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  • 10 Best Business Budgeting Software Tools for 2023

PlanGuru: Income Statement

  • Detailed forecasting capabilities
  • Compatible with Excel and QuickBooks
  • Suitable for small to medium-sized businesses and nonprofits

Prophix: Unified Platform

  • Cloud and on-premise implementation
  • Spreadsheet-style interface
  • Supports all types of financial and non-financial budgeting

Budgyt: Users

  • Cloud-hosted
  • Easy-to-use by any industry
  • General ledger import/export feature

1 PlanGuru - Best Overall

2 prophix - best for large organizations, 3 budgyt - best for small to medium-sized businesses, 4 float - best for visual storytelling, 5 scoro - best for integrated financial management, 6 datarails - best for mid-sized companies, 7 mosaic - best for real-time collaboration, 8 workday - best for streamlining workflows, 9 quickbooks online - best for small businesses, 10 onestream - best for corporate finance, criteria for recommending business budgeting software, what is business budgeting software, benefits of business budgeting software, choosing the right business budgeting software, frequently asked questions, all products.

Having the right budgeting software is crucial for staying ahead of the competition and making informed financial decisions. We’ve compiled a comprehensive review of the top 10 business budgeting software solutions for 2023, highlighting their unique features and benefits to help you make the right choice.

Why We Chose It: PlanGuru shines for its detailed forecasting abilities, tailor-made for small to medium-sized businesses and nonprofits. The software plays nice with Excel and QuickBooks, making it easy to plug into existing workflows. Features like cash flow projections, financial ratios, and debt modeling allow users to manage budgets using real-time cash flow data.

Despite its power, the software keeps its pricing under wraps, which might make budgeting for the budgeting software a bit ironic. Still, for detailed financial planning, PlanGuru is tough to beat.

PlanGuru: Income Statement

Why We Chose It: Prophix stands out as the ideal budgeting software for large organizations due to its robust set of features designed to streamline complex processes. It uses OLAP technology for multi-dimensional planning, which ditches the clunky spreadsheets and broken formulas for a more seamless planning model.

Prophix also automates the cumbersome tasks of data collection, versioning, and consolidation, saving both time and resources. With built-in capabilities for top-down and bottom-up planning, organizations get the flexibility to approach budgeting and planning in a way that aligns with their specific needs.

The software excels in fostering collaboration across teams, offering functionalities like task ownership and deadline reminders to keep everyone aligned. Additionally, Prophix uses artificial intelligence to automate repetitive tasks and provide deep data insights, freeing up managers to focus on more strategic work. Its reporting features are particularly strong, enabling automated maintenance and updates, and providing actionable insights through personalized dashboards.

Prophix: Unified Platform

Why We Chose It: Budgyt offers a user-friendly interface combined with powerful budgeting features, making it ideal for small to midsized businesses. With its scalability, robust reporting tools, and real-time data updates, Budgyt streamlines budget creation and tracking, thereby saving time and reducing errors.

Its budget versioning and “what-if” analysis allow businesses to quickly adapt to market changes. Also, the software’s accessibility across devices makes collaboration easy, ensuring that team members can contribute to budget planning and monitoring regardless of location.

Budgyt: Users

Why We Chose It: Float is the go-to budgeting software for businesses that need visual storytelling to navigate their financial future. With features like real-time cash flow forecasting and project tracking, Float lets you map out your finances to steer clear of risks. Its intuitive dashboard replaces cumbersome spreadsheets, offering real-time data synced with your accounting platform for always-up-to-date visual forecasts.

What sets Float apart is its ability to model countless scenarios, answering crucial ‘What if?’ questions and aiding strategic planning. This visualization aspect is not just eye-candy; it’s a powerful tool for making informed decisions, like when to hire or how to handle cash flow gaps. Coupled with high user reviews and seamless integration with accounting software like Xero and QuickBooks, Float makes visual financial storytelling not just possible, but practical and effective.

Float: Float Cash Flow

Why We Chose It: Scoro is the top pick for businesses that want a unified solution for budgeting and financial management. With Scoro, you not only get to plan and track budgets but can also manage invoices, harness powerful reporting, and integrate with your existing accounting software. The platform provides real-time overviews of your financials, replacing the need to shuffle between spreadsheets and other tools.

What sets Scoro apart is its comprehensive feature set that goes beyond simple budgeting. The platform allows you to compare multiple budget scenarios against real revenues, costs, and profits. Its enterprise-level reporting is unparalleled, offering insights on everything from budget deficits and surpluses to real-time sales margins. Plus, its ability to divide budgets by various categories—like projects, users, or accounting objects—adds an extra layer of customization and control.

Scoro: Dashboard

Why We Chose It: Datarails delivers where it matters for mid-sized companies, specifically in project collaboration and financial management. It not only allows for forecasting and planning but brings automation and real-time updates into the mix. If your team lives and breathes Excel, you’ll find Datarails to be a snug fit.

The downside? Pricing info is MIA, which might be a deal-breaker for some. Still, for financial management that hits the sweet spot for mid-sized companies, Datarails has got the goods.

DataRails: Insights

Why We Chose It: Mosaic stands out for real-time collaboration by fostering a unified “set of truth” across an organization. Its role-based permissions and custom dashboards ensure the right data gets to the right people, eliminating informational silos.

On the decision-making front, Mosaic’s live tracking of forecast vs. actuals allows teams to respond to real-time insights swiftly, and in-app notes make collaborative planning a breeze. All of this culminates in not just sharing data, but having a two-way conversation with it, making Mosaic an ideal pick for real-time collaboration.

Mosaic: Actuals

Why We Chose It: We selected Workday Adaptive Planning as the best for streamlining workflows largely because of its versatile planning capabilities and real-time adaptiveness. The software breaks down silos with features like rolling forecasts and various budgeting approaches (top-down, bottom-up, incremental, and zero-based), allowing for a more cohesive and agile planning process.

Additionally, its driver-based expense planning and seamless integration with other enterprise solutions ensure that you’re not just planning but effectively executing and adapting those plans in real-time, ultimately making workflows more efficient.

Workday Adaptive Planning: Consolidation Report

Why We Chose It: QuickBooks Online stands out for its robust budgeting features tailored for small businesses. Automated future cash flow forecasting allows you to see your financial trajectory based on current data and market trends, helping you make informed decisions. Bank integrations streamline financial reporting by automatically pulling in transactions, saving you time and reducing errors.

With QuickBooks, you can create a detailed budget that gives you control over your cash flow, something essential when 63% of small business owners are using personal funds due to inadequate budgeting. The software is designed for accuracy and ease of use, making it less likely you’ll make budgeting mistakes while allowing you to focus on growing your business.

QuickBooks Online: Sales Dashboard

Why We Chose It: OneStream is the go-to for corporate finance thanks to its sophisticated features that support extended planning and analysis (xP&A) across multiple departments like Sales, Marketing, and Supply Chain. The software offers a unified platform for data-driven insights, allowing continuous planning and performance management. Key features like Agile Planning and Scenarios streamline the process of adapting to market changes, while its predictive analytics instantly seed budgets and forecasts without requiring technical expertise.

Not only does OneStream allow for in-depth strategic planning and modeling, it also provides extensive flexibility in how these plans can be implemented and adjusted. The platform’s Extensible Dimensionality® enables granular operational plans to co-exist with corporate and line-of-business plans, making it a comprehensive solution for complex corporate financial needs. With capabilities like “What-if” driver-based planning, you can immediately visualize the impact of your decisions, aiding in smarter, faster decision-making.

OneStream: Long Term Plan

  • Ease of Use: We look for interfaces that are intuitive and don’t require a steep learning curve. You don’t want to spend weeks training your team to use the software.
  • Integration: The ability to sync with other tools you’re already using (like QuickBooks, or even Excel) is a big plus. The smoother the integration, the less hassle you’ll have transferring data.
  • Scalability: You want software that will grow with you. If you’re a small business now but plan to expand, choose software that offers additional features you can unlock as you grow.
  • Customization: The software should allow you to tailor reports, dashboards, and other features according to your needs.
  • Real-Time Updates: Real-time data can provide you with the most current financial picture, which is crucial for making informed decisions.
  • Affordability: Watch out for hidden costs like set-up fees, additional charges for premium features, or limits on the number of users. Get a full understanding of the pricing model.
  • Security: Your financial data is sensitive. Ensure the software follows best practices for data encryption and security protocols.
  • Customer Support: Especially if you’re new to budgeting software, having robust customer support can make the transition much easier.
  • Trial Period: A free trial period or a money-back guarantee can give you the peace of mind to ensure the software suits your needs before fully committing.

Business budgeting software is a digital tool designed to automate and streamline the budgeting process. It provides a centralized platform for financial planning, tracking income and expenses, and forecasting future financial scenarios.

Unlike traditional methods such as spreadsheets, which are often error-prone and time-consuming, these tools offer advanced features like real-time data updates and integration with other financial tools to make financial management more accurate and efficient.

  • Automated Data Collection: Say goodbye to manual data entry. These tools pull in financial data automatically, reducing the chance of errors.
  • Comprehensive Reporting: Generate budget variance reports, cash flow forecasts, and other key performance indicators (KPIs) at the click of a button.
  • Time Savings: Automation and real-time updates free up your time for more strategic tasks, like long-term financial planning.
  • Enhanced Collaboration: Cloud-based solutions allow for easy sharing and collaborative editing, so everyone on the team can access up-to-date information.
  • Strategic Planning: With data and analytics at your fingertips, you can make more informed decisions faster.
  • Financial Health: Regular, precise tracking of income and expenditures helps you understand your financial standing and make adjustments as needed.
  • Scalability: As your business grows, good budgeting software will adapt, providing more robust features to meet new demands.

In summary, if you’re tired of spreadsheets or looking for a more streamlined and accurate way to manage your finances, business budgeting software can be a game-changer.

Choosing the correct budgeting software for your business hinges on several factors, including features, pricing, scalability, financial complexity, and integration options. Evaluating your specific needs and requirements is a crucial step before selecting a software solution. Don’t forget to take advantage of free trials and discounts, evaluate the complexity of your finances, and review integrations to find the best budgeting software for your business.

We hope this comprehensive review of the top 10 business budgeting software solutions for 2023 has provided you with valuable insights and guidance in choosing the best tool for your organization. Remember that the right budgeting software can significantly impact your business’s financial planning and decision-making process.

How do I create a budget for my small business?

To create a budget for your small business, commit to creating a budget, consider revenue and list costs, create profit and loss statements and balance sheets, include extra funds, and finish the budget. Negotiate costs with suppliers, estimate revenue, and factor in seasonal and industry trends. Additionally, keep separate personal and business accounts, choose a budgeting tool, project cash flow, calculate gross profit and net profit, and divide the net profit.

Is Quickbooks a budgeting software?

Quickbooks is an accounting software with budgeting capacilities that helps businesses to create and edit their budgets on a monthly, quarterly, and yearly basis, with data automatically pre-filled. It also enables users to compare actual income and expenses with the budgeted amounts.

What is the best budgeting tool for Quickbooks?

For the best budgeting tool for QuickBooks, I recommend Jirav ’s cloud-based planning and analysis solution to save time and add value as a finance leader, or Budgeto, an easy-to-use budgeting app. These tools offer robust features that allow you to forecast the future of your business and ask the right questions to offer the best advice to your colleagues.

What is cloud based forecasting?

Cloud-based Forecasting is a method that utilizes machine learning algorithms and predictive models to forecast the reliability and performance of cloud server systems. It is used to increase accuracy and provide customer-defined forecasting solutions for supply chain problems. Additionally, it can be used to predict future cloud cost spending based on historical data and upcoming project costs.

PlanGuru Screenshot

Workday Adaptive Planning

QuickBooks Online Screenshot

QuickBooks Online

OneStream Screenshot

We searched and searched, but we couldn’t find any products in our database that match your criteria. Perhaps our team of software experts can help? They’d be happy to provide a list of free recommendations that meet your exact requirements.

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Home > Business > Business Startup

  • 5 Best Business Plan Software and Tools in 2023 for Your Small Business

4.5 out of 5 stars

Data as of 3 /13/23 . Offers and availability may vary by location and are subject to change.

Chloe Goodshore

We are committed to sharing unbiased reviews. Some of the links on our site are from our partners who compensate us. Read our editorial guidelines and advertising disclosure .

A business plan can do a lot for your business. It can help you secure investors or other funding. It can give your company direction. It can keep your finances healthy. But, if we’re being honest, it can also be a pain to write.

Luckily, you don’t have to start from scratch or go it alone. Business plan software and services can help you craft a professional business plan, like our top choice LivePlan , which provides templates, guidance, and more.

You’ve got quite a few choices for business plan help, so we’re here to help you narrow things down. Let’s talk about the best business plan tools out there.

  • LivePlan : Best overall
  • BizPlanBuilder : Most user-friendly
  • Wise Business Plans : Best professional service
  • Business Sorter : Best for internal plans
  • GoSmallBiz.com : Most extra features
  • Honorable mentions

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The takeaway, business plan software faq, compare the best business plan software.

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LivePlan: Best overall business plan software

Data as of 3 /13/23 . Offers and availability may vary by location and are subject to change. *With annual billing

LivePlan has been our favorite business plan software for a while now, despite the stiff competition.

There’s a lot to like about LivePlan. It has pretty much all the features you could want from your business plan software. LivePlan gives you step-by-step instructions for writing your plan, helps you create financial reports, lets you compare your business’s actual financials to your plan’s goals, and much more. And if you ever need inspiration, it includes hundreds of sample business plans that can guide your writing.

LivePlan software pricing

But the best part? You get all that (and more) at a very competitive price. (You can choose from annual, six-month, or monthly billing.) While LivePlan isn’t quite the cheapest business plan builder out there, it’s not too far off either. And if comes with a 60-day money back guarantee. So there’s no risk in trying LivePlan out for yourself.

With a great balance of features and cost, LivePlan offers the best business plan solution for most businesses.

BizPlanBuilder: Most user-friendly

Need something easy to use? BizPlanBuilder fits the bill.

BizPlanBuilder doesn’t have a flashy, modern user interface―but it does have a very clear, intuitive one. You’ll be able to see your plan’s overall structure at a glance, so you can quickly navigate from your title page to your market trend section to that paragraph on your core values. And as you write, you’ll use a text editor that looks a whole lot like the word processing programs you’re already familiar with.

BizPlanBuilder software pricing

Data effective 3/13/23. At publishing time, amounts, rates, and requirements are current but are subject to change. Offers may not be available in all areas.

BizPlanBuilder also offers lots of helpful guidance for actually writing your plan. It gives you pre-written text, in which you just have to fill in relevant details. It offers explanations for what information you need to include in each section of your plan and way. It even gives you helpful tips from experts, so you’ll have all the information you need to plan like a pro.

So if you want planning software with almost no learning curve, you’ll like BizPlanBuilder.

Wise Business Plans: Best professional service

  • Custom quote

Unlike all the other companies on this list, Wise Business Plans doesn’t offer software. Instead, it offers professional business plan writing services―meaning someone does all the hard work for you.

Now, you might think that sounds expensive―and you’re probably right (you have to request a custom quote for your plan). But there’s a lot to be said for expertise, and Wise Business Plans has plenty of that. Your business plan will get written by an experienced writer (with an MBA, no less). They’ll get information from you, do their own research, and then write your plan. You get one free revision, and you can always pay for more.  

Wise Business Plans service pricing

Your end result will be a polished, entirely original business plan. (You can even get printed copies.) And best of all, you won’t have to spend your precious time working on the plan yourself. Wise Business Plans takes care of all the hard parts, and makes your business look good while doing it. Sounds like a service worth paying for, right?

Put simply, if you want the most professional business plan possible, we recommend using Wise Business Plans’s writing service.

Business Sorter: Best for internal plans

Many businesses need plans to show to people outside the company (to get financing, for example). But what if you just need a plan for internal use? In that case, we suggest Business Sorter.

Business Sorter uses a unique card-based method to help you craft the perfect business plan. (You can watch a demo video to see how it works.) You’ll plan some of the usual things, like finances and marketing. But Business Sorter also lets you make plans for specific teams and team members. It also emphasizes more internal matters, like operations, that might get overlooked in a business plan for outsiders.

Business Sorter software pricing

After you’ve made your business plan, Business Sorter also helps you stay accountable to it. You can create tasks, give them deadlines, and assign them to team members―giving you basic project management tools to make sure your business plans become business actions. (Oh, and did we mention that Business Sorter has the lowest starting prices of any software on this list?)

It all adds up to a business plan software that works great for internal planning.

GoSmallBiz: Most extra features

Want to get way more than just business planning software? Then you probably want GoSmallBiz.

See, GoSmallBiz offers business plan software as part of its service―but it’s just one part of a much bigger whole. You also get everything from discounts on legal services to a website builder to a CRM (customer relationship manager) to business document templates. And more. In other words, you get just about everything you need to get your startup off the ground.

GoSmallBiz software pricing

Don’t worry though―you still get all the business planning help you need. GoSmallBiz gives you business plan templates, step-by-step instructions, and the ability to create financial projections. And if you get stuck, GoSmallBiz will put you in touch with experts who can offer advice.

If you want business planning and much, much more, give GoSmallBiz a try.

  • PlanGuru : Best financial forecasting
  • EnLoop : Cheapest tool for startups

We recommend the software above for most business planning needs. Some businesses, though, might be interested in these more specialized planning software.

Honorable mention software pricing

Planguru: best financial forecasting features.

Plan Guru

PlanGuru is pretty pricey compared to our other picks, but you might find its forecasting features worth paying for. It has more forecasting methods than other software (over 20) plus it lets you forecast up to 10 years.

EnLoop: Cheapest tool for startups

enloop logo

EnLoop doesn’t have our favorite features or interface, but it does have really, really low pricing plus a seven-day free trial. It's the most affordable software for startup business planning and still provides all the essential features like financial analysis, team collaboration, charting, and more.

Data as of 3 /13/23 . Offers and availability may vary by location and are subject to change. * With annual billing

Several of our previous favorite planning software, including BusinessPlanPro and StratPad, seem to have gone out of business.

A business plan is a written, living document that tells the story of your business and what you plan to do with it. It serves as the source of truth for you—the business owner—as well as potential partners, employees, and investors, but it also serves as a roadmap of what you want your business to be.

Why you need a business plan

While some small-business owners don’t see the point of creating a formal business plan, it can have some concrete benefits for your business. For example, one 2016 study found that business owners with written plans are more successful than those that don’t. 1

Still too vague? Then let’s get specific.

If you ever seek business funding (from, say, banks, angel investors , or venture capitalists ), you’ll have to prove that your business deserves the money you want. A formal business plan―complete with financial data and projections―gives you a professional document you can use to make your case. (In fact, most potential investors will expect you to have a business plan ready.)

Even if you’re not seeking funding right now, a business plan can help your business. A formal plan can guide your business’s direction and decision making. It can keep your business accountable (by, for example, seeing if your business meets the financial projections you included). And a formal plan offers a great way to make sure your team stays on the same page.

What to include in your business plan

Not all business plans are created equal. To make a really useful business plan, you’ll want to include a number of elements:

  • Basic information about your business
  • Your products/services
  • Market and industry analysis
  • What makes your business competitive
  • Strategies and upcoming plans
  • Your team (and your team’s background)
  • Current financial status
  • Financial and market projections
  • Executive summary

Of course, you can include more or fewer elements―whatever makes sense for your business. Just make sure your business plan is comprehensive (but not overwhelming).

How business plan software can help

With so many elements to include, business plan creation can take a while. Business plan software tries to speed things up.

Most business plan software will include prompts for each section. In some cases, you can just fill in your business’s specific information, and the software will write the text for you. In other cases, the software will give you specific guidance and examples, helping you write the text yourself.

Plus, business plan software can help you stay organized. You’ll usually get intuitive menus that let you quickly flip through sections. So rather than endlessly scrolling through a long document in a word processor, you can quickly find your way around your plan. Some software even lets you drag and drop sections to reorganize your plan.

Sounds way easier than just staring at a blank page and trying to start from scratch, right?

Choosing business plan software

To find the right business plan builder for your business, you’ll want to compare features. For example, would you rather write your own text, getting prompts and advice from your software? Or would you rather go with a fill-in-the-blank method?

Likewise, think about the elements you need. If your plan will have a heavy focus on finances, you’ll want to choose business plan software with robust financial projection features. If you care more about market and competitor analysis, look for software that can help with that research.

You may also want to find business plan software that integrates with your business accounting software . Some plan builders will import data from Xero, QuickBooks, etc. to quickly generate your financial data and projections.

And of course, you’ll want to compare prices. After all, you always want to end up with software that fits your business budget.

The right business plan software can make your life easier. With LivePlan ’s wide breadth of features and online learning tools, you can’t go wrong. Plus, BizPlanBuilder 's one-time pricing makes it easy to invest while Business Sorter has a low starting cost. And if you're business is looking to grow, GoSmallBiz and Wise Business Plans will scale with you.

But of course, different companies have different needs. So shop around until you find the software that’s best for you and your business.

Now that you've got a business plan, take a look at our checklist for starting a small business.  It can help you make sure you have everything else you need to get your startup off to a good start!

Related content

  • 7 Steps to Build a Successful Project Management Sales Plan
  • Best Project Management Software and Tools in 2023
  • 4 Cost Management Techniques for Small Businesses

Creating a business plan can take anywhere from a couple hours to several weeks. Your timeline will depend on things like the elements you choose to include, whether you use software or hire a writing service, and how much research goes into your plan.

That said, much of the business plan software out there brags that it can help you create a fairly detailed plan in a few hours. So if you’re going the software route, that can help you set your expectations.

If you want to get the most out of your business plan, you should update it on a regular basis―at least annually. That way, you can continually refer to it to inform your company’s strategies and direction.  

At the very least, you should update your business plan before you start looking for a new round of funding (whether that’s with investors or lenders).

Thanks to business plan software, you can easily write your own business plan rather than pay someone to do it for you. And in most cases, software will cost you less than a professional business plan service.

There are some times you might want to go with a service though. If time is tight, you might find that it’s worth the cost of a service. Or if you’ve got big investor meetings on the horizon, you might want the expertise and polish that a professional service can offer.

Ultimately, you’ll have to decide for yourself whether business plan software or a business plan service will work better for your company.

Methodology

We ranked business plan software and tools based on features, pricing and plans, and connections to project management and other services. The value of each plan and service, along with what it offers, was a big consideration in our rankings, and we looked to see if what was offered was useful to small businesses or just extra. The final thing we looked at was the ease of use of the software to see if it's too complex for small businesses.

At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.

Sources 1. Harvard Business Review, “ Research: Writing a Business Plan Makes Your Startup More Likely to Succeed .” Accessed March 13, 2023.

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Disclaimer: The information featured in this article is based on our best estimates of pricing, package details, contract stipulations, and service available at the time of writing. All information is subject to change. Pricing will vary based on various factors, including, but not limited to, the customer’s location, package chosen, added features and equipment, the purchaser’s credit score, etc. For the most accurate information, please ask your customer service representative. Clarify all fees and contract details before signing a contract or finalizing your purchase.

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Rolling Forecast

Understand the full implications of your decisions on profitability and cash, before you make them. Adapt quickly and confidently to a changing world.

Strategic Planning

Define a long-term vision for your company, get everyone working in the same direction. Run what-if scenarios to evaluate risks and opportunities.

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PlanGuru Software

Create more intelligent scenarios in less time using our integrated 3-Way Forecasting software and free educational resources.   Business/Nonprofit Plans   |   Advisor Plans

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PlanGuru Launch

Need help getting off the ground? Our team will help you implement PlanGuru based on your time horizon and cost constraints.   Learn more about Launch

Build intelligent, dynamic financial forecasts

business financial planning software

Forecast all 3 Financial Statements

With an integrated income statement, balance sheet, and cash flow statement, PlanGuru provides over 20 powerful forecasting methods which allow you to project for up to 10 years. These include intelligent, turn-key methods, plus the ability to build custom business drivers, including non-financial data.

Create an Analysis in Minutes

With our general ledger import utilities, you’ll be able to import historical results in only a few minutes. On a monthly basis, with just a few clicks, you’ll be able to view budget vs actual reports and build rolling forecasts.

Unlimited Budgeting Flexibility

PlanGuru provides a flexible structure that will allow you to create simple high-level small business budget or a detailed multi-department operating budget with consolidations.

Make Better Decisions with Scenario Analysis

Our robust planning framework provides a forecasting tool that can interpret the likely financial impact of specific events with greater precision. By building scenario analysis in PlanGuru, you can make the important investments and strategic decisions with confidence that you’ve done your due diligence.

Gain Insight Previously Unattainable

With PlanGuru’s Reporting Tools, you can view the specific aspects of your business that are working and ones that are not. With that insight, you’ll be able to make the adjustments that will help your business succeed.

Features Include

  • Build an Unlimited # of Analyses per Company
  • QuickBooks, QuickBooks Online, Xero & Excel Import
  • Import up to 5 years of Actual Results
  • Budget / Forecast for up to 10 years
  • Pre-built Integrated Financial Statement Structure
  • Automatically solved Cash Flow Statement
  • Archive Budget Feature
  • 20+ Standard Forecasting Methods
  • Ability to Create Custom Methods
  • Payroll Utility
  • Forecast using Non-Financial Data
  • Sub-Totaling Feature to Group Accounts
  • Notes Payable and Line of Credit Tools
  • Consolidate Unlimited # of Projections
  • Financial Ratios
  • Business Valuation Tool
  • Engagement Tools for Professional Accountants
  • Standard Report Export to PDF, Word, & Excel
  • Custom Report Builder for Excel
  • Online Dashboard, Scorecard and Reporting Tools
  • Plus many more…

How to Choose the Best Financial Planning Software

Modern financial planning is too complex without robust financial planning software.

Choosing Financial Planning Software

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While the best financial planning software is subjective, some software programs rise above the rest.

Financial planning isn't the pen-and-paper activity it used to be.

Luckily for financial advisors , abacuses and crank-operated calculators are technologies of the past. But while modernization has made math easier, it's also made the art of long-term financial planning more complicated.

Today's advisors need more than fancy desk calculators to construct financial plans that incorporate all elements of their clients' lives. State-of-the-art financial planning requires state-of-the-art financial planning software.

"Financial planning software is fundamentally a collection of calculators that work in concert as an engine to solve household needs," says John Amore, executive vice president and head of wealth management at Austin, Texas-based Kestra Financial. Just as you choose a car with the right engine for the type of driving you do, you should choose the best financial planning software for the planning experience you and your clients want.

Financial Planning Software to Consider

While the best financial planning software is subjective, some software programs rise above the rest. Keep reading below for guidance on how to choose which of these financial advisor software picks would work for your specific business.

  • Moneytree: An early pioneer in financial planning software, Moneytree was founded in 1981 to provide advisors and planners with mathematically advanced tools that can help them create a repeatable planning process. It offers three tiers, including Advise for big-picture goal tracking and Plan for more in-depth goal and cash-flow tracking, plus what-if analysis to multi-advisor firms.
  • eMoney Advisor: Designed to help you plan, engage, manage, streamline and grow your business, eMoney Advisor comes in four tiers – from Plus, which provides streamlined, goals-based planning, to Growth, designed to supercharge your business with integrated marketing and planning capabilities.
  • MoneyGuidePro: The flagship version of Envestnet's financial advisor software provides goals-based planning with what-if worksheets, custom report templates and detailed plan analytics.
  • NaviPlan: NaviPlan provides simple goals-based assessments and advanced cash-flow planning analysis. It includes lead generation, goal discovery, recommendations, presentations and monitoring capabilities.
  • RightCapital: Created for advisors who need something between basic and comprehensive, RightCapital provides intuitive financial planning capabilities and tax planning strategies. Its budgeting and student loan debt features make it great for younger clients just starting out in their careers.

How to Choose Financial Planning Software

To help you choose the right financial planning software, follow these steps:

  • Determine whether you need goals-based or cash-flow-based software.
  • Understand your clients' needs.
  • Consider how your clients prefer to receive their financial plans – for example, in digital or paper form.
  • Look for intuitive software that's supported across device types.
  • Consider the importance of ancillary planning services such as a client portal or account aggregation.
  • Pay attention to security.

1. Determine Whether You Need Goals-based or Cash-flow-based Software

"Planning advice can be generalized as goals-based or cash-flow-based, and knowing this first is a good starting point in selecting a financial planning software," Amore says.

Goals-based software tracks client dollars relative to a financial goal and projects whether that goal will be reached. The potential shortfall of this approach is that the software won't necessarily track total earnings and where every dollar of spending goes. It leaves it to you as the advisor to determine whether your clients' goals are feasible given their income .

Cash-flow-based software, on the other hand, tracks every dollar that comes in and out of your clients' households. Rather than focusing on cash flow toward specific goals, cash-flow-based software will track how your clients' resources are flowing across all spending categories. While this creates a more thorough analysis than goals-based tracking, it can be tedious to input and project every dollar.

To determine if you would be better served by goals-based or cash-flow-based software, consider the type of planning you want to provide for clients.

2. Understand Your Clients' Needs

When shopping for a financial planning software, you also need to understand your clients' needs , so you can find the tool that works best for them, Amore says. Advisors whose core client base is complex families need a different software than those who work primarily with simple households. Likewise, higher net worth clients have different planning needs than those with fewer assets to invest.

"Each financial planning software provides a differentiated end-client experience or set of solutions that should align with an advisor's desired outcome," Amore says.

3. Consider How Your Clients Prefer to Receive Their Financial Plans

Planning tools also vary in sophistication. If your clients prefer paper communication rather than digital, you may want to look for a software that can support this.

"When a planning software is too complicated or not robust enough, frustration increases and usage declines," Amore says.

Kane Polakoff, national practice leader for UHY Advisors' Client Accounting Advisory Service in Farmington Hills, Michigan, tells advisors to look for "an intuitive system that's easy for (your) clients to learn and utilize."

4. Look for Intuitive Software That's Supported Across Device Types

Polakoff recommends a system that's supported on all devices, including desktop, mobile and smart devices, and allows you to communicate with clients based on the level of sophistication required.

It should also align with the level of sophistication you want to use in constructing the financial plan. A sole practitioner may not want a planning software that requires extensive data input or time to generate a plan, whereas a larger firm likely has the tech team to support more complex planning capabilities.

5. Consider the Importance of Ancillary Planning Services

Amore suggests considering the importance of ancillary planning services , such as a client portal or account aggregation, as part of your offering and looking for a software that provides this.

Polakoff recommends any software you use has an open architecture, which allows data to flow between different software packages. For example, MoneyTree lets advisors extract information from other systems such as Black Diamond to use for planning purposes. This will let you provide more robust reporting, he says.

He also tells advisors to confirm any financial planning software they use can run Monte Carlo simulation analysis. This will allow you to determine the probability of a range of possible outcomes rather than simple straight-line analyses based on a flat annual return.

6. Pay Attention to Security

Another important aspect to consider is the software's security capability. As advisors are increasingly moving to cloud-based planning, keeping client data digitally secure is paramount.

Polakoff says to look for a software with "strict security protocols to protect client information" such as two-factor authentication.

He also suggests asking software providers about their security policies and procedures: How often are they reviewed and updated? What security testing and assessments do they run? How is data stored? Advisors should consider these key criteria:

  • Ability to run a financial report package on any date and at any time.
  • Whether the program provides reconciliations of financial data automatically pulled from different custodial accounts to offer one view to the client.
  • Ability to run Monte Carlo simulation analysis to determine the probability of a range of possible outcomes rather than simple straight-line analyses based on a flat annual return.
  • An open architecture that allows you to easily pull data from different software.
  • A subscription-based pricing model that isn't dependent on investment balances.

Best TV Shows for Advisors

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Tags: financial advisors , software , money

The Most Important Ages for Retirement Planning

business financial planning software

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Blog Business

7 Best Business Plan Software for 2024

By Krystle Wong , Jan 01, 2024

7 Best Business Plan Software

Gone are the days of staring at blank pages and struggling to structure a business plan effectively. With user-friendly interfaces and a wide range of business plan templates catering to various industries, creating business plans that are polished, professional and data-driven can now be done in a fraction of the time.

