Why should I invest in a forecasting tool?
Forecasts are often crucial for anyone looking to run an efficient and successful business, regardless of the industry in which the company operates. Thanks to forecasts, it is possible to make decisions about purchases, recruitment, and investments, and be prepared for various types of events and scenarios.
A forecasting tool provides an assumption of what the future may look like, based on historical data, patterns, trends, and competition in your field.
Which forecasting tool is best for your business depends on your needs. A good starting point is to assess your needs before comparing forecasting tools. How large is your company? What industry do you operate in? What are your goals for the business?
At BusinessWith, we have extensive experience supporting companies in choosing the right forecasting tool. With our comparison service, you can get an overview of the options available on the market.
How do budget forecasting tools work?
Many choose to invest in budget forecasting tools. Excel and Sheets are beloved by many business owners, and it is common to use homemade or modified professional templates to keep track of the current situation as well as to predict the future. However, the market offers many other budget forecasting tools.
Many programs for managing budget processes are cloud-based and seamlessly integrate across different devices and users. Budget forecasts are updated in real-time, making it easy to follow the flow.
Whether the company is small or large, it is wise to invest in a forecasting tool. It helps you and your team plan for the future. BusinessWith helps you choose the best forecasting tool for your needs. Feel free to filter and compare right away.
Quick Guide
Related categories to Budgeting & Forecasting Software
Budgeting & Forecasting SoftwareBusiness Intelligence SoftwareData Integration SoftwareDigital Asset Management SoftwareList of 10 different Budgeting & Forecasting Software
The first and last ERP you will ever need. The premier cloud ERP platform for small to medium-sized, growing and multinational businesses.
Learn more about NetSuite
An AI-powered CPM platform that centralises financial and operational data, automates close-to-reporting processes, and provides budgeting, forecasting, driver-based planning, analytics and disclosure capabilities—available cloud or on-premise.
Learn more about CCH Tagetik
Centage provides cloud-based budgeting, forecasting, consolidation, scenario planning and workforce planning with integrations to ERP/GL/payroll systems for automated, audit-ready financial planning.
Learn more about Centage FP&A
A full-cycle budget management platform providing formulation, forecasting, scenario modelling, multi-year capital planning, reporting and public transparency (OpenBook and Budget Book Studio) for public sector organisations.
Learn more about Euna Budget
Prophix One unifies planning, reporting and financial close into one platform to speed budgets and forecasts, automate reconciliations, deliver audit-ready consolidation and provide AI-generated insights for better decisions.
Learn more about Prophix One
Vena provides connected planning, flexible modelling in Excel, dashboards, ad-hoc reporting and AI-driven Copilot to speed budgeting, forecasting and insight generation across the business.
Learn more about Vena Complete FP&A PlatformTry the Software Guide
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Enterprise planning platform unifying planning, budgeting, forecasting, consolidation and analytics with connectors, AI-driven forecasting and real-time reporting.
Learn more about Board Enterprise Planning Platform
Jedox delivers Excel-like modelling, no-code templates, dashboards and JedoxAI for explainable forecasts, integrated planning and reporting across finance and operations.
Learn more about Jedox
Planful unifies close, consolidation, planning and reporting with AI-driven insights (Analyst, Projections, Signals, Help), secure governance, and extensive integrations to accelerate decision-making.
Learn more about Planful
A cloud EPM platform delivering budgeting, forecasting, scenario modelling, consolidation and reporting with AI-driven insights and real-time collaboration.
Learn more about WorkdayQuick Guide
What can I expect from a budget and forecasting tool?
A budget and forecasting tool is often comprehensive and can offer you and your company a lot. Parts of it you probably already have in Excel files today, while other parts you may not have even considered needing. Here we summarize some of the components found in a modern budget and forecasting tool. Many of the tools on the market have been around for a while and have developed in line with companies' demands and needs. The foundation has often been to clarify the process of budgeting, finance, and planning, which is why the tools are often good at budgeting, forecasting, and tracking key performance indicators, known as KPIs. These KPIs should be easy to follow, as they compare a company against the rest of the market and help the organization or company achieve its goals.
Depending on the size of your company or organization, you should consider whether you want to divide forecasts into different groups or categories. Many systems excel at this.
A budget and forecasting tool naturally does not do all the work, but it helps you work with goal management if you wish.
Reports, charts, and analyses are essential elements, and it is important that you take the time to follow up on these, so that you as a company have the opportunity to learn from your mistakes and achieve success in the future.
The tools often deliver significantly more than what we have mentioned here, such as commenting features, benchmarking, and integrations with other systems. It is up to you to choose a budget and forecasting tool that includes as much as possible of everything you need and have the capacity to utilize. Clarify how many people may need to use the system and what needs the different roles have. After that, you can filter in our system guide to find out which tool suits you best. Contact us at BusinessWith if you have any questions.
Description of product features
Benchmarking
Comment
Dashboards
Invoice information
Key figures analysis
Modelling
Multiannual planning
Rolling forecast
Work process control
