Budget Maestro Reviews

Budget Maestro

Business budgeting, planning, forecasting & analytics

4/5 (40 reviews)
Alan H.

A small and medium size company budgeting and forecasting solution that can be maintained in house with little or no reliance on consulting or outside services.

Used Weekly for 2+ years
Reviewed on 2018/01/29
Review Source: SoftwareAdvice

Pros

In addition to providing robust budgeting, forecasting and integration with their analytics tool, Analytics Maestro, Budget Maestro is a true extension of a company's general ledger into future periods. This is accomplished through the unique software architecture, where every budget item, such as revenue, expense or personnel record creates an entry into a "behind the scenes" budget GL in the right GL accounts, in the correct amounts and the proper accounting period. What this means is, the financial statements you get in this application are always synchronized to the underlying budget. The balance sheet and statement of cash flows will accurately represent the forecasted financial position of the company to the extent of the accuracy of the budget itself.
The financial statements and all other reports can be easily generated by users without relying on IT.
The software can be directly integrated to popular ERP or accounting software GLs and the Analytics module which is integrated to Budget Maestro can also be integrated to other data sources such as CRM, inventory management, warehouse management, sales reporting data and others.
Another feature I like to use is creating multiple versions of the budgets or "what-if" scenarios, each automatically generating a unique set of financial statements and reports, exactly matching that particular version of the budget. You can see how your financial position changes in future periods as you change the budget version. This helps in finalizing a budget that is reasonable and also closely aligned to company goals and plans.

Cons

The workflow process in this application lacks in capabilities expected from larger solutions. This is probably not an issue in smaller organizations which to my understanding are the primary customer of this software.

Rating breakdown

Value for Money
Ease of Use
Customer Support

Likelihood to recommend

10.0/10
David D.

Powerful, flexible, and reliable budgeting software

Reviewed on 2015/07/28
Review Source: SoftwareAdvice

Pros

Their support team is always available to help you through any questions or difficulties you encounter. The training provided is top notch and thorough and your trainer sets up your financial report formats for you to match your current statements. My trainer is still my primary contact person for help and all I have to do is send him an email. The software itself has enough built-in power and flexibility it can handle all kinds of retail, distribution, or manufacturing scenarios, like for my company it is the need to build up inventory before a selling season and to do this for many different products and different selling seasons. Budget Maestro is capable of generating fairly accurate balance sheets and cash flow statements, in addition to income statements, as it has sections within it devoted to the balance sheet side of forecasting. Combining Link Maestro and Analytics Maestro to Budget Maestro provides the only solution one needs to not only generate a budget or forecast but to then generate all the financial reports, statements, breakdown analysis needed by management. With Budget Maestro I can drive my revenues, expenses, and inventory levels by units, not revenue dollars, which is a lot more accurate for forecasting when dealing with a wide variation of products, product costs and retail prices.

Cons

Financial statements and reports utilizing proper accounting format rules can be very hard or impossible to attain by generating them within Budget Maestro. To attain the proper formatting that I am trained in and accustomed to providing to my management team I have to export the reports out to Excel and apply the spacing, headers, underlining, and so on inside Excel. However, now with their recent addition of Analytics Maestro, this issue is gone as Analytics Maestro is an Excel add-on so that you create and format all your needed standard and custom reports inside Excel and use Analytics Maestro to drop in the numbers and data you want in each report or statement.

Rating breakdown

Ease of Use
Customer Support

Likelihood to recommend

10.0/10
Mary beth D.

Excellent experience. Software functions as promised - implementation team & support were great!

Used Other for 1+ year
Reviewed on 2018/05/24
Review Source: Capterra

Ease of budgeting at a very detailed level. Provided us with a better understanding of what drives our business from a financial perspective and what the impact might be if we were to change any of those variables.

Pros

Ease of use and affordability. The ability to design your budget without having to pay someone to configure the software is priceless. We were also able to implement and complete our budget in less than 2 months.
This software allows us to budget continuously using the same data while just updating it for any changes. We budget annually, and re-forecast quarterly. This tool allows us to spend more time analyzing the impacts of the various variables and much less time actually creating the budgets to review. Once it is set up to forecasts into the future and all you have to do is edit for any changes. You can also perform endless 'what if' scenarios to see how potential changes would impact your forecasts.