For startups, business plan software guides them through the crucial early stages with comprehensive business plan templates and financial modeling tools. Established businesses on the other hand benefit from the software’s collaborative features, enabling seamless teamwork as they pivot, innovate and pursue new growth opportunities.

In this article, let’s delve into exploring the seven best business plan software for 2024. Whether you’re an aspiring entrepreneur with a groundbreaking idea or a seasoned business owner ready to elevate your enterprise to new heights, these software solutions have all you need to create a solid business plan.

Click to jump ahead:

What is a business plan software?

  • 7 Best business plan software for 2024

Factors to consider when choosing a business plan software

7 steps to create your own business plan, business plan software faq, key takeaway.

A Business plan software is a specialized digital tool designed to assist entrepreneurs, startups and established businesses in creating, organizing and presenting comprehensive business plans. 

Business plan software significantly reduces the time and effort required to create a comprehensive business plan . The availability of business plan templates, financial modeling tools and automated features streamlines the process of business planning and eliminates the need for starting from scratch.

Some advanced business planning software even integrates market research capabilities. This feature provides users with access to market trends, industry benchmarks and relevant data. Access to such data helps users make informed decisions and demonstrate a thorough understanding of their target market.

7 Best business plan software for 2024 

1. venngage.

Venngage

Venngage specializes in transforming traditional business plans into captivating visual stories. Visuals can communicate complex information effectively, ensuring your ideas stand out and resonate with your audience.

When it comes to business planning, conveying your ideas with impact is just as important as the content itself. In this digital age, visual storytelling has emerged as a powerful way to captivate audiences and leave a lasting impression. That’s where Venngage steps in.

With a rich library of templates, Venngage offers a variety of themes and styles to suit different industries and business types. Customize your business plans with our user-friendly drag-and-drop tools by adding your brand elements, customizing colors, fonts and visuals to make your business plan truly unique. Check out our library of sample business plans to get started today.

However, while Venngage excels in visual storytelling, it might not be the go-to tool for in-depth financial forecasts and analysis. Users seeking extensive financial modeling might want to complement Venngage with a comprehensive business planning tool.

Pricing options:

Create your first 5 designs with Venngage for free and upgrade to a premium or business plan for $10/month per user and $24/month per user respectively to enjoy premium features. For larger teams who need extra support, controls and security, the enterprise plan starts from $499/month for 10+ seats.

Can I collaborate with team members using this business plan software?

Yes, absolutely! Venngage offers collaborative features that allow you to work seamlessly with multiple team members when creating business plans. You can invite team members to join your Venngage account and they can contribute to the design process in real time. 

Can I export my business plan to different file formats?

Upgrade to a premium or business plan on Venngage to export your professional business plan to different file formats. After designing your business plan, you can choose to export it as a high-quality PDF document, which is ideal for sharing and printing. Additionally, Venngage allows you to export your business plan as an image file (PNG or JPG), making it easy to use in presentations or on your website. 

Is this business plan software suitable for startups or established businesses? 

Venngage is great for entrepreneurs and businesses looking to enhance their business plans with visually engaging infographics and visual assets.

Instead of sharing a lengthy, 50-page document that may bore your audience and fail to effectively convey your message — present your business plan with infographics. Here’s how you can create a business plan infographic that will wow your readers and showcase your business at its best. 

2. LivePlan

LivePlan

Source: Screenshot from LivePlan

In the realm of business planning software, LivePlan stands out as a reliable and user-friendly tool. With a focus on seamless financial forecasting and budgeting capabilities, LivePlan streamlines the planning process, helping businesses transform their visions into reality.

The software’s financial forecasting tools provide users with the ability to project revenue, expenses and cash flow accurately. This financial insight is invaluable for making informed decisions and setting realistic goals.

For hassle-free data integration, the business plan software offers seamless integration with accounting software. This feature allows users to import financial data effortlessly, saving time and reducing manual data entry.

While LivePlan excels in financial planning and user-friendliness, some users may find the customization options for design and layout to be limited. For businesses seeking highly tailored visual aesthetics, LivePlan’s template-based approach might be less ideal.

The standard plan is available at $20/month for monthly billing and $15/month for annual billing. For businesses seeking extensive financial tools to support their operations and growth, the Premium plan costs $20 for the first month and $40/month (monthly billing) or $30/month (annual billing) for subsequent months.

LivePlan facilitates seamless collaboration among users within your account, allowing multiple individuals to work on the same plan concurrently. To prevent conflicting edits, LivePlan restricts access to specific sections, allowing only one user to edit at a time while others observe the locked section.

You can export your business plan by using the print to PDF feature. This generates your plan content in a standard file format compatible with Adobe Reader and other free reader programs. Alternatively, you can export your plan to Microsoft Word (2007 or later).

A great tool for small businesses, startups and entrepreneurs looking for easy-to-use software with solid financial planning tools.

3. BizPlan by Startups.com

BizPlan by Startups.com

Source: Screenshot from BizPlan

If you’re a startup aiming to raise investments, BizPlan is the one for you. As a universal professional business plan builder, BizPlan offers the added advantage of seamless integration with all the tools within the Startups.com network.

Designed with startups in mind, BizPlan’s step-by-step approach allows you to break down the entire scope of work into manageable steps and the built-in Progress Tracker tool keeps you on track towards success.

Once you subscribe, BizPlan opens the door to utilizing all the tools offered by Startups.com, making it a one-stop shop for your entrepreneurial needs. Whether it’s lifetime access to the service, connectivity to Findable to attract financial investments, a wealth of online educational programs or the ability to connect multiple owners to a single account, BizPlan delivers comprehensive support.

While the business plan software offers an array of benefits, it’s essential to consider the possible downsides. The absence of a free version and a mobile app, along with a lack of industry-specific templates for business plans may be worth considering before making your decision

Pricing plan options:

  • Monthly plan ($29 per month)
  • Annual plan ($20.75 per month or $249/year)
  • Lifetime access (one-time fee of $349)

Bizplan encourages collaboration with partners, team members, advisors and subject matter experts by allowing threaded comments throughout the entire plan. It provides control over who can access sensitive financial data and enables convenient cloud-based access from anywhere.

Bizplan provides multiple options for sharing your business plan with others. You can generate an online version of your plan, which can be set as private by default or made publicly accessible through a unique shareable URL. Additionally, Bizplan offers the option to create a custom-branded PDF of your business plan. 

BizPlan is great for entrepreneurs and small businesses who value a vast collection of resources and need support in financial analysis.

Enloop

Source: Screenshot from Enloop

Enloop emerges as one of the best business plan tools for startups, catering to entrepreneurs who crave a streamlined planning process. With the ability to automatically generate basic text for each section of your plan, Enloop saves time and effort in crafting your business vision.

A highlight of the business plan tool is its automatic generation of financial projections, offering accurate insights based on your entered data. This powerful feature empowers entrepreneurs to make informed decisions and project future outcomes with confidence.

For those with a penchant for strategic thinking, Enloop’s “what-if” scenario analysis becomes an invaluable tool. It allows users to explore various business strategies and assess their potential impact on plan outcomes, enabling sound decision-making.

Enloop doesn’t stop at generating numbers; it goes a step further by providing a business plan grading system. This insightful feature assesses plan quality, giving users valuable feedback to refine and enhance their business plans.

However, it’s essential to consider the software’s limitations as customization and design options are relatively limited. Additionally, the basic version of Enloop might not meet the needs of all users, as it lacks certain advanced features. 

  • Seven day free trial (no credit card required)
  • Detailed plan ($19.95/month or $11/month when billed annually)
  • Performance plan ($39.95/month or $24/month when billed annually)

Enloop’s online business plan writing app lets you invite and collaborate with anyone on your business plans using the ‘Invite & Share’ feature.

Enloop allows you to download your business plan in PDF format whenever you’re ready. The plans remain accessible in your paid account, encouraging regular updates to keep track of your business’s health and have an up-to-date plan ready for financing needs.

Suitable for entrepreneurs seeking a tool that simplifies financial forecasting and scenario analysis.

5. PlanGuru

PlanGuru

Source: Screenshot from PlanGuru

PlanGuru’s standout feature lies in its ability to forecast all three financial statements – income statement, balance sheet and cash flow statement so that users can make data-driven decisions.

Creating detailed analyses becomes a breeze with PlanGuru’s general ledger import utilities, allowing seamless historical data import. The software facilitates budget vs actual reporting and enables building rolling forecasts with just a few clicks each month.

Unlimited budgeting flexibility is another advantage offered by the business plan builder. Users can craft simple high-level small business budgets or delve into intricate multi-department operating budgets with ease.

With scenario analysis capabilities, PlanGuru empowers users to interpret the financial impact of specific events accurately. This feature enables making critical investments and strategic decisions with confidence, knowing thorough due diligence has been performed.

Given its sophisticated features, PlanGuru may be more suitable for financial professionals and analysts looking for in-depth financial analysis and budgeting tools. Users not familiar with financial modeling may face a steeper learning curve when utilizing Enloop’s robust capabilities.

  • Single entity ($99/month or $75/month when billed annually)
  • Multi-department consolidations ($299/month or $225/month when billed annually)

You can add up to 3 users with the multi-department consolidation plan. Additionally, all plans allow you to add on $29/month (billed monthly) or $25/month (billed annually) for each extra user.

What other apps does PlanGuru integrate with?

The cloud-based platform is also accessible as a Windows-based desktop version, giving you the freedom to choose the format that suits you best. Additionally, PlanGuru seamlessly integrates with MS Excel, QuickBooks Online and Xero, providing further flexibility and convenience in using the software.

The cloud-based version is suitable for SMBs or nonprofits budgeting for a single entity while the multi-department consolidations plan is for companies with multiple departments needing consolidated budgets.

6. Business Sorter

Business Sorter

Source: Screenshot from Business Sorter

With Business Sorter’s card sort system, crafting the foundation of your plan becomes a breeze. Featuring 273 cards covering various business situations, the business plan generator offers flexibility, allowing users to customize their plan by adding their cards or modifying existing ones, tailoring the plan to their specific needs.

The platform also provides the convenience of viewing your plan on any device, including smartphones, which not many business plan apps have. Additionally, guidance is at hand with Business Sorter as the software provides valuable tips and advice for every key step, empowering users to implement their business strategy with confidence.

While Business Sorter excels in its interactive features, it may not offer as extensive financial analysis tools as other business plan software. For businesses requiring advanced financial modeling capabilities, Business Sorter might not fully meet their requirements.

  • For small teams with up to 3 users ($10/month or $80/year)
  • For medium teams with up to 10 users ($30/month or $240/year)
  • For large teams with up to 30 users ($80/month or $640/year)
  • For enterprises with unlimited users (custom pricing)

Your business plan can be edited by only one user at a time. When a user opens a plan, it automatically locks to prevent any data loss and remains locked until the user finishes their work and exits the plan.

You can print each business plan directly from the plan summaries on your dashboard. 

Suitable for both entrepreneurs and businesses looking for an interactive and visually appealing planning approach.

7. AchieveIt

AchieveIt

Source: Screenshot from AchieveIt

AchieveIt stands as a versatile software for business plans, designed to simplify the planning process for businesses of all sizes and planning methods. With AchieveIt, you can easily build plans, ensuring alignment and engagement among your employees and optimizing plans for seamless execution.

Regardless of your preferred planning method, AchieveIt empowers you to construct plans effortlessly, providing a flexible solution for any planning use case. The software ensures your plans are well-aligned with your organization’s objectives, engaging all team members for successful plan execution.

The business plan tool provides robust tracking and reporting features, allowing businesses to monitor the progress of their plans and measure performance against set goals. Users can create customized dashboards to visualize key performance metrics, making it easier to identify trends and insights.

That said, In comparison to most business plan software, AchieveIt’s pricing might be relatively higher with its extensive features. On top of that, for users new to strategic planning software, AchieveIt may present a learning curve during the initial adoption phase.

The business plan software packages for AchieveIt varies based on factors like organization size, required functionality and the number of users. AchieveIt being an enterprise-level software offers custom pricing to cater to the specific needs of each business. For accurate pricing details, it’s best to contact their sales or customer support team.

AchieveIt allows team members, stakeholders and advisors to have shared access to the platform, providing them with visibility into the latest updates and progress on the plans. Users can assign tasks to team members and track their progress within the platform. 

Can AchieveIt integrate with existing systems?

AchieveIt’s Data Integration API lets you import key metric data from existing systems, saving time and reducing errors by eliminating the need for data entry in multiple places.

AchieveIt is best suited for medium to large-sized businesses and organizations that require a comprehensive and collaborative strategic planning platform. It caters to teams and enterprises seeking to improve their planning processes, track performance and drive organizational alignment to achieve business objectives effectively.

No idea what your business plan should look like? Check out these business plan examples for inspiration. 

business financial planning software

When searching for the best business planning software, you may be wondering — what features should I look for in business plan software? You want to make sure it meets your specific requirements and streamlines the planning process effectively. Here are the top six factors to consider:

Ease of use

The software should have a user-friendly interface that simplifies the process of creating a business plan. Look for intuitive navigation, clear instruction and a layout that makes it easy to input and organize your information.

Features and business plan templates

Check the range of features and business plan templates the software offers. Look for a diverse selection of business plan templates catering to various industries and business types. The software should provide essential sections like executive summaries, market analysis, financial projections and more.

business financial planning software

Financial modeling tools

Your business plan software should allow you to input financial data and generate accurate and comprehensive financial projections. These business plan creation tools are vital for assessing the financial viability of your business.

Collaboration and sharing

If you’ll be working with a team or seeking feedback from others, consider software that enables real-time collaboration and easy sharing. The ability to work together seamlessly can enhance productivity and improve the quality of your business plan.

Built for fast-moving teams that need to be on the same page, Venngage’s real-time collaboration enables you to polish your design with your team in real time, leave comments on each other’s work,and save your designs in one shared folder. With your  Venngage Business  account, you can easily invite and manage your team members to collaborate on a design, all in real time.

Security and data protection

Since a business plan contains sensitive information, prioritize software that prioritizes security. Ensure that the software uses encryption and data protection measures to keep your data safe from unauthorized access.

Exporting and sharing options

Check the software’s export options. You’ll likely want to share your business plan with others, so ensure it can be exported in popular formats like PDF or PowerPoint.

Are you an entrepreneur starting a new business or expanding your existing business? This guide on how to create a small business plan might come in handy for you. 

business financial planning software

Creating business plans can be a crucial step in setting your entrepreneurial vision on the right track. To help you through the process, here are 7 steps to guide you in crafting a comprehensive business plan:

Step 1: Executive summary

Start with an attention-grabbing executive summary. This section provides an overview of your business. In your executive summary, make sure to highlight your mission, goals, products or services, target market and the unique value you offer. Keep it concise, yet compelling.

business financial planning software

Step 2: Company description

Give a detailed description of your company. Explain your business’s history, its legal structure (e.g. sole proprietorship, LLC, corporation) and the reasons why your business will succeed in the market.

business financial planning software

Step 3: Market analysis

Conduct thorough market research to understand your industry, target market and competition. Identify your ideal customers, their needs and preferences. Analyze your competitors and highlight your competitive advantages.

Step 4: Products and Services

Describe your products or services in depth. Explain their features, benefits and how they meet the needs of your target customers. Emphasize what sets your offerings apart from the competition.

business financial planning software

Step 5: Marketing and sales strategy

Outline your marketing and sales strategies to reach your target audience. Explain your promotional activities, pricing strategies, distribution channels and sales tactics. Detail how you plan to acquire and retain customers.

Step 6: Financial projections

Project your financial performance over the next three to five years. Include estimated revenue, expenses and cash flow. Detail your startup costs and funding requirements if applicable. Be realistic and supported by market research.

