While budgeting for an organization, one has to list the expenses and revenues, and make informed decisions for the year ahead. Spreadsheets are used as a tool for budgeting in small organizations. In huge organizations, which have multiple departments, each department will follow different budgeting formats and spend additional time manually combining all these reports into the master budget spreadsheet. It is also difficult to generate a department wise split up as well as access previous updates of the budget from the master spreadsheet.

The solution to these problems is to purchase budgeting and planning software (B&P). This software will contain a central repository with the budget’s information.

Budgeting and planning software offers the following advantages:

1. Data integrity can be maintained as the data is stored in a central database or repository.
2. The data can be keyed in using the intranet or internet.
3. Onsite and Offsite details can be added, updated or deleted from anywhere.
4. Department wise templates can be generated.
5. Split ups by departments can be viewed.
6. Pro forma financial reports are generated easily at the click of a button.
7. Identify pending tasks across the organization with the built in Workflow.
8. One can check the status of the online inventory requirements real-time.
9. This software can be linked to Customer Relation Management systems of the organization, which are vital inputs in the budgeting process.
10. Visual and Appealing Business Status reports can be generated.

Some of the options budgeting software are Budgeting$business, BudgetingSoftware.biz, BudgetingSolutions, Budgetlogic and Businessdecisionmsft. If one wants to purchase the software, demos that give you a fuller understanding of the features of the software and what it can do for your company is made available. Companies like Hyperion Software, Cognos, Adaytum Software and Comshare produce customizable Business and Planning Software.