10 best budgeting software for all-size businesses

Multinational companies may have to consolidate millions of data points. Small businesses might find themselves overwhelmed with receipts and invoices. Freelancers may struggle to find time to categorize expenses. No matter your business’ size, you’ll likely face financial planning challenges you need to overcome to move forward. 

Business budgeting software can help keep your business on the right track. In this article, we’ll unpack the key features of all-size business budgeting software solutions and the advantages of integrating one into your operations.

What is business budgeting?

Business budgeting is the process of creating a financial plan for your business that outlines key information–expected revenues, cash flow, and expenses–over a specific period. This plan helps with resource allocation, spend control, risk management, and strategic planning.

Business budgets can range from straightforward to complex, but an effective plan will almost always include:

• Income sources. A clear breakdown of all of your organization’s revenue streams, used to calculate gross and net profits.
• Fixed costs. All of your organization’s recurring expenses, used to calculate net profitability.
• Cash flow. An estimate of your cash inflows and outflows, used to measure liquidity.
• Profit goals. Targets comparing anticipated income with projected expenses, used to estimate profitability.  

Depending on the size of your business and the nature of your activity, you might also include elements like seasonal adjustments, sales forecasts, or irregular expenses.

What is business budgeting software?

Budget management software streamlines the process of creating and managing a business budget by automating calculations, generating reports, and consolidating important financial data. Traditional budgeting tools, like spreadsheets, can leave room for error. They also may require specialized training to perform specific operations, like forecasting. Business budgeting software aims to reduce the risks associated with manual data manipulation and make sophisticated planning more accessible.

Specific features vary depending on the solution, but many business budgeting tools aim to help with:

• Spend management. Automatically logging fixed and variable costs helps control spend.
• Cash flow forecasting. Predicting future cash needs helps monitor liquidity.
• Performance analytics. Comparing actual and budgeted figures helps identify areas for improvement.
• Scenario planning. Simulating different financial situations helps with managing risk. 

10 best business budgeting software 

The best business budgeting software solutions incorporate features like expense tracking, forecasting, and reporting and analytics. The solutions below enable organizations of any size to develop sound financial plans with features like automated workflows, receipt scanning, and integrations with accounting software. 

1. Rippling

Rippling’s unified hub of employee data gives companies vast control over their spend, offering customized policies and purchase authorizations. Rippling consolidates all of your company’s finances—from payroll and benefits to corporate cards and expense management–giving you an up-to-date view of cash flow across your company and offering unprecedented control over spending patterns.  What’s more, Rippling's global expense management features make it an ideal choice for businesses with international teams or those looking to expand globally. 

Key features of Rippling:

• Automated expense reporting
• Custom reporting based on real-time financial data
• Granular, role-based approvals and information access based on employee data
• Automated payroll reimbursements
• Direct access to employee spend inside of payroll
• Automated corporate card management, including custom spend limits and policies

2. Quickbooks Online

Popular with bookkeepers and accountants, Quickbooks Online helps small and mid-sized businesses stay on solid financial footing with a collection of tools like expense tracking, invoicing, and reporting. If you’re looking for a comprehensive budgeting and accounting solution, however, you may need to upgrade to a pricier version of the software to access functionalities like custom reports and payroll. 

Key features of Quickbooks Online:

• Optional payroll feature (extra cost)
• Integrates invoicing and payments with your general ledger
• Automatic expense tracking and sorting
• Automatic sync with bookkeeping software (not available with all versions)

3. Xero

Tailored to small businesses operating internationally, Xero includes several features designed to simplify doing business across borders. In addition to multi-currency accounting, Xero’s invoicing feature integrates with global payment processors like Stripe and payroll specialist Gusto. A centralized accounting dashboard gives your team a big-picture view of the company’s financial performance. 

