Budgeting Tools for Small Business
When it comes to budgeting, you’re in control. But if you don’t have a clear idea of what you need, it can be difficult to stay on track. You may not even realize how much money you spend each month, let alone where that money goes. With the help of a budget planner, though, all the guesswork is taken care of for you. This way, you can focus on what matters most and get your business on track—all while enjoying some peace of mind along the way.
Budgeting Tools for Small Business
With over 30 million users across industries and different business sizes, Mint, which was created in 2006, is considered the pioneer of budgeting apps. This software gives you a thorough overview of your monthly savings and expenses. You can sync numerous accounts, create payment reminders (and actually pay your bills), check your credit, manage your budget, track your assets, and more using Mint. Not only is Mint totally free, but it’s also incredibly simple to set up and use.
Popular small business accounting and financial software is called FreshBooks. If that’s what you require, it includes some basic budgeting features and might be worth a try. FreshBooks’ entry-level subscription includes common budgeting capabilities including cost tracking, invoice creation, receipt scanning, and information access via the mobile app. Small company owners can obtain helpful guidance from FreshBooks on how to build and keep to a budget.
An entirely automatic budgeting app called Pocketguard. You can see how much money you have left over to spend each week or month thanks to the special feature “In My Pocket.” The app keeps track of your subscriptions, whether they be to professional memberships, marketing software, or trade magazines, so you won’t be charged for services you don’t use. The ability to manage recurrent expenses like phone and internet bills and find savings opportunities is another advantage of PocketGuard. The monthly price for the Pro version is $4.99.
YNAB (You Need a Budget)
With the help of the award-winning app You Need a Budget (YNAB), small business owners, particularly freelancers and solopreneurs, can revamp their budgets and frequently save $6,000 in the first year. Wouldn’t that be nice? You can access budget data from any device and follow your objectives and progress with the app’s graphic graphs and charts. YNAB’s security feature, which encrypts data and passwords, is a significant advantage. You may attend a variety of online classes through the YNAB app ($14.99/month), which can help you manage your budget even if your income is irregular.
Simplifi by Quicken
Simplifi by Quicken is a fantastic app to take into consideration if you are starting a business where the cash flow isn’t yet consistent or if you are already an entrepreneur. You may create a flexible monthly budget with Simplifi, keep tabs on your spending, and make future spending plans. For only $5.99/month, the app offers real-time updates on daily spending (both personal and business), as well as the overall financial picture, so you can accurately track the progress of your startup.
Mvelopes is a well-liked budgeting app for solopreneurs and independent contractors that is modeled after a cash envelope system where you enter a designated amount for certain expenses. For any categories that apply to your business, such as home office expenses, client meetings, equipment, and shipping, you can create digital envelopes. You may quickly adjust the income you use to create your budget with Mvelopes, even though it may vary from month to month. The envelope turning red if you overspend is another cool feature. Mvelopes is unfortunately not available for free; the entry-level package costs $5.97 each month, but your company could gain from the $6,175 in average savings that users have recorded.
Even if you’re just getting started, keeping track of where all the money is going can be challenging. You can organize your budgets, bookkeeping, and taxes with the help of the comprehensive accounting and finance tool InDinero. Cash flow statements and forecasting models can be produced. Even useful instructions on startup finance are available on the app. If you’re looking for a comprehensive accounting solution, InDinero’s beginning price is $300/month, but there are also customized pricing options.
You can use your phone or laptop to access the budgeting program Goodbudget. It is based on the tried-and-true envelope-budgeting technique, and it enables new business owners to see both their personal and business finances. One thing to note is that Goodbudget does not instantly sync to your bank accounts, in contrast to its rivals. Transactions can be manually entered or imported. Their instructive books and videos can be beneficial for any beginning businessperson who wants to learn the basics of budgeting. Both a Plus version ($7/month) and a free version of Goodbudget are available.
