Nonprofit Budgeting Software: Features, Benefits, and Top Picks

Every dollar counts in not-for-profit organizations. Therefore, unlike for-profits, nonprofits must maintain grant records, track donations, and track diverse funding sources. However, budgeting and forecasting using spreadsheets can be complex and time-consuming. 

Budgeting software helps you streamline processes, provide accurate financial insights, and make informed decisions. This guide explores the benefits of budgeting tools and rounds up the top 6 solutions that can fit nonprofits of all sizes. 

TL;DR - Best Budgeting Software for Nonprofit Organizations

Here are the 6 stand-out nonprofit budgeting software:

1. Martus Solutions
2. Aplos
3. Freshbooks
4. Limelight
5. Workday Adaptive Planning
6. Vena

Martus Solutions is the top choice for nonprofit, faith-based, and education organizations that need budgeting and forecasting built around mission-driven financial planning. Martus integrates directly with nearly any accounting software including Sage Intacct, QuickBooks, Aplos, and more. You can budget across your organization, model multiple scenarios, budget for personnel, and access up-to-date financial data to improve your planning and operational efficiency.

Ready to experience Excel-free software? Take a product demo now and see how our budgeting software can simplify your forecasting and reporting.

Benefits of Using Nonprofit Budgeting Software

The right nonprofit budget software helps you save time and streamline your budget.

Check out the top advantages:

1. Allows Real-Time Tracking: You can monitor your spending and track budgets across programs and operations in real time.
2. Automates Data Entry: The budgeting tool allows you to automate repetitive manual data entry. Integrate the software with your accounting and ERP systems to consolidate data and provide accurate financial records.
3. Improves Transparency: A budgeting tool can keep financial data in one place, enhancing transparency for your donors and other stakeholders.
4. Simplify Forecasting: Use your budgeting solution to forecast your sales and cash flow, gain in-depth insights into your nonprofit finances, and plan more effectively.
5. Enhance Collaboration: Use budgeting software to allow your team to access financial data and budgets. Ultimately, this will promote teamwork across departments.
6. Improves Reporting: Your budgeting tool can provide robust reports that give you valuable insight into your organization's financial status and help you make informed decisions.

Want to enjoy these benefits and take your budgeting to the next level? Don’t miss out on our guide to future-proof your non-profit’s budget and create long-term, smart budgets.

Key Features of Nonprofit Budgeting Software

When you want to streamline your budgeting for your nonprofit, you should prioritize software with the following essential features:

• Creation and Management of Budgets: Look for a budgeting tool that helps you create detailed budgets easily and seamlessly.
• Reporting Capabilities: Consider whether the software can generate detailed budgets and actual financial reports tailored to your organization's needs and specific to your budget analysis.
• Integration with Existing Systems: A reliable budgeting solution should integrate with your existing accounting systems, such as QuickBooks and Xero, to ensure consistent data and reduce errors. 
• Collaboration Features: Your budgeting tool should have shared access and support collaboration among your team members to promote teamwork.

Top Nonprofit Budgeting Software Solutions

Choosing the best nonprofit budgeting software should depend on your organization's needs and budget.

Take the time to explore the 6 options we’ve discussed below and find the perfect fit to elevate your financial performance.

Let’s dive deeper into the details of these 6 budgeting software:

1. Martus Solutions

Martus is an all-in-one, cloud-based solution to allow you to access data from anywhere and includes all the budgeting tools you need to manage your nonprofit bookkeeping.

Key Features

• Connect with Existing Systems: Integrate with your ERP or accounting system, such as Sage Intacct, for seamless collaboration.
• Aplos Integration: Martus is one of the few budgeting platforms with a direct Aplos integration, letting Aplos users add advanced forecasting, scenario planning, and reporting without leaving their existing fund-accounting system.
• Collaborative Planning: Collaborate with your team in real-time using unlimited budget worksheets and lines.
• Advanced Forecasting: Perform multi-year projections by year or month and anticipate every possible scenario.
• Powerful Reporting: Get detailed and custom reports from templates or build from scratch, allowing you to get accurate insights.
• Salary Tracking and Allocation: Track all your employees' related expenses and allocate your team's costs across multiple grants.

Take a tour see how Martus Solutions might be the right choice for your organization.

2. Aplos

Aplos is another cloud-based software designed to manage finances for nonprofit or faith-based organizations.

Key Features

• One-click Reporting: Quickly generate financial reports like balance sheets and income statements by fund.
• Donation Management System: Automatically track online donations by their purpose and donor.
• Giving Statements: Track the tax-deductible gifts and prepare monthly, quarterly, and annual giving statements.

3. FreshBooks

FreshBooks is especially designed for invoicing, tracking expenses, and receiving online donations.

Key Features

• Professional Invoicing: Automatically create invoices, estimates, and thank-you emails with your organization's logo in minutes. 
• Payment Options: Offer convenient online payment options, like credit cards, for your supporters to donate, and automate reminders for recurring donors.
• Collaborate with Your Volunteers and Team: Assign tasks to individual members and make your projects effortless. You can also loop in all stakeholders to keep them updated once you've completed your project.

