Best business budgeting software to look at in 2021 (2022)

As the tax season comes to an end, the time comes for businesses to analyze what they did well and what can be improved. And also, plan finances for the upcoming year. Everyone who has ever done budgeting understands the power of accurate and timely reporting, the price and the amount of time it takes to input all the information before you can receive any report.

In this article, you’ll find an overview of small business budgeting software you can look at in 2021 to simplify the process of financial planning and budgeting for your business.


  1. QuickBooks – Best software for small business accounting needs

  2. Xero – Best accounting features in one app

  3. Freshbooks – Best software for basic business budgeting needs

  4. Dynamics 365 – Best company budget software

  5. Expensify – Best business budget software for receipts and expense management

  6. NetSuite – Best financial planning and budgeting software for mid-sized business and enterprises

  7. Sage Intacct – Best business budget software for mid-sized companies

  8. Workday Adaptive Planning – Best business financial planning software

  9. Kashoo Online Accounting – Best accounting software for small business

  10. PlanGuru – Best budget planning software

    (Video) Best Business Budgeting Software for Your Business

1. QuickBooks – Best software for small business accounting needs

QuickBooks is the number one accounting software that helps small businesses with covering their accounting needs. The solution helps to create and send custom invoices, sales receipts, or estimations in two clicks. Besides, QuickBooks can track income and expenses, and you can even take photos of receipts and save them in the QuickBooks Online mobile app.

QuickBooks Online will be available for you any time anywhere, and the information is updated in real-time. All you need is an internet connection and a device that you can use to log in.

In addition to the standard set of features, QuickBooks Online offers:

  • 1099 contractors management
  • Batch invoices and expenses
  • Customizable access by role
  • Project profitability tracking
  • Exclusive premium app integrations

As well as receiving ready-made solutions for all your accounting needs, you get access to a team of accountants who you can contact if you ever need help or advice.

QuickBooks Online pricing

The app has four pricing models that are called Simple start, Essentials, Plus, and Advanced. Right now they’re available with a 50% discount and cost $12,50, $20, $35, $75 for a monthly subscription.

The plans have limitations in features. For example, the inventory tracking feature will be available starting with the Plus plan, and you can customize access by role only when you purchase the Advanced.

All the plans allow a certain number of users: Simple start allows one, Essentials – three, Plus – five, and Advanced allows for twenty-five users.

There is also a free trial period to see if the app is perfect for you.

2. Xero – Best accounting features in one app

Xero is an accounting and budget software for small businesses, bookkeepers, and accountants. Featuring pretty comprehensive accounting functionality, it also connects with 800+ smart business apps for inventory tracking, time tracking, payments, invoicing, and CRMs. So if you don’t find a specific feature in Xero, you will most likely find it within their integrations.

Within Xero, you can:

  • Pay bills
  • Claim expenses
  • Accept payments
  • Reconcile bank transactions
  • Manage payroll
  • Apply sales taxes automatically

Xero offers a standard set of features for each pricing plan and add-ons that you can purchase extra to customize your plan when needed.

Xero pricing

Xero offers three pricing options: Starter, Standard, and Premium, for $20, $30, and $40 per month, which you can cancel at any time. By purchasing any plan, you get access to the Hubdoc integration (as long as you are subscribed) and the 24/7 support service.

If you are not sure whether Xero is the best option for you, you can give it a try, activating a free trial.

(Video) TOP 5 Accounting Software For Small Businesses 2022 - Quickbooks vs xero vs freshbooks vs wave

3. Freshbooks – Best software for basic business budgeting needs

Freshbooks is an app with 24+ million users worldwide. It can be a brilliant fit for freelancers, self-employed professionals, businesses with employees, and businesses with contractors.

Among the features that it offers, you might love:

  • Payment reminders
  • Automatic late fees
  • Accepts credit cards
  • Recurring invoices
  • Multi-currency billing
  • Multi-language invoices
  • A chrome extension for time tracking

If you want to extend the functionality to make it more convenient for your business, Freshbooks offers 110+ integrations with different apps like payment processors, invoicing platforms, and payroll systems.

Freshbooks pricing

Freshbooks comes with four pricing plans: Lite, Plus, Premium, and Select for $13.50/mo, $22.50/mo, $45/mo, and custom pricing. Often, there are special pricing offers, so if you stay tuned, you can get quite a bargain.

All the plans have their limits for the number of billable clients and features available, starting with five clients for the Lite plan, and finishing with more than 500 for the Select.

If you believe that your plan lacks some features that you might need, you can either upgrade or look through the list of add-ons available to purchase. It is pretty flexible, and you can go with a better fit.

There is a 30-day free trial with all the features unlocked. So you can see how it works and understand whether the solution suits your needs and is convenient to use.

4. Dynamics 365 – Best company budget software

Dynamics 365 used to be among the top 20 budgeting software in 2020 and is definitely worth paying attention to in 2021. The app is a full-body CRM that, besides budgeting, allows you to keep track of clients and communications and plan marketing activities around the provided statistics.

Dynamics 365 will improve your control over business finances and help you to make timely and well-informed decisions with the help of its embedded analytics and AI-driven approach.

Among the features you can find:

  • Cash management
  • Forecasting
  • Income & Balance sheets
  • Multi-department project management
  • Asset management
  • General ledger
  • Profit & Loss statements

Dynamics 365 pricing

Dynamics 365 doesn’t offer any free plan. However, a free trial is available to test the functionality of the solution.

Among paid plans, you will find Customer Engagement Plan for $115/mo, Unified Operations Plan for $190/mo, and Dynamics 365 Plan for $210/mo. Note that all the prices are not only per month but also per 1 user. Thus, you will need to multiply this cost by the number of intended users of the system.

5. Expensify – Best business budget software for receipts and expense management

Expensify helps to track receipts and expenses on the go. The app allows you to upload photos of your receipts, automatically categorize them, and submit them into your accounting system. Expensify integrates with QuickBooks, Xero, Sage, and other apps. It offers an extensive set of features, including:

(Video) The Importance of Budgeting Software for Your Own Financial Needs

  • One-click receipt scanning
  • Corporate card reconciliation
  • Multi-level approval workflows
  • Audit and compliance
  • PCI security
  • What-If Scenarios
  • Forecasting

Expensify will fit individuals and organizations from different industries and of various sizes.

Expensify pricing

The pricing varies based on the types of users – individuals and groups.

  • Individuals have to pay $4,99/mo separately for tracking and submitting and are limited by the number of trackings and submissions (25 per month).
  • Group users pay for collection and control $5/mo and $9/mo per service per one user.

There are also some services that you can use for free and a trial period as well.

6. NetSuite – Best financial planning and budgeting software for mid-sized business and enterprises

NetSuite helps to manage finances with forecasting by comparing and analyzing current results with what a company can achieve in the future. The app is the best cloud ERP and financial management provider.

Specific budgeting features include:

  • What-If scenarios
  • Asset management
  • Cash management
  • Consolidation
  • Forecasting
  • General Ledger
  • Income & Balance sheet
  • Multi-company management
  • Multi-department management
  • Multi-project management
  • P&L reports

There are many more features useful for accounting, accounts payable, accounts receivable, resource planning, manufacturing, e-commerce, and more. NetSuite will fit a mid-sized business or a large enterprise.

NetSuite pricing

NetSuite plans start at $499/mo, with other pricing information available upon request.

7. Sage Intacct – Best business budget software for mid-sized companies

Sage Intacct provides a more detailed look at the scalability and flexibility of a business. Sage allows businesses to automate ordering processes, keep track of company performance, communicate between departments, and find ways to grow customer satisfaction.

Among all the features you may be interested in are the following:

  • Accounts Receivable
  • Bank reconciliation
  • Billing & Invoicing
  • Expense Tracking
  • Fixed asset management
  • Fund accounting
  • Payroll management
  • Project accounting
  • Purchase order management
  • Tax management

Sage Intacct pricing

The pricing policy of this application appears to range from $15,000 and $60,000. To get more information about the Sage Intacct pricing, you have to contact them directly. To find out if it’s worth the money, you can start with a free trial.