Toshl might be worth looking into if you’re a startup business owner who isn’t very concerned with having all the extra bells and whistles. Toshl is a software for manual budgeting and cost monitoring that offers an easy-to-use interface. You can make a budget and keep track of your spending anyway you like – do you want to keep track of solely your travel or eating expenses? Users adore the River flow graph, which reveals the precise paths taken by your money. You can use the Toshl free version for as long as you like; a more feature-rich bundle is offered for a reasonable monthly charge of $4.99.
Through a single dashboard, Personal Capital provides both investment and budgeting options. You can keep tabs on your spending, loans, investments, and retirement savings. Investors, financial advisers, portfolio managers, or even a small company owner who is preparing for retirement would benefit greatly from this software. You may still make a budget and categorize spending with the less robust budgeting options than with other apps. The cost of Personal Capital is dependent on your investment amount and starts at 0.89 percent for investments under $1 million.
Albert is a feature-rich financial tool that supports managing your spending, savings, and investments. Your budget is automatically created for you by Albert, a powerful AI, based on your income, historical spending, and obligations. Additionally, it gives you the ability to monitor the performance of your portfolio and start investing with as little as $1. You will learn about emerging markets, Albert’s hand-picked equities, and other worldwide investment trends as a financial professional. The majority of the features on the Albert app are free, but there is a $6/month minimum fee to use Albert Genius.
PlanGuru is a quick and effective budgeting tool that’s ideal for new businesses and professionals in the accounting or finance industries. You may use the program to generate a straightforward yet adaptable small business budget that you can divide up into various sections. A key selling point for PlanGuru is its 20 forecasting tools. It syncs effortlessly with Xero, Excel, and QuickBooks Online. PlanGuru costs $99 per month.
It might become a little sticky when managing budgets with another individual. Honeydew is great for partnerships when you and your partner share the business bank account and credit cards because it makes it easier to track costs jointly. How? To be able to view each other’s situation, Honeydew lets you and your partner attach accounts, loans, and credit cards to the app. Additionally, it allows you to make your own unique spending categories, including “office supplies,” “travel charges,” and “raw material cost.” The nicest feature of Honeydew is its alluring cost: free!
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.
- 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 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.
- Budgeting and planning
- 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 Reques
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 its budgets.
- 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
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.
- 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
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.
- 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
GIDE helps companies combine budgeting, strategic planning, and rolling forecasts while consolidating projects/companies and business departments within one comprehensive corporate performance management platform.
- Profit/loss statement Balance sheet & Cash flows
- Capital asset planning
- Capital structuring
- Operational data
- Working Capital
What’s special about this tool: GIDE promises a fast implementation process of two weeks compared to the average of 8 weeks of budgeting software implementation.
For a highly customizable way to track income and expenses, use a spreadsheet. “People can download budgeting spreadsheet templates that come formatted with formulas, dates and labels,” Dvorkin says. “This method helps take the guesswork out of organizing a budget, and it can also make it easier to edit a budget and track income.”
Both Microsoft Excel and Google Sheets offer free budget templates to users. You can also create your own, though there can be a learning curve to using the programs. Microsoft provides free online training lessons on its support website for Office products. Otherwise, plenty of tutorials can be found on YouTube.
If you’re making a budget for the first time, a worksheet can eliminate some of the guesswork. These papers often have recommended percentages to indicate how much of your earnings should be spent on each category each month.
Several organizations offer free budgeting worksheets online. American Consumer Credit Counseling, a nonprofit credit counseling provider, has sheets for household budgeting, expense tracking and budgeting for specific needs. Meanwhile, Regions Bank has free worksheets anyone can download from its Next Step Financial Education website, including a personal spending plan worksheet and daily spending tracker.
“The resources and tools we offer through Regions Next Step, like these worksheets, can help people improve their financial skills, stay organized and take the next steps to meeting their goals,” says Joye Hehn, vice president of financial education strategy and implementation at Regions Bank.
