Jake Ballinger

Jake Ballinger - FP&A Writer

September 2022 - min to read

The 20+ Best Forecasting and Budgeting Software Solutions (in 2022)

The 20+ Best Forecasting and Budgeting Software Solutions (in 2022)

Revenue growth is almost impossible without accurate forecasting and budgeting. But how do you create financial forecasts and budgets quickly and efficiently?

Enter forecasting and budgeting software. The right tools help you confidently analyze, plan, and allocate funds to ensure your company's financial health.

Not sure where to start? Keep reading for a walk-through of the best forecasting and budgeting software on the market.

Contents 

  1. What is financial forecasting and budgeting software?
  2. Best forecasting and budgeting software
  3. Other budgeting and forecasting software (free and paid)
  4. Conclusion: choose the best forecasting and budgeting software

What is financial forecasting and budgeting software?

Financial forecasting and budgeting software helps businesses plan, allocate, and consolidate company budgets across multiple departments. These tools take historical data to generate valuable financial insights and projections. 

While some software focuses on either budgeting or forecasting, most combine the two. Additionally, many are part of a more extensive corporate performance management software, often connecting multiple business operations into one platform.

These financial budgeting tools may include integrated business planning, financial budgeting, financial reporting, financial planning, or financial consolidation capabilities as well. Some even let FP&A teams. perform broader integrated business planning!

Budgeting software vs. forecasting software 

A budget’s primary goal is to determine what resources to allocate to each part of the company, from salaries to office supplies. The focus of a budget revolves around cash position, including expected revenues and expenses, to create specific financial goals for the foreseeable future.

Budgeting software helps businesses create and maintain budgets by assessing past budgets, reviewing expenditures, and detecting overspending.

Financial forecasts are snapshots of the future—or of a possible future—as it is best understood today. When creating financial forecasts, teams must examine possible economic outcomes based on the most up-to-date drivers and assumptions. A common practice in budgeting and forecasting is what-if analysis from Excel.

Forecasting software helps you make projections about long-term and short-term financial performance. These tools use historical data, transaction and purchase history, competitor analysis, seasonal and market trends, and more to make profit predictions and inform decision-making. The result is a view of how the business is trending so that the leaders can determine whether they should adjust the existing budgets or plans.  

For example, the budget might assume that the business will hit a $10M revenue target, but the forecast reveals they will only achieve $8M. Given the difference between the forecast and the budget, the business might adjust the variable costs associated with lower revenue while also changing the expense plan to hit cash targets.

(Do you need a refresher on the difference between budgeting, planning, and forecasting? Head here.)

Important features of forecasting and budgeting software

Benefits of budgeting and forecasting software

Best forecasting and budgeting software

1. Cube

blue-cube-logo

Cube is the world’s first spreadsheet-native forecasting tool for businesses of all sizes—but it does much more than forecasting. 

Our cloud-based software helps finance teams work anywhere. We natively integrate with Excel and Google Sheets, so that FP&A teams can plan, analyze, and collaborate even across departments. Cube's single source of truth makes it easy to perform financial consolidation---combining data from multiple Excel spreadsheets and sharing it with leadership over Google Docs.

There are many companies (like Masterworks and SmugMug) that use Cube for nearly all of their company's financial operations. SmugMug even used Cube to rework its budget process and forecasting processes. SmugMug's FP&A team used their existing spreadsheet models to build financial forecasts and rework their budgeting process.

Automate manual workflows, reduce errors, and improve collaboration so you can make smarter business decisions in a fraction of the time.

Cube offers faster time to value (most companies are finished onboarding within two weeks) and is competitively priced.

Convinced? Book your free demo.

Key Features: 

  • “What-if” and Multi-Scenario Analysis: Cube offers specific forecasts with easily adjustable models—see how outputs change with more hires, productivity lags, and more.
  • Customizable dashboards: Use, adjust, and share reusable templates and dashboards.
  • Abundant integrations: Link Cube with endless HR, accounting, sales, or business intelligence software, like Salesforce or ADP—and of course, it’s compatible with any spreadsheet.
  • Multi-currency support: Create rich reports with local and foreign currencies, perfect for North American companies with international clients.
  • Centralized formulas and KPIs: Can’t find a calculation? Cube hosts all of them in one place for easy access and knowledge sharing.