8.Workday Adaptive Planning– Best business financial planning software

Workday Adaptive Planning aims at better forecasting, planning, and business growth. Within the app, you can plan finances, workforces, and sales. Besides, you receive updated information from ERP and HCM systems and track the current tasks of employees.

As for working with finances, you can significantly reduce reporting time, analyze a large amount of information, and integrate the app with other systems like Oracle, NetSuite, Sage Intacct, and more.

Powerful features you can find:

(Video) Best Business Budgeting & Financial Forecasting Software | Star for Free | myplan

  • Competitive analysis
  • Correlation analysis
  • Dynamic modeling
  • Exception reporting
  • Graphical data presentation
  • Modeling & Simulation
  • Performance metrics
  • Sales trend analysis
  • Statistical analysis
  • Donation tracking
  • Payroll management

Workday Adaptive Planning will suit those companies that use spreadsheets to cover their basic budgeting needs and want to deal with the issues that can occur when using spreadsheets.

Workday Adaptive Planning pricing

Workday Adaptive Planning offers a flexible set of pricing packages that depend on your business size and needs. The better way to learn what exactly it may cost you is to contact them directly.

However, there are free trials available for both standard and enterprise packages.

9. Kashoo Online Accounting– Best accounting software for small business

Kashoo makes it easier to do accounting for a small business. The app will automatically sort and categorize all the transactions of your business. They have implemented OCR technology to be able to scan receipts and import+categorize them in your accounting company. Whenever you have a new vendor you haven’t worked with yet, Kashoo will create a new contact in the contact list with no need for you to enter any information manually.

The advantages you receive when working with Kashoo Online Accounting:

  • Categorization with Machine Learning
  • Easy reconciliation
  • Income & Expense tracking
  • OCR receipt import
  • Easy to receive financial reports

Kashoo can suit small businesses and individuals that look for a solution at an affordable price.

Kashoo Online Accounting pricing

Kashoo doesn’t have any free version of the app but offers a 14-Day free trial, and then, it will charge $16.65/mo for the annual subscription or $19.95 if you prefer to pay monthly.

10. PlanGuru– Best budget planning software

PlanGuru has over twenty methods for analyzing and forecasting budgets with balance sheets, income, and cash flow statements. With the app, you can set goals for your company and see if you’re progressing or not. The forecasting feature helps with decision making and seeing what is achievable. You will also have access to strategic planning that will correct you and present to your employees what the company will focus on in the nearest future. It is proven that a team with a clear goal that everyone understands will be the most productive.

Among the abilities that the app has, you’ll find:

  • QuickBooks, QuickBooks Online, Xero, and Excel import
  • Budget forecast for up to 10 years
  • Built-in templates for financial statements
  • 20+ Standard forecasting methods
  • Forecasting with non-financial data
  • Payroll
  • Custom report builder for Excel

PlanGuru will be a match for a small business, accountant, business advisor, or nonprofit organization.

Besides all the integrations and functions, there are also some resources to learn more about the app. You can sign up for a live demo, watch video tutorials or visit the knowledge base.

PlanGuru pricing

PlanGuru exists in two versions: cloud-based and desktop. The cloud-based app is available from $39/mo with $29/mo for additional users. Year plans cost $899/year with $299/year for additional users.

PlanGuru Desktop prices range from $99/mo and $29/mo for additional users to $899/year with $299/year for additional users.

(Video) Business Budgeting Software | How to plan budget for business | myplan software tutorial

If you are unsatisfied with PlanGuru, the app offers you a 30-day money-back guarantee.

The bottom line

Well, such a variety of solutions can ensure that, most likely, you’ll find the best fit for your business. At the same time, it can be pretty complicated and confusing to understand what to go with. So I would recommend starting with analyzing the issues that your company is experiencing and that you need to solve. Thus, it will be easier to understand what features you might need in the software and base your research and choice on them.

