Companies use budgeting and financial forecasting to create a plan for where management wants to take the company and whether it is on the right track. Although budgeting and financial forecasting are frequently used interchangeably, the two ideas are separate. Financial forecasting forecasts the amount of revenue or income that will be achieved in the future. In contrast, budgeting quantifies the anticipation of gains that a corporation wishes to attain for a future time.
13+ Budgeting and Forecasting Software
1. Centage Budget Maestro
2. Planful
3. Adaptive Insights
4. Prophix
5. Jedox
6. PlanGuru
7. Netsuite Budgeting and Forecasting
8. Budgyt
9. Anaplan
10. Onestream Software
11. Vena
12. Scoro
13. Workday
14. Quickbooks
What Is a Budgeting and Forecasting Software?
Budgeting and forecasting software helps businesses plan the financial resources they’ll need in the future to sustain their operations. This type of software aids businesses in forecasting future revenues and costs across different departments or company units. Managers and executives use this sort of software to produce budget tracking and projections for each department. Accountants use budgeting and forecasting software to combine all departmental budgets and create a company-wide budget that specifies how cash will be distributed to each department. Accountants can use this software to spot any changes in revenues and expenditure that could affect the company’s profitability.
Benefits
Software for planning and budgeting that does not provide business benefits is unnecessary. Planning and budgeting initiatives, unlike core transaction systems, are voluntary rather than mandated. Therefore they must pay for themselves in terms of business advantages. Here are a few examples:
- Improved integration of planning/financial reporting/analysis
- Competitive advantage boosted
- More precise/detailed planning/budgeting
- Budgeting results of higher quality
Features
Budgeting and forecasting are the cornerstones of any business’s success, and the digital world has reacted by producing a slew of financial budget tools to assist. With so many options to select from, any organization may discover the budgeting tool that best suits their needs. To help you decide, we’ve compiled a list of the most excellent budgeting and sales forecasting software features that you should consider.
- Streamline the entire Capex planning process.
- Make the spending planning easier.
- Automated allocations of indirect expenses
- Make sophisticated OPEX planning easier to understand.
Top 10 Budgeting and Forecasting Software
1. Centage Budget Maestro
Centage is a SaaS service that enables businesses to make data-driven budgeting, forecasting, and data analytics choices using actionable financial insight, modeling, and reporting. They make $165,000 each year and employ 6,085 people.
2. Planful
Planful develops a cloud-based platform that enables firms to conduct financial modeling and analysis. They generate $58.6 million in revenue and employ 404 people.
3. Adaptive Insights
Adaptive Insights develops and sells cloud-based budgeting software that assists businesses with financial planning and forecasting. They earn $145,000 each year and employ 507 people.
4. Prophix
Prophix creates corporate performance management software that helps firms with budgeting, forecasting, and project planning. They have a revenue of $49.4 million, 341 employees, and an 89% rating.
5. Jedox
Jedox is a cloud-based performance software that helps businesses with budgeting, planning, and forecasting. They have a revenue of $35.4 million, 244 employees, and a customer satisfaction rating of 96%.
6. PlanGuru
PlanGuru is a company budgeting, forecasting, and performance management software that enables businesses and NGOs to make more informed decisions. They generate $2.2 million in revenue and employ 15 people.
7. Netsuite Budgeting and Forecasting
NetSuite provides a cloud-based platform that enables businesses to use enterprise resource planning and e-commerce capabilities. They generate $2147.5 million in revenue and employ 20,108 people.
8. Budgyt
Budgyt is a cost-effective multi-department & multi-user cloud-based budgeting tool that streamlines business budgeting. They earn $145,000 per year and employ 3 people.
9. Anaplan
Anaplan is a company planning and performance management tool that includes predictive analytics and cloud collaboration. They have a revenue of $447.8 million, 1299 employees, and a 71% customer service rating.
10. Onestream Software
OneStream is a SaaS platform in Michigan that delivers corporate performance management solutions to businesses in the healthcare, finance, and manufacturing industries. They make $112.5 million in revenue and employ 776 people.
FAQs
What is financial forecasting software, and how does it work?
Budgeting and forecasting software helps businesses plan the financial resources they’ll need in the future to sustain their operations. This type of software aids businesses in forecasting future revenues and costs across different departments or company units.
What is forecasting software?
Sales forecasting software automates the forecasting process by importing past sales data and analyzing it against mathematical forecasting algorithms that look for trends to generate a projection.
What methods do you use to forecast trends?
You may predict a trend by predicting how long a novelty will last in a year. In other words, wonder is the tidal wave, whereas a trend is what remains on the beach after the tidal wave has passed.
While budgeting and forecasting are valuable tools for assisting business owners in making educated and timely choices, they should not be considered in isolation. A business’s cash flow prediction can help with planning by identifying financial strengths and weaknesses, which feeds the budgeting process. When utilized correctly and for the intended purposes, these tools can be pretty helpful in the decision-making process. They can show you where you need money, where you need to make changes, where you should reward yourself, and where you can progress.
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