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Budgeting software simplifies financial planning and maximizes limited resources for nonprofits. These modern tools streamline budget management, reduce manual work, and increase accuracy. They help organizations navigate challenges like fluctuating inflation, limited funding, changing markets, and regulations.
In this guide, we'll explore the importance of budgeting tools and highlight the top 10 solutions for nonprofits of all sizes, enabling them to effectively gather, organize, and use financial data to minimize expenses and optimize resources.
10 best budgeting software solutions for nonprofits
Sign up for a customized demo and the first six months are free for users
Upon request
Araize FastFund
Mid-Size nonprofit organizations
30-day free trial
Standard program: $45/Month
Advanced plan: $100/Month
Questica
Cloud-based solution for remote financial management
Upon request product demo
On contact
Importance of budgeting software for nonprofit organizations
Budget software for nonprofits is crucial for meeting financial goals. Unlike error-prone spreadsheets, the right software streamlines budget management, saving time and reducing unnecessary expenses. Here are the top benefits of using nonprofit budget software:
Comprehensive financial tracking: Monitor spending across multiple accounts to prevent cash flow issues and allow confident decision-making
Automated data consolidation: Simplify the collection and organization of data from multiple sources to create a comprehensive view of your nonprofit's financial health
Advanced forecasting: Predict financial outcomes through scenario planning, ensuring better resource management and crisis management
Financial accountability: Get clear financial reports and projections, building transparency and accountability with donors, stakeholders, and regulatory bodies
Improved collaboration: Facilitate teamwork across departments and stakeholders by providing shared access to financial records and budgets
Cost control: Budgeting tools help you monitor expenses regularly, identify cost-saving opportunities, and avoid overspending
By using these features, nonprofits can confidently manage their finances, reduce administrative burdens, and focus on their core mission.
10 best nonprofit budgeting software tools
Budgyt
Xero
FreshBooks
Software4Nonprofits -ACCOUNTS
BudgetPak by XLerantIntuit
QuickBooks
Blackbaud Financial Edge
Araize
FastFund
Questica
1. Vena: Best for all-in-one budgeting software
Vena combines the familiarity of Excel's interface with enterprise-level financial planning software to help nonprofits streamline and enhance their financial processes. It allows you to create budgets based on any requirement.
The platform offers access to pre-built templates for planning revenues, operating expenses, and much more. With Vena, secure insights about your future by utilizing data from your plans to see how changes to your organization's drivers will influence financial projections.
Top features
Control access to data for advanced security and managing permissions
Intuitive visual workflows to automate tasks
Connects with CRM tools like Salesforce, Microsoft Dynamics, HubSpot, and NetSuite
Provides a centralized database to access your organization's finances
Powerful and flexible reporting options
Pros and cons
budget software for nonprofits
Pros
Cons
Cloud-based model to access data from anywhere
Scales with your organization’s growth
Uses Excel on the front end making it easier to use the software
Flexible modeling capabilities to create customized financial models
Not specifically designed for nonprofit organizations
Implementation takes time
Pricing
Vena doesn’t offer monthly pricing information. Request a demo or take a seven-day trial of their software to decide whether you want to commit.
2. Budgyt: Best comprehensive budgeting software
Budgyt is a user-friendly platform that allows users to lock down features and controls like formatting, formulas, and links, helping reduce budget errors and maintain audit compliance.
On a centralized dashboard, it stores and displays important budgets, reports, and views for easy access and collaboration. You can organize budget reports automatically by region, department, time, group, and much more.
Top features
Forecasting feature with advanced planning capabilities
Multi-team collaboration
Access perfectly formatted financial reports
Enter data quickly with built-in spreading tools
User permission and audit logs for enhanced security
Pros and cons
budget software for nonprofits
Pros
Cons
Prevents human error with unbreakable formulas and links
Seamlessly navigate your budget and drill down to the details
Integrates with several third-party tools and software
Turns all of your financial spreadsheets into organized databases
5-10 days implementation for most organizations
Downloading detailed reports takes time
Pricing
Budgyt offers discounts to nonprofits. To know about their prices, you’ll have to reach out.
