Budgeto is a “do-it-yourself web application" providing early stage entrepreneurs, accountants, and small-medium businesses (SMB's) the best and most affordable budgeting tool on the market. It will teach you how to build & maintain your business budget.
BUDGETO IS NOT AN ACCOUNTING SOFTWARE!
Accounting systems take care of the "PAST" i.e Historical data. These applications deal with what just happened, and what has already happened.
Budgeto takes care of the "FUTURE": Financial Forecast (Income Statement, Balance Sheet, Cash Flow) and connects to the past when there is a past to deal with (a pre-existing company, NOT a startup).
These are 2 different things, the past and the future.
Budgeto was designed and developed by entrepreneurs. We are entrepreneur friendly.
For an example of an "Existing Business", we have a key partnership with Intuit/QuickBooks Online (QBO), which is one of the leading online accounting systems. Check out Budgeto on their App Store and leave us a review! Feedback is always appreciated!
Budgeto is not really the best/most appropriate tool for:
- Large organizations,
- Companies with 100+ employees,
- Large SKUS,
- Complex Manufacturing companies,
- Companies using multi-currencies at once i.e: CAD, USD, EUR, MXN, etc. Budgeto is not the best tool (yet) to support currency conversion and fluctuations. It could be handled manually when you enter various sales (or expenses) but it won't be easy to handle variations of currencies as time evolves. Sorry about that.
- Multi subsidiaries (Budgeto is not the best tool (yet) to consolidate several subsidiaries/departments/Bus Unit into one consolidated Budget. Sorry about that).
Budgeto is not really aimed for larger mature companies with a huge amount of SKU's (unless you are able to regroup your sales/products by category and use averages).
Can we create a budget by department?
Unfortunately, no. This Feature is not available.
Budgeto supports the concept of department for each section (i.e. sales, expenses, or employees). However, you cannot display a P&L, or other financial forecast per department.
What can you do? You could create and use different budgets/scenarios for each department. Ex: one Master budget (locked), a master budget (unlocked), and budgets based on departments (HR, Accounting, Marketing). This way, employees can work only in their departmental budget. Make sure you have the multiple scenarios option included in your Budgeto subscription.
For more information, consult the following articles from our Knowledge Base:
Non-Profit Organizations (NPO's)
At this time, Budgeto does not seem to be the best tool (yet) to serve NPO's. Sorry about that. Budgeto is aimed towards companies that are for profit. Here is a summary of the main differences between a NPO and a conventionally incorporated company (for profit):
- Some Financial terminologies used in a NPO are not the same (not really a big issue);
- Income taxes for NPO's should be at ZERO (not a big issue as this could be configured in Budgeto's income taxes settings) How to change the income taxes of a company?
- Sales taxes are sometimes 50% eligible and the non-refundable portion must be transformed into expenses.
(This is complicated to manage and Budgeto does not allow to manage this)
In summary, even if Budgeto is not really targeted for NPO's; by making some concessions you will still be able to make a budget for your NPO, even if it could contain some imperfections. It is up to you to assess the impacts.
Unfortunately, we are not able to give away licenses for free since we are a small company and we have actually been loosing money on any free licenses we gave away. Budgeto is proud to have already donated 1000's of licenses as we built our platform (we supported many universities, women associations, entrepreneurship programs, etc.).
Additionally, we are a Canadian company so giving free licenses outside Canada would not make us eligible for a donation receipt to offset against profit.
QuickBooks Classes/Sub-Classes and Multi-currencies
Unfortunately this feature is not available at this time. Budgeto is not able to handle importing/budgeting by class, sub-class, or groups of classes from QuickBooks Online. Additionally, Budgeto is not equipped to handle the importation of data from a QuickBooks Online account that uses multi-currencies. However, we are hoping to add these features in the future.
Please have a look at the Knowledge Base (KB) article below:
- You can't share a budget without sharing the whole company (you can always change the sharing rights: Read, Write, Manage).
- You can't give access to just one part of the budget only (i.e. not accessing salaries for a given user).
When you share a budget, you share the whole company.
Related Articles (Please refer to the links below)