The budget is something that every company needs to know how to handle carefully. The small business budgeting software is one of the best tools that has been invented for people to control this.
There are personal budgeting softwares and some special ones for businesses, and there are many differences between them. We will focus on the best small business budgeting softwares there are for your business.
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Of course, you can simply calculate budgets, expenses and other data with an excel page. But the budgeting softwares save you all of the time and effort of doing all of this manually.
Not to mention, despite some of them require that you personalize them and tweak them until the fit your company. they are still a lot easier to use than excel. Knowing and employing the budgeting softwares for small business can make your life easier.
The best small business budgeting software
There is no absolute best winner of the competition for the best budgeting softwares. Everything will depend on your company’s characteristics. For example, you can’t pretend to use the same exact software on: A 100 employees company and a 10.000 employees company and expect it to work, right?
There are some parameters, you can use one or other budgeting software, here is a list of the best you can try:
- You Need A Budget (YNAB): is one of the best budgeting softwares of 2021. It tends to teach you how to budget rather than simply automatizing all of the process. TNAB is excellent, the thing is that you will have to invest some time learning how to use it, nothing dramatic though. It’s 12$ a month. (https://www.youneedabudget.com/features/)
- PocketGuard: is an interesting budgeting software that was designed for the budgeting beginners. It’s very intuitive and it can help you know the basics of budgeting really quickly. Most of their features are free, but there are some of them you have to pay for. A fair option for anyone. (https://help.pocketguard.com/hc/en-us)
- EveryDollar: From all of these this is probably the easiest to use, you can create a budget in 10 minutes with this! It has a free version, and it was developed by the budgeting expert Dave Ramsey. However, this is probably not the best for big businesses, and its paid version is around 240$ a year. (https://www.ramseysolutions.com/ramseyplus/home)
There are many more budgeting softwares for small businesses you can try, these are just some suggestions.
Which software could you use for creating a business budget?
As the most balanced option we can offer: Personal Capital is one great option that was made especially for investors. It’s completely free, and it will display in a very convenient way our budget in a dashboard. It’s simple and allows you to monitor all of the transactions you do. I think that’s all you need from a free small business budgeting software.
How to budget your company?
To create a small business budget, you need to take into account all of the transactions of your company. You need to calculate all of the expenses and incomes that you have in certain time. Then, align all of this information with your short and mid-term goals to grow as a company.
That could be getting more income, increasing capital, or shortening expenses. We can give you some steps:
- Tally Your Income Sources
- Determine Fixed Costs
- Include Variable Expenses
- Predict possible Spends
- Get it All Together
This is pretty much what you can do. Depending on the budget you handle you can skip one step or two. Again, it will not be the same process for all of the companies, but this is pretty much how it is generally.
What is the best free budgeting software?
Again there are many free budgeting softwares. We will give you a list of three free-only budgeting softwares:
Mint: This is a free online small business budgeting software for QuickBooks that you can use. It’s very simple to learn and 100% free, is one of the best to have a full controlled overview of your budget.
GnuCash: Differently to Mint this is a desktop software that you have to install, but this has many more options. This is perfect if you are first joining the budgeting world, and you want to get started.
If you don’t like any of these options you can go with the previously mentioned Personal Capital, which is also free.
What are the Benefits of a budgeting software?
The budgeting will be your base to arrange your future goals. Budgeting is so important so you keep in check that you are going for a good path. It could also tell you where are the mistakes of your company and why is not growing anymore.
It should show you the path to follow and get a good improvement in your company. It maintains your capital monitored and will suggest you the course of action, so you have healthy finances.
The greatest companies in the world have organized budgeting softwares to keep in check their labors.
Which software is used for calculating and budgeting?
If it comes to the most popular of all of them, we should definitely talk about QuickBooks. It’s an accounting and budgeting tool in one, that you can use for any business of any size.
Of course, you will have to know how to configure it, but is very easy to learn. It’s the most used in the world.
How do I use QuickBooks as a budget?
The first thing to do is to enter all of your company’s data, the program will ask for basic information. QuickBooks will review the information provided, preferably from a year before.
Then, you can set the budget you have and how you want to spend it or invest it if you prefer. Apart from that you have to create a forecast and review them together.