3. Xero: Best for project budgeting and reporting
Xero is one of the best pieces of accounting software with specific tools for tracking project expenses. With Xero’s job tracker, you can easily create a project and seamlessly link costs to specific tasks and jobs.
The platform offers insights into exactly where every dollar goes while executing a project. You can view project accounting metrics and monitor progress on a specific initiative against its budget.
You can access a summary of multiple past projects on a single dashboard to make better budgetary decisions for new ones.
Top features
Create invoices based on fixed time, price, and expenses from a project
Invite team members to collaborate on financial data in real-time
Track expenses and record the hours spent on a project
Monitor project budgets and access detailed reports
Compares actual reports with alternative scenarios for project planning purposes
Pros and cons
budget software for nonprofits
Pros
Cons
Real-time view of all projects in one place with detailed cost breakdown
Supports an unlimited number of project creation
Helps to allocate resources more efficiently
24/7 live and online chat support
No nonprofit-specific features
Limited bill tracking in the first-tier plan
No analytics in lower-tiered plans
Pricing
Xero offers a 30-day free trial. Once that ends, it’s available in three plans:
Starter: $29/month
Standard: $46/month
Premium: $62/month
Registered charities and nonprofits have access to 25% discounts on their Xero subscription.
4. FreshBooks: Best for expense tracking and management
FreshBooks stands out with its ability to offer unlimited expense tracking and estimates. This makes it easy for your organization to track spending and revenue streams.
You can categorize expenses within the software, mark them as billable, and automatically pull them into an invoice.
With a high-tier plan, you can automate expense tracking, set up recurring donations, and track project profitability and accounts payable.
Top features
Auto-categorization of expenses and tax-friendly categories
Tracks restricted funds and day-to-day expenses
Assign recurring expenses
General ledger and profit and loss reports
Create customizable and branded invoices
Pros and cons
budget software for nonprofits
Pros
Cons
Easy-to-read summary of your spending to help you stay on budget
Generate professional invoices with ease based on the tracked time and expenses
Saves time by automating many routine tasks like expense tracking
Available as a mobile app to manage finances from anywhere
Not suited for large nonprofits and may lack the specialized features required by large nonprofits
Extra cost to add a new member
Limited customization
Pricing
30-day free trial available, and prices are:
Lite plan: $19/month
Plus plan: $33/month
Premium plan: $60/month
Select plan: Pricing available on demand
5. Software4Nonprofits: Best for smaller nonprofit organizations
ACCOUNTS from Software4Nonprofits is a nonprofit accounting software solution designed specifically for small-scale organizations like churches and community charities. It allows you to track income and expenses, monitor fund balances, and create monthly and annual budgets.
You can get nonprofit financial statements like income statements by fund or composite, balance sheets, and transaction details.
Top features
Track income, assets, expenses, liabilities and fund balances like grants
Create custom charts of your account
Integrates with donation tracking software
Define Monthly or annual budget by account
Create and share charitable receipts
Pros and cons
budget software for nonprofitsbudget software for nonprofits
Pros
Cons
Used for accounting for up to 5 organizations at no additional cost
Designed specifically for smaller nonprofit organizations
Unlimited reporting and receipts
Available on any device
Purchase a separate program to track donors
Comes with basic accounting functions
Only one user at a time can do data entry with the standard version
Pricing
ACCOUNTS offers a 60-day free trial and has two plans:
ACCOUNTS Standard: $129/year
ACCOUNT OnDemand: $199/year
6. BudgetPak: Best for budget forecasting
BudgetPak is an accounting solution providing stand-alone budgeting and forecasting. Its budgeting capabilities can be customized to meet your organization's unique needs.
The forecasting functionality allows your finance teams to share high-level or detailed forecasts with their members.