Banking Tools and Apps
Free budgeting tools may be as close as your bank’s website. Bank of America, Chase and even local credit unions are among the institutions to provide customers budgeting resources that can track expenses, run spending reports and export data to spreadsheets or computer software.
“At Chase, we are constantly enhancing our digital banking features to help our customers make the most of their money,” Divilek says. With the Chase Mobile app, customers can use a budget feature to track their spending throughout the month and determine how much is available after bills and transfers.
By paying bills online, banking tools may create charts and graphs that categorize spending, and this information can be used to develop a household budget. Banks may also offer other tools that aren’t specific for budgeting but can be helpful to manage money. For instance, you may be able to set up automatic transfers to savings or receive alerts when account balances are low.
No list of free budgeting tools would be complete without mentioning the many free budgeting websites and apps available today. Mint may be the most well-known of the internet and smartphone-based budgeting applications, and it offers comprehensive services at no cost.
Mint users can link multiple financial accounts to the service, which then tracks and categorizes spending. It includes a payment tracker with bill reminders, and its calculators allow people to see how their decisions may impact progress toward goals.
Designed specifically for partners who are managing money together, Honeydue helps couples stay on the same page financially. The free app allows people to link multiple accounts to share balances and spending information. A chat feature allows partners to discuss specific transactions if needed.
In terms of budgeting, Honeydue categorizes expenses to make it easy to ensure your monthly spending stays on track. The app will also send bill reminders. For those who are looking for a joint bank account, Honeydue offers those as well, with deposits insured by Sutton Bank.
SoFi Relay is another free budgeting app. It allows users to link accounts, review balances and set spending targets. It aggregates accounts and makes it easy to review spending by category.
The app also provides access to VantageScore 3.0 credit scores and makes it simple to connect with a professional to discuss financial goals and strategies. SoFi Relay users are entitled to a complimentary 30-minute call with one of the company’s in-house financial planners.
This savvy budgeting software is intended for those who like the idea of an envelope cash management system but don’t want the hassle of carrying physical envelopes.
Instead, Goodbudget lets users fund virtual envelopes that are used to track expenses and sync and share budget information across devices. The free version includes 10 regular envelopes, 10 more envelopes, one year of account history and access to community support forums.
Reducing expenses is often an integral part of creating a workable budget, and Truebill is an app that helps users identify sources of spending that may fly under the radar. Once you link a bank account, Truebill will automatically search for recurring payments such as subscription services and, if you want, cancel those accounts.
Truebill can also create a budget based on your transactions and monitor your spending. Through its bill negotiation feature, it may be able to lower monthly expenses for wireless, cable and insurance bills, among others. While the app is free to download and use, Truebill will collect 40% of your savings if it successfully negotiates down a bill.
Budget Management Software for Business
Best budgeting app overall
Mint is one of the most popular budgeting apps and for good reason. It is free to use, something rare among the best budgeting apps, and you get financial budgeting shared by 24 million users.
The app allows you to create a personalized budget and will then monitor your spending. It studies your spending habits and advises how to increase your savings. It will also check your subscriptions to ensure that you are not paying for services you do not need. With MintSights, you can set goals to reach financial milestones and build a stronger financial foundation. Once you connect your accounts, you can easily navigate between outstanding account balances, your monthly expenses versus spending, and even access your free credit score. Mint is compatible with not just banking accounts, but also your credit cards, loans, and investments. You can even file your IRS taxes and receive your refund through the app’s integrated TurboTax services.
Best budgeting app with digital envelopes
Cost: There is a free version with ads, or you can upgrade to an ad-free plan for $7 per month or $60 per year.
Goodbudget is a budgeting app that helps you create and stick to a budget. There is available debt tracking to keep you motivated and on track. It also helps with money management so you know exactly where your funds are and how they are performing. You will have to subscribe to Goodbudget, but once you do, you will have wide access to the app through both the web and multiple phones. This means that it is easy to share your account with others, like a spouse or family member. It helps you stay connected financially even if you are physically apart, helping to prevent miscommunications and financial mishaps. All transactions are synced to the cloud so you never have to worry about certain financial transactions going missing. Review pie charts and reports to track your spending, with generated reports to show your finances in greater detail. Digital envelopes help you categorize your finances into available funds with each envelope assigned to certain expenses. It is a visual way to improve your finances through the help of virtual tools.
