field can be as straightforward as check writing and bookkeeping single-entry applications or as complex as double-entry platforms with a wide variety of highly specialized capabilities. The use of budgeting software will help your business in a number of ways, such as the elimination of manual duties, automation of laborious jobs, maintenance of accurate books, receipt of timely alerts to prevent fines, and other advantages. The system has thus evolved into a device that is crucial for businesses that are expanding quickly.
The many software choices each come with their own unique set of functionalities, user interfaces, and pricing structures. We have created a list of the best small business budgeting software to make the decision-making process easier.
Budgets are developed by companies in order to cut down on unnecessary spending and increase profits. Utilizing company budgeting software to streamline your workflow is one method to make budgeting simpler.
An efficient business budgeting software can help you with the following:
Depending on the type of business you run, some models and features could be superior to others. You should think about how you presently handle your money before you start. If you now use one software and want to switch to another, be sure to give yourself enough time to identify the shortcomings of the new application.
In general, the budgeting software you employ should make your business operations simpler. If you use software that can automate the processes that need the greatest time and effort, your time will be freed up and the likelihood of making a mistake will be decreased. You will be better able to predict your future sales, expenses, and growth as a result of having a better grasp of where your money is going.
The next step is to select the type of software you need. There are many different forms of software accessible, including off-the-shelf software, software supplied via the internet as a service known as software as a service (SaaS), and custom software. Another item to consider is integrations: how well does the software your company uses for budgeting integrate with the various resources it uses? Do not forget to estimate how much cash you have on hand. There are some circumstances where paying more for a premium or customized solution is preferable.
The following is a summary of our preferred small business budgeting software
QuickBooks is a budgeting tool for small businesses that is highly popular. Pricing starts at $10 per month for the “Simple Start” plan and goes up to $60 per month for the “Advanced” plan. Every plan comes with a risk-free 30-day trial.
This program can be used to handle product sales and purchases, track and pay invoices, track spending, and much more. QuickBooks can scale with you as your business expands since it is appropriate for businesses of all shapes, sizes, and income levels. Finally, it provides thousands of connectors with well-known software programs.
Xero is a desirable alternative due to its affordable monthly fee of $20 and wide feature set. For you to decide if it is the best solution for your needs, this online accounting software offers a free trial period.
Xero provides users with features that are simple to use and intuitive, as well as thorough tutorials and limitless email assistance. It is simple to keep an eye on your finances while you are on the go because the application can be accessed from both a computer and mobile devices. Additionally, it offers a lot of integrations, allowing you to automate more of the laborious work.
You may manage your spending, invoices, and inventories more efficiently by using this application. It allows an infinite number of users and can automatically import your daily transactions from your credit cards and banks. When you want to get the most for your money, Xero is a fantastic choice.
FreshBooks is a cloud-based accounting and finance software that is particularly beneficial for small businesses’ billing and invoicing requirements because of its affordability. Pricing is based on the number of your clients. From $15 per month for up to five active clients to $50 per month for up to 500 active clients, there are numerous programs available. They offer a 30-day free trial period to all new customers.
In addition to features like customer follow-up options, time and expense tracking, recurring invoicing, and payroll options, this software offers a simple and basic user experience. Your ability to accept credit cards online using FreshBooks will make it much easier for your clients to make payments.
Because it is so inexpensive, FreshBooks is a great option for small businesses with large expansion aspirations.
Both small businesses and freelancers will benefit greatly from using FreeAgent. In addition to a 30-day free trial, the monthly cost for this cloud-based accounting software starts at $10. This software offers features including managing revenue and spending, creating recurring invoices, importing expenses by snapping a photo of the receipts, creating expert estimates, and reporting on sales tax.
This is a great option for freelancers just starting out in business for themselves or for those looking to establish a side business because the starting pricing point is so low.
SCORO is a comprehensive solution that offers both budgeting software and corporate management tools and software. Pricing plans begin at $26 per user, per month, with the option for a 14-day free trial. The management features are quite powerful, but the cost is higher than some of the other products on our list.
You can use this software to forecast future sales and cash flow, make plans for several possible budget scenarios, and produce comprehensive financial reports. Additionally, there are programs available to help you organize your projects, remind you when bills are due, monitor your earnings and outgoing costs, and do many more of these things. SCORO is a great all-in-one option for small enterprises when it comes to management and budgeting.
For both personal and small business use, Google Pay may organize several financial aspects, such as tracking costs and managing one’s own money. When you link Google Pay to your bank account, this free software enables you to make payments with a single swipe based on your prior payment history and offers financial insights.
Additionally, Google Pay has the ability to automatically scan your emails and photographs for receipts, which it will then use an expense tracking tool to track. Small business owners and freelancers with uncomplicated financial needs may find this approach most helpful.
Another free tool that may be used for both your personal accounts and the finances of your small business is called BudgetPulse. You will be able to manage and arrange your cash flow, establish savings objectives, keep track of your expenses, and export the data to other financial applications with the help of the program. The fact that you cannot link any of your bank accounts or credit cards with this program—which may or may not be appropriate for your needs—means that there is very little risk associated with utilizing the software. Users can get BudgetPulse on their website.
Divvy is another free application that offers tools for tracking costs, facilities for reporting on budgets, and particular corporate credit cards. When you use a Divvy card to make a purchase, the transaction is automatically recorded in their tracking system. Additionally, you may export your transactions to other accounting software so that you can use that program to create financial reports and maintain tabs on your expenses.
Last but not least, Money Manager Ex is a cross-platform, open-source, and free budgeting software that may be used for personal as well as small business financial management. In addition to being able to receive bill and deposit reminders, users of the program have the option to generate financial reports with a simple click of the mouse. This tool is translated into 30 other languages, making it a viable choice for users whose first language is not English. However, it does not have the same level of functionality as premium options.