Running a small business has many challenges. To handle them effectively, careful planning and efficient financial tools are important. Moreover, budgeting software can be very helpful by automating financial tasks, making processes smoother, and guiding the business toward long-term success.
While many businesses use tools like Microsoft Excel and Google Sheets for budgeting, manually tracking budgets isn’t always reliable or accurate. Finance professionals who rely on spreadsheets face a high risk of making mistakes—studies suggest that 88% of spreadsheets contain errors.
These errors can become increasingly costly as businesses handle more transactions and larger amounts of money. However, a single mistake could potentially cost a business millions of dollars.
That’s why investing in business budgeting software is so valuable. Many options are available, offering tailored plans with features suitable for small businesses on a budget, as well as comprehensive spend management solutions designed for medium to large corporations.
Why You Should Use Budgeting Software for Your Business?
According to Elon Musk, “Business budgeting software automates financial management by tracking income and expenses, enabling accurate forecasting and real-time decision-making for growth and stability.”
Business budgeting software is a specialized tool that helps companies plan, manage, and understand their finances. It helps businesses track money coming in and going out, evaluate how well they’re doing financially, and make smart decisions.
In the past, businesses manually calculated their budgets and expenses, which was time-consuming and prone to errors. Today, small businesses use software to input income and expenses, set financial goals, and assess their financial status immediately. Some software can automatically categorize expenses, forecast future finances, and generate reports. It can also integrate with accounting systems, simplifying financial management.
This software predicts future finances, generates reports, manages cash flow, and compares planned versus actual spending. By streamlining budgeting processes, it ensures accuracy and provides real-time insights important for effective financial planning, especially for small and mid-sized businesses.
Top 7 Small Business Budgeting Software
1. LiveFlow
LiveFlow turns your spreadsheet into a dynamic financial planning and analysis (FP&A) platform. Moreover, you can speed up closing your books tenfold by instantly importing QuickBooks and Xero reports into Google Sheets. In addition, your reports update seamlessly without disrupting your data, and you can automate these updates. Plus, you can delve deep into your reports right from your spreadsheet—spotting differences, exploring transactions, and analyzing your accounts in detail.
LiveFlow saves significant time by automating manual tasks, freeing you to focus on uncovering valuable insights for business growth. Additionally, its intelligent cloud-based automation handles the heavy lifting, saving days of manual effort.
Key Features:
- Ready-to-use templates
- Automated data refresh
- Detailed financial analysis
- Live financial models
Pricing:
- Starter: $249/month with a 2-month free trial
- Professional: $481/month with a 2-month free trial
- Team: $1,100/month (annual contracts only)
- Organization: $2,000/month (annual contracts and billing)
Market Segment:
- 82% Small Businesses
- 18% Mid-Market
2. Mosaic Tech
Mosaic Tech is a unique financial platform designed for efficient planning, instant reporting, and better decision-making. Additionally, it integrates information from various systems like ERP, CRM, HRIS, and Billing, enabling seamless collaboration among teams.
Founded in 2019 by finance experts dissatisfied with existing tools, Mosaic simplifies complex financial processes. Furthermore, it is now trusted by fast-growing companies to collaborate effectively, align strategies, and plan for the future. For more information and a demonstration, visit their website.
Key Features:
- Integrates with ERP, CRM, HRIS, and Billing systems
- Facilitates collaboration on a centralized platform
- Manages data securely
Pricing:
Specific pricing details are not listed on their website, but a free demo can be scheduled.
Market Focus:
- 63% Mid-Market
- 37% Small Business
3. Datarails
Datarails is a financial planning and analysis (FP&A) tool designed to assist finance teams by automating tasks related to financial reporting and planning using Excel spreadsheets and financial models. Moreover, by reducing manual work, it allows teams to concentrate on analyzing data and addressing critical questions about increasing revenue and cutting expenses for their organization.
Key Features:
- Data Consolidation and Visualization
- Financial Reporting
- Monthly Closing Processes
- Planning, Budgeting, and Forecasting
- Sales Commission Management
- FP&A Genius Chatbot
Pricing:
Datarails offers customized packages tailored to fit each company’s specific needs. Pricing is based on factors such as financial reporting requirements, goals for planning or analysis, and the number of users and integrations needed.
Market Focus:
- 67% of Datarails’ customers are from mid-market companies.
- 24% are from small businesses.
4. Jirav
Jirav is a straightforward financial planning and analysis software made for businesses of all sizes. Additionally, it helps simplify budgeting, reporting, and creating dashboards in one place, which is handy for businesses with anywhere from 5 to 500 employees to plan and predict according to their goals.