I hope that this article will help you decide on the best budgeting software for your business a little bit easier.


What is the best tool for successful budgeting? ›

From old-school methods to the latest apps, here are 10 simple and free budgeting tools to keep your spending on track:
  • Spreadsheets.
  • Worksheets.
  • Banking tools and apps.
  • Mint.
  • Honeydue.
  • SoFi Relay.
  • Goodbudget.
  • Truebill.

What is the easiest budgeting tool? ›

Best free budgeting tools
  • Best free spreadsheet for anyone: Google Sheets.
  • Best overall free smartphone app: Mint.
  • Best free smartphone app for beginners: Goodbudget.
  • Best free smartphone app for investors: Personal Capital.
  • Best free desktop software for small business owners: GnuCash.

Which software will you use to plan budgets and make expense sheets? ›

QuickBooks Online (QBO) is a small business accounting and budgeting tool used by small business owners and their accountants all over the world. QBO is one of the most robust accounting tools in the market and comes packed with budgeting features including: expense tracking, budget plans and custom reporting.

What would be the most suitable application for budgeting analysis and forecasting? ›

Workday Adaptive Planning, formerly known as Adaptive Insights, provides enterprise solutions for planning, modeling, budgeting, and forecasting for financial, workforce, and sales needs.

What are the four main budgeting tools? ›

There are four common types of budgets that companies use: (1) incremental, (2) activity-based, (3) value proposition, and (4) zero-based. These four budgeting methods each have their own advantages and disadvantages, which will be discussed in more detail in this guide. Source: CFI's Budgeting & Forecasting Course.

What are the four 4 main types of budgeting methods? ›

There are four common types of budgets that companies use: (1) incremental, (2) activity-based, (3) value proposition, and (4) zero-based. These four budgeting methods each have their own advantages and disadvantages, which will be discussed in more detail in this guide.

When budgeting What is the 50 30 20 rule? ›

Key Takeaways. The rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must-have or must-do. The remaining half should be split up between 20% savings and debt repayment and 30% to everything else that you might want.

Is Excel good for budgeting? ›

Excel Really is One of the Best Budgeting Tools Available

And not only because it's totally customizable! A lot of Excel users find that creating a hands-on budgeting spreadsheet helps them analyze where their money is coming from (and also where it's going).

What software do budget analysts use? ›

Budget analysts use spreadsheet, database, and financial analysis software. Many organizations now use Enterprise Resource Planning (ERP) programs as part of the budgeting process.

How do you track a small business budget? ›

How to track your small business expenses
  1. Step 1: Open a business bank account. ...
  2. Step 2: Choose an appropriate accounting system. ...
  3. Step 3: Choose cash or accrual accounting. ...
  4. Step 4: Connect your financial institutions. ...
  5. Step 5: Begin managing receipts properly. ...
  6. Step 6: Record all expenses promptly.
18 May 2022

Does Microsoft have a budgeting software? ›

My Monthly Budget provides a simple, visual way to help you manage your expenses and bills. With My Monthly Budget you can set budgets for eating out, entertainment, shopping, groceries and more. You can keep track of your bills and know which bills have been paid for the month.

What are the 3 forecasting techniques? ›

There are three basic types—qualitative techniques, time series analysis and projection, and causal models.

Which forecasting method is most accurate? ›

Of the four choices (simple moving average, weighted moving average, exponential smoothing, and single regression analysis), the weighted moving average is the most accurate, since specific weights can be placed in accordance with their importance.

What are the 2 main methods of forecasting? ›

There are two types of forecasting methods: qualitative and quantitative. Each type has different uses so it's important to pick the one that that will help you meet your goals.

What are the 6 major types of budgets? ›

Different types of budgets
  • Master budget. A master budget is an aggregation of lower-level budgets created by the different functional areas in an organization. ...
  • Operating budget. ...
  • Cash budget. ...
  • Financial budget. ...
  • Labor budget. ...
  • Static budget.

