You can read more basics about budgeting software for business elsewhere on our site. Some might dismiss budgeting and forecasting software as being in the same category as crystal balls and tea leaf readings, but there is a logic and predictability to numbers. This same logic of numbers has made people like Warren Buffet and Bill Gates extremely rich due to their ability to see the future. The fact is that forecasting is as predictable as the weather you might take it with a grain of salt, but you're a fool to ignore the forecast.
Systems that promise financial prophecy include PROPHIX, Clarity and Aspentech. Search our resources for forecasting software to find out what these companies have to offer.Some budgeting software leaders
In 2004, Oracle made the last big splash in budgeting software, debuting its updated Enterprise Planning and Budgeting. At this writing (late 2005), this software remains the benchmark in corporate budgeting. The price on this is $2,995 for a run-time license.
Its main competitor in this category is Cognos, which also offers an integrated package of software for planning, budgeting, forecasting consolidation and financial reporting.
OutlookSoftis robust CPM software that is compatible with and powered by Microsoft Business Intelligence Software. This is the software of choice for tens of thousands of top corporations.
All companies that offer integrated packages allow corporations to do some forecasting and planning. These are never failsafe of course, but there are some important points to consider:
- Budgeting software of any kind allows your financial department more time to analyze data. Traditionally, finance departments have been busy putting pen to paper just to keep up with the latest (or to catch up, more often). Its the analysis of data that is going to give you an edge in the future, and software that can not only facilitate this but help you do it is going to be worth investing in.
- Having your budget up to date will also facilitate better analysis and forecasting.
Of course, the budgeting software you purchase must be compatible with other software and systems that you use. All essential precautions concerning software purchasing apply.