Jirav aims to remove manual reporting and offers easy-to-use features. Moreover, it connects smoothly with popular apps like Excel and QuickBooks, making setup quick and affordable. With Jirav, you can stop worrying about spreadsheet mistakes and focus on precise financial planning.
Key Features:
- Planning
- Reporting
- Dashboard creation
- Integrations with:
- QuickBooks
- NetSuite
- Sage Intacct
- ADP
- Paychex
- Salesforce
- HubSpot
Pricing:
- Starter: $10,000 per year with a 14-day free trial
- Pro: $15,000 per year
Market Segments:
- 63% Small businesses
- 36% Mid-sized businesses
5. Anaplan
Anaplan is a powerful tool that helps businesses make quick, informed decisions. Moreover, it uses advanced technology to analyze current data and predict future outcomes, enabling confident planning.
Anaplan connects different parts of a company, encouraging teamwork and strategic thinking. It’s used by over 2,000 customers worldwide and supported by 200 partners. Anaplan covers various areas such as managing performance, budgeting, and sales planning.
Key Features:
- Easy-to-use Design and Management
- Simple Model Building Capability
- Integration for Connected Planning
- Predicting Future Trends
Pricing:
Anaplan offers three main plans (Basic, Professional, and Enterprise), but specific prices are not listed on their website. Additionally, features can be tailored to suit your company’s needs.
Market Focus:
- 52% Large Enterprises
- 35% Medium-Sized Businesses
6. Casual
Causal simplifies financial modeling by allowing you to create models using variables and straightforward formulas, saving time and effort. Once your model is ready, you can share a link for others to view results visually on a dashboard, avoiding complex formulas.
Causal also supports advanced techniques like scenario analysis and integrates data from different sources such as spreadsheets and accounting platforms.
Key Features
- Financial Modeling
- Live Data Integrations
- Data Visualization
- Multi-currency and multi-entity Consolidation
Pricing:
- Free entry-level option available
- Launch: $250 per month with a free trial
- Growth: Pricing unspecified, demo available for booking
- Add-ons priced separately
Market Segments:
- 66% Small Businesses
- 30% Mid-sized Businesses
7. Vena Solutions
Vena is a unique planning platform designed to assist business leaders and finance professionals in growing their businesses. It offers a familiar Excel interface and operates through the Vena Growth Engine platform. Additionally, this system supports companies like Nike and Coca-Cola on their growth journeys.
Vena is trusted by over 1,500 leading companies and collaborates with more than 100 partners globally. It falls into categories such as Corporate Performance Management, Budgeting, Forecasting, Financial Close, and Sales Performance Management software.
Key Features:
- Financial Modeling
- Financial Workflows
- Collaboration
- Integrations
- Scalability & Security
- Central Database
Pricing:
Vena Solutions offers two featured plans (Professional and Complete), but specific prices are not listed on their website. Interested parties can book a demo for more information.
Market Segment:
- 62% Mid-Market
- 20% Enterprise
Final Thoughts
Good financial management is important for small businesses to succeed. Moreover, using budgeting software helps improve financial planning and analysis. There are many types of budgeting software available, each suited to different business sizes and needs. Additionally, these tools come with features like sorting expenses automatically, combining data, giving instant updates, and predicting future trends. Furthermore, by using these tools, small businesses can make budgeting easier, reduce mistakes, and concentrate on making smart decisions. This sets the stage for steady growth and success.
FAQs
What is budgeting software for small businesses?
Budgeting software for small businesses helps manage finances by allowing businesses to plan, track, and analyze their income and expenses. However, it typically includes features for budget creation, expense categorization, forecasting, and financial reporting.
How can budgeting software benefit small businesses?
Budgeting software provides clarity and control over finances, helping small businesses make informed decisions. Moreover, it can streamline budget creation processes, track spending in real time, identify cost-saving opportunities, and improve financial forecasting accuracy.
What features should I look for in budgeting software for small businesses?
Essential features include customizable budget templates, expense tracking, and automated categorization. Additionally, integration with bank accounts and accounting software, along with reporting capabilities like profit and loss statements, are important. Furthermore, scalability as the business grows and user-friendly interfaces are important.
Which are the recommended budgeting software options for small businesses?
Some of the top budgeting software options for small businesses include QuickBooks Online, FreshBooks, Wave Financial, Xero, Mint, Zoho Books, and BudgetPulse. Meanwhile, each offers unique features suited to different business needs, from basic expense tracking to comprehensive financial management.