Pros:

  • Quick deployment: Most businesses only need two weeks to implement Cube, while other software can eat up months of onboarding time.
  • Quick and specific analysis: Extensive, quick data collection, quality assurance, and laser-sharp analysis without human error are possible with Cube. Forecasting is easily customizable to answer your business’s unique, burning questions about the future.
  • Intuitive and comfortable: Finance teams don’t have to abandon the spreadsheets they use. Cube lets you pull and push spreadsheet data while speeding up analysis.
  • Expert support: Connect with Cube’s team of finance professionals, including its former-CFO founder, to make the most of the software.

Cons:

  • It’s not for individual business owners: Cube works best for mid-sized businesses.
  • Not yet global: Cube accommodates foreign currency reports. However, Cube doesn't yet sell to European and Asian businesses with the same frequency as it does to North American businesses.

Pricing: 

  • $1,250+/month for lean finance teams
  • $2,450+ /month for companies looking to scale

See detailed pricing for customizable plans

2. NetSuite

Oracle Netsuite

NetSuite Planning and Budgeting helps finance teams automate financial processes to create accurate, accessible reports. Users can choose from customizable templates and workflows to collaborate. 

The platform’s data synchronization capabilities reduce manual processes and offer a more unified and transparent approach to financial processes. A nice bonus? Cube integrates seamlessly with NetSuite.

Key Features: 

  • Scenario planning and modeling
  • Workforce planning
  • Data synchronization
  • Dashboards
  • Microsoft Office integration

Pros

  • Easy comparison of budgets and actuals for decision-making
  • Thorough reports 
  • Users can vote on improvements and updates
  • Templates and workflows

Cons: 

  • Implementation can be bulky
  • Not the most user-friendly

Pricing: 

Annual licensing fees vary depending on users and add-ons, but exact pricing isn’t available on their site. Other sites report steadily increased pricing. 

3. Anaplan

Anaplan_logo (1)

Anaplan is a planning, forecasting, and corporate performance management platform for finance and FP&A teams. It's an expensive enterprise solution for large companies.

Anaplan helps businesses move faster and make complex decisions with input and visibility for all stakeholders. But without a native Excel integration, it can be challenging to adopt. 

Key Features: 

  • Personalized dashboards
  • Cost and profitability analysis
  • Scenario modeling
  • Automated financial reporting

Pros:

  • Supports multiple use cases, like marketing, finance, supply chain, and more
  • User-friendly interface

Cons:

  • Limited performance for giant data sets
  • Not suitable for ad-hoc reporting

Pricing: 

Pricing for the Anaplan platform is available by contacting the company. The platform offers three tiers with increasing services and features. Sites report that entry-level pricing starts from $30,000 to $50,000 annually.

Also read: Anaplan vs. Adaptive vs. Planful vs. Vena vs. Datarails vs. Cube

4. Workday Adaptive Planning

workday-adaptive-planning-logo

Workday Adaptive Planning is budgeting and forecasting software that covers financial, workforce, operational, and sales planning. Customers praise the platform’s user-friendliness and report customization but lament a lack of training and support resources. 

Key Features: 

Pros:

  • Dynamic budget models directly linked to financial data
  • Easy to change data and reflect changes in reports
  • Comprehensive discovery offers multiple KPIs, trends, projections, and breakdowns

Cons:

  • Incompatible with Google Sheets
  • Costly and time-consuming implementation
  • Flexibility isn’t consistent

Pricing: Sources report packages starting at $250/month

5. Planful

Planful-Social-Card-dc025794d4b83bd77fe9208b65b99100 (1)-jpeg

Planful is budgeting and forecasting software that helps companies minimize costs and save time. It allows users to see real-time data, identify issues, and take action to improve financial performance and employee productivity. 