Step 7: Implementation plan

Create a detailed roadmap for executing your business plan. Set specific goals and milestones. Break down tasks and assign responsibilities. Include timelines and a plan for measuring progress.

business financial planning software

A great tip here is to start with a well-structured outline. This guide on how to create a business plan outline will help you in creating your blueprint to easily identify your business’ resource needs, including finances, personnel and equipment. 

Is my business data safe with business plan software?

Most reputable business plan software providers prioritize data security and employ encryption and other measures to keep your business data safe from unauthorized access.

What are the benefits of using business planning tools?

Business planning tools offer time efficiency, professional presentation, error reduction, collaborative features and accessibility, making it easier to create a comprehensive business plan that impresses investors and stakeholders.

Do I need any specific skills or expertise to use business plan software?

No, many business plan software solutions are designed to be user-friendly, requiring no specific skills or expertise. They often come with templates and step-by-step guidance to assist you through the planning process.

In the dynamic landscape of 2024, businesses are on the lookout for innovative tools to stay ahead of the curve and drive their growth. These 7 business plan software picks for 2024 offer a wide range of features, from user-friendly interfaces and real-time collaboration to sophisticated financial analysis tools and customizable dashboards.

Whether you’re looking for user-friendly platform business planning tools that aligns with your business planning processes or a business plan writing software that allows you to tailor the business plan according to your industry, goals and unique requirements — I’m quite certain I’ve got them all covered. 

The value of these business plan software options lies not only in their efficiency but also in their ability to save time and reduce errors. By integrating with existing systems through Data Integration APIs, users can seamlessly import key metric data, eliminating redundant data entry and streamlining the process.

If you’re still unsure about which is the right business plan software for your business, you can always take advantage of free trials or video tutorials and demos offered by software providers. Testing the platform firsthand will give you a practical understanding of its usability and suitability for your business.

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Top 13 Financial Planning Software Tools in 2023

Top Financial Planning Software Tools

What Are Financial Planning Tools?

What are the types of financial planning software, what are the best financial planning tools.

  • 2. Intuit QuickBooks
  • 3. Microsoft Dynamics GP
  • 4. Workday Adaptive Planning
  • 7. Sage Intacct

8. Vena Solutions

10. planful, 12. cube software, 13. anaplan.

Business financial planning tools are software applications that help businesses plan, track and manage their finances. These tools provide powerful insights into cash flows, budgeting, forecasting, investment strategies, and more. They help businesses of all sizes make sound financial decisions that ultimately lead to success.

The business financial planning software market has seen rapid growth in recent years with the emergence of a wide variety of tools available for businesses to use. These tools provide powerful insights into cash flows, budgeting, forecasting, investment strategies, and more. They can be used to make sound decisions about financial planning for both short-term and long-term objectives.

When evaluating business financial planning software tools, it is crucial to consider the features that are most important for your business. Popular features include budgeting, forecasting tools, investment analysis, and reporting capabilities. It is also essential to consider the cost of the software, the customer service, support, and the user experience.

Businesses should also consider the features of each business financial planning software tool to determine which one is the best fit for their specific needs. Some tools provide detailed financial forecasting and analytics, while others are more geared toward cash flow and investment management. There are also software tools that offer integrations with other accounting systems and CRM services, making creating a comprehensive financial data system easy.

Financial planning software comes in a variety of different forms and can be used for a variety of purposes. Here are some of the most popular types of financial planning software:

  • Budgeting Software: Budgeting software is designed to help businesses track their income and expenses. It also allows companies to set up budgets tailored to their specific needs, allowing them to plan for both short-term and long-term objectives.
  • Forecasting Software: Forecasting software helps businesses understand their current financial situation and predict future performance. It is often used to identify potential risk areas and develop strategies to mitigate them.
  • Investment Analysis Software: Investment analysis software helps businesses understand the market dynamics of different investments, allowing them to make smarter decisions about where they should put their money. It can also provide insights into the performance of different investments.
  • Reporting Tools: Reporting tools provide businesses with insights into their financial data, allowing them to track key performance indicators and make necessary adjustments as needed. These tools also enable companies to create custom reports that can be shared with other stakeholders.

With so many business financial planning software tools available, it is vital to find the right one for your business. By taking the time to evaluate each tool and its features, you can ensure that you choose a financial planning tool that best meets your needs and helps you take your business to the next level.

To help narrow down your choices, we've compiled a list of some of our top picks for business financial planning software tools.

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2.  Intuit QuickBooks

Intuit Quick Books Top Financial Planning Software Tools

Intuit QuickBooks is one of the most popular financial planning software tools available today, and it offers a variety of features that make it an attractive choice for businesses.

One of the benefits of using Intuit QuickBooks for financial planning is its ability to integrate with other accounting software and services, making it easy to transfer and track data between systems. QuickBooks also offers advanced analytics tools, allowing users to easily create reports on financial performance and make better business decisions. It also has a user-friendly interface, making it easy to navigate and use for even the most novice users.

Finally, Intuit QuickBooks offers several plans that fit different business needs and budgets, allowing users to get the most out of their financial planning software. With all these great features and options, Intuit QuickBooks is a great choice for any business looking to streamline its financial planning. Whether you're an experienced business person or a novice, Intuit QuickBooks is an ideal tool to help you plan your finances and reach your goals.

3.  Microsoft Dynamics GP

Microsoft Dynamics GP Top Financial Planning Software Tools

Microsoft Dynamics GP is another popular financial planning software tool, offering users a wide range of features and benefits. One of the main advantages of using Microsoft Dynamics GP is its ability to integrate with other accounting software, including QuickBooks and Microsoft Excel. This integration makes it easy to transfer data between systems and accurately track financial performance.

4.  Workday Adaptive Planning

Workday Adaptive Planning Top Financial Planning Software Tools

Workday Adaptive Planning is an intuitive financial planning software tool. It offers a variety of features that make it ideal for businesses of all sizes, including budgeting and forecasting tools, reporting capabilities, and a user-friendly interface. Adaptive Planning also provides users with real-time data integration, allowing them to quickly make decisions and take action when needed.

Xero Top Financial Planning Software Tools

Xero is an award-winning accounting and financial planning software solution. It allows users to easily manage their finances, track performance, and generate reports, all within a single platform. It also includes features like automatic bank reconciliation and cash flow forecasting, making it easy to stay on top of finances.

Additionally, Xero allows users to access their data from any device, making it a great choice for businesses on the go.

Top Free Google Sheets Templates and Financial Models

Top Free Google Sheets Templates and Financial Statements to help you manage your business financials, monitor performance, and make informed decisions.

Coupa Top Financial Planning Software Tools

Coupa is an enterprise resource planning (ERP) and financial planning software solution designed to help businesses streamline their operations and optimize performance. It offers users a variety of features that make it ideal for budgeting and forecasting, including real-time data integration, reporting capabilities, and automated invoice and payment processing.

Coupa's single Business Spend Management platform will let you throttle down spend quickly, make cuts that don't injure your business, and eliminate rogue purchasing throughout your company.

7.  Sage Intacct

Sage Intacct Top Financial Planning Software Tools

Sage Intacct is an advanced financial planning software designed for businesses of all sizes. It provides users with tools for budgeting, forecasting, and reporting.

Sage Intacct Planning has all the capabilities you need for modern planning, budgeting, forecasting, what-if scenario modeling, reporting, and data visualization. And with spreadsheet-like formulas and intuitive pre-built functionality, it’s easy and affordable to get started. Sage Intacct's cloud planning application automates the manual, time-consuming, error-prone work and lets users and their teams focus on strategic planning and analysis that help the business grow and thrive.

Vena Solutions Top Financial Planning Software Tools

Vena Solutions is a cloud-based financial planning software that provides businesses with budgeting, forecasting, and reporting tools. It also offers a variety of features that make it easy to share financial data with stakeholders.

Vena's revenue planning software allows users to perform driver-based revenue budgeting and forecasting so they can instantly perform what-if scenario analysis . Vena will automatically highlight exceptions in your resource capacity, and pipeline velocity to make it easy to spot the resulting impact on KPIs, critical success factors, and financial results.

Board Top Financial Planning Software Tools

Board is a comprehensive financial planning software solution that helps businesses create budgets, track cash flow, and monitor investments. It also includes powerful analytics capabilities that help companies get the most out of their financial data.

Unlike spreadsheets, Board’s multidimensional enterprise planning system is based on a single shared data repository and offers data validation, workflow, enterprise-class security, audit trail, and versioning capabilities. This enhances control and efficiency across the entire planning process - making it fully reliable in terms of results and significantly less onerous in terms of time and resources.

Top Business Budgeting Tools in 2023

The best picks for business budgeting software tools to monitor your financial performance and ensure your business is using its resources efficiently.

Top Business Budgeting Software Tools

Planful is a cloud-based financial planning software that provides businesses with tools for budgeting, forecasting, and reporting. It also includes powerful analytics capabilities that help companies get the most out of their financial data.

Planful brings automation and collaboration to teams by aligning corporate strategy to business execution. Users can take advantage of pre-built templates, managed workflows, and intuitive collaboration to enhance every conversation and focus on their most urgent business needs.

Jirav Top Financial Planning Software Tools

Jirav is an intuitive financial planning software tool that helps businesses create budgets, track cash flow, and monitor investments.

Jirav's financial modeling software makes creating and updating financial forecasts and budgets easier. Users can quickly build sophisticated plans and models, then make adjustments and automatically roll forward their plan so they can spend more time on strategy and less time in spreadsheets.

Cube Software Top Financial Planning Software Tools

Cube is an easy-to-use financial planning software that helps businesses create budgets, forecast cash flow, and generate reports. It also includes features for sharing financial data with other stakeholders.

Using Cube, you can seamlessly model how changes to key assumptions affect overall outputs. Then, build and share customizable dashboards and reports from reusable templates to flexible ad-hoc reporting.

Anaplan Top Financial Planning Software Tools

Anaplan is a comprehensive financial planning software solution that helps businesses create budgets, forecast cash flow, and generate reports. It also includes powerful analytics capabilities that help companies get the most out of their financial data.

Anaplan empowers users to take control of their outcomes with multi-dimensional scenarios at every scale of their business. They can model potential outcomes based on real-time operational metrics and projected strategies while sharing insights across their businesses so they can act with informed confidence.

By choosing the right financial planning software for your business, you can make smarter decisions about where to invest your money and how to manage your business finances more efficiently. Take the time to evaluate each of these top financial planning software tools and find the best one for your business needs.

Hady has a passion for tech, marketing, and spreadsheets. Besides his Computer Science degree, he has vast experience in developing, launching, and scaling content marketing processes at SaaS startups.

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Top 5 Financial Planning Software Tools Used by Financial Advisors

J.B. Maverick is an active trader, commodity futures broker, and stock market analyst 17+ years of experience, in addition to 10+ years of experience as a finance writer and book editor.

business financial planning software

It's hard to imagine the days of financial planning and portfolio management without technology. Independent advisors, registered representatives, and accountants have come to rely on sophisticated financial software to help them devise appropriate investment and retirement plans for clients. Here we have compiled a list of financial planning software programs popular among professionals for cash flow analysis, long-term planning, and tax strategy plans.

Key Takeaways

  • Financial advisors often use an array of software solutions including customer relationship management tools, portfolio management tools, trading/rebalancing solutions, and investment analytics.
  • Financial planning tools that aggregate financial strategies into streamlined solutions are a common software solution.
  • MoneyGuidePro has been the most popular financial planning software by financial advisors since 2020, according to Technology Tools for Today,  a technology conference for financial advisors.
  • Financial planning tools can help financial advisors better engage with clients by visualizing household finances, managing budgeting goals, and projecting outcomes of financial decisions.

Software for Financial Advisors

Financial software programs typically provide a wide arrange of useful information and capabilities. The most in-demand software products include:

  • Customer relationship management software organizes client information and streamlines process flows and communication techniques.
  • Financial planning software provides cash flow analysis, long-term planning, and tax strategy plans.
  • Portfolio management software provides comprehensive reporting tools for greater awareness and management of your client's entire asset holdings.
  • Trading/rebalancing software automates and coordinates portfolio transactions.
  • Investment analytics software provides all-encompassing data and historical information regarding securities and other investments.
  • Risk tolerance software identifies, navigates, and quantifies hidden and known portfolio risks.
  • Document management software simplifies document transmission, signature retrieval, or document storage.

Most Popular Type of Software

In a 2023 survey conducted by Technology Tools for Today, a technology conference for financial advisors, financial planning software programs were reported to have an 83.68% market penetration, meaning that 83.68% of projected sales from financial planning software programs occurred in 2023.

Though many companies may use several of the software groups above, some are very specific to financial advisors. Customer relationship management, risk tolerance, and document management solutions are common across industries.

In this article, we'll look at the top five financial planning software programs used by financial advisors. The top five financial planning software programs used by professional financial advisors based on market share include MoneyGuidePro, eMoney Pro, RightCapital, Orion Financial Planning, and eMoney Plus.

With 31.52% of the industry's market share by user in 2023, MoneyGuidePro is the most popular financial advisor software program in terms of market share.

Part of MoneyGuidePro’s success is attributed to its visually engaging, user-friendly presentation. The main portal is designed to fully engage the client, including Play Zone where the client can input different choices and options to see potential effects. The advisor retains ultimate control of the program including what parts of the program the client is allowed to see.

Owned by Envestnet, the MoneyGuide suite of products has two levels:

  • MoneyGuidePro provides more sophisticated solutions including custom report templates, estate planning, net worth statements, and risk management tools.
  • MoneyGuideElite offers the high level of services including dynamic income modeling, tax planning quantification, and annuity strategy modeling.

2. eMoney Pro

eMoney offers a very in-depth program and is known for its detailed cash flow analysis module. The market share for eMoney Pro came in at 28.47% for 2023.

One of eMoney's strengths is its financial feed that provides real-time data, alerts, and news, helping advisors stay on top of important client and market situations. Another noteworthy feature is the eMoney client portal (emX) which allows clients to access a printout of their finances at any time.

eMoney boasts the title of the top ranked financial software solution in regards to customer satisfaction. The eMoney product line also has various standalone solutions and APIs to aid financial advisors at various levels of service.

RightCapital came in third place for 2023 with 15.65% of the market share, up from 11.59% in 2022. Founded in 2015, it's a relatively new software especially compared to the other software leaders. RightCapital competes very well with the leaders—MoneyGuidePro and eMoney Pro—when it comes to newer, smaller advisors.

RightCapital generally appeals to millennial clients who need help with budgeting and was created to exist in the middle ground between too limited and too comprehensive planning tools. It boasts a number of partner integrations with CRM programs, performance reporting solutions, custodian/clearing firms, and analytics software tools. RightCapital also boasts several specific features to its product including:

  • RightIntel , a built-in business intelligence solution.
  • RightPay , an integrated client billing system.
  • Snapshot , personalized plan summaries for clients.
  • BluePrint , an organizational visualization system for household data.

Another eMoney offering, eMoney Plus, comes in at fourth with 5.26% of market share in 2023. The software is a step below eMoney Pro, focusing on foundational planning with a more simplified suite of solutions compared to eMoney Pro's more advanced planning features. eMoney Plus sees most of its success with dually-registered advisors .

eMoney Solutions

Product Description: Leverage intuitive, streamlined goals-based solutions to build more planning-led relationships and deliver more plans to more clients.

Solutions include basic access to eMoney's platform, foundational planning, and advanced analytics.

Production Description: Harness advanced planning to provide the most comprehensive cash-flow-based capabilities to accommodate clients' most complex planning needs.

Solutions include advanced platform access, advanced planning, and advanced analytics.

Asset-Map comes in at 5th with 4.68% of the market share for 2023, surpassing Orion Financial Planning which had been the 5th most commonly used software in 2021 and 2022.

Asset-Map is designed for financial professionals, and it allows users to profile and engage with clients more productively. The software visualizes household finances and tracks financial progress to help users understand finances more efficiently and thoroughly, in order for financial planners to provide more suitable investment strategies.

Asset-Map provides two main services:

  • Asset-Map Pro : All Asset-Map features for financial planners
  • Asset-Map Essentials : The features of Asset-Map Pro, without Target-Map service which provides visualizations of financial planning goals

What Software Do Financial Advisors Use?

