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What is budgeting and forecasting software?

Like many budgeting programs, business forecasting software reduces the opportunity for potential human error. Because budgets are formulated by the recording of business data, human error can drastically affect the budgeting process. Negligence and typos can easily destroy the validity of budget strategies. With the right system, however, automated reminders can ensure that the user knows when to input key business information for budget analysis.

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How can Budgeting and Forecasting Software benefit me at work?

Increases transparency into financial reports.

Improves accuracy of budgets and financial forecasts.

Predicts future sales and expenses based on past data.

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Showing 1 - 20 of 116 products
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Showing 1 - 20 of 116 products

Sage Intacct

Sage Intacct is a provider of cloud-based financial management and accounting software. Sage Intacct's software solution is suitable for small to midsize accounting firms and can provide financial reporting and operational insight...Read more

4.16 (309 reviews)

29 recommendations

PriceDemo

NetSuite

With an integrated system that includes ERP, financials, commerce, inventory management, HR, PSA, supply chain management, CRM and more – NetSuite enables fast-growing businesses across all industries to work more effectively by a...Read more

4.09 (783 reviews)

22 recommendations

Multiview ERP

Multiview Financials is the flagship ERP system developed, sold, implemented, and supported by Multiview Financial Software. Multiview is designed for organizations ranging in size from rapidly growing small businesses to large en...Read more

4.40 (10 reviews)

14 recommendations

PriceDemo

QuickBooks Online Advanced

QuickBooks Online Advanced is a cloud-based accounting solution that helps small to large enterprises manage expenses, projects, invoices and more. It comes with a centralized dashboard, which enables users to gain insights into b...Read more

4.38 (643 reviews)

9 recommendations

PriceDemo

Budgyt

Budgyt is a new and improved way to budget, built to deliver the speed, precision, and flexibility today’s finance teams need. Take control when building & managing budgets for multiple departments and/or projects, and save up to ...Read more

4.77 (22 reviews)

6 recommendations

Planning Maestro

Centage’s Planning Maestro is a cloud-native planning & analytics platform that delivers year-round financial insight, transforming how companies budget, forecast and report performance. Centage delivers a level of sophistica...Read more

3.95 (42 reviews)

5 recommendations

Teampay

Teampay empowers employees to make necessary purchases quickly without sacrificing control and visibility for the finance team. With Teampay’s spend management platform, finance teams can set spend policies, automate purchase requ...Read more

4.58 (12 reviews)

5 recommendations

Adaptive Planning

Workday Adaptive Planning, founded in 2003, provides a web-based system for budgeting, forecasting and reporting. The solution is suitable for a wide variety of company sizes. Delivered over the Web in a software-as-a-service (Saa...Read more

4.49 (173 reviews)

4 recommendations

SAP Business ByDesign

With strong proficiencies in project management, accounting, and customer relationship management, SAP Business ByDesign is a software-as-a-service solution for professional services with 25 or more employees. ...Read more

4.21 (29 reviews)

4 recommendations

JD Edwards EnterpriseOne

Oracle JD Edwards EnterpriseOne is an enterprise resource planning software with primary features such as real estate management, human capital management, environmental health and safety and commodity trading. What is JD...Read more

4.13 (135 reviews)

2 recommendations

PriceDemo

Software pricing tips

Read our Budgeting & Forecasting Software Buyers Guide

Subscription models

  • Per employee/per month: This model allows you to pay a monthly fee for each of your employees.
  • Per user/per month: Users pay a monthly fee for users—normally administrative users—rather than all employees.

Perpetual license

  • This involves paying an upfront sum for the license to own the software and use it indefinitely.
  • This is the more traditional model and is most common with on-premise applications and with larger businesses.