Cons

Wow! I can't really think of any cons to this software. I am sure there are some limitations but for our company this fits the bill perfectly.

Rating breakdown

Value for Money
Ease of Use
Customer Support

Likelihood to recommend

10.0/10
Brent D.

Overall solid business performance management software

Reviewed on 2009/07/01
Review Source: Capterra

Solid business performance management software package.

Pros

1. Very powerful forecasting tool that can handle both simple and complex aspects of forecasting. Handles multiple departments, entities, and the consolidation of them with ease.
2. Very easy to import actual data in order to perform variance analysis.
3. Easy to import almost all information necessary to set up a "plan" the first time.
4. What-if analysis allows you to look at the financial impact of making changes in your business without having to change your primary "plan"
5. All reports can be exported to Excel
6. Report layouts can be customized.
7. Very easy to create a 5 year forecast that allows increase/decrease assumptions to be customized in numerous ways, and using as many timeframes as desired.
8. Handles lines of credit and term loans, both fixed and variable rate, very easily.

Cons

1. Can't run a statement of cash flows based on "actual" data, only on "plan" data.
2. Not very easy to run a "plan" balance sheet for a future year as a stand-alone report, must either start the report on a month just after you have "actual" data or create an "actual/plan" version that houses a combination of data so it can be used for beginning balances.
3. If using Desktop version, additional modules need to be purchased to handle pre-paid insurance automatically and forecast inventory.

Rating breakdown

Ease of Use
Customer Support

Tom J.

Overall a good, easy to use product. Eliminates the need to budget in Excel.

Used Weekly for 2+ years
Reviewed on 2018/05/21
Review Source: Capterra

The elimination of Excel spreadsheets. A better structure to the data collection and processing.

Pros

A windows based product that is easy to learn and use. Can quickly create multiple Versions within a Plan and What-if scenarios. Can quickly import actual data from our ERP system and take the actual, budget, and forecasted data into Excel for custom financial reporting and analysis.

Cons

The structure that is in place for customer support. We have been using BM for about 4 years. When we need support it's an urgent need, we need an answer promptly. The current structure of sending an email to get on the support staff's calendar for a call is too slow. Prefer to call, get in the cue, and get an answer immediately.

Rating breakdown

Value for Money
Ease of Use
Customer Support

Likelihood to recommend

8.0/10
Eric K.

Centage has been a key partner in our company's financial reporting capabilites.

Used Daily for 1+ year
Reviewed on 2017/12/14
Review Source: SoftwareAdvice

Centage has been a good partner for RSC as we continue to grow reducing manual work and possibility of errors through their platform we utilize for Scenario Reporting and our Annual Budget Process.

Pros

Centage provides strong customer service and the product has been terrific value for our organization.

Cons

Our group has not transitioned over to the new Cloud Based program with Centage as of yet, so we experience limitations on uploading a large amount of data for various dimensional reporting.

Rating breakdown

Value for Money
Ease of Use
Customer Support

Likelihood to recommend

9.0/10
Cynthia T.

Know what you are getting into

Reviewed on 2015/04/21
Review Source: SoftwareAdvice

Pros

We were Maestro's experiment to have virtual training. We were connected through phone and an equivalent of Go-To-Meeting. The instructor was friendly, patient and very knowledgeable about the product. It wasn't until the 4th day in training until we got a glimpse of the capabilities Budget Maestro could do for us. After a few frustrating months of trying to get Budget Maestro going for us they did reach out to us throughout the process and solve our predicament to the best of their abilities. Very good customer service!

Cons

From the beginning on, we explained explicitly how complex our business and budget was. We were assured our budget would be 70-80% finished by the time training was over. It was not. Perhaps it was a mis-communication between both parties as i was under the impression all drivers would be built and we would be ready to go, either way, Budget Maestro does want us to succeed and are hoping the new upgrade will be more friendly to our needs. I can't wait to get started and get a real feel for this product.