There are dozens of financial planning software tools with the most common being MoneyGuidePro. In addition, financial advisors may use customer relationship management tools, portfolio management tools, trading/rebalancing software, or document management solutions.

What Is the Best Financial Planning Software?

Every financial advisor will be best suited for software that meshes well with their client's needs. Some advisors are better suited with more simple, less expensive solutions that can more easily explain client portfolios. Others require heavier analytical capabilities or more robust management tools. In either case, a financial advisor should reflect on their client's needs and back into whether a financial planning software tool is the right level for that need.

What Are Popular Financing Planning Tools?

In 2023, MoneyGuidePro was the most popular financial planning software solution for financial advisors. eMoney also had two of the top five financial planning tools.

Whether you have a new, small firm or a larger firm looking to upgrade to a complex, highly capable analytic solution, there is a financial planning software tool best suited for you and your clients. Consider what you need to best address your client's investing needs, and pursue a solution to better manage your client's assets.

Technology Tools for Today. " The 2023 T3/Inside Information Software Survey ."

MoneyGuide. " What Envestnet MoneyGuide Does ."

MoneyGuide. " Which Solution Is Best For You? "

eMoney. " Client Experience ."

eMoney. " eMoney Pro ."

eMoney. " Solutions to Grow and Scale Your Business ."

Technology Tools for Today. " T3 and Inside Information Reveal Results of 2021 Advisor Software Survey ."

Technology Tools for Today. "2022 T3/Inside Information Survey"

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ANALYST REPORT

The 2023 gartner® magic quadrant™ for financial planning software.

Anaplan named A LEADER, places highest for ability to execute

Change is a guarantee. But your ability to make the right decisions at the right time will determine your competitive advantage. As a CFO or finance leader, you need speed and agility to turn data into actionable insights.  

According to Gartner, “as cloud-based financial planning software and analytics capabilities advance, they now offer access to more data sources, including transactional and operational data. This enables FP&A leaders to better support a wider range of operational needs.”

Read your complimentary copy of the report today to explore key market trends and best practices for evaluating Financial Planning vendors. Learn why Anaplan was named a leader, placing highest for its ability to execute.

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Gartner, Magic Quadrant for Financial Planning Software, By  Regina Crowder ,  Matthew Mowrey ,  Vaughan Archer , 5 December 2023

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates and is used herein with permission. All rights reserved.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

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The Ultimate Guide To Business Financial Planning

The ultimate guide to business financial planning.

Every business wants to accomplish its own set of long and short-term goals. Yes, some goals are more relevant than others, and the hierarchy is unique to the organization. Still, one of the biggest things companies aim for is financial stability for the long term.

Having a comprehensive financial plan is crucial if you want your business to go from where it is now to where you want it to be. Many factors affect a business’s finances, from decisions in management to profits to accounts receivable turnover. As owner or finance leader of the firm, you’d want to make sure that your organization always stays on top of its finances.

This article will discuss the significance of financial planning and how you can create one for your business. 

What is Financial Planning? 

Simply put, financial planning involves a comprehensive evaluation of your company’s current financial health so you can lay out financial objectives and the strategies your company will use to achieve those objectives. You can use these evaluations to create favorable projections that your company can aim for. Typically, a financial plan is a component of your overall business plan, which you tweak over time to align with your current goals. 

In your financial plan, company management and investors can view critical information regarding your company’s growth strategy. It includes essential details such as sales projections, cash flow projections, your expenses budget, and other information that can guide those involved to make informed decisions. As more and more companies embrace digitization, the use of financial management software in budgeting and planning slowly becomes the norm. By pairing it with robust accounts receivable management software, your business increases its efficiency in cash flow management.

Why is Financial Planning Essential For Your Business?

Every business experiences ups and downs as it goes along its journey. With the pandemic still going on, organizations must work harder and innovate to remain standing. A recent survey shows that six in 10 Singapore businesses are barely making ends meet amid the pandemic-induced volatility. When things go downhill, you must find a way to pull through. Your financial plan can come in handy as you navigate the rollercoaster of running a business. It can serve as a road map to your business’s monetary success, nudging you about your short-term and long-term financial objectives from time to time.

A financial plan sets your short and long-term financial goals in a timeline that you can follow. By organizing it into small chunks of steps, you can focus on single actions that accumulate into significant gains.

What Does Your Financial Plan Tell You?

Whether you’re a new business or an established corporation, keeping track of your financial growth and success is vital. Your financial plan reveals two principal details: your current financial data and your expected financial outcome in the future.

Your company’s financial plan lays out the following:

  • Where your business is right now in terms of finances and where you want it to be. 
  • The strategies you will use to generate your ideal income 
  • Your expected profits and future revenue stream
  • How your business will keep ahead of the competition
  • Your projected business growth on an annual basis
  • How your business will make the most out of existing capital and assets
  • The current and expected state of your cash flow
  • How you will handle common problems such as dormant financial receivables  

How Do Financial Plans Guide Your Company?

All this information is vital for you, your team, and various entities and individuals who can provide value for your company. Complementing your business plan with a comprehensive financial strategy can help justify why your business is good. 

All of the information found on your business’s financial plan allows you to:

  • Attract potential investors and funding to your company
  • Secure business loans from lenders
  • Have benchmark forecasts that you can strive to meet and exceed.
  • Better allocate resources and manage liabilities such as debt
  • Determine if your business is still viable or not
  • Protect your business by planning for the unexpected.

If you’re just starting out on your entrepreneurial journey, your financial plan can inform you whether your business is feasible or if you’re just taking an uncalculated risk. 

How to Create a Solid Business Financial Plan?

Your financial business plan should properly supplement your company’s overall business plan. Just like every other section of your business plan, your financial plan is not set in stone. You can modify it anytime for the right reasons. Remember that while the details written on your financial plan are crucial, at the end of the day, what you do with those details is what counts the most.

Here are the steps you can create or recreate your company’s financial business plan:

1. Conduct Research and Develop a Strategy

Everything starts with doing your homework, especially if you’re a startup since you won’t have any past data to gather information. This process goes hand in hand with the development of your overall plan. Before calculating any information to make predictions on the financial plan, you must put every other integral business component in place. This includes your business’s:

  • Operating procedures for activities
  • Products or services
  • Target audience
  • Market research
  • Market strategy
  • Predefined budget and expenses 

After outlining the core components of your business, you can now develop a plan to carry it towards financial growth using a predefined budget. By laying out what your company wants to achieve, you can determine the most productive steps towards it. You can answer questions such as how you’ll acquire financing, what level of talent you would need to source, and how to improve accounts receivable turnover. 

2. Create Financial Projections

Your business must have something good to look forward to in the future to attract investors. Financial projections show an estimate of your future revenues, expenses, profits, and net worth. It provides three essential points, a forward-looking income statement, a balance sheet, and a cash flow statement.  

  • Income Statement

A projection of this financial statement shows your anticipated revenue, expenses, and profit after the end of a specific period. By calculating your expected sales and the cost of those sales, you can reveal if your business can be sustainable.

  • Balance Sheet

A balance sheet forecast reveals your anticipated assets, liabilities, and owner’s equity during a particular point in the future. Ultimately, it shows what you expect your business to be worth during that future period.

  • Cash Flow Statement

This forecast shows the outlook of cash movement in and out of your business. By projecting a smooth cash flow (more money moving in than coming out), you can impress investors and lenders to stand by your company. 

Cash is what will eventually drive your company forward. At any point in your business’s life, having excellent cash flow gives you more flexibility to do the things that allow you to expand and grow. 

By examining past and present results to forecast growth, you can set realistic goals, formulate sound decisions, and tackle unexpected challenges. When gathering data and organizing your projections, financial forecasting software can help ease the process. 

Here at Peakflo, we have integrated our advanced accounts receivable management software with an intuitive forecasting tool, making it easier for you to anticipate your business’s most valued KPI – liquidity. 

3. Keep Track of Progress

Having a benchmark to aim for allows you to create straight pathways towards the results you want. After expressing your goals in clear and definite numbers, you can now monitor your progress and determine if it’s spinning in the right direction. 

You can always generate financial statements at any time and start comparing past results to your current. Yes, compiling detailed reports on paper can be intimidating, especially if you have to do it on the spot. However, you can simplify the process by utilizing financial management software to generate reports and forecasts quickly.  

4. Plan for the Unexpected

It’s not uncommon to run into uncertainty when running a business. But, now that you have developed your financial game plan and its supplementing forecasts, you can now review every detail to identify vulnerabilities and weak spots. For example, suppose you know that your business will eventually have to deal with b2b accounts receivables. In that case, you can brainstorm ways to maintain cash in the bank early on so that when cash flow takes an unexpected twist, you’ll have enough reserves to keep everything going.

Enhance Financial Planning with Business Financial Planning Software

Conventional tools such as spreadsheets might work if you’re just starting out in getting your finances together. However, as your business grows and expands, so will the demands for more streamlined financial management and team collaboration approaches.

By complementing your financial planning and management with software, you can begin to automate tasks that would otherwise take more time and effort. You’ll also be able to seamlessly retrieve gathered data to create your essential reports and projections.

How Can Peakflo Help?

Integrating cash management and AR platform with your existing financial tool puts you in a better position to maintain your ideal cash flow. With Peakflo, you can increase the efficiency of your AR operation, ultimately allowing you to get paid sooner rather than later. We also offer valuable tools that improve team collaboration and productivity so you can be sure that your finances stay in the right direction.

Connect your accounting software and start automating your accounts receivables with Peakflo today!  

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How to Write a Small Business Financial Plan

Stairs leading up to a dollar sign. Represents creating a financial plan to achieve profitability.

Noah Parsons

3 min. read

Updated January 3, 2024

Creating a financial plan is often the most intimidating part of writing a business plan. It’s also one of the most vital. Businesses with well-structured and accurate financial statements in place are more prepared to pitch to investors, receive funding, and achieve long-term success.

Thankfully, you don’t need an accounting degree to successfully put your budget and forecasts together. Here is everything you need to include in your financial plan along with optional performance metrics, specifics for funding, and free templates.

  • Key components of a financial plan

A sound financial plan is made up of six key components that help you easily track and forecast your business financials. They include your:

Sales forecast

What do you expect to sell in a given period? Segment and organize your sales projections with a personalized sales forecast based on your business type.

Subscription sales forecast

While not too different from traditional sales forecasts—there are a few specific terms and calculations you’ll need to know when forecasting sales for a subscription-based business.

Expense budget

Create, review, and revise your expense budget to keep your business on track and more easily predict future expenses.

How to forecast personnel costs

How much do your current, and future, employees’ pay, taxes, and benefits cost your business? Find out by forecasting your personnel costs.

Profit and loss forecast

Track how you make money and how much you spend by listing all of your revenue streams and expenses in your profit and loss statement.

Cash flow forecast

Manage and create projections for the inflow and outflow of cash by building a cash flow statement and forecast.

Balance sheet

Need a snapshot of your business’s financial position? Keep an eye on your assets, liabilities, and equity within the balance sheet.

What to include if you plan to pursue funding

Do you plan to pursue any form of funding or financing? If the answer is yes, then there are a few additional pieces of information that you’ll need to include as part of your financial plan.

Highlight any risks and assumptions

Every entrepreneur takes risks with the biggest being assumptions and guesses about the future. Just be sure to track and address these unknowns in your plan early on.

Plan your exit strategy

Investors will want to know your long-term plans as a business owner. While you don’t need to have all the details, it’s worth taking the time to think through how you eventually plan to leave your business.

  • Financial ratios and metrics

With all of your financial statements and forecasts in place, you have all the numbers needed to calculate insightful financial ratios. While these metrics are entirely optional to include in your plan, having them easily accessible can be valuable for tracking your performance and overall financial situation.

Common business ratios

Unsure of which business ratios you should be using? Check out this list of key financial ratios that bankers, financial analysts, and investors will want to see.

Break-even analysis

Do you want to know when you’ll become profitable? Find out how much you need to sell to offset your production costs by conducting a break-even analysis.

How to calculate ROI

How much could a business decision be worth? Evaluate the efficiency or profitability by calculating the potential return on investment (ROI).

  • Financial plan templates and tools

Download and use these free financial templates and calculators to easily create your own financial plan.

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Sales forecast template

Download a free detailed sales forecast spreadsheet, with built-in formulas, to easily estimate your first full year of monthly sales.

Download Template

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Accurate and easy financial forecasting

Get a full financial picture of your business with LivePlan's simple financial management tools.

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Content Author: Noah Parsons

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

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Drive valuable insights into the business to identify trends and anomalies during the financial planning process. Uncover opportunities for cost savings and revenue growth while avoiding risks and concerns.

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Rapidly prepare and maintain models and analyze data across your entities. Spend time understanding your business, not worrying about version control and formatting.

Ensure platform-wide data confidentiality, integrity, and availability. Seamless integrations to existing systems ensures your team can maintain data security.

Elevate financial conversations with one-click access, notifications, commentary, and easy-to-fill shareable templates that every business user will appreciate.

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5 Best Financial Consolidation Software Solutions of 2024

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The consolidation process is critical in driving trusted and effective book of record reporting for an organization.  Whether the organization is private or publicly held, reporting for external stakeholders must be accurate, timely and compliant with US GAAP, IFRS or other local regulations.  These requirements apply to financial statement reporting, for both tax purposes and statutory reporting/filings for regulatory bodies.

In this blog post, we review the 5 best financial consolidation software solutions for 2024.  We only included software that meets the following non-negotiable qualifications:

  • Included in the Leaders Quadrant or close to the edge of the leader’s box – Gartner Financial Close & Consolidation 2023.
  • Earned at least 4.7/5.0 stars on Gartner Peer reviews.
  • Possesses its“own” dedicated financial consolidation capability.

What Is Financial Consolidation Software?

Financial consolidation software gives organizations the capability to automate and streamline the process of combining, summarizing and transforming data from multiple business units, subsidiaries or departments.  This complex process ensures the completeness and accuracy of the data to comply with relevant accounting standards and regulatory authorities.

Common features across financial consolidation tool options include the following capabilities:

  • Advanced foreign currency translation.
  • Powerful, automated intercompany eliminations.
  • Flexible organizational ownership structures.
  • Audit trails.
  • Drill-through analysis.

By leveraging these features and others, organizations can streamline their consolidation process, minimize errors and report with confidence.

This comparative analysis explores the features and functionalities of 5 leading financial consolidation solutions:  OneStream, Oracle EPM Cloud, Wolters Kluwer CCH Tagetik, Fluence Technologies and Vena Solutions.

The Best Financial Consolidation Software

1. onestream.

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OneStream is the leading solution for complex financial consolidations due to its unified platform, advanced features, real-time insights, streamlined data integration, regulatory compliance support, scalability, user-friendly interface, collaboration tools and cost-effectiveness.  As organizations continue to navigate the complexities of the global business landscape, OneStream stands as a reliable partner in achieving efficient, accurate financial consolidations.

  • Capability to handle the most complex global consolidations thanks to Extensible Dimensionality, guided workflow and out-of-the-box advanced financial intelligence capabilities.
  • Seamless integrations with ERP systems through a variety of data load options, ensuring data consistency and accuracy.
  • Complete audit trails and drill-through/drill-down capabilities for maximum visibility into any number.
  • OneStream’s tailored implementation process may require additional configuration time to meet customers’ unique business requirements.
  • Pricing may be prohibitive for smaller businesses.

OneStream may have a smaller but growing market presence compared to other alternatives – despite growing popularity and having 1,300+ customers across the globe.

2. Oracle EPM

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Oracle EPM is a suite of business applications designed for end-to-end management of enterprise-wide consolidation, close, financial planning and forecasting, and performance reporting.  According to Oracle with their Financial Consolidation and Close end-to-end solution, organizations can effectively and efficiently manage the consolidation and close process.  Organizations can leverage out-of-box financial consolidations with pre-built cash flow, balance sheet and income statement – accelerating the close.

