Do you need a budgeting software? Maybe you don’t. If you’re doing just fine tracking your expenses and managing your personal finances — then keep doing what you’re doing. Do note that using a budgeting software can help you have all that information within an easily accessible database that could prove helpful in case you encounter inconsistencies somewhere down the line.
If you’re constantly missing payments, finding it hard to account for expenses and experiencing other problems, though, you may want to consider getting a budgeting software. Not only will it help you track, organize and plan your finances, it could teach you a new thing or two when it comes to managing your cash flow, too.
Budgeting software in the market vary greatly. There are free bare basics ones. Heck, I’ve seen downloadable Excel files with a bunch of formula and some scripting that you can use for budgeting. If you want more advanced feature sets, though, you should look at offerings from companies like Quicken and YNAB.
For business use, neither the free budgeting packages nor advanced personal money management systems will do. For even small businesses, you’ll want to go to a full-fledged accounting software. There are plenty of them available from low-market to large enterprises, so you shouldn’t find a shortage of options to pick from.