You can create custom projection formulas based on financial and non-financial drivers for high-level estimates of future years. With BudgetPak, fully understand all potential expenses with what-if scenarios.
Top features
Driver-based and rolling forecasting
Provides workflows and approval processes to streamline collaboration
Integrated financial and operational data to build comprehensive financial models
Model different scenarios and assess their potential impacts
Create and compare multiple forecast versions
Pros and cons
budget software for nonprofitsbudget software for nonprofits
Pros
Cons
Supports continuous forecasting by updating forecasts periodically
Enables multiple stakeholders to participate in the forecasting process
Integrates with various data sources to ensure forecasts are based on updated information
Provides robust reporting and analytics tools to visualize data
Steep learning curve and implementation process
Expensive for smaller nonprofits
Pricing
Available upon request
7. Intuit QuickBooks: Best for nonprofit cash flow management
Using Intuit QuickBooks, your nonprofit can closely track each project’s cash flow via the Cash Flow Dashboard. Access historical cash flow to understand where you need to spend more and where you need to save.
With pre-built and free budget templates, create a spending roadmap and maintain a healthy cash flow.
Intuit QuickBooks allows you to track donations and expenses, budget by program and compare to actuals, and create grant and donor reports.
Top features
Automated cash flow forecasting and inventory management
Invoicing and payments
Custom financial reporting and job costing
Expense tracking and transaction sorting
Manage billing and set up payment reminders
Pros and cons
budget software for nonprofitsbudget software for nonprofits
Pros
Cons
Nonprofit-specific tools and features
Online backup and protection of your data
Auto-track your transactions by defining certain rules
Offers insights into which projects are bringing money and which are costing you
Limited users in each plan
Nonprofit useful features available with high-paid plans
No workflow automation features in low-priced plans
Pricing
QuickBooks Essentials: $18/month
QuickBooks Online Plus: $27/month
QuickBooks Advanced Accounting Plan: $60/month
8. Blackbaud Financial Edge: Best for large nonprofit organizations
Blackbaud Financial Edge is specifically designed for large nonprofit organizations. It comes with many best-in-class capabilities to help organizations with significant accounting tasks, employees, and a large donor base.
Use the solution to create budgets, handle cash flow, and manage the general ledger. It comes with expanded budgeting capabilities, allowing you to forecast different scenarios and create budgets across fiscal years.
With automated routine tasks and intuitive workflows, you can save time and make decisions faster.
Top features
Fund accounting and grant management
Fixed asset management
Audit Trails and Compliance
Automated credit card and bank reconciliation
Flexible reporting and real-time insights
Pros and cons
budget software for nonprofitsbudget software for nonprofits
Pros
Cons
Cloud-based software for remote fund accounting
Offers easy-to-understand visual representation of financial performance
Supports compliance with regulations and nonprofit reporting requirements
Provides a holistic view of operational and financial data across the organization
Extra charges for integrations and customizations
Navigation can be difficult with multiple steps to perform tasks
Pricing
Available on request
9. Araize FastFund: Best for mid-size nonprofit organizations
Araize FastFund accounting platform combines accounting with fundraising and payroll services. You can use the solution to generate accounting reports, manage budgets, and handle bank reconciliations.
It allows you to create budgets for each grant, program, and department with automatic roll-ups for funds and organizational totals.
With the solution, you can generate all the data required to complete IRS Form 990. Araize FastFund generates audit-ready and compliant financial statements to meet the reporting requirements of government and private funding sources.
Top features
FASB-compliant financial statements
Automated recurring entries
Project revenue and expense tracking
General ledger and invoice processing
Accounts receivable and payable
Pros and cons
budget software for nonprofitsbudget software for nonprofits
Pros
Cons
Includes monthly training webinars and online video training
Track several funds and grants separately
Quick access to important financial metrics
Ensures compliance with nonprofit-specific accounting standards and reporting requirements
Limited integrations with third-party apps
Lack of scalability and customizations
Pricing
Standard Program: $45/month
Advanced Plan: $100/month
Araize offers two programs that you can buy separately or bundle with accounting software programs. Fundraising is available at $45/month or $85/month, and payroll services are priced depending on employees.