  • A large customer base and global network ensure access to a pool of skilled professionals, services, partners and domain expertise.
  • Integration with Oracle solutions (ERP, HCM, CRM, etc.) and databases, and a robust solution for master data management, data integration and data quality.
  • Some pre-built functionality and out-of-box content may speed up implementations.
  • Lack of parity in Consolidation & Close solution for consolidation capabilities exists compared to Oracle’s legacy Hyperion HFM solution.
  • Fragmented, multiple solutions require multiple complex integrations across solutions to reconcile actuals with plans and to bring in financial and operational data to support the end-to-end consolidation, close, financial and operational planning, and reporting processes.
  • Limited live references and few peer reviews/insights are available for the cloud EPM solutions.

3. Wolters Kluwer CCH Tagetik

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CCH Tagetik was originally developed in 2005 to deliver trusted, comprehensive and scalable CPM solutions globally and was acquired by Wolters Kluwer in 2017.  As an end-to-end financial close and consolidation solution, CCH Tagetik is marketed to group and entity controllers.  The software comprises multiple solutions for financial consolidation and close, account reconciliation and transaction matching, financial and management reporting, disclosure management (via a partnership with CoreFiling), and ESG and sustainability performance management.  Plus, the solution is available both on-premises and via the cloud.

  • Platform approach that differs from multi-solution approaches (e.g., SAP and Oracle).
  • Prebuilt connectors for some ERPs and a data integration engine to integrate with ERPs and other data sources, both financial and operational.
  • Ability to combine balance and transactional data in one platform.
  • Limited to one cube/model per application, affecting performance/scalability; most implementations require creating multiple applications to support processes.
  • Limitations on data quality, assurance and drill back result in additional steps, time and manual processes to resolve data issues – with no transparency to drill back to the source.
  • Customer base is strongest in Europe but lacks the North American footprint of the other Top 5 vendors.

4. Fluence Technologies

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Fluence Technologies is a global software company that provides cloud-based financial consolidation, close and reporting solutions marketed as helping Finance teams close faster, report with confidence and do more with less.  More specifically, Fluence Technologies markets a no-code midmarket financial consolidation solution purpose-built to be easily owned and maintained by Finance.

  • Singular focus on consolidation and close.
  • Heritage with legacy solutions (BPC/OutlookSoft, Cognos Controller and Longview).
  • Excel front-end that provides a familiar environment for Finance and Accounting.
  • Siloed solution architecture in that the product combines home-grown, acquired and third-party solutions.
  • Solution isn’t a complete CPM offering – no planning, no ESG, no tax, inconsistent AI/ML message.
  • Data Integration is a user-reported weakness – limited data quality.

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Board offers a single solution, Board Group Consolidation and Reporting (GCR).  Based in Chiasso, Switzerland, where it was founded in 1994, and Boston, Massachusetts, Board markets its product as integrated business intelligence reporting and analytics with enterprise scalability.  Board is a private company with customers worldwide, the highest percentage in Europe.

  • Prebuilt integrators with ERPs and over 270 APIs to multiple source systems that import GL and transactional information.
  • Strong base of reference customers in EMEA region.
  • Visually appealing UI with tight connection between presentation layer and the back end.
  • Board requires a tremendous amount of maintenance as everything must be built, meaning there’s little pre-built functionality.
  • Limited out of the box financial intelligence means critical calculations and formulas must be designed and configured for each customer.
  • Financial consolidation is a separate module – essentially a pre-built point solution consisting of dashboards and a pre-defined model.

Choosing the right financial consolidation platform is essential for organizations seeking to move away from unreliable, inadequate EPM applications and/or spreadsheets and to instead evolve to a modern EPM solution.

Each of the Top 5 solutions featured in this blog post offers unique features and benefits, catering to the diverse needs of organizations across industries.  Ultimately, however, if you’re looking to streamline your key Finance processes and significantly increase confidence in your reporting, OneStream is the best financial consolidation software to handle all your financial reporting, no matter how complex.

To learn more about how organizations are managing the complexity in financial consolidation, check out our Close & Consolidation eBook.  And if you’re ready to take the leap from spreadsheets or legacy EPM solutions and start your Finance Transformation with OneStream, let’s chat!

You can also check out our comprehensive financial close & consolidation software resource guide .

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The Latest In Financial #AdvisorTech (February 2024)

February 5, 2024 07:01 am 0 Comments CATEGORY: Technology & Advisor FinTech

Executive Summary

Welcome to the February 2024 issue of the Latest News in Financial #AdvisorTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors!

This month's edition kicks off with the news that financial planning software platform RightCapital has launched a workflow management tool called RightFlows to help advisors manage and assign steps in the financial planning process to team members and clients – which on the one hand capitalizes on advisor demand for workflow solutions tailored to the financial planning process without using a separate third-party tool, but on the other hand raises questions about how many different workflow support tools advisors will want to manage, given that many already use workflows within their CRM software (and other individual software tools may follow RightCapital's lead by offering their own embedded workflows).

From there, the latest highlights also feature a number of other interesting advisor technology announcements, including:

  • Dispatch (formerly OneAdvisory) recently raised $8 million in seed funding as it seeks to provide a centralized data warehousing solution for advisory firms and eliminate the need for point-to-point data integrations between individual software solutions – which although a relatively new category for AdvisorTech, seems poised to pick up steam as advisors increasingly seek better integration among their constantly-expanding tech stacks
  • Flourish has launched a new annuities platform, aiming to not only provide a marketplace of fee-based annuities for fiduciary RIAs but also to solve for the operational challenges of implementing annuities (and their notoriously burdensome paperwork) through streamlining and automation of the application process
  • Estate planning software provider Vanilla has announced a partnership with Vanguard's Ultra-High-Net-Worth (UHNW)-focused Personal Advisors Wealth Management, as Vanguard seeks to improve its estate planning offerings to better compete with other UHNW-focused firms and shows that the market for estate planning technology remains strong even as fewer and fewer people are actually subject to estate tax

Read the analysis about these announcements in this month's column, and a discussion of more trends in advisor technology, including:

  • Income Lab has released Life Hub, its holistic "financial dashboard" tool, as a standalone software offering where it will compete with Asset-Map – which underscores the growing popularity of tools that can clearly visualize a client's current financial situation, while highlighting how different software companies have approached the question of whether to split off popular features as their own standalone solutions or to leave them "bundled" with their other offerings
  • At the annual T3 Technology Conference, Artificial Intelligence (AI)-related vendors were present, but overall the tone towards AI was more measured than expected given the hype surrounding AI over the past year – suggesting that even though AI may prove transformative for AdvisorTech in the long run, it has a long road ahead for gaining trust and adoption in the advisory industry

And be certain to read to the end, where we have provided an update to our popular "Financial AdvisorTech Solutions Map" (and also added the changes to our AdvisorTech Directory) as well!

*And for #AdvisorTech companies who want to submit their tech announcements for consideration in future issues, please submit to  [email protected] !

Michael Kitces

Michael Kitces

Michael Kitces is Head of Planning Strategy at Buckingham Strategic Wealth , which provides an evidence-based approach to private wealth management for near- and current retirees, and Buckingham Strategic Partners , a turnkey wealth management services provider supporting thousands of independent financial advisors through the scaling phase of growth.

In addition, he is a co-founder of the XY Planning Network , AdvicePay , fpPathfinder , and New Planner Recruiting , the former Practitioner Editor of the Journal of Financial Planning, the host of the Financial Advisor Success podcast, and the publisher of the popular financial planning industry blog Nerd’s Eye View through his website Kitces.com , dedicated to advancing knowledge in financial planning. In 2010, Michael was recognized with one of the FPA’s “Heart of Financial Planning” awards for his dedication and work in advancing the profession.

Guest Headshots

Ben Henry-Moreland

Ben Henry-Moreland is a Senior Financial Planning Nerd at  Kitces.com , where he researches and writes for the Nerd’s Eye View blog, using his experience as a financial planner and a solo advisory firm owner to help fulfill the site’s mission of making financial advicers better and more successful. In addition to his work at  Kitces.com , Ben serves clients at his RIA firm, Freelance Financial Planning.

Read more of Ben’s articles here .

RightCapital Introduces Rightflows To Embed Workflow Tools Within Financial Planning Software

Traditionally, a financial plan was a single, standalone document that a financial advisor created for the client once at the beginning of the advisory relationship, which was updated and re-generated at most once per year thereafter. Which meant that the extent of the client's responsibilities in creating the plan usually involved filling out a comprehensive data gathering questionnaire, handing over copies of account statements, insurance policies, tax statements, etc., and then letting the advisor take the reins to put the plan together.

As time went on, however, the depth and scope of financial plans became increasingly complex as clients hungered for more planning beyond their investment portfolio or insurance coverage, and financial planning gradually became the actual  thing  that the client paid for (as opposed to simply the implementation of the plan's recommendations, which was what the advisor was typically paid for before). Simultaneously, the financial plan morphed from a single, standalone plan to a more ongoing process of plan ning , as advisors sought to deliver value on a year-round basis and the expanding scope of financial plans necessitated splitting up their delivery over the course of multiple meetings.

From a process perspective, the nature of more modular and multifaceted plans means there are more moving parts involved: More steps in the data gathering process (as different parts of the plan may be updated at different times of the year), more back-and-forth between the advisor and client (as more data overall naturally leads to more questions around vetting and quality-checking that data), and more confusion over whose turn it is to do what action (as parts of the process get handed off between the client, the advisor, and other members of the advisory team). Which ultimately can lead to missed steps and stalled progress on creating, delivering, or implementing the plan, simply because project-managing the plan itself has become such a complex endeavor.

It's notable, then, that financial planning software platform  RightCapital  has launched  RightFlows , a workflow management tool developed specifically for managing the steps in the upfront and ongoing financial planning processes that's embedded directly in the planning software itself. Advisors can use RightFlows to kick off ordered workflows for specific planning projects (new client onboarding, annual reviews, Roth conversion analysis, etc.) with specific tasks within those workflows being assigned to members of the advisory team as well as the client themselves, to make it always clear who is responsible for completing the next step in the process and hopefully ensure that the planning continues to move forward.

For planning-focused advisors, the launch of RightCapital's workflow tool makes sense as financial planning processes have stretched themselves out with more steps and handoffs between parties, and while RightCapital had already offered users the ability to create and assign individual planning tasks, RightFlows represents the next step in turning those individual tasks into a systematized and repeatable workflow that can be used across multiple clients. And for advisors who've been using other workflow tools like  Asana  or  Hubly  to support workflows in their financial planning process, RightFlows' kanban-style task manager features a similar interface that could eliminate the need for a third-party solution by embedding the workflows into the financial planning software itself.

The caveat, however, is that advisory firms often have workflow needs beyond just their financial planning processes – including, for instance, portfolio management, compliance, and client service – for which they have largely used their CRM software (since workflow tools have long been a standard feature among the major players in that category). Which raises questions about whether advisors who are already using their CRM for one set of workflows will be willing to use other workflows that live in a different piece of software. It's possible to imagine a future where each major software platform in an advisor's tech stack – financial planning, investment management, CRM, digital marketing, etc. – has its own set of embedded workflow tools, but it's uncertain if advisors would really desire having such a scattered fellowship of workflow tools when they can instead just have one workflow to rule them all. Maybe there could be a third option, with individual workflows living in their own respective software ecosystems while being managed by a more centralized workflow in the CRM, but such an option would require even deeper integration capabilities between software platforms, when many have long struggled to integrate effectively at even a basic level.

In the end, given how many advisors have been using third-party tools to manage their planning workflows, or using collaboration tools like  Knudge  to handle back-and-forth requests with clients, there is clearly some demand for collaborative workflow management, which RightCapital has seized on (further burgeoning its already notable reputation for quickly rolling out new features in response to shifting advisor preferences). The question in the long term, however, is where advisors will ultimately want all of their workflows to live, and how they'll respond to an increasing number of software tools offering their own individualized workflow options.

OneAdvisory Raises $8M In Seed Funding And Rebrands As Dispatch As Centralized Data Warehousing Gains Momentum

One of the positive aspects of the explosion in the number of AdvisorTech solutions over the last few years is that advisors have never had more options to choose from in the technology they select, or as many different functions for technology to serve, than they do today. At the same time, however, with  Kitces AdvisorTech Research  showing the average advisor's tech stack comprises at least 15 separate functions, there's an increasingly urgent need for integration between technology solutions – not only for the added efficiency of eliminating double data entry across multiple platforms, but also to ensure that the client data within each platform is consistent with all the others. But the challenge with the proliferating number of AdvisorTech solutions is that the number of integrations needed to connect each solution with every other one grows exponentially compared to the number of solutions themselves – in mathematical terms, for any  n  number of AdvisorTech solutions that exists at any time, there needs to be  n × (n − 1)  integrations to connect them all. At some point, it becomes impossible for every vendor to maintain high-quality connections with every  other  vendor out there, simply because there isn't enough time or engineering resources to do so.

As a result, the AdvisorTech industry has experienced a 'balkanization' of software solutions, wherein certain key providers (e.g., custodial platforms, or more recently all-in-one portfolio management platforms and CRM systems) have become hubs around which a large number of other, more specialized providers build their integrations. Which for advisors often means that choosing one of those "hub" providers also means de facto  opting into the constellation of other solutions that deeply integrate with it – effectively giving advisors the choice between stable and high-quality integrations centered primarily around the hub platform and its chosen partners, or a more independent and open-architecture technology ecosystem with platforms of the advisor's choosing (but which may or may not actually integrate as well with each other).

In recent years, the advisory industry has pushed hard at technology vendors to increase their integration capabilities by including more and deeper integration and bidirectional data and workflows (i.e., allowing data entered in any one tool to be reflected in every other tool, rather than needing to be entered in one specific platform in order for data to flow correctly), for which ratings systems like  Ezra Group's integration scores  (as used in the  Kitces AdvisorTech Directory ) can give advisors a high-level idea of how well a given software platform integrates with others.

However, the underlying assumption in pushing individual technology vendors to integrate better with each other is that a proliferating number of point-to-point integrations is really the solution that will help advisors get the most out of their tech stack – when in reality, that might not actually  be  the best way for advisors to get all of their technology to work together.

Over the past year or two, another approach to integration has begun to emerge, where rather than relying on point-to-point connections to move data between each technology vendor, advisory firms pipe all of their tools' data into a centralized data 'warehouse', which standardizes the data, forms the advisory firm's single source of truth, and then pushes it out to the other software platforms, ensuring the data's consistency across all the firm's technology. Although other firms had used this method in the past using vendors like Skience  and  AppCrown , in practice it was typically only an option for large firms with the resources to build and manage their own data lake, which put it out of reach to smaller firms that rely more on 'off-the-shelf' software from third-party vendors.

In this context, it's notable that OneAdvisory – now rebranded as  Dispatch   following a recent $8 million capital raise – has launched a new data warehousing solution with the goal of becoming the centralized data hub that advisors can use as a single source of truth for their client data, and 'dispatch' (thus the new name) that data out to all of the technology they use. And notably, Dispatch is made to work with various off-the-shelf AdvisorTech providers, avoiding the need for firms to create their own pathways to move their data into those solutions. And by allowing for the flow of data between different software platforms that may not have previously had useful direct integration capabilities (because it all flows in and out of the advisor's centralized data warehouse instead), Dispatch could conceivably help to solve the 'balkanization' dilemma of each platform only integrating effectively with a limited number of other solutions.

From an advisor perspective, arguably the real goal in pushing technology vendors to integrate better was simply to ensure accurate and consistent data (down to the basics of names, addresses, and birthdays) across the many tools that advisors use, and if having a centralized data warehouse turns out to be a better path toward that goal than point-to-point integrations between every different software provider, then that's the likely direction in which the industry will go. The caveat, however, is that data warehouse providers still ultimately need to maintain their own array of integrations with the different technology solutions on the map, and as the number of AdvisorTech solutions – and the number of data warehousing providers – increases over time, it's possible to see a world where there are so many warehouse providers that the number of required integrations just explodes again, such that each warehousing provider only supports integration with a limited number of 'preferred' other solutions that they can manage to – in other words, effectively resurrecting the 'balkanization' that data warehousing had promised a pathway out of to begin with, simply building around various data warehouse providers as the 'hub' instead of the advisor's CRM or portfolio management system.

