Business budgeting software helps you set spending limits, track expenses, and automate the execution of a company-wide budget. It’s a once-and-done setup to enforce company expense policies powered by the issuing of corporate cards to your team with controls using spend management software. You’ll also get an overview of your growth, profitability, and insights into improving the financial performance of your business.
The best business budgeting tool depends on your situation. However, we recommend looking for an expense management solution that combines corporate cards, budgets, spend controls, expense reconciliation, and financial insights into one platform.
Business budgeting helps you plan how your business spends its money, so you don't spend more than you have in the bank and maintain adequate cash flow to run the business. Effective business budgeting looks at both short-term and long-term expenses, breaks down budgets by department, sets appropriate spend controls for team members, and automates tracking and enforcement of the budget using software.
Here’s a quick way to prepare a business budget:
The basic elements of a business budget include: