6 Budget Management Tools for Small, Medium & Large Businesses

Budgets 

They have the power to guide your company's direction and help you sweat off stress when the numbers don't make sense. 

But to manage a budget right, you have to include, no joking, at least five crucial things, from expected revenue to contingency plans…

And that's a lot of data for a single spreadsheet to get right.

So what's a business leader to do?

Invest in a budget management software. 

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Here's why 

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Why Do Spreadsheets Don't Always Work for Budget Management?

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There's a difference between creating a budget and managing one. 

Of course, you can use a spreadsheet to add some basic numbers and have a rough idea of where your business is heading, but if you want to move in real-time and adapt according to the circumstances, spreadsheets won't get you too far.

Mistakes happen 

We are all human 

Making mistakes is part of our nature, and there's nothing wrong with it. 

But making constant mistakes regarding financial data can put your business in a dire situation.

And when you have been staring at the same spreadsheet for too long, or someone from another department makes a modification and you know nothing about it…

Well, let's say things become complicated.

Takes too long 

Yep, as simple as that 

Spreadsheets might work just fine for those of you who are only starting in the market, but once you start expanding and operations become more detailed, you won't find the time to manually update all your spreadsheets. 

Little room for collaboration 

When everyone’s emailing different versions of the same spreadsheet, things can get messy fast. There's no built-in accountability, no real-time visibility, and no easy way to enforce budget limits across teams. 

And if you’re trying to track actuals vs forecasts? That’s going to mean even more manual work.

What's Business Budget Software?

The solution that's going to solve all your spreadsheet problems…

But really 

Business budget software is the system you want to use to accurately plan, monitor, and manage your business’s finances. 

Features might change depending on the provider, but things like forecasting, real-time visibility, and scenario planning are usually part of the standard.

And that's where the biggest advantage over spreadsheets lies.

Budget software works at your company's pace with 100% visibility at every step.

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How to Choose a Budget Management Software?

Focus on what really matters for your business.

Do you need large collaboration tools? Are you still on your own and don't have a financial team? 

User friendliness is a must?

As with other business software, you'll find that there's rarely a one-size-fits-all solution, but if we were to choose a budget management software for ourselves, we'd focus on these areas:

Determine your business's complexity 

So you run a start-up? Barely giving your first steps?

Chances are, you won't need the same features as a large or global company, so why would you pay extra money for things you don't use?

The more complex your operations, the more complete your software needs to be.

If that's not the case, you'd be fine with an affordable, simple choice.

Set a list of non-negotiable features 

At the very least, your budgeting software should let you:

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• Build and adjust forecasts
• Create different budget scenarios
• Track actuals vs planned spend in real time
• Integrate with your accounting, ERP, or procurement systems
• Be easy to use 

Easy to use 

This point is so important that it needs to have its own section.

Even the most complete budget management software won't do you any favours if nobody in your team can figure out how to actually use it.

A clean interface, simple setup, and good customer support go a long way, especially if your team isn’t made up of finance experts.

Make sure it's scalable. 

Your company might be small at the moment, but it won't stay that way forever. Once you start growing and your operations reach new levels of complexity, you must rely on a solution that can move fast and be ready to adapt to new challenges. Forecasting might not be a deep requirement for you at the moment, but you can bet it's going to be a must-have next year.

Check the price

Some tools charge per user, others offer flat rates, and many keep enterprise pricing behind closed doors. Whatever the model, make sure it fits your budget and business stage. And always take advantage of free trials or demos, that’s the best way to see if it clicks with your team.

Budget Vs Spend Management Software?

Let's get out of the way:

Budget and spend management aren't the same thing. 

Thus making software solutions different for each case. 

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Budget management software works with you to set the most effective direction for your company's financial resources. Tools like Workday Adaptive Planning, Datarails, and Centage fall into this category. They're built to help finance teams model and adjust budgets based on real-time data.

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Spend management software, on the other hand, works once the budget has been approved and you know there's a clear direction for your company's finances. Here, what you want to achieve is to have better control of your purchases and payments. 

Tools like ControlHub's procurement software are ideal for keeping visibility of every purchase.

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6 Budget Management Software Options for Every Business Size

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There are plenty of solutions out there, but not all of them are built for the same kind of business. 

Some are perfect for small teams that just need to get organized, while others are built to handle complex, multi-department operations. 

Here’s a look at six options, so you can choose the one that fits your requirements best.

QuickBooks 

Are you a solopreneur? Is your business still in the early stages?

Then let's not search further. QuickBooks could be the perfect solution for you. 

Simple and effective, this platform guides you through all the ups and downs of budgeting and accounting. QuickBooks can be accessed from a computer or a phone, so it certainly meets the criteria of moving your business.

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• Best for: Small businesses with basic budgeting needs
• Why it works: Easy to set up, integrates with accounting

FreshBooks

Do you want a platform that's absolutely easy to use?

Are you managing your company's finances pretty much on your own? 

Let's discuss FreshBooks, another beginner-friendly tool that includes basic budget tracking and forecasting.

While it’s not a full budgeting platform, it’s perfect if you want to keep an eye on profitability in a straightforward way.

• Best for: Freelancers or startups with simple operations
• Why it works: Super intuitive and built for non-finance users

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Datarails

Are you a hard fan of Excel? 

This one is for you 

Moving a bit away from small businesses, we find Datarails, a financial planning software that automates budgeting, forecasting, and reporting, all while letting your team keep working in spreadsheets. It’s a great option if your finance team is growing but still relies heavily on Excel.

• Best for: Growing finance teams that love spreadsheets
• Why it works: Combines Excel flexibility with automation

Centage

Have you ever wondered about how your company would react based on certain scenarios? Aside from normal curiosity, these days it is absolutely essential to understand the impact world changes have on your business. 

 Centage is great at that. 

Also known as Planning Maestro, it's designed for businesses that need more control and visibility, but don’t want the complexity of an enterprise solution.

• Best for: Mid-sized companies with multiple teams or locations
• Why it works: Powerful planning tools with user-friendly dashboards

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Spendesk

Need to combine spend management and budget planning in a single place?

Spendesk could be the solution. 

Technically, a spend management software, it's pretty good at offering businesses real-time budget control and visibility. Two things that you can't miss from a successful budget management strategy 

• Best for: Mid-sized businesses that need tight budget enforcement
• Why it works: Tracks spending against budgets in real time, with built-in approvals and customizable spend rules

Anaplan

Anaplan takes things even further with connected planning capabilities. It’s built for big-picture planning across finance, sales, operations, and HR. If you’re running forecasts across a global organization, this might be the one.

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• Best for: Large enterprises with dynamic planning needs
• Why it works: Cross-functional collaboration and scenario modeling

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Final Thoughts 

Budget management sets the foundation for the success of any business.

And while it's something that's not too complicated to grasp, some aspects can make it difficult if you are still handling the process the old way.

If you're still relying on spreadsheets, now might be the time to upgrade. 

Not because Excel is “bad,” but because there are smarter tools built to save you time, reduce errors, and give you better visibility across the board.

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Key Takeaways 

• Budget management software helps you plan where your money should go through forecasting, allocation, and tracking.
• Spend management software helps you control how money is actually spent by enforcing budgets and approvals in real time.
• Spreadsheets still work, but they become risky and inefficient as your business grows.
• The right tool depends on your size and needs:
• Small businesses: QuickBooks, FreshBooks
• Medium-sized teams: Datarails, Centage, Spendesk
• Enterprise-level: Anaplan
• Look for key features like real-time tracking, integrations, user roles, and reporting tools.
• Don’t underestimate usability; tools your team won’t use won’t help.

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