In the past, large companies were capable of implementing a budgeting system. Those small business budgeting software free proved a challenge to many small companies. They either didn’t want to spend too much money on developing one or they simply couldn’t spare the resources to do so.
Business budgeting software is the best way to keep track of your company’s finances. It can help you reduce costs and improve profitability. A good software for business budgeting should be tailored to your specific needs. I researched and tested hundreds of budgeting software. Below are the results which I hope will be helpful for you!
You Need a Budget
We chose You Need a Budget (YNAB) as the best overall option because it offers the best combination of flexibility and features, making it more than worth its monthly price. It guides you through making an intentional, forward-thinking plan for your spending. Plus, its goal tracking and reporting features help you monitor your progress. Pros
- You can link your accounts or manually enter transactions
- Real-time information is always available from any device
- YNAB teaches you how to budget, rather than just automating the process
Cons
- Subscription fees of about $15 monthly or $99 annually
- Requires a larger time commitment to manage than other options
- There’s a steeper learning curve than some other budgeting apps
YNAB is more expensive than its free counterparts and it takes more time to develop your budget. Despite these drawbacks, it’s the best budgeting software for taking control of your money because it gives you the necessary tools to create a value-driven spending plan.
The app is built around its four rules, which include giving every dollar a job. The program will guide you through the process of allocating every dollar so you can spend intentionally. Its customizable reporting and goal tracking features, which include attractive and informative charts and graphs, help you stick to your plan. YNAB also provides comprehensive education, including more than 100 free online workshops, and offers real-time updating so you’ll always know where your money is going and can make adjustments on the fly.
Honeydue
We chose Honeydue as the best option for couples because it is specifically geared toward helping you manage your money with a partner. You can link accounts and customize what information you share with your partner while also communicating about money issues directly through the app. Notifications even alert you to upcoming bills or when you or your partner exceeds pre-set spending limits in your budget categories. Pros
- No monthly fee
- Choose how much account information to share with your partner
- Transactions are automatically categorized
- Customizable alerts for overspending or upcoming bills
Cons
- Only available for iOS or Android (no desktop app)
- Limited financial education
- Few reporting features that allow you to look at the big picture
Honeydue is designed to help couples manage their finances together and its features are focused on joint communication. Honeydue makes sharing information about money simpler by allowing you to respond to your partner’s transactions with a note, a thumbs-up, or other emojis. You can also aggregate your linked account information to see all of your individual and joint transactions in one place.
Honeydue makes tracking spending easy by automatically categorizing transactions as well as allowing you to add your own custom categories. And while there are fewer reporting options than with some other programs, customizable alerts help ensure nothing falls through the cracks.
Scoro
Scoro combines budgeting features with other tools to manage your entire company in one system. You can also manage expenses and resources, use a financial dashboard, and manage project budgets.
Top features:
- Budget planning and forecasting
- Financial reports and analysis
- Unlimited project budgets
- Financial KPI dashboard
- Invoicing and professional services automation
- Automated revenue stream from invoices
What’s special about this tool: Scoro combines the tools for budgeting, CRM, and project management so that you can manage your entire business in one solution and access all the financial data in one place.
Pricing: From $26 user/month, 14-days free trial.
Centage
Centage is a comprehensive enterprise budgeting software provider that offers different tools called Maestros for budgeting, forecasting, financial reporting, etc. If you’re looking for a highly complete solution, Centage might be the answer.
Top features:
- Budgeting and planning
- Forecasts
- Financial dashboard and reporting
- Comprehensive analytics
What’s special about this tool: Centage integrates with other widely used enterprise management software like SAGE, Dynamics, and QuickBooks.
Pricing: Upon Request
Prophix
Prophix says it has created a software solution for corporate performance management, which means that it includes many smaller tools for managing a company’s resources and planning it’s budgets.
Top features:
- Budgeting, planning, and forecasting
- Financial, statutory and management reporting
- Cash flow planning
- Profitability modeling and optimization
- Personnel planning
What’s special about this tool: Prophix wants to offer its users a wholesome product that scales as the company grows.
