What to Look For in Budget Forecasting Software

Software Development Engineers in Test

There can be times when it seems like one needs to have mystical powers to correctly forecast the next year’s budget for your business. Fortunately, there is budget forecasting software out there that will eliminate the need for a crystal ball. But what should you be looking for when you get it? Here are some of the highlights you should keep your eyes peeled for when you’re shopping for 

They Make Things Easy to Organize

When you’re looking at the flowchart for your business, it can seem overwhelming, especially if there are a lot of different entities, branches, and other centers. You need forecasting software that can make it simple to do things like separate these things into specific folders or to consolidate all of them into one report at the end. 

They Can Handle Multiple Currencies

 Are you an international company that has offices in different countries? That means that you’re going to be dealing with different currencies. It can be a headache trying to sort all of that out without any sort of help. The best business budgeting software can let you add different currencies so that you can keep track of all of them and be sure to stay in the black.  

They Can Handle All Aspects of Your Business

This means that you will be able to add things like the salaries or wages that you pay, keep track of the stocks that you own or trade in, and also any accruals. They will have rules built in that will make sure that everything you put in will even out. 

They Have Full Integrated Financial Output

You’re going to need to have a lot of information ready to look at with a mere glance. That includes Profit & Loss (P&L), your cash flow, your balance sheet, and your funds flow. You can make any necessary adjustments right then and there. The last thing you want is to have to sift through a lot of different things to find a specific item on the forecast. 

They Have Multi-Year Forecasts

 While the world can change in the blink of an eye and any forecasts can go out the window, it’s still a good idea to be proactive and look ahead to the future. These will give you a general idea of what you might be able to expect in the upcoming years. Then, if things look like they’re either going up or down, you can make changes. 

They Should Be Easy to Implement

Have you worked at a job where they installed new software, and then it took forever to actually get it up and running. Good  business budgeting software will be easy to get up and running in four days, max. That will allow you and your employees to be working, not trying to figure out how to get something to work. You’re not going to be getting good value there. 

The main thing about this software is that you don’t want it to just become a huge spreadsheet that can be hard to track. You also want it to be very flexible so that you can choose what accounts you want to create a budget forecast for. No having to lump all of them together into one. 

While there might be a learning curve if it’s your first time using it, the best software will be very intuitive so that you can quickly get the hang of it and be able to use it regularly. They should have good support so that they can answer any of your questions and swiftly fix any bugs that should crop up. 

If you find that the software that you’re looking at has most of, or all of, these options, then you would do well to get it. Once you do, you can feel more secure about forecasting next year’s budget. You can also keep that crystal ball in storage.  


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