What are the 7 types of budgeting? ›

The 7 different types of budgeting used by companies are strategic plan budget, cash budget, master budget, labor budget, capital budget, financial budget, operating budget.

What are the 3 types of budgets? ›

The three types of annual Government budgets based on estimates are Surplus Budget, Balanced Budget, and Deficit Budget.

What is the new approach to budgeting? ›

The new budget approaches help expanding the concept and context of performance from the point it covers cost-efficiency towards cost-efficacy, to be thenceforth defined as the level of progress achieved by public activities in 'intended effects' instead of 'actual outcomes' obtained.

What are the three 3 commonly used capital budgeting techniques? ›

Capital budgeting is the process by which investors determine the value of a potential investment project. The three most common approaches to project selection are payback period (PB), internal rate of return (IRR), and net present value (NPV).

What are the 2 basic types of budgets? ›

There are two types of federal budgets—capital and revenue. Master Budget: It is a culmination of various lower-level budgets prepared for different areas of business operations. read more.

Which budgeting method is best for business? ›

Activity-based budgeting is an effective method for identifying the exact cost of activities and expenditures so that businesses can better manage their money and eliminate unnecessary expenses. In turn, eliminating these costs can increase profits while strengthening relationships with customers.

Is the 50 30 20 rule weekly or monthly? ›

What is the 50/30/20 budget? The 50/30/20 rule is a popular budgeting method that splits your monthly income among three main categories.

What are the 3 major components of the budget process? ›

The federal budget comprises three primary components: revenues, discretionary spending, and direct spending.

What is the 70 rule in budgeting? ›


You take your monthly take-home income and divide it by 70%, 20%, and 10%. You divvy up the percentages as so: 70% is for monthly expenses (anything you spend money on). 20% goes into savings, unless you have pressing debt (see below for my definition), in which case it goes toward debt first.

What is the 90 10 budget rule? ›

What Is the 90/10 Strategy? Legendary investor Warren Buffett invented the “90/10" investing strategy for the investment of retirement savings. The method involves deploying 90% of one's investment capital into stock-based index funds while allocating the remaining 10% of money toward lower-risk investments.

What are the four walls? ›

As Dave Ramsey lists them, the four walls are food, shelter (including utilities), transportation, and basic clothing.

What is the 70 20 10 budget rule? ›

How the 70/20/10 Budget Rule Works. Following the 70/20/10 rule of budgeting, you separate your take-home pay into three buckets based on a specific percentage. Seventy percent of your income will go to monthly bills and everyday spending, 20% goes to saving and investing and 10% goes to debt repayment or donation.

Does Microsoft Office have a budget template? ›

DIY with the Personal budget template

This Excel template can help you track your monthly budget by income and expenses. Input your costs and income, and any difference is calculated automatically so you can avoid shortfalls or make plans for any projected surpluses.

What is the most commonly used tool for financial analysis? ›

Commonly used tools of financial analysis are: Comparative statements, Common size statements, trend analysis, ratio analysis, funds flow analysis, and cash flow analysis.

How do small businesses keep track of everything? ›

Here's how to stay organized in 2021 and beyond.
  1. Organize Your Small Business Office Space and Storage. ...
  2. Keep Track of Customer Support for Your Small Business. ...
  3. Plan Your Small Business's Social Media Campaigns in Advance. ...
  4. Manage Your Small Business's Expense Receipts. ...
  5. Have Your Small Business Go Paperless.

Can QuickBooks track budgets? ›

Once your budgets are in QuickBooks, you can review and adjust them, and run financial reports to compare your actual sales and expenses with your budget. Tip: You can make a budget at any time, but year end is a great time to start planning for the year ahead.

Is Mint good for small business? ›

A well-known personal expense tracker, Mint is also a simple tool for smaller businesses and freelancers to track where money is going. It lets you create budgets and goals within the app, and track your credit score.

Does Google have a budget tool? ›

This free add-on allows you to use Google Sheets as a budgeting application. Setup categories/subcategories for income and expenses, then enter your transactions. A Expenses tab will allow you to analyze your expenses by category for every month and compare that to your budget.