Best budgeting app for investors
Cost: Personal Capital is free to use.
More than 2.8 million people utilize Personal Capital, and it is a portfolio tracker specifically designed to help with your investments, offering a unique digital approach to your personal finance. The app works with several different types of accounts, including your normal banking accounts, as well as investments, stocks, and retirement funds. The exclusive Retirement Planner tool helps you view your 401K, IRAs, and also your debt so you can have a complete, well-rounded portrait of your finances at the click of a button. The Cash Flow graph stacks your income versus your expenses for an overall financial snapshot that is easy to understand, plus there is an Investment Checkup tool that checks your investments, looking for ways to minimize risk while maximizing rewards. The Retirement Planner is an excellent option when you want to create and manage your retirement. You also have the option to join Personal Capital as an investment client so you can receive direct support from its financial advisors.
Best budgeting app for overspenders
Cost: There are three subscription plans, in addition to a basic plan with limited features for free.
|Type of plan||Cost|
|Lifetime One-Time Purchase||$79.99|
PocketGuard takes a different approach to budgeting, utilizing smart algorithms to manage and track your spending. It also monitors your bills, helping to ensure that you do not miss a payment and risk falling further into debt. There is a bill tracker and organizer available as soon as you link your bank accounts. Any subscriptions you have will be automatically flagged and built into your monthly budget. With the IN MY POCKET feature, the app will automatically calculate your monthly expenses and then advise you on what is left over to spend. It also can help you negotiate better interest rates on your existing accounts, helping you save those extra dollars. It is easy to identify what disposable income you have to spend when the app does all the calculating and reporting for you. You do not have to pay to use PocketGuard, although you will need to subscribe if you want to access all of the best.
Quicken is a long-established tool for managing personal accounts, and while its reputation was founded on a desktop version, it is also available as an app for your mobile devices.
Quicken has a comprehensive set of financial reporting features. These are organized around a few different topics, including budgeting, bills, accounts, and even investing. For budgeting, it allows you to enter your purchases and income so you can compare them to have a better picture of how much you spend versus how much you earn.
In terms of bills, you can see which utilities and such services you are constantly paying, as well as the amounts owed and how much money you have left over. For accounting purposes, you can even combine your banking and credit card payments in one location so you know exactly how much you’re paying out. This is especially useful because consumers frequently underestimate how much simple purchases might add to prices.
It also allows you to track your investments, whether they are part of your savings, investment portfolio, or 401k pension plan. This implies that you have a good notion of how much your savings and assets are worth, while it’s fair to say that
In total, Quicken combines your banking, investment reporting, and budgeting into a single dashboard that you can access from a PC or even a mobile device via the mobile app.
You Need A Budget, often known as YNAB, is here just in case you require precise instructions. Because, hey, you really do need one if you don’t want to spend every every penny you have and more. Perhaps you have more money than you anticipated as well.
As you may anticipate, YNAB’s main goal is to assist you in reducing your expenditure and avoiding living paycheck to paycheck. Maintain the plan and moderate your spending, and soon YNAB will realize that you are using last month’s funds rather than those you just received.
It is simple to install, supports the bulk of transaction data that can be downloaded from banks, and automatically adjusts for use by either individuals or small businesses by altering its monetary categories in accordance with your requirements.
If you stray from your course, YNAB, which is surprisingly understanding and forgiving for a piece of software, will inform you what to do to get back on track.
Best Budgeting and Forecasting Software
Workday Adaptive Planning
A corporate performance management (CPM) product called Workday Adaptive Planning has forecasting and budgeting functions. Businesses in all market segments—Enterprise, mid-market, and small—love the Workday Business Planning Cloud.