Key features of Xero:

• Multi currency accounting (on some plans)
• Job tracking for project financial planning
• Inventory tracking that connects with purchase orders
• Centralized accounting dashboard

4. Sage Intacct

Focused on invoicing and payments, Sage Intacct helps microbusinesses and freelancers manage cash flow and maintain important accounting records without needing a professional bookkeeper. For businesses with larger teams, Sage Intacct also offers payroll integrations and expense management features, including AI-driven reviews of your general ledger to spot potential issues. 

Key features of Sage Intacct:

• AI-driven audits of your general ledger
• Multi currency accounting
• Real-time monitoring of budgets vs actual spending
• Built-in and custom business and financial reports

5. FreshBooks

Sole proprietors, freelancers, and microbusinesses can leverage FreshBooks’ collection of accounting tools designed to simplify small business management. Small and midsized organizations For small and midsized businesses, FreshBooks offers basic features like payments and invoicing, as well as time tracking and payroll.

Key features of FreshBooks:

• Credit tool to manage overpayments, credit notes, and prepayments
• Mileage tracking app to simplify reimbursements and tax deductions
• Client management portal with project proposal and estimate tools
• Automated statement reconciliation

6. Brex

Brex helps startups and mid-sized businesses manage expenses, control spending, and oversee compliance through its corporate checking, treasury, and savings accounts. If you commit to banking with Brex, your business can reduce the time required to close its books with tools like automated general ledger coding, merchant mapping, and anomaly alerts. Brex also offers corporate credit cards with customized policies and spending limits.

Key features of Brex:

• Corporate checking, treasury, and savings accounts
• Automated general ledger coding and merchant mapping
• Customizable policies for local markets, currencies, and tax regulations
• Automatic receipt generation

7. Spendesk

Spendesk aims to help small businesses simplify spend management through automation and integration. If you’re in the market for a full-fledged accounting tool, Spendesk may not have all the features you need. But if you’re searching for a solution dedicated to tracking, recording, controlling, and approving expenses and accounts payable, it may fit your business needs well. 

Key features of Spendesk:

• Automated expense and VAT account categorization
• Native integrations to connect Spendesk with accounting software
• Labels to track cost centers and projects
• Digital expense reports and automatic receipt capture

8. PlanGuru

For small businesses that find budgeting challenging, PlanGuru provides a collection of focused features to help with financial planning, forecasting, and analysis. Similar to Spendesk, Planguru limits its functionality to planning and forecasting rather than a kitchen-sink approach. Non-profit organizations can use modeling tools dedicated to their unique financial needs. 

Key features of PlanGuru:

• Includes over 20 forecasting methods
• Integrates with Quickbooks, Xero, and Excel for simplified data import
• Rolling forecasts based on monthly closing data
• Scenario analysis tool for investment planning

9. Ramp

Another specialist solution, Ramp simplifies spend management and expense reporting for small, medium, and enterprise businesses with features like customizable corporate cards, automated approval workflows, and pre-built budgets. 

Key features of Ramp:

• Corporate credit cards with built-in controls
• Travel solution incorporates custom expense policies
• Automated expense approval and receipt matching
• Accounting workflows to streamline accounts payable

10. Workday Adaptive Planning

A human capital management (HCM) solution with some accounting features, Workday is best suited for medium to large businesses with a well-developed finance tech stack looking for extra help with planning and forecasting. Workday Adaptive Planning combines scenario planning and forecasting with resource and workforce planning to help leadership make data-driven strategic choices.

Key features of Workday Adaptive Planning:

• AI-driven automation to streamline budgeting and forecasting
• Robust, flexible financial modeling capabilities
• Customizable reporting and dashboards

How to choose a business budgeting software

When choosing business budgeting software, it helps to focus on your organization’s specific needs. By taking stock of what your existing systems have–and don’t have–you can zero in on  the features that align with your operations and reduce the risk of purchasing a tool that doesn’t fit your current tech stack. 

