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Checklist: What Should You Be Looking for In a Budgeting Tool?

When you decide to invest in a budgeting tool for your business, you want to make sure that you are getting the best tool for your organization.

There can be so many variables to consider when picking a budgeting tool that it can be overwhelming. That is why we put together this checklist to use the next time you are considering a financial planning software.

Before You Start Researching


  • How much can you spend on business budgeting software?
  • How much money, time, and resources can you allocate for project implementation?
  • What ROI timeframe are you comfortable with?



  • Who is on the business software team?
  • Who is the project implementation lead?
  • How will the final decision be made?


Tech Requirements

  • What current capabilities does your IT department have?
  • What are your IT requirements?
  • What type of security are you looking for?
  • How many people in your business will be using this software? Where are they located (remotely, in multiple locations, or all in the same place)?
  • What data source(s) would you want to connect to your budgeting tool?



  • What goal(s) are you hoping your budgeting tool will help achieve?
  • What pain points do you want to eliminate from your current budgeting software?
  • What is the long-term vision for your business?
  • Are there any other business intelligence solutions you are interested in investing down the road?


During Research

  • How much does the budgeting tool cost? Be sure to factor in hidden expenses, such as maintenance fees, taxes, or if you have to pay an ongoing subscription.
  • What does project implementation look like? Does the software provider offer any assistance with it?
  • How much training is required to get your team using this software? How long does the onboarding process typically take?
  • What are the technical requirements for this software?
  • Is it something your IT department can maintain, or does it require outside support?
  • Does it integrate with your existing data sources?
  • Is the budgeting tool cloud-based software? If so, is it hosted on a public cloud, private cloud, or hybrid cloud?
  • What security does the software provide?
  • What capabilities does the budgeting tool support? Does it meet your immediate needs?
  • Does the tool have other uses that you might want to access? For instance, can your budgeting tool also be used for compensation planning or creating dashboards?
  • Is the software customizable for your unique needs? Is it scalable in design?


Before You Commit

  • What is the typical ROI on this budgeting tool?
  • Can you see a demo of the product before buying?
  • What is the customer support like?
  • Can you contact other clients who use this software for testimonials?


At True Sky, our experienced team takes the time to answer all of your questions and build the budgeting solution that is right for your business. Find out more about our capabilities today. Call 1 855 878 3759 or visit