4. Limelight

Limelight is a budgeting solution designed with integrations and automation to help nonprofits budget faster without using spreadsheets.

Key Features

• Integrations: Connects with accounting ERPs like Sage Intacct, Infor, Deltek, and Microsoft Dynamics to help you access up-to-date financial data.
• Prebuilt Nonprofit Templates: Explore ready-to-use templates for revenue planning, variance analysis, and operating expenses.
• Seamless Collaboration: Limelight allows multiple users to collaborate simultaneously for planning and setting up reports.

5. Workday Adaptive Planning

Like Vena, Workday Adaptive Planning combines an Excel-like interface with a cloud-based model to help you with your organization's financial planning.

Key Features

• Budgeting and Forecasting: Create daily, monthly, or quarterly budgets that help you incorporate real-time data.
• Scenario Modelling: The software lets you evaluate multiple what-if scenarios and uses AI to predict different financial outcomes
• Custom Reports and Analytics: Generate detailed reports that allow you to make decisions based on real-time financial data.

6. Vena

Vena is designed for teams who wish to stay within the Excel and Microsoft ecosystem. 

Key Features

• Grant Budgeting and Management: Track your organization's grants and reconcile your budgets.
• Prebuilt Templates: Get ready-to-use planning templates for nonprofits, such as income planning, grant allocation, and cash flow templates.
• AI-Powered Insights: Vena has predictive forecasting, allowing you to get insights and analytics on donor behavior, fundraising campaigns, and contribution patterns.

How to Choose the Right Nonprofit Budgeting Software

Although we’ve rounded up the best budgeting software for nonprofits, you might still feel overwhelmed when choosing the right software.

You can pick the best fit by following these 4 steps.

1. Have a List of Must-Have Features

Gather insights from stakeholders using the software to identify specific features that best suit your organization's needs. Also, get a list of nice additions. 

Some features could be software that can handle large volumes of transactions and offer custom reports. You might also want a tool that integrates with your programs, like volunteer scheduling tools and donor management tools.

2. Research and Compare Available Options

With a list of the features you’re looking for in a budgeting software, it’s time to research the available options in the market.

Check budget solutions that similar nonprofit organizations are using. Look for the reputation of the budgeting providers online and check the customer reviews to ensure the tool is reliable and offers customer satisfaction.

3. Look for Software with a Demo or Free Trial

Once you’ve shortlisted your budgeting solutions, choose the ones that offer demos to get first-hand experience with your budgeting scenarios. 

Pay attention to the product's ease of use, integration capabilities, and functionalities. Also, gather insights into how its features meet your organization's needs.

4. Evaluate the Cost and Budget

After you try a few software demos, you should compare the pricing of the chosen nonprofit financial management software with available options in the market. 

Remember other recurring costs of adopting the new tool, such as training and support costs, maintenance, and upgrades. 

It's essential  to consider the total cost of owning your budgeting tool - ensure that any software you choose also offers robust support and ongoing product updates. 

Best Practices for Implementing Budgeting Software

After selecting your budgeting solution, the next step is to develop practical steps for using it effectively.

Let’s look at the top 4 essential tips:

1. Define the Scope of the Software: Define the scope of your project, have specific objectives, and understand what the software is meant to do and its limitations.
2. Train Your Team to Use It: All users should have the knowledge and confidence to use the budgeting software to maximize its benefits. You can offer manuals, tutorials, and ongoing support until all your team members are comfortable.
3. Configure Your Software: Set your budgeting software to fit your specific needs, such as defining the forecasting models and creating a budget. Connect the platform with existing accounting and ERP software.
4. Regularly Review the Effectiveness of Your Software: Track key performance indicators and gather feedback from stakeholders who use it. This will help you make the necessary improvements and conduct ongoing software maintenance.

Frequently Asked Questions (FAQs)

Find quick answers to the common questions we get about the best budgeting software for nonprofits.

1. Aplos already has its own budgeting features. Why integrate Martus and Aplos? Martus is one of the few budgeting and forecasting platforms that integrates directly with Aplos. Organizations using Aplos for fund accounting can add Martus for multi-scenario budgeting, advanced forecasting, and reporting without replacing their accounting system – allowing nonprofit teams to expand their budgeting and planning process intuitively. 

2. What Are the Typical Costs of Nonprofit Budgeting Software? Costs vary widely depending on organization size, features, and provider — and many providers, including Martus, offer discounted pricing specifically for nonprofit, faith-based, and education organizations. Rather than assuming standard enterprise pricing applies, it's worth asking providers directly about nonprofit-based discounts.

3. How Do You Ensure Data Security with Budgeting Software? Ensure your budgeting software has enterprise-level security compliance, such as SOC 2 Type II, end to end encryption, and regular security audits and testing. See Martus' security and compliance information here. 

Conclusion

The right budgeting solution will set your nonprofit up for financial success, draw you closer to your mission, and allow you to worry less about managing numbers.

Pick a software that fits your organization's needs, provides accurate forecasts, and helps shape your financial future.

Martus was originally designed for churches and nonprofits, making it the ideal budgeting and planning software for centralizing data, gathering real-time reports, streamlining budget processes, and collaborating seamlessly across your organization. 

Book a demo today to see how to save time with Martus.