While some customers cite satisfaction with the company’s responsive customer support and regular improvements, others are frustrated with the slow analysis of large data volumes, and some report data inaccuracies.

Key Features: 

  • Data consolidation
  • Drill-down analysis
  • Cash flow and rolling financial forecasts
  • Long-term financial planning

Pros:

  • Suitable for companies of every size
  • Integrations including NetSuite, Microsoft, and Excel

Cons:

  • Hierarchies can’t be scenario-specific
  • Convoluted security settings
  • Bulky expansion and collapse capabilities

Pricing: Planful doesn’t list pricing on their website, but users report the platform to be more expensive than others.

6. IBM Planning Analytics

ibm-planning-analytics-logo

IBM Planning Analytics helps businesses collect and analyze thousands of financial data points to support forecasting and budgeting needs. The AI-powered software bridges department silos to help organizations manage their finances. Users can also connect with dedicated IBM experts to strategize financial goals.

Key Features: 

  • Planning analytics workspace
  • Data visualization
  • Drill-down analysis

Pros:

  • Free trial
  • Real-time data insights
  • Easy-to-use interface

Cons:

  • It can be tricky to implement without coding knowledge

Pricing: 

  • Digital Pack starts at $1,250/month
  • Enterprise Pack pricing is not listed 

7. Oracle Essbase

oracle-hyperion-essbase (1)

Oracle Essbase allows users to optimize Excel spreadsheet data in the cloud, which makes complex hierarchies easier to manage. FP&A teams use it to build complex analytic applications. Essbase operates via a web browser interface or Microsoft Office. 

Key Features: 

  • Reusable and storable formulas in popular query languages
  • 100 pre-built out-of-the-box functions
  • Multidimensional models 

Pros:

  • Rewards program
  • Extensive training materials and documentation

Cons:

  • The interface isn’t user-friendly, heightening the chance of human error

Pricing: Pricing details are unavailable online.

8. Oracle Hyperion Planning

oracle-hyperion-logo

Oracle Hyperion Planning is dedicated budgeting and forecasting software with a Microsoft Office-based interface. They boast a series of robust integrations and workflow capabilities. However, some users report dissatisfaction with Hyperion’s templates. 

Key Features: 

  • Data visualization
  • Scenario planning
  • Financial data consolidation
  • Rolling forecasts

Pros:

  • Ad-hoc reporting
  • Flexible budgeting
  • Easily customizable operating budgets (percentage increases, dollar increases, etc.)

Cons:

  • More suitable for larger organizations, not SMBs
  • High complexity system with a high learning curve

Pricing: 

Not listed or advertised on many sites. 

9. Board

board-logo

Board helps organizations gather financial intelligence and predictive analysis to streamline and transform a business’s financial operations. The company takes pride in unifying departments and adapting to various industries.

Key Features: 

  • Scenario planning
  • Data integrity and security
  • Data visualization
  • Drag-and-drop dashboards

Pros:

  • Multi-language support
  • Quick analysis without sacrificing security
  • No coding required

Cons:

  • Outdated user interface
  • High learning curve

Pricing: Pricing is not listed online, but plans depend on business size, number of user licenses, and customizations. 

10. PlanGuru 

planguru (1)

PlanGuru helps organizations improve financial decision-making with easy general ledger importing to create quick analytics. The budgeting flexibility allows businesses of all sizes—SMBs, startups, or corporations—to optimize processes with the software. While the company offers endless features, some users report glitches. 

Key Features: 

  • 20+ forecasting methods
  • Excel importing
  • 3-way forecasting structure
  • Formula builder

Pros:

  • 30-day money-back guarantee
  • Flexible budgeting
  • Custom business drivers, even for non-financial data
  • General ledger import abilities

Cons:

  • Users report the platform can be glitchy
  • Limited forecasting for multiple years in the future 

Pricing: 

Starts at $99/month

11. Centage Planning Maestro

centage-vector-logo-2021 (1)

Centage Planning Maestro is budgeting and forecasting software that automates tasks otherwise prone to human error. The platform uses driver-based budgets and forecasts and also offers workforce planning. 

