4 Tips to Know When Buying Business Budgeting Software

Whether your company is finally moving from a spreadsheet-based system, looking to migrate from another package, or starting from scratch, purchasing business budgeting software is no small undertaking. And now, after experiencing the unknowns and complexities of the past few years, it's more important than ever to invest in the right resources for your organization. Centage’s Centage was named a Best Budgeting Software of 2021 by Digital.com, a leading independent review website for small business online tools, products, and services. Centage was ranked among top solutions for financial planning, forecasting, and reporting based on key features and customer feedback. We are thrilled to be a part of this list and recognize there are many things to consider when vetting potential business budgeting platforms; and the importance of organizations doing their own due diligence to find the right solution. Evaluating the software means understanding what it can do for you today, tomorrow, and well into the future. Here are 4 things to consider when purchasing business budgeting software:

1: How quickly can you start using it?

With some business budgeting platforms waiting is required because of extensive implementation processes and timelines. Not only does this push out the time before you can begin reaping the benefits of the platform, it drives up costs and disrupts the business - as well as chew up your own internal resources. If, however, you consider a cloud-based solution, implementation time from IT may be minimal, costs are reduced, and disruption to the existing process can be all but eliminated.

2: What’s the learning curve?

Learning a new software package can be daunting so pay attention to how easy the software is to use. Is there a high learning curve and a lot of training just to get up and running? How easy is it to create reports? Can the finance team manage the software internally, or will they need IT’s help? Whatever software you choose, make sure the vendor is ready and willing to help you with any questions you run into during set up and use.

3: What’s the technology stack?

Be sure that your new solution will run well for years to come, that it will run smoothly, and that it will operate well with current technology. For the business budgeting solution to be fast, efficient, and take advantage of the ability to import and integrate data from a multitude of sources, it must be built on current technologies. Advanced functions, like dashboards and reporting, require the application to utilize the underlying technology to the fullest. When choosing a cloud-based solution, it should be able to leverage the power of the cloud to give you fast and accurate results - as well as the necessary security.

4: How flexible is the solution?

If your business budgeting solution doesn’t allow for automation and collaboration or requires the finance team to reconcile data from multiple sources, the company can miss opportunities or experience detrimental data errors. The tool you purchase should also be more than just a budgeting tool. Flexibility and availability are key to getting the wide variety of input needed for an accurate budget. The platform should be an investment and with the right features and functionality should help the business budget, forecast, analyze, and understand where the company is and where it is headed.