Additionally, the relative newness of the data warehousing category means that most advisors don't have much experience doing due diligence on data warehousing solutions, including the quality of everything from their data engineering capabilities to their external integrations, and – most importantly – knowing which firms will prove to be a reliable steward of client data, which will remain a challenge for the first wave of providers in that space (and the advisors who use them, who must balance the benefits of a single data hub against the risks of entrusting so much client data to what may be a relatively new and unproven vendor). Nonetheless, as it becomes increasingly feasible for firms to really actually 'own' their own data, independent of other technology providers they use, and pipe it themselves to all the places where it needs to go from their single source of truth, the rise of data warehousing solutions for advisors is clearly set to be an emerging trend in the years to come – for which Dispatch seems well positioned to capitalize as an early entrant.

Flourish Launches A New Annuities Platform To Solve For The Operational Challenges Of Offering Annuities In A Portfolio Management World

For most of their history, annuities were sold almost exclusively by agents who earned a commission on the sale. This remained true even as the financial advisory industry largely shifted towards the fee-based model over the last 20 years, and products like mutual funds (which also were historically sold by either captive or independent registered representatives of brokerage firms) increasingly shed their commission-based roots and came to be used predominantly in commission-free forms in AUM-based advisory accounts.

In the last 5 years, however, annuity companies have tried to shift gears to capitalize on the popularity of the RIA model and the appeal of products that don't require a commission-based salesperson to distribute. Catalyzed by  a 2019 IRS Private Letter Ruling confirming that advisory fees could be paid pre-tax directly from annuities without triggering a taxable event , a new breed of fee-based annuities began to emerge, helped along by marketplaces such as  DPL Financial Partners  that sought to connect fee-only annuity providers with the small but growing cohort of RIAs who were interested in adopting them.

But despite the increasing breadth of options for fee-based annuities and solutions for advisors to research and find them, in practice the growth of fee-based annuities has been lackluster. Although many advisory firms may find them useful for certain one-off transactions (e.g., to facilitate a 1035 exchange of a client's older, more expensive annuity into a newer and cheaper product), annuities have made little headway in terms of advisory firms actually making regular allocations to them within the portfolios of clients who didn't already own annuities. Which may be in part because many advisors still harbor biases based on memories of annuities being overly expensive and inflexible, but also might be at least somewhat because of how hard it can be to actually manage annuities at scale. For instance, if an advisor wants to make an allocation to a new bond fund, they can easily make the change to the model in their portfolio management software and roll out the new allocation across client portfolios in a few hours or less. But if they want to do the same thing with an annuity,  every client needs to fill out and sign an annuity application. Which might be easier today with Docusign and other forms management tools than it was even 10 years ago, but even if each application takes just 5 minutes to populate and process, that would take over 80 hours of team time for a client base of 1,000 client (or 8 hours – literally an entire workday – for 'just' a single advisor's load of 100 clients).

In this vein,  Flourish recently announced the launch of a new annuities platform for RIAs , adding to its suite of existing tools for  managing clients' cash  and cryptocurrency assets. In  its new annuities platform , Flourish aims to not only build a marketplace for annuity products where advisors can shop for the best solution for their clients (akin to DPL's existing offering), but also to develop an order management system for annuities that can better automate the trading and implementation of annuities at scale. Which in practice means building a system that doesn't simply forward applications to clients or pre-fill PDFs, but ideally populates entire digital applications that queue up immediately for e-signature and processing to make it more feasible to actually implement annuities at scale – in other words, to make allocating to annuities as simple as allocating to any other investment in a client's portfolio.

The big challenge that Flourish will face in streamlining annuities in the RIA space is that with annuities' deep roots as agent-sold products, there's no regulatory framework for discretionary asset managers to simply make the choice to buy annuities on behalf of their clients in the same way that they can with stocks, bonds, and mutual funds. Which means that unless the current regulatory structure changes (which seems unlikely with 50 different state insurance regulators controlling how annuities are sold in each jurisdiction), Flourish can at best hope to minimize – though not eliminate entirely – the operational friction involved in applying for and purchasing annuities. But given their experience in providing cash and crypto solutions for advisors, Flourish clearly sees an opportunity in being able to streamline the management of assets that pose implementation challenges for RIAs, which makes them arguably well positioned to tackle the same challenges with annuities.

Vanilla Lands Blockbuster Deal To Support Vanguard's UHNW Clientele As Demand For High-End Estate Planning Remains

Estate planning has been a core component of financial planning for as long as financial planning has existed as a profession. The obvious reason for this is that a key question of personal finance for almost anyone is what will happen to their money after they die; however, the less obvious reason has to do with the insurance-based roots of financial planning.

In the 1970s through the 1990s, when selling various forms of life insurance was a core component of many financial planners' business, the Federal estate tax exemption was much lower than it is today: Before 1977 it was only $60,000, and even by 2001 it was still 'just' $675,000. And in a world where even a young married couple in their 20s or 30s with nothing more than a 'proper' level of term life insurance would be subject to estate tax, estate planning and insurance went hand-in-hand. For example, up until 2002, the proceeds of a $1 million life insurance policy would have been enough to subject the owner's estate to taxation, which meant that advisors had many opportunities to apply estate planning techniques that could be used to avoid estate tax (e.g., using an Irrevocable Life Insurance Trust [ILIT] to own the insurance policy to keep the proceeds out of the deceased's estate). Similarly, planners educated business owners on the benefits of buy-sell arrangements in the case of a partner's death, an estate planning discussion for business succession… which would then position the planner to sell both partners the lucrative permanent life insurance that would fund the arrangement.

Over the last 20-plus years, however, estate planning has become less of a focus among financial planners, driven both by a shift in the advisory business model away from insurance sales and more towards the AUM and planning-only models (eliminating the incentives to have estate planning conversations to solve for the estate tax problems caused by certain insurance product sales), as well as by a rapid increase of the estate tax exemption itself from $675,000 per person in 2001 to $13,610,000 in 2024, which has driven a 95%+ decline in the number of Federally taxable estates. Yet at the same time, individuals still do need to be concerned about where their money goes after they die, regardless of their net worth (and whether it will be estate-taxed at death), and at a bare minimum generally want to avoid dying without a will and leaving the distribution of their assets up to the courts (or the state's default intestacy provisions).

And so the topic of estate planning for financial advisors has essentially bifurcated into 2 separate camps, depending on the client's net worth: On one end are middle class and mass affluent clients with no foreseeable Federal estate tax issues (and in most cases no state issues either), for whom estate planning is focused mostly on deciding how the client's assets will be distributed if they are disabled or pass away, and ensuring they have documents to make that happen; while on the other end is the much smaller subset of clients who still do have exposure to the Federal estate tax, and for whom the 'alphabet soup' of estate planning strategies (GRATs, CRTs, IDGTs, etc.) remain as relevant as ever.

From an AdvisorTech perspective, the estate planning solutions that have arisen over the last 5–10 years have largely broken down along similar lines. On the one hand, for more middle-class and mass affluent clients, solutions like EncorEstate ,  Trust & Will , and  Wealth.com  are mostly centered around easily and economically providing estate documents that ensure the client's desired asset distribution. On the other hand, more estate tax-conscious (i.e., ultra-high net worth) clients may require software that can carry out more in-depth analysis and illustration/comparison of strategies in order to support conversations around the huge dollar amounts involved, for which  Vanilla  has emerged as a market leader in UHNW-focused estate planning software alongside competitors like  Yourefolio ,  FP Alpha , and  MoneyGuide's Wealth Studios .

And in this vein, it's notable that  Vanilla recently announced a blockbuster deal with Vanguard and their Personal Advisor Wealth Management (PAWM) platform  to offer Vanilla's estate planning technology Vanguard's Ultra-High Net Worth (UHNW) clients. Not to be confused with Personal Advisor Services (which serves clients with as little as $50,000 of assets under management), PAWM has a $5 million asset minimum, and serves clients who may have tens or even hundreds of millions of assets with Vanguard, meaning that the partnership is clearly an effort by Vanguard to bolster its own service offering towards the high-end UHNW market.

From an advisor perspective, the Vanilla-Vanguard deal emphasizes the reality that amongst firms that do serve UHNW clients, there really is still a need and desire for tools that support complex analyses and conversations that might combine 7- to 8-figure estate tax bills, charitable planning, trust distributions, and figuring out how to use one's wealth adequately support future generations of offspring without spoiling them. And at least so far, Vanilla is among the few publicly-available software solutions that fit that description.

From an industry perspective, the deal has 2 main takeaways. First is that in offering an UHNW-focused estate planning solution in Vanilla, Vanguard appears to be looking to improve its position to retain and compete for UHNW clients with the likes of Morgan Stanley, Goldman Sachs, and other large institutions among whom the UHNW market tends to be concentrated – which means that this is not likely about competing directly with independent advisors, few of which outside of single- or multifamily offices serve a meaningful number of UHNW clients. Second is that even though Vanilla has a relatively limited market of potential users – since UHNW clients themselves are relatively rare, with fewer than 0.1% of annual deaths even resulting in a taxable estate, and most are clients of a few big firms – and even though the ongoing trend is towards even fewer families being subject to the estate tax as the exemption continues to rise, there's still enough complexity amongst those who do have Federal estate tax exposure for Vanilla to maintain a market with its UHNW focus, either among big institutional clients like Vanguard, or perhaps with independent firms for whom just 1 or 2 UHNW clients might be enough to make it worth paying for a software like Vanilla to effectively support the conversations that are unique to those very-high-dollar clients.

Income Lab Releases Its Life Hub Financial Dashboard Tool As A Standalone Offering  

One of the benefits of going through the financial planning process – if not the ultimate goal – is that it helps clients to organize their financial lives. In some cases, clients literally may not be sure where all of their money is (e.g., when frequent job changes leave behind a trail of old 401(k) accounts scattered like breadcrumbs), much less what it all adds up to, and going through the data gathering phase of the process helps them to put all the pieces together for the first time. Even when they do know where all of their accounts are, the client may have never had a good way to visualize their full financial picture. And so  the 'get organized' stage of the process can have its own value in the present , separate from its importance towards building a plan for clients to meet their future goals.

Traditionally, the way that financial advisors would visualize their clients' financial lives would be to create a balance sheet listing all the clients' assets and liabilities, and possibly a statement of cash flows summarizing their income and expenditures over a period of time. But as technology has evolved over time, so too has the ability to create a more detailed and visually appealing "financial dashboard". Tools like Mint, and advisor-specific equivalents like eMoney's client portal,  led to more of an emphasis on Personal Financial Management (PFM) tools as a way to collaboratively monitor the client's financial situation and track their progress over time . But even more recently, newer tools have gone even further to create more comprehensive visualizations, including not just net worth and cash flows, but also details on family members, financial goals, and insurance coverage,  to capture the entire  gestalt  of the client's financial situation in a single one-page report .

The OG financial "dashboard" tool,  Asset-Map , drew on the principles of mind-mapping to create one-page visuals that were appealing to clients in both their comprehensiveness and their clarity. Soon, other financial planning software providers began to release their one-page visualizations, copying and expanding upon Asset-Map's model – most notably,  RightCapital's Blueprint  and  Income Lab's Life Hub , both of which were originally released as features within in their respective financial planning software platforms. Which made sense for advisors who already used either RightCapital or Income Lab as their core financial planning software and didn't want to buy a separate financial dashboard solution, but for everyone else, Asset-Map remained effectively the only option as a standalone financial dashboard tool.

Now, however, Asset-Map may have its first direct competitor in this space, after  Income Lab announced last month that they are releasing Life Hub as a standalone product , meaning that advisors can now use Life Hub on its own without needing to buy the whole bundle of Income Lab software to go with it.

On first glance, what's perhaps most striking is the difference in pricing between Asset-Map and Life Hub. While Asset-Map starts at $99/month or $1,128/year, Life Hub costs just $49/month or $399/year, significantly undercutting Asset-Map's pricing for a product that at least on the surface fulfills a similar role for advisors and functions in a similar way.

But what's also notable is that Income Lab even made the decision to split off Life Hub as its own product to begin with. At a high level, the move makes sense given the growing interest and demand in financial dashboarding tools, with their ability to quickly communicate where the client stands financially at any given moment. But it also makes particular sense for Income Lab to release Life Hub on its own, since Income Lab's core planning software is heavily focused around retirement income planning, while the appeal of a financial dashboard tool is perhaps more weighted towards clients who are still in their working years and may not yet have much need for detailed retirement income planning. In other words, by separating its offerings into individually-available pre-retirement (financial dashboard) and retirement (income planning) tools, Income Lab can potentially increase its visibility and appeal among non-retirement-focused advisors (who may eventually decide to upgrade to its full retirement planning package as their current clients age and retirement planning becomes more relevant).

Which ultimately highlights the interesting challenge of what happens when a software company makes a feature outside of their core focus that gains traction and popularity on its own. Eventually, the provider reaches a crossroads where they need to decide whether to continue to only include the product bundled with the core offering, to sell it separately as its own solution, or even to spin it off entirely and sell it or rebrand it as its own company. In general, advisors usually prefer to buy only what they want to buy, and to pay for only the features that they use, which for many software vendors increases the appeal of splitting off popular features into their own standalone products. But at the same time, there's an impulse for technology companies to incentivize advisors to use  all  of their products, and breaking up the bundle comes with the risk that advisors will choose competing vendors for their other solutions. And so ultimately, the long-term traction of tools like Asset-Map and the standalone Life Hub will come down to the question of whether more financial planning platforms will follow the lead of RightCapital (and keep their financial dashboard tools as a bundled feature within their core software) or Income Lab (and offer them as a standalone product for advisors to choose which one best appeals to them and their clients).

T3 Technology Conference Highlights The AdvisorTech Industry's Measured Approach To Adopting AI

The financial advisory world has a lot of industry conferences – 86 nationally-focused conferences in 2024,  according to our own Master Conference List , plus countless local professional association meetings, internal gatherings of major industry platforms, and more – but arguably the industry has only one trade show, which is the T3 Technology Conference. In contrast to traditional advisor conferences, which at their core are built around CE sessions and networking with advisor peers on practice management (with breaks in between to give attendees the opportunity to visit with sponsor companies in the exhibit hall), with T3 the exhibit hall  is  the conference. While there are some knowledge sessions, many of T3's attendees are there solely to meet with vendors, and to get a look at the latest offerings in AdvisorTech. And in conjunction with the conference,  T3 and Inside Information also release their annual Advisor Software Survey , providing a valuable measurement of advisor satisfaction across a broad range of AdvisorTech tools.

Celebrating its 20th anniversary in January of this year, the overall tone of this year's T3 conference was quite positive. Exhibitor turnout was the highest it's been since before the pandemic (which also coincided with the pinnacle of venture capital investment into AdvisorTech and the highest proliferation of new companies and offerings), while the composition of the vendors at the conference continues to reflect the changing landscape of the AdvisorTech ecosystem itself.

In that vein, this year there were notably far fewer portfolio management solutions exhibiting at T3 than in the past, and far more focus on tools that support various elements of financial planning and new and expanded ways for advisors to engage with prospects (e.g., with  Catchlight ,  Powder , and  Calendly , all of which exhibited at the conference) and expanded ways to engage with clients (e.g., from  FutureVault  and  Sidedrawer  for collaborating on client files, to  Fiduciary Genius  and  Conquest Planning  across the spectrum of financial planning software).

What was also notable was that, in contrast to the buzz over the past year over Artificial Intelligence (AI) with the emergence of ChatGPT and ensuing proliferation of AI-related hype, was that the AdvisorTech industry's approach to AI seemed to be significantly more measured. Despite expectations that this year's T3 conference would feature a litany of AI startups, in reality there were only a handful of specialized AI tools featured, including  Arqa.ai  (which uses AI to support investment research and analytics) and  Zocks  (an advisor-specific tool for capturing meeting notes and creating post-meeting summaries akin to  Otter ,  Fathom , and  Fireflies , but with advisor-specific templates and meeting note organization).