Forecasting models supported by Workday include::
- Budgeting expenses
- Forecasting revenue
- Workforce planning
- Capital Planning
- SaaS account modeling
- Sales planning
- Academic calendar modeling
Those who are closest to the business can plan thanks to the purpose-built solutions provided by Workday software for finance. the whole collection of cloud-based software products supported by a strong in-memory technological platform that enables large-scale built-in analytics and functional and corporate-wide business planning.
Best for small business
Xero is a popular small business online accounting solution because of how simple it is to use. Tools for financial reporting provide immediate, current reporting with direct links to all original transactions. You can also view cash flow in real-time, wherever you are, with online accounting.
At its core, Xero is a robust yet user-friendly accounting program created from the ground up. It is all you need to run your small business because it is written in straightforward language for users who are not familiar with accounting jargon.
Best for mid-market
For mid-market and even enterprise-level businesses wishing to handle budgeting and forecasting with reliability, Budget Maestro is the perfect answer. For the purpose of creating more accurate budgets and financial predictions, the program automates many of the labor-intensive and error-prone activities involved with using spreadsheets.
Budget Budget accuracy is continuously maintained by Maestro’s built-in financial intelligence and business rules, which are based on your assumptions and processes. Working with a centralized database eliminates the possibility of human error leading to data disparities. Additionally, any adjustments to estimates or hypotheses are immediately updated, ensuring that you are constantly working with the same version of the truth.
Best free to start
A free trial of PROPHIX’s budgeting and forecasting software is available, and it contains a central database, periodic forecasts (monthly, mid-year, multi-year), and other forecasting requirements that are all easily accessible. For proper analysis and management, this software provides income statements, balance sheets, cash flow, and other company-specific budgeting requirements to your desktop.
PROPHIX provides several options to increase forecasting precision. With PROPHIX’s versatile modeling capabilities, it is able to undertake what-if analyses, inter-period forecasts, actual to forecasts/budget comparisons, rolling forecast development, and forecasting based on numerous key performance metrics.
Best for cloud
A budgeting and forecasting tool for any company, Budgyt is simple to use and intuitive. With this cloud-based solution, creating budgets is quicker, more precise, and more dependable thanks to an intuitive budgeting tool that takes the place of cumbersome spreadsheets. Clients in any industry with several stores, units, or divisions can use this service. Individual budgets are rolled up by Budgyt, which also produces reports and analyses. Additionally, Budgyt imports and exports data from the general ledger accounting software you now use.
Enterprise, mid-market, and small firms in the for-profit and non-profit sectors all favor this approach. If you are a for-profit organization or a non-profit, there are different price options.
The financial planning and reporting software platform Limelight is simple to use and quick to set up. The web-based Limelight software enables collaboration, data integration, real-time planning, and reporting from any device.
Imagine if your income statement and balance sheet are integrated, producing current cash flow statements whenever you require them. Add to that dynamic rolling predictions with “What if” scenarios so you can see the results of company choices.
is made to be an add-in for Microsoft Excel that is completely integrated with the general ledger accounts, balances, and transactions in your ERP. You can utilize all of Excel’s features, and it is quite simple to learn and use.
For accountants, CALUMO is a reporting, budgeting, and forecasting tool. Organizations can easily and rapidly report on, budget for, forecast, and plan their financial, sales, operational, manufacturing, and other initiatives with CALUMO.
The main factor influencing the expansion and profitability of your firm is quicker and better decision-making. Managers may readily get the data they need to examine business operations and financial data because it is all conveniently available in one package.
Business budgeting apps can be a great way to keep track of your business finances. However, it’s important to use them in a responsible manner and make sure that you have enough saved up for the future. By calculating your estimated income and expenses and setting up a savings plan, you can support your financial plan without feeling overwhelmed. Finally, using a business budgeting app to support your financial plan can help you save money on unnecessary expenses.