That said, whether you’re in the market for small business financial planning software or enterprise-level corporate budgeting software, look for a tool that incorporates these key features:

Integrations with accounting systems

When financial data flows seamlessly between your accounting tools and budgeting software, you reduce the risk of errors from manual data entry. Integrations connecting accounting and budgeting solutions also help you measure actual costs against your projections and make it easier to reconcile transactions. 

Forecasting tools and scenario planning 

Preparing for economic shifts and unexpected expenses requires proactive planning. Forecasting tools can help your organization predict future performance based on historical data and trends, while scenario planning models financial outcomes based on changes to specific variables. These tools give your organization insights that translate into future-proof financial decisions.

Comprehensive reporting

Comprehensive reporting features let your decision-makers examine your company’s financial data, surface the information they need, and reallocate resources to drive growth and plan for the future. Detailed reporting also helps highlight areas where your business meets budgetary targets, while helping you course correct overspend. 

6 benefits of using business budgeting software

While no two business budgeting solutions are identical, they all offer some common advantages: 

• Reporting and analytics. Comprehensive reports based on real-time financial data ensure decision-makers have accurate information to allocate resources and make savvy financial decisions.
• Improved financial accuracy and compliance. Business budgeting software that integrates with your accounting tools can reduce the risk of manual errors and miscalculations in mandatory filings or reports.
• Sensitive data protection. Many business budgeting solutions use security measures like two-factor authentication and advanced encryption to protect your financial information.
• Enhanced communication across financial teams. By centralizing financial data, business budgeting software gives all stakeholders access to the same information, enhancing collaboration.
• Improved spending track. Business budgeting software provides real-time expense tracking against budgets, which can help you spot potential cost overruns before they start. 
• Easier bookkeeping tasks. By automatically syncing with your accounting system, business budgeting software can save time and reduce the effort associated with some bookkeeping tasks, like reconciling transactions and creating income statements.  

Rippling: Financial management services & software

Once you’ve developed your business budget, the next step is sticking to it. More control over company spend helps teams stay within budget and be more efficient with their capital.

Rippling unifies all of your company’s finances—from payroll and benefits to corporate cards and expense management–giving you an up-to-date view of cash flow across your organization.   

With Rippling you can:

• Monitor company spend with custom workflows and trigger actions when a team’s spending suddenly grows
• Automatically route expenses and bills to the right approver every time. 
• Flag out-of-policy spending with hyper-custom policies, like by vendor or value, for further review. 
• Close the books faster with AI-powered transaction categorization and integration with your accounting systems.

FAQs on budget management software

What is a business budget?

A business budget is a financial plan that outlines a business’ income, expenses, and cash flow over a defined period, usually quarterly or annually. Businesses use budgets to monitor performance, track spending, and plan for future needs. 

How do I create a monthly budget for my business?

To create a monthly business budget, start by listing out all of your income sources and fixed expenses. For variable expenses, estimate costs using historical data. Add your fixed and variable expenses and subtract the total from your gross income to calculate net profit or loss. Budget management tools, like business budgeting software, can help simplify this process and give you a deeper look into the financial health of your business. 

Are there completely free budget software tools for businesses?

Yes, some business budgeting software solutions offer free or ‘freemium’ options with basic features like expense tracking, budget templates, and simple reports. If you need more robust capabilities, however, like integrations, automations, or personal support, you may need to consider an upgrade.

Which budgeting method is best for business?

The best budgeting method for a business will depend on its size, financial health, and goals. Some methods focus on tight spending controls, while others aim to give the business maximum flexibility to cope with uncertainty. Choosing a methodology that promotes accountability and supports the company’s specific operational needs is critical for effective budgeting.

This blog is based on information available to Rippling as of October 23, 2024.

Disclaimer: Rippling and its affiliates do not provide tax, accounting, or legal advice. This material has been prepared for informational purposes only, and is not intended to provide or be relied on for tax, accounting, or legal advice. You should consult your own tax, accounting, and legal advisors before engaging in any related activities or transactions.