At the same time, despite the few specialized AI vendors present at the conference, it's clear that AI is still rippling its way through the industry, with most major vendors at least experimenting internally with ways to usefully integrate AI within their platforms – from chatbot interfaces to more sophisticated client data analytics to using generative AI to support various advisor marketing and communication tasks.

Which serves to highlight the likely reality that while advisors may be slow to adopt new standalone AI tools – since advisors are generally slow to change or adopt new software in general, which is even more the case with a relatively new and unproven technology like AI  where there still appears to be a general level of advisor distrust – advisors may be more receptive to new AI-driven features integrated into the tools they're already using. Because for one thing, the fact that the advisor is already using the software means that they have at least some level of familiarity and trust when engaging with it (compared to a buzzy startup that could just as easily prove to be a flash in the pan); and for another, if the software provider frames it as simply a feature that helps the existing tool do something new or better, rather than a brand-new tool that 'does' AI, advisors will be more likely to view it as an actually useful thing that will help them to their job than as just another shiny object. Not to mention that when existing AdvisorTech platforms incorporate AI themselves, advisors are often simply happy to not  need to buy yet  another  vendor (for another $49 or $99/month) to fulfill yet another function that ideally could and would be done from the advisor's existing tech stack and vendors.

To that end, even though there's a fair amount of mistrust around AI in the advisory industry at large,  particularly as it relates to due diligence and fiduciary concerns when using AI to advise clients , and unanswered questions about where the lines of data privacy will need to be drawn when it comes to AI ingesting client data that might include Personally Identifiable Information (PII), it's still likely that AI will have a significant role in the future of AdvisorTech, at least once the newness and hype surrounding all things AI begins to wear off. Similar to how the internet took shape in the 1990s and early 2000s – featuring massive early hype, a brief blowup after that initial hype wave crested, and eventually becoming just a boring part of how absolutely everything works – AI could prove transformative in the long term even if the current speculative fantasies don't pan out in the short term. But in the meantime, the more measured approach that the advisory industry appears to be taking towards AI (at least from the perspective of its leading technology conference) makes sense, especially given the stakes of advising clients on what to do with their savings over their lifetimes.

In the meantime, we've rolled out a beta version of our new AdvisorTech Directory , along with making updates to the latest version of our Financial AdvisorTech Solutions Map (produced in collaboration with Craig Iskowitz of  Ezra Group )!

Advisor FinTech Landscape February

So what do you think? Does it make sense to use a workflow tool embedded in your financial planning software instead of running it all through the CRM? Would you be more likely to recommend annuities to clients if your technology streamlined the application and implementation process? Does the appeal of an all-encompassing "financial dashboard" to clients make it worth buying as a standalone product? Let us know your thoughts by sharing in the comments below!

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Best Personal Finance Software For Mac [2024]

Nick deCourville

  • It’s always a good idea to talk to a financial planner when getting started with finances.
  • Managing finances and filing taxes are not the same thing.
  • Consider your financial goals before purchasing financial software.

Best Finance Software Mac February 2024-Featured

If you’re in need of some of the best personal finance software for Mac in 2024, then consider this the first place you need to look. Managing your finances can be a daunting nightmare, but keeping your money right in this day and age is critical. Let’s take a quick rundown at some of the best ways to manage your money on Mac.

Best Personal Finance Software for Mac Ranked

There are plenty of options for some of the best personal finance software for Macs. Note that this is just a quick overview of each app, as there is simply not enough space for a full review of each one. Think of this guide as your entry into the world of financial software for Mac.

In addition to offering a wide range of financial resources conveniently centralized to one app , Mint also provides tax preparation through a partnership with Intuit TurboTax. This means you have a single app to check and manage all of your finances, but you can also prep and file your taxes with Mint as well. This is one of the best apps currently available, but it includes so many features that one of them is a warning.

business financial planning software

While Mint is practically beloved universally, there is one major downside in that it’s likely to reach the end of its life by March 2024. However, the app was supposed to shut down at the beginning of 2024 and has yet to do so. You’re likely taking a risk by signing up for this app, but many may find the experience to be worth it.

Price: Free

System requirements: internet browser for mac. ipad/ios 15 and/or watchos 6.

System Requirements: Internet

  • One of the most comprehensive financial management apps.
  • Cannot beat the price.
  • Easy to use, great for beginners.
  • Likely shutting down in March 2024.
  • No native Mac app.

2. Credit Sesame

Credit Sesame is a great way to keep up with your credit. In addition to being able to access your credit score for free, Credit Sesame also gets you in touch with some of the best offers for home, auto, and personal lines of credit. Additionally, Credit Sesame gives you updates on your credit accounts, letting you know what actions you need to take.

business financial planning software

However, bear in mind that the free version only gives you access to your VantageScore. This is different from your FICO score, which is what creditors typically use to determine your offers. Bear in mind, that it may not be worth it to pay to gain access to all of your credit scores, though getting a free credit score can help you determine where you stand financially.

Price: Free, but does have premium features

System requirements: internet browser or iphone/ipad.

  • Great for keeping tabs on your credit score and history.
  • Offers free identity protection, valued at $50,000.
  • Can help build credit.
  • Free users only get access to one credit score.
  • Only offers in-browser options for Mac.
  • Other apps offer more expansive features for various areas of finance.

3. Checkbook Pro

With the number one rating in the Finance category for paid apps on the App Store, there’s a reason people turn to Checkbook Pro . While this is the Pro offering of Splasm Software’s Checkbook app , paying the extra five dollars to access all of their features is worth it. If you’re looking to manage your finances and spending habits, Checkbook Pro makes it easy.

Best Finance Software Mac Checkbook Pro

Perhaps the feature that will be most useful to users is the ability to easily create a report of your finances. See where your money is going and how you’re spending across all of your accounts with ease. The only downside is that some folks may be looking for a finance app that goes beyond simple budgeting and management. If you’re looking for something jammed to the brim with features, you may want to keep looking.

Price: One-time fee of $19.99. Basic version $14.99

System requirements: macos 10.11 or later.

  • Top-ranking financial software.
  • Manage and organize your finances through reminders of auto-pay bills.
  • Ability to print checks without using special paper.
  • Users may want more frequent software updates.
  • May not be as robust as some users would like.

If you’re looking for financial software that provides a fantastic interface and experience, Cookie may be for you . For those looking for the “meat and potatoes” of financial planning, you may want to start here. One of the best reasons to go with this ad-free financial software is that it offers syncing to the Cloud. It can also show you where your money is trending over different periods, giving you a broader idea of your spending habits.

Best Finance Software Mac Cookie

Great if you’re trying to budget your money, Cookie is also free but does offer a subscription service. One nice thing about the subscription service is that you can opt to buy out, giving yourself a lifetime license. This means you can try the pro features if you want and then you can purchase a lifetime pass or decide to stick with the free version. It’s good for the basics, but those with thicker portfolios may want to keep looking.

Price: Free. Subscription for premium is $6 a month, $30 per year, or $68 for a lifetime

System requirements: macos 11.0 or later.

  • Great aesthetic with the option to change themes.
  • Features a currency converter.
  • Great privacy features, including automatic blur.
  • Really just for budgeting and financial management.
  • Subscription options may be confusing.
  • May not be for financial beginners.

We took a look at the number one paid app in the App Store, and now let’s take a look at the number one free app. While the app is free, Copilot does require a subscription. However, they do give you a month free, and there’s a reason the app was a 2023 App Store Awards Finalist. What makes Copilot a great financial app is that it puts privacy and security first. Copilot promises the same security you would get from a bank and also refuses to sell your information.

Best Finance Software Mac Copilot

In addition to the privacy tools, Copilot also offers AI-powered insights. This tool helps you categorize your spending better, providing you with better details on where your money is going. Copilot users can also track their investments and customize their alerts so they’re not being harassed with notifications all the time. However, you may want to take a look at reviews on this one, as some users address issues with bugs.

Price: $13 a month or $92 annually

System requirements: macos 12 or later, ipad/ios 15 or later.

  • Offers more tools than many of its competitors.
  • Light Mode and Dark Mode options.
  • May provide some of the best insights into your spending.
  • Requires a subscription.
  • May have syncing issues with some financial accounts.
  • Users on App Store complain about bugs with certain transactions.

There’s a pretty good chance you’ve already heard of this one, as it’s been a mainstay in finances for years. A trusted name in the industry, Quicken looks at your finances not just in the present, but looks to your future as well. One feature that really stands out about this app is that in addition to budgeting and investing, Quicken allows you to pay 12 electronic bills a month directly through the app. If a bill doesn’t take online payments, that’s okay. Quicken can also print and mail up to five checks a month to anyone in the U.S.

business financial planning software

While there are plenty of things to love about Quicken, the way they manage their software may leave a lot to be desired. The company offers several different packages, so you may want to explore your options. If you want extra features such as the Lifetime Planner, which can help you save for your retirement, and “what-if” tools that can help you manage your debt, you may want to take a look at Quicken Classic: Deluxe.

Price: Varies. Quicken offers multiple solutions depending on your needs

System requirements: macos 12 or later.

  • Offers a variety of options to suit an individual’s finances.
  • Top-tier packages include great features for budgeting debt and planning for retirement.
  • Decades of experience in the industry.
  • Software variety may cause confusion for those looking to buy.
  • Not available in the Apple App Store.
  • May not be “cutting-edge” tech for some.

Personally, I like this one because it has a focus on those who are diving into the world of financial planning for the first time. For starters, it’s good to have a plan with finances, and Y NAB seems to understand that . A big feature that helps YNAB stand out is that it offers apps across iPhones, iPads, and Macs that automatically update. You can also share YNAB with up to five people, meaning you can budget with those close to you.

business financial planning software

Like many of the other offerings on this page, YNAB offers a month to give the program a try. Considering how much this one focuses on debt, this would be a good one for those who may feel like they’re in over their head. However, if you’re not so worried about debt, you may want something that focuses more on investing or other areas of financial planning.

Price: $14.99 per month or $99 annually

System requirements: internet browser.

  • Good for those just getting a start in the world of finances.
  • Focuses on debt relief.
  • Available across multiple devices.
  • Those with more financial experience may want something more robust.
  • Doesn’t track bills or investments.
  • May not give the clearest picture of your overall finances.

8. Moneyspire

This one is another for those who are looking for a simple way to track their finances. Think of Moneyspire as the little brother of Quicken: not as many features, but it still knows how to get the job done. This one is good for financial tracking and planning, with options for interactive reports and seeing what future finances you may have.

Best Finance Software Mac Moneyspire

While Moneyspire is good, some may find the UI to be unappealing. However, those who are looking for something for a small business may want to consider this one over the others. Offering a family plan/team plan does push this one ahead of the competition, but those looking after themselves may want to consider their options.

Price: One-time price of $69.99 for Standard (optional $39.99 family plan) or $99.99 for Pro with Invoicing (optional $69.99 team plan). Though requires a new license with each upgrade to the app

System requirements: macos 10.10 or later. ipad/ios 11 or later.

  • Doesn’t require a subscription.
  • Offers cloud syncing and bank account linking.
  • May be more robust for those running a small business.
  • Other apps may offer more.
  • UI could use some work.
  • May need to purchase again with an update (if you want the upgrades).

9. Moneydance

Moneydance covers a lot of your bill payments and online banking, investing, and budget tracking, but it does with your privacy at the forefront. Refusing to even take analytics on your data, Moneydance also offers end-to-end encryption when syncing over the cloud, and personal encryption on your device. What I really like about this one is that it also provides a mobile version, meaning you can track your finances on the go.

Best Finance Software Mac Moneydance

While this one can be great, some users within the Apple App Store do note of syncing issues, with one user complaining they didn’t learn their bank wasn’t supported until after the fact. Be sure to look at all the details before checking out this one, but I think it’s a good buy for the price.

Price: $69.99

  • Offers mobile version.
  • Good for beginners and those with experience.
  • Pleasing UI.
  • May have some syncing issues.
  • Goes long periods without updates.

So, Which One Works Best?

You may not like this answer, but it really depends on what you need to do with your finances. If you’re planning more for investing, Copilot of Quicken may be for you. If you’re worried more about debt relief, you may want to consider YNAB. Finances are unique to each individual, so consider what you’re looking for in finance software.

At the end of the day, your finances are most important to you. Consider this list and do your due diligence before taking the plunge on software. You’ve already made the right decision by making the first step, there’s no need to rush a decision.

Why Does Personal Finance Matter?

Personal finances matter because some of the best freedom is financial freedom. Knowing where your money is going and what’s happening with it can help prevent future emergencies and ensure everything looks brighter and brighter. Taking care of your finances now ensures you’re not taking care of them later. This is why I stress the importance of researching deeper into many of these applications; time spent now is money earned later.

If you’re interested in finances, you may also want to consult our guide and using and transferring Apple Cash .

2 thoughts on “ Best Personal Finance Software For Mac [2024] ”

You left out Banktivity and iFinance

We have used Moneyspire for the last 3 years. Really like it.

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Palo Alto Networks shares plunge after company cuts full-year billings, revenue guidance

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  • Palo Alto Networks shares plunged after the company lowered its full-year guidance.
  • The cybersecurity firm reported a beat on the top and bottom lines but guided to slower year-over-year growth in total billings and revenue.
  • The company also issued guidance for the upcoming quarter that was below analysts' expectations.

In this article

Shares of cybersecurity company Palo Alto Networks plunged 19% in extended trading Tuesday, after the company reported a beat on the top and bottom lines but lowered its full-year guidance for revenue and billings.

Here's how the company did compared to estimates by LSEG, formerly known as Refinitiv:

  • Earnings per share: $1.46 adjusted vs. $1.30 expected
  • Revenue: $1.98 billion vs. $1.97 billion expected

Net income was $1.7 billion for the quarter, or $4.89 per share, compared to $84 million, or $0.25 share, for the fiscal second quarter of 2023.

The company is now guiding to full-year total billings between $10.1 billion and $10.2 billion, compared with its previous guidance of between $10.7 billion and $10.8 billion. Palo Alto Networks also expects full-year revenue to range between $7.95 billion and $8 billion, compared with its prior guidance of between $8.15 billion and $8.2 billion.

In a conference call with analysts, CEO Nikesh Arora said the lowered guidance was due to a "shift" in strategy, "wanting to accelerate growth, our platform migration and consolidation and activating AI leadership," adding that the company expected "a difficult customer" as the company shifted stance.

Guidance for the upcoming quarter also fell short of consensus estimates. Analysts surveyed by LSEG expected the company to guide to fiscal third-quarter revenue of $2.04 billion, but Palo Alto Networks now expects revenue to range between $1.95 billion and $1.98 billion.

The new billings guidance represents full-year growth of between 10% and 11% versus previous guidance showing 16% to 17% billings growth. Similarly, Palo Alto Networks now expects full-year revenue growth between 15% and 16%, down from initial guidance showing 18% to 19% growth.

The lowered estimates come even as the artificial intelligence frenzy sweeps up cybersecurity stocks and the broader technology sector. Arora said the company would look to activate its "AI leadership strategy" in the earnings release.

comscore

Pharmacies across US disrupted following hack at Change Healthcare network

  • Change Healthcare Holdings, Inc. Follow
  • BlueCross BlueShield of Montana Follow
  • CVS Health Corp Follow

Reporting by Raphael Satter in Washington, Sriparna Roy and Rishabh Jaiswal in Bengaluru, and Tom Hals in Wilmington, Delaware; Editing by Rashmi Aich, Maju Samuel and Sonali Paul and Miral Fahmy

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business financial planning software

Thomson Reuters

Reporter covering cybersecurity, surveillance, and disinformation for Reuters. Work has included investigations into state-sponsored espionage, deepfake-driven propaganda, and mercenary hacking.

business financial planning software

Sriparna reports on pharmaceutical companies and healthcare in the United States. She has a master's degree in English literature and post graduate diploma in broadcast journalism.

What will Alabama ruling mean for those storing frozen embryos there? One woman's story

US airlines hiking checked baggage fees as costs jump

United Airlines on Friday became the third major U.S. airline to hike checked baggage fees for customers traveling in North America after American Airlines and JetBlue Airways announced similar increases.

Trucks are parked in front of a warehouse of German chemical company BASF in Ludwigshafen

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