Question

How do computers assist in the budget planning process? Search the internet for software companies that offer budgeting programs, and briefly describe how these programs can help in budgeting.

Answer 1

The Computer has become very integral part of the accounting industry every process is inttiated and ended through the system.The budgeting also requires the assisatnce of computers as the compuetrs keep track on the expenses and income and has less manual intervention as calculation are done automatically so it helps in many ways to track our budget and helps in decision making ,these decision can be long term or short term ,so when your expenses increases above the budget limit the computer warns you or sometimes not able to make that expenses as it overrides the budget amount so that can help the companies in controlling the expenses and make a good decision.

The Softwares Which help the company to prepare budgets are

1.Quickbook

QuickBooks is a popular small business accounting and budgeting tool used by accountants all over the world. It provides various features from expense tracking to invoicing, helping companies to get a complete overview of their budgets and forecasts.

Top features:

• Tracking expenses
• Custom invoice templates
• Sending invoices
• Managing and paying bills
• Automatically download & categorize bank transactions
• Profit & Loss, Balance Sheet + more reports

2.Neubrain

Neubrain differs from all the aforementioned tools in that it only focuses on analytics. It acts as a connector of all other financial tools such as QL, SAP, Oracle, PeopleSoft, Dynamics GP, Great Plains, ADP, Excel and more.

Top features:

• Budgeting and forecasting functions, rules, and algorithms
• Salary and benefits forecasting
• Allocations and Activity-based Costing (ABC)
• Budget submission and approval workflows
• Powerful reporting capabilities

What’s special about this tool: Neubrain budgeting analytics software makes your financial data tell a story and helps to make long-term decisions that pay off.

3.Centage

Centage is a comprehensive enterprise budgeting software provider that offers different tools called Maestros for budgeting, forecasting, financial reporting, etc. If you’re looking for a highly comprehensive solution, Centage might be the answer.

Top features:

• Budgeting and planning
• Forecasts
• Financial dashboard and reporting
• Comprehensive analytics

What’s special about this tool: Centage integrates with other widely used enterprise management software like SAGE, Dynamics and QuickBooks.

4.Scoro

Scoro combines budgeting features with other tools to manage your entire company in one system. You can also manage expenses and resources, use a financial dashboard, and manage project budgets.

Top features:

• Budget planning and forecasting
• Financial reports and analysis
• Unlimited project budgets
• Financial KPI dashboard
• Invoicing and professional services automation
• Automated revenue stream from invoices

What’s special about this tool: Scoro combines the tools for budgeting, CRM, and project management so that you can manage your entire business in one solution and access all the financial data in one place.

5.Prophix

Prophix says it has created a software solution for corporate performance management, which means that it includes many smaller tools for managing a company’s resources and planning it’s budgets.

Top features:

• Budgeting, planning, and forecasting
• Financial, statutory and management reporting
• Cash flow planning
• Profitability modelling and optimization
• Personnel planning

What’s special about this tool: Prophix wants to offer its users a wholesome product that scales as the company grows.

6.Planguru

Compared with Centage and Prophix, Planguru is a more simple budgeting software solution, which might be exactly what you’re looking for to manage your small company’s budget.

Top features:

• Pre-built Integrated Financial Statement Structure
• Payroll Utility
• Engagement Tools for Professional Accountants
• 20+ Standard Forecasting Methods
• Forecast using Non-Financial Data

What’s special about this tool: Planguru has a separate analytics tool that helps to get a better overview of financials and make better decisions.