Rated best value for money

SAP S/4HANA

SAP has developed a global network of partners and support staff to assist over 100,000 users worldwide. SAP Manufacturing offers best-of-breed manufacturing applications for users in all industries....Read more

3.89 (65 reviews)

2 recommendations

PriceDemo

DataRails

DataRails is an FP&A solution made to help FP&A departments revolutionize their manual, excel-based processes, and provide driver-based insights into all aspects of the business. The DataRails cloud-based solution allows you ...Read more

4.81 (27 reviews)

2 recommendations

PriceDemo

Limelight

Limelight is a cloud-based accounting solution which caters to businesses in manufacturing, insurance, higher education, healthcare and telecom. The solution allows users to generate custom reports, plan and forecast budgets, all ...Read more

4.55 (22 reviews)

2 recommendations

PriceDemo

Vena

Vena is a complete planning platform that leverages the familiarity and flexibility of an Excel interface within the Vena Growth Engine. Its technology and methodology powers the growth of over 950 companies around the world. Vena...Read more

4.35 (13 reviews)

2 recommendations

Jirav

Jirav is a cloud-based financial planning and reporting solution that is designed to give businesses the proper tools to examine historical data and build accurate financial models and plans. With Jirav, users are able to accurate...Read more

4.83 (12 reviews)

2 recommendations

PriceDemo

Jedox

Jedox is a cloud-based Enterprise Performance Management software solution that delivers self-service budgeting, planning, and forecasting across finance, sales, HR, and other business functions. Companies of all sizes and industr...Read more

4.41 (113 reviews)

1 recommendations

PlanGuru

PlanGuru is an on-premise business planning and budgeting solution for small businesses and nonprofits. The solution helps accountants to build financial forecasts, prepare budget analysis and address financial constraints of smal...Read more

4.16 (54 reviews)

1 recommendations

OneStream

OneStream XF is a market-leading CPM 2.0 solution that unifies and simplifies financial consolidation, planning, reporting, analytics and financial data quality. Modernize financial processes, replace multiple legacy applications,...Read more

4.85 (53 reviews)

1 recommendations

PriceDemo

OnPlan

OnPlan is a sales forecasting and budgeting solution that helps businesses create financial models using what-if scenarios and SaaS benchmarks. Features include rolling financial forecasts, template management, scenario planning, ...Read more

4.93 (14 reviews)

1 recommendations

PriceDemo

Bizview

Anual budget and forecast processes involve exporting data into multiple Excel spreadsheets sent back and forth between contributors and approvers. It’s easy to lose control of these time-consuming, frustrating, and error-prone pr...Read more

No reviews yet

1 recommendations

Popular Budgeting & Forecasting Software Comparisons

pricing guide

2022 Budgeting & Forecasting Software Pricing Guide

Learn about the key aspects of accurate software pricing before you make your purchase decision.

  • Pricing models & ranges

  • Unexpected costs

  • Pricing of popular systems

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Buyers Guide

Last Updated: January 22, 2022

Financial planning software applications utilize historical data and estimates of future conditions to track a company’s financial progress and compare it to business expectations. The long-term survival of a business depends on its ability to establish a budget and operate within its confines. With the help of business budgeting software, businesses can forecast likely future expenses, establish more precise and realistic budgets and have a greater chance of achieving ongoing profitability.

Here’s what we’ll cover:

What Is Budgeting and Forecasting Software?
What Type of Buyer Are You?
Benefits and Potential Issues
Market Trends to Understand
The Vendor Landscape

What Is Budgeting and Forecasting Software? 

Like many budgeting programs, business forecasting software reduces the opportunity for potential human error. Because budgets are formulated by the recording of business data, human error can drastically affect the budgeting process. Negligence and typos can easily destroy the validity of budget strategies. With the right system, however, automated reminders can ensure that the user knows when to input key business information for budget analysis.

Effective business budget software can also automatically import data directly from integrated accounting applications, including the general ledger, ERP system and HR system. This automated importing strengthens consistency and completeness for data analysis that is reliable and error-free. In addition, the ability to connect and interact with other programs provides consolidated data collection, as well as a variety of different ways to complete the budgeting and forecasting process.

Collaboration in budget formulation becomes much easier with the use of budgeting and forecasting solutions. When certain areas of a company’s budget are headed by different individuals, manual collaboration can be troublesome. But with business forecast systems, the budget approval process can be standardized to improve organization and communication. Hypothetical forecasting also allows for the inclusion of complex or often-forgotten factors like inflation. These scenarios improve general awareness of potential obstacles ahead, providing greater foresight in budget formation.