What is the most popular forecasting method? ›

#1 Straight-line Method

The straight-line method is one of the simplest and easy-to-follow forecasting methods. A financial analyst uses historical figures and trends to predict future revenue growth.

How do you forecast in Excel? ›

On the Data tab, in the Forecast group, click Forecast Sheet. In the Create Forecast Worksheet box, pick either a line chart or a column chart for the visual representation of the forecast. In the Forecast End box, pick an end date, and then click Create.

What are the 7 steps in the forecasting system? ›

These seven steps can generate forecasts.
  • Determine what the forecast is for.
  • Select the items for the forecast.
  • Select the time horizon. Interested in learning more? ...
  • Select the forecast model type.
  • Gather data to be input into the model.
  • Make the forecast.
  • Verify and implement the results.

Which software is best for forecasting? ›

Our Picks for Best Sales Forecasting Software
  • Anaplan.
  • IBM Planning Analytics.
  • InsightSquared Sales Analytics.
  • Sales Cloud from Salesforce.
  • Workday Adaptive Planning.
  • Prophix Software.
  • Centage Planning Maestro.

Which is the #1 rule of forecasting? ›

The first law of forecasting is that forecasts are always wrong. The important thing is to understand how wrong the forecast is, and how to improve the accuracy to a point where realistic planning can be achieved.

Which is the fastest forecasting technique? ›

Ratio-trend analysis: This is the quickest forecasting technique. The Technique involves studying past ratios, say, between the number of workers and sales in an organization and forecasting future ratios, making some allowance for changes in the organization or its methods.

What are the 3 most important components of forecasting? ›

Elements of Forecasting:
  • James W. Redfield has summarized the essential elements as follows:
  • Developing the ground work:
  • Estimating future business:
  • Comparing actual with estimated results:
  • Refining the Forecast Process:

What is the most commonly used method of budgeting? ›

1. Incremental budgeting. Incremental budgeting takes last year's actual figures and adds or subtracts a percentage to obtain the current year's budget. It is the most common type of budget because it is simple and easy to understand.

What are budgeting tools? ›

What is Budgeting Tool or Software? (Definition) Businesses use budgeting software to track, record, and report their budgets. In a matter of a few clicks, budgeting software can help you create powerful profit & loss statements, cash flow reports, and more.

What is the 50 30 20 budget method? ›

One of the most common percentage-based budgets is the 50/30/20 rule. The idea is to divide your income into three categories, spending 50% on needs, 30% on wants, and 20% on savings. Learn more about the 50/30/20 budget rule and if it's right for you.

What is the 50 30 30 budget rule? ›

The rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must-have or must-do. The remaining half should be split up between 20% savings and debt repayment and 30% to everything else that you might want.

Which is the latest budgeting technique? ›

Zero-based budgeting offers new insights on how to build your budget, but it's known to be a very time-consuming approach because of how often budgets need to be evaluated and adjusted.

What is the 20 80 Rule money? ›

It directs individuals to put 20% of their monthly income into savings, whether that's a traditional savings account or a brokerage or retirement account, to ensure that there's enough set aside in the event of financial difficulty, and use the remaining 80% as expendable income.

What is the golden rule of monthly budgeting? ›

When you make a monthly budget, consider overestimating your expected costs. This way, you may end up with leftover funds, which can go right into savings. Real-life reasons to save are the best motivators.

What is budget Golden Rule? ›

The "Golden Rule" of government spending is a fiscal policy stating that a government should only increase borrowing in order to invest in projects that will pay off in the future. Under the Rule, existing obligations and expenditures are to be financed through taxation, and not issuing new sovereign debt.

What does Dave Ramsey say about budgeting? ›

A budget is a plan for how you're going to spend your money. It puts you in charge and in control of every dollar that you earn or spend. Dave recommends telling every dollar where it should go—before the month begins—using a zero-based budget. This means that your income minus your expenses equals zero.


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