Rating breakdown

Ease of Use
Customer Support

Likelihood to recommend

7.0/10
Frances F.

Satified Budget Maestro user

Reviewed on 2014/12/11
Review Source: SoftwareAdvice

Pros

It is a good alternative to using excel spreadsheets. It's much easier to get reporting done when you have a number of departments and want to report as a total or individual departments. Uploading the information from our accounting software is easy to do. The vendor is helpful whenever we have problems. They can resolve most of our issues pretty quickly. We mostly use it for comparing P&Ls actual to budget and departmental reporting. In the past, we used Excel, like many companies, and found it was very easy to have errors. This is much more accurate. It allows us to break personnel, expenses, and revenue down several levels and also to roll it up.

Cons

We are still using an older version because there is one particular report that we like that has not been able to duplicated to our satisfaction on the newer version. The company has been through several refinements of the product but has still not been able to duplicate the report.

Rating breakdown

Ease of Use
Customer Support

Likelihood to recommend

8.0/10
Kathlee P.

Budget Maestro is a solid tool, and I'm looking forward to enhanced features and functionality in 9.

Used Daily for 1+ year
Reviewed on 2018/05/21
Review Source: Capterra

Pros

I do like the preview of the expense and how it will look like on the P&L. It really helps me make sure that my spread method is correct. I like analytics maestro. I can use excel to build reports. Also, it is easy to use the data to create charts and graphs and make the financial data consumable to those budget owners, who may not have a fiance background. I also like the ability to refresh and update the data quickly.

Cons

Reporting. In analytics the idea of building is great, reminds me a salesforce. But it is sooooo slow on the virtual desktop. From what I understand this will continue to be the case in BM9. Also the reporting within the software is slow as well. It takes anywhere from 1-3 minutes to run any report. Also, the inability to create a version and it to show up in all plans. For example, if we want to create version of our 3+9 Forecast

Rating breakdown

Value for Money
Ease of Use
Customer Support

Paul B.

Reviewed on 2013/06/26
Review Source: SoftwareAdvice

I was really impressed with the Budget Maestro demonstrations; their keen interest in understanding how our business model was structured and working through the benefits and challenges of acquiring the solution, before we even talked price. I was very attracted to the fundamental methodology and flexibility of the system to handle my requirements for budge - actual and forecast reporting. Also impressive is their what-if scenarios, the robust capabilities of their driver functionality, and Analytics Maestro (their Excel plug-in for user friendly desktop reporting). Initially our moderately complex business model created some database latency issues, but Centage took it on board and worked through it. They ended up making significant changes on the server side, and performance is now far better.

They are one star short of five because at some point they abandoned their segmented GL functionality. This has resulted in using a single entity field to handle location, function, and department. Our resulting entity schema is extremely confusing to end users, increases administrative overhead, and complicates the slice and dice capability that would come by handling separate GL segments.

Rating breakdown

Ease of Use
Customer Support

Michael A.

Good for small companies and simple budgeting

Used Daily for 2+ years
Reviewed on 2018/07/06
Review Source: SoftwareAdvice

Pros

Simple to use, not very complicated. Has all the features needed for small companies and their budget needs.

Cons

Although simple to use, features are limited. They have a new web based version that should alleviate many of our limitations but we still have not had that rolled out. We were supposed to have the web based version last year but are still waiting for the roll out.
They also are used to smaller companies and over the last few years we have grown dramatically so we have basically out grown the product.

Rating breakdown

Value for Money
Ease of Use
Customer Support

Likelihood to recommend

4.0/10

Excellent product that my company uses weekly.

Used Daily for 6-12 months
Reviewed on 2018/02/07
Review Source: Capterra

Pros

I found this product very easy to learn. That said, I am a CPA. Excellent tools for budgeting and forecasting. Very user friendly

Cons

We had some problems importing and exporting to excel. It took a while to set this system up and train staff to use it.

Rating breakdown

Value for Money
Ease of Use
Customer Support

Catherine P.

A Value Add from Day One

Reviewed on 2014/01/16
Review Source: SoftwareAdvice

Pros

Takes all the Excel spreadsheet nonsense out of budgeting. