Budgeting software is any computer program that helps an individual or business design, manage, monitor and alter their budget. Examples of software range from Microsoft Excel on one end to SAP on the other end. In this article, we will examine and compare various types of software for budgeting purposes.
There are two main categories of budgeting software: business and personal. Business software is typically significantly more complex and more expensive and often requires a high degree of customization. Personal software, on the other hand, can be much simpler and more affordable
Below is a non-exhaustive list of popular software options for businesses. Depending on the size of the company and the complexity of its needs, some options may be better than others.
Personal budgets are very different from business budgets, not only in the level of complexity but also for the purpose they serve. Most people know they need to have a budget (and stick to it!) but most don’t want to go through the process of making one. In order to make the entire process a little easier, you may want to consider a personal budgeting software to help you along the way.
For most people and businesses, budgeting is a continuous process and something that should be revisited as regularly as possible. For companies, the process typically includes an annual kickoff meeting where the Budget Head is appointed, tasks are delegated, and the annual planning calendar is developed..
You may be surprised how many companies still use Microsoft Excel as their primary budgeting tool.