10. Questica: Best cloud-based software solution
Questica is a cloud-based budgeting software for organizations that want complete remote access. It allows you to automatically develop, track, and plan cost allocation plans and indirect cost rates in one centralized system.
With Questica, you can emphasize multi-year budgeting to manage funds easily through a period of growth or change. It offers what-if scenarios to help you forecast your budget and make smarter decisions related to fund allocation.
Top features
Advanced reporting and auditing
OpenBook Project Explorer for capital budgets
Project budgeting and cash management
Expense forecasting and workforce planning
Detailed financial reporting
Pros and cons
budget software for nonprofitsbudget software for nonprofits
Pros
Cons
Offers detailed operating and capital budgeting abilities
Support for fund accounting
Interactive dashboard to visualize data in an understandable way
Facilitates collaboration among stakeholders on organization finances and budget
Takes more time and effort to learn how to use the software
Limited customization and integration challenges
Lack of responsive chat or phone support
Pricing
Available on contact
How to choose budgeting software for your nonprofit?
Create a list of features
Understand your nonprofit's essential budgeting needs. List must-have features like budget creation, expense tracking, forecasting, restricted fund allocation, or cash flow planning.
Then, compile a secondary list of desirable but optional features such as scenario planning, donor management, and more. This approach ensures you select software that meets your core requirements while considering extra benefits.
Look for a produce demo/free trial
To find the ideal software, seek product demos or free trials. This provides hands-on experiences with the product, allowing you to check if the solution meets your organization's needs, assess its user-friendliness, and check compatibility with your existing tools.
Clarify pricing
Most software providers specify the prices of their products, while others usually inform upon request. There is also no one standard prize. Some have subscription-based pricing plans, while others offer features as add-ons on chargers.
When looking for a budgeting software solution, clarify how each pricing plan is structured and offered. See what features each tier comes with and whether that's what your organization needs.
Consider also how much you're willing to spend on a budgeting tool. Look for a free version or companies offering nonprofit discounts.
Your nonprofit staff might not be accustomed to using budgeting software. Even if the tool that you buy is simple to follow, it is a good idea to provide some basic-level training to your members.
Check if the software provider offers training resources like webinars, tutorials, or a knowledge base.
Concluding thoughts on nonprofit budgeting software
Selecting the ideal budgeting software for your nonprofit is key to success. It helps you make smart decisions and stay financially healthy, even in a constantly changing market. Some tools even automate report creation and expense tracking for faster budget preparation and decision-making.
We've highlighted a range of options, from dedicated budgeting tools to comprehensive accounting solutions. Consider your current needs and future financial goals as you make the choice to transform your nonprofit's financial strategy.
FAQs on budget software for nonprofits
To create a budget for your nonprofit organization, follow these steps:
Identify and assess your potential income sources such as grants, donations, fundraising events, and more
List down all expected expenses including rent, utilities, project costs, and operating expenses
Consider fluctuations in income and expenses
Focus on programs, tasks, and jobs based on the organization's goals
Use a customizable nonprofit budget template to define priorities, divide funds, and track goals
Regularly review the budget and make adjustments along the way to maintain the financial health of your nonprofit
Nonprofits need to file the following financial statements:
Statement of financial position (balance sheet): Shows the organization's assets, liabilities, and net assets
Statement of activities (income statement): Highlights revenue, expenses, and changes in net assets
Statement of cash flows: Details cash outflows and inflows from operating and financing activities
Statement of functional expenses: List down expenses by function (e.g., program services, management, fundraising)
The best nonprofit accounting software for an organization will depend on its size and requirements. Most large and growing nonprofits use QuickBooks, Sage, and Zoho. For smaller organizations with limited accounting needs, Wave Accounting, Xero, and Money Minder seem to be a good choice.
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