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. 

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.