Megan Alba
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:
- Martus Solutions
- Aplos
- Freshbooks
- Limelight
- Workday Adaptive Planning
- Vena
Martus Solutions is the top platform for centralizing data and providing a unified view of your organization's finances. You can model multiple scenarios 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:
- Allows Real-Time Tracking: You can monitor your spending and track budgets across programs and operations in real time.
- 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.
- Improves Transparency: A budgeting tool can keep financial data in one place, enhancing transparency for your donors and other stakeholders.
- 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.
- Enhance Collaboration: Use budgeting software to allow your team to access financial data and budgets. Ultimately, this will promote teamwork across departments.
- 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.
| Budgeting Software | Best For | Ratings and Reviews | |
| 1 | Martus Solutions | Nonprofits of all sizes with a desire for comprehensive budgeting, forecasting, and reporting to control their finances and get detailed insights. |
G2: 5/5 Capterra: 4.6/5 |
| 2 | Aplos | Nonprofits and faith-based organizations that desire accounting tools specifically tailored to their needs. |
G2 4.7/5 TrustRadius: 8.7/10 |
| 3 | Freshbooks | Small organizations that need customized invoicing and facilitating online payments. |
G2: 4.5/5 TrustRadius: 8/10 |
| 4 | Limelight | Organizations are looking for an intuitive and cloud-based software. |
G2: 4.7/5 TrustRadius:4.5/5 |
| 5 | Workday Adaptive Planning | Nonprofits that are already using the Workday tools and want a tool that can integrate easily within the ecosystem. |
Gartner: 4.8/5 G2: 4.3/5 |
| 6 | Vena | Not-for-profits looking for budgeting software with diverse templates for financial planning and an Excel-like experience |
G2: 4.5 /5 TrustRadius: 4.5 /5 |
Let’s dive deeper into the details of these 6 budgeting software:
1. Martus Solutions
Our budgeting tool is an all-in-one, cloud-based solution to allow you to access data from anywhere.
Our tool 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.
- 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.
| Pros | Cons |
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Pricing: Starts at $6,000 per year for Essentials, with discounted pricing available for churches and nonprofits.
Take a quick demo tour to 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.
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Pricing: From $79, $99, to $229 per month.
3. FreshBooks
Like Xero, FreshBooks is another cloud-based nonprofit accounting software. It 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.
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Pricing: $168, $304, and $520 paid yearly.
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.
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Pricing: Custom pricing
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.
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Pricing: Custom pricing
6. Vena
Vena has an Excel-like interface, allowing your team to adopt the budgeting tool and simplifying the process.
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.
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Pricing: Custom pricing
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.
Remember that a nonprofit organization operates on a limited budget, so it’s essential to consider the total cost of owning your budgeting tool.
Enjoying this blog? Find related reads below:
- A smarter way to budget, forecast, and report
- Top tips and tools for budgeting
- Reasons to switch to cloud-based budgeting
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:
- 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.
- 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.
- 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.
- 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.
What Are the Typical Costs of Nonprofit Budgeting Software?
The typical annual cost for budgeting software is between $6,000 and $12,400.
How Do You Ensure Data Security with Budgeting Software?
You can ensure data security with your budgeting software by choosing the right tool for encryption, authentication, backup, audit, and compliance.
Does Budgeting Software Support Multi-Year Budgeting?
Absolutely!
Martus Solutions software supports multi-year forecasting and budgeting, helping you anticipate and plan for future outcomes and make informed decisions.
Conclusion
Remember, 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.
You should opt for Martus Solutions, the best budgeting and planning software for centralizing data and collaborating seamlessly with your team. This software allows you to test different what-if scenarios and explore different outcomes.
Book a demo today to see how to save time with automation and make data-driven decisions.
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