Key Features: 

  • Budget comparisons
  • Scenario planning
  • Data visualization
  • Financial forecasting

Pros:

  • Best mid-sized businesses
  • Driver-based budgeting accommodates many factors, like seasonal trends 
  • Multi-planning scenarios

Cons:

  • Limited mobile capabilities

Pricing: There are three pricing tiers: Standard, Professional, and Enterprise. Prices aren’t listed, but sources say plans start at $10,000 annually. 

12. Xero

xero-logo (1)

Xero is a simple accounting software solution that connects with banks for reconciliation through AI. Xero allows its users to manage their accounting needs from one central, easy-to-use platform that saves them time on tedious everyday tasks. 

Bonus? It integrates easily with Cube!

Key Features: 

  • Payment processing
  • Expense claims
  • Reconciliation
  • Data analytics
  • File storage
  • Account reports

Pros:

  • Affordable
  • Accounting dashboard
  • Efficient bookkeeping

Cons:

  • Limited data visualization

Pricing: 

  • Starter: $17/month
  • Standard: $42/month
  • Premium: $54/month 

13. Prophix

prophix-logo (1)

Prophix is a cloud-based financial software solution that automates standard business processes like data importing, pre-built functionality, and reporting. The platform’s AI-powered virtual financial analyst detects human error and any unfamiliar transactions. 

Key Features: 

  • Compliance audit prep
  • Data collection and analysis
  • Driver-based plans and realistic forecasts

Pros:

  • Responsive customer service
  • Organized workflows
  • Drill-down analysis
  • Extreme flexibility 
  • Free trial

Cons:

  • Graphs could be more robust
  • Slow load times
  • Occasional bugs

Pricing: Users report reasonable pricing, but specific pricing isn’t listed online. 

14. Vena Solutions

vena_logo_v1_1__5e8f34e2823bb-1

Vena Solutions is an FP&A tool that helps with business budgeting and financial forecasting by automatically generating forecasts and insights from data.  The software loads automatic data into a single source of truth, so you can spend less time collecting data and more time budgeting and forecasting. 

Vena provides variance analysis, identifies discrepancies, and builds ad-hoc reports for your business. It analyzes your company’s financial health by slicing and dicing data across different entities.

Key Features: 

  • Forecasting
  • Statistical analysis
  • Performance metrics
  • Data visualization

Pros:

  • Flexible models and templates
  • Excel-based
  • Many views based on user permissions

Cons:

  • Report writing can be clunky
  • The run/load time on large complex workbooks takes time
  • Template automation encounters issues due to certain Excel functions used

Pricing: Vena doesn’t list the price on its website, but customers cite its high price as an issue. 

15. Jirav

Jirav-logo

Jirav is cloud-based financial planning and analysis that helps accounting and finance teams budget and forecast without spreadsheets. It’s designed to be completely customizable so you can track, forecast, and share the data that matters most to your business.

It’s best for smaller businesses and organizations without international clients since they don’t have multi-currency capabilities.

Key Features: 

  • Accounting system integrations
  • Side-by-side comparisons
  • Driver-based forecasting models
  • Data consolidation and visualization

Pros:

  • Visually appealing reports and graphs
  • 14-day trial for starter plan

Cons:

  • No multi-currency capabilities

Pricing: 

  • Starter: $500/month
  • Pro: $1,000/month
  • Enterprise: Custom

16. Datarails

DataRails-blueblackoriginal (1)

Datarails uses automated consolidation and reporting to help organizations improve financial decision-making. It provides automatic consolidation and reporting, letting users focus on the insights that can help their business. 

Key Features: 

  • Forecast dashboard
  • Monthly reports
  • Data visualization
  • Financial analytics

Pros:

  • Data visualization helps gain insights
  • Improved transparency with audit trails

Cons:

  • No integration with Excel 2007 or earlier
  • Limited dashboard reporting
  • The software can be glitchy or have long load times
  • Difficult to scale the business due to being built for SMBs
  • No Apple or OS X compatibility---DataRails is for Excel shops only

Pricing: 

  • Not listed or discussed widely on the company site or across other websites. 