What Type of Buyer Are You?

Although some of the most important points of the budgeting and forecasting process are the same across industries, different organizations have different priorities and requirements in finding the right system. Here are the main categories of buyers:

Small businesses. Small and fledgling businesses may want to pay particular attention to a user-friendly interface or more intuitive presentation styles, which can produce easily understandable graphs and charts. Budgeting is a critical feature here, but often forecasting capabilities and needs are somewhat limited, due to costs and lack of historical data.

Mid-sized and growing businesses. Slightly larger and rapidly growing businesses can benefit from a system that adds forecasting features to help predict future growth and sales based on past patterns. A common mistake for growing businesses is to assume that last year’s surge will carry over into this year. However, many different factors play a part, and the ability to predict changes in those factors can prevent massive overinvestment in your company’s infrastructure.

Large corporations. Large companies with dozens or hundreds of different departments create a whole other level of complexity in the budgeting and forecasting process. They need something that can handle multiple types of expenses and multiple sources of revenue, all coming from different users in different departments. This information needs to be integrated in a seamless, intelligent way.

Benefits and Potential Issues

A strong budgeting and forecasting system improves accuracy for budgeting and long-term business development planning.

Improved accuracy. The tight deadlines and overtime hours associated with the budgeting cycle make it an error-prone process, but a single human error can have a massive impact on a company’s profitability. A good budgeting program eliminates most of the opportunities for calculation errors, increasing overall accuracy of the process.

Faster and simpler. Budgeting and forecasting software contains high-level functionality specifically dedicated to this purpose. This saves time on process creation (no need to create an Excel file), allows for data to be saved and reused year over year and makes the budgets easier to manage and amend. Overall, this can halve the amount of time spent on the budget cycle.

Report consistency. These solutions connect employees across the enterprise, ensuring that the budgets have the same readable format no matter who prepares them.

Better forecasting. Computer forecasting programs use complex algorithms that are designed to predict future expenses and sales based on past data. This makes for more accurate forecasts and long-term success.

Market Trends to Understand

Changing markets. The whole point of forecasting is to predict the unpredictable, which is to say rapidly changing markets. Since market trends in your industry are constantly changing, it’s important to select a forecasting solution that can account for these changes.

Increased vertical specialization. Over time, budgeting and forecasting software has become increasingly specialized, adding value according to unique workflow types. Systems are catering to the specific needs of the medical industry, nonprofits, construction companies, engineering firms and others. So if industry specialization is important to you, keep this in mind when evaluating systems.

Increased specialization by industry. Increasingly, consumers are demanding more industry-specific features, and vendors are listening. Products that were once “horizontal”—such as Sage MAS 90/200, QuickBooks and Microsoft Dynamics—are increasingly adding new vertical features to cater to buyers’ specific industries. Make sure to keep a lookout for features that fit your particular industry when investigating tools and solutions.

Software as a service (SaaS). SaaS lowers costs and speeds up implementation for buyers by offering Web-based software that doesn’t need to be installed on-premise. This is more cost effective for smaller buyers. It’s typically offered on a annual or monthly subscription basis, helping firms anticipate and control costs.

The Vendor Landscape

There are a number of considerations when selecting budgeting and forecasting software:

  • Is the system user-friendly: accessible charting/graphing capabilities, online user forums, troubleshooting applications?
  • Does it provide a variety of hypothetical situations for forecasting things like inflation?
  • Can the program involve multiple users for collaboration purposes (i.e., intra-software messaging, multiple users by department, automated combination or comparison of multiple budget submissions)?
  • Does the solution effectively provide reminders for adhering to deadlines?
  • To what degree is the software capable of interacting with important accounting applications or modules, such as general ledger, HR etc.?
  • Does the price range justify the features?
  • Does the program encourage and give reminders for frequent data entry to ensure precise and consistent information storage?
  • Does the software effectively analyze past business performance?

These are some of the major players in the budgeting and forecasting applications market:

Small businesses PlanGuru, Budget Maestro, Epicor
Medium-sized & growing businesses Planning Maestro, Epicor, Adaptive
Large corporations Adaptive Planning, Epicor