Pricing: Upon Request
PocketGuard
We chose PocketGuard as the best option for college students because it makes it easy for busy students to see at a glance how much money they have available to spend. Its goal tracking features and intuitive pie chart help even beginning budgeters see if they’re on track. And most of its features are free, which is ideal for those on a student budget. Pros
- Most features are available for free
- PocketGuard’s In My Pocket feature instantly shows cash available to spend
- Smart algorithms identify areas you can save
Cons
- The free version limits transaction categories and goals
- Advertisements are displayed even in the paid version of the app
- Reporting options are more limited
For college students who are newer to managing money, PocketGuard’s simple user interface and intuitive pie charts make it easy to start budgeting and tracking spending. PocketGuard’s In My Pocket feature also reduces the risk of overdraft accounts by keeping tabs on money available to spend at all times.
While the free version doesn’t include as many features as the paid option, most college students will likely find the program is robust enough and can avoid committing to a monthly subscription fee. And algorithms in the program that help you identify and cancel unwanted subscriptions can help college students identify opportunities to keep more money in their pockets.
EveryDollar
We chose EveryDollar as the best option for families because it allows you to create a budget in less than 10 minutes that can be completely customized to your family’s needs. It allocates every dollar but makes it simpler than other programs to go through the process as a family. And it instantly syncs across all devices, so everyone can see what’s been spent. Pros
- Created by personal finance expert Dave Ramsey
- Offers a 14-day free trial
- Syncs in real-time across devices
Cons
- You’ll have to manually enter transactions in the free version
- The paid version is about $130 annually
- You must manually categorize transactions
EveryDollar is an ideal choice for families who want to take a hands-on approach to budget together and who don’t want to pay a costly monthly fee. It allows you to allocate every dollar that you’re spending and provides a customizable template to make the budgeting process easier.
For those who want added features, including the ability to link bank accounts, upgrading to the paid version is necessary. Ramsey+ comes at a higher cost than other programs but offers more features including Dave Ramsey’s popular Financial Peace course as well as Baby Steps tracking to help work through the seven baby steps Ramsey has identified for building wealth.
Personal Capital
We chose Personal Capital as the best option for investors because it offers robust budgeting software and provides a retirement and savings planner with tools to keep tabs on investments. You can track your net worth, monitor your cash flow, and get an investment checkup so you can manage your money all in one place. Pros
- Free to use
- A comprehensive financial dashboard helps you track all aspects of your finances
- Retirement planning and investment features help you accomplish financial goals
Cons
- Some users report connectivity problems with bank accounts
- You may be upsold on other services, such as wealth management services
- Some app features are more limited
Personal Capital integrates budgeting software with other financial tools in one financial dashboard. You can track spending, monitor investment performance in real-time, set retirement goals, and track your net worth all in one place. You can also access special features such as an investment checkup, which compares your portfolio asset allocation to the target allocation for your age and circumstances.
The investment checkup feature is only available on the desktop version, though. However, the iOS and Android apps still offer plenty of features including interactive tools for tracking your investments and cash flow. Financial advisors are willing to talk with you about your plans, but you can expect to be upsold on Personal Capital’s wealth management services if you take advantage of this feature.
Float
Float is an easy-to-use cash flow forecasting and budget management software that integrates seamlessly with other tools like Xero, Quickbooks Online, and Free Agent.
Top features:
- Cash flow forecasting
- Business budgeting
- Visual reporting
What’s special about this tool: Float is a highly visual and nice-to-use tool that helps to bring more clarity to your company’s budgets and cash flow.
Pricing: Small (1 user account) $35/month, Medium (3 user accounts) $59/month, Large (10 user accounts) $119/month
Planguru
Compared with Centage and Prophix, Planguru is a more simple budgeting software solution, which might be what you’re looking for to manage your small company’s budget.
Top features:
- Pre-built Integrated Financial Statement Structure
- Payroll Utility
- Engagement Tools for Professional Accountants
- 20+ Standard Forecasting Methods
- Forecast using Non-Financial Data
What’s special about this tool: Planguru has a separate analytics tool that helps to get a better overview of financials and make better decisions.
Pricing: $99/company/month + $29 for each additional user
Conclusion:
Now that your business is up and running, it’s time to learn about business software for small businesses. While there are a lot of business tools on the market, not all of them are made equal. The trick is finding a balance between the budget you have for business software and what you need to track for success. So don’t worry, it doesn’t have to be hard. Awesome small business budgeting software for your money exists – you just need to know where to look!