17. Solver

solver-logo-final (1)

Solver is corporate performance management software with automated budgeting and forecasting features. Users can forecast financial outcomes weekly, monthly, or annually, accessing critical insights in minutes. 

Key Features: 

  • KPI-based or summarized dashboards
  • Solver Data Warehouse integrates with many data sources
  • Trend analysis
  • Immense chart library
  • Sliding sales simulations

Pros:

  • Report generation resembles Excel
  • Microsoft BI integration

Cons:

  • Limited real-time data
  • Limited version control

Pricing: While pricing is not available on their website, reports note it starts at almost $7,000 a year. 

18. Budgyt

budgyt-72a3bb98

Budgyt is a cloud-based software tool that offers a solution to replace spreadsheets. It’s a financial budgeting tool that delivers solutions for small to medium-sized businesses, non-profits, or larger enterprises with complex needs like cost allocation.

Key Features: 

  • Custom APIs
  • Multi-department budgeting
  • Accruals and formulas
  • Data visualization

Pros:

  • 5-10 day deployment and custom onboarding
  • Affordable

Cons:

  • Integrations (like QuickBooks) can be slow to load
  • Limited reporting capabilities

Pricing: 

  • Easy: $399/month
  • Plus: $699/month
  • Pro: $999/month

19. OnPlan

onplan-logo

OnPlan is Excel-compatible budgeting and forecasting software. It’s best for small-to-mid-sized organizations. OnPlan's strong customer service team helps users maximize its capabilities and offer feedback. 

Key Features: 

  • Driver-based, zero-based, top-down/up budgeting
  • Scenario analysis
  • Interactive dashboards

Pros:

  • Automated board presentations
  • Tailored dashboards with user permissions
  • Integrates with QuickBooks, Sage, Salesforce, Bamboo HR, and more

Cons:

  • Collaboration features lack comments and questions

Pricing: OnPlan offers three pricing plans: Essentials, Growth, and Growth+. The Essentials plan starts at $12,500 per year, while other tiers require you to contact OnPlan for a quote. 

20. Sage Intacct

Sage intacct resized

Sage Intacct is a cloud financial software that lets you build dashboards in minutes. Its general ledger includes eight dimensions, contextualizing transactions, budgets, and operations. 

Key Features: 

  • Accounts payable and receivable
  • Timekeeping
  • Customer data management
  • General ledger

Pros:

  • Payment approvals
  • Customizable dashboards and reporting
  • Integrates with Cube 

Cons:

  • Bulky integrations
  • Limited training and onboarding

Pricing: Sage Intacct advertises “tailored” pricing and invites you to reach out for a quote. Users report expensive plans compared to competitors. 

Other budgeting and forecasting software

We’ve covered the overall best forecasting and budgeting software, but let’s get into some specifics. 

Free forecasting and business budgeting software

You can find smaller-scale personal finance software that’ll help you create and maintain budgets and conduct forecasting. 

Some free budgeting platforms include: 

But here's the thing: for a company to reach its maximum budgeting and forecasting potential, it must invest in a software program. For example, multi-scenario analysis and automated reporting aren't feasible with free software.

Budgeting and forecasting software for small businesses

Small businesses need affordable, efficient, and easy-to-implement forecasting and budgeting software. 

Cube offers SMBs and growing startups the ability to scale at an affordable price. Our spreadsheet-native platform makes budgeting and forecasting simple while adapting to your growth and needs. 

Conclusion: choose the best forecasting and budgeting software 

The best forecasting and budgeting software makes life easier for your finance teams. It helps you grow and optimize your processes, not replace them entirely. 

We can confidently say that Cube is the best and only budgeting and forecasting software that provides you with a platform of tools for all your needs—right where you’re already working.

Whether you already use Excel, Google Sheets, or other spreadsheets, Cube is compatible and bi-directional with any spreadsheet.

Ready to take your forecasting and budgeting to the next level?

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