Pain-free BUSINESS budgeting SOFTWARE

Business budgeting software helps you set spending limits, track expenses, and automate the execution of a company-wide budget. It’s a once-and-done setup to enforce company expense policies powered by the issuing of corporate cards to your team with controls using spend management software. You’ll also get an overview of your growth, profitability, and insights into improving the financial performance of your business.

The best business budgeting tool depends on your situation. However, we recommend looking for an expense management solution that combines corporate cards, budgets, spend controls, expense reconciliation, and financial insights into one platform.

Business budgeting helps you plan how your business spends its money, so you don't spend more than you have in the bank and maintain adequate cash flow to run the business. Effective business budgeting looks at both short-term and long-term expenses, breaks down budgets by department, sets appropriate spend controls for team members, and automates tracking and enforcement of the budget using software.

Here’s a quick way to prepare a business budget:

• Create rules for your budget, such as what portion of your budget goes to each department
• Calculate and compare fixed vs variable expenses
  
• Ensure you have ‘cash in the bank’ beyond the set budget
  
• Establish a vehicle for managing the budget, such as issuing corporate cards to your team and integrating them with spend management software
  
• Set up your master and department budgets using your software of choice to automate its enforcement
  
• Track and analyse your budget’s performance
  
• Make changes as needed
  
• Forecast your revenue
  
• Choose an appropriate business budgeting software

The basic elements of a business budget include:

• Forecasted revenue
• Fixed costs and one-off expenses
• Variable expenses
  
• Money in the bank
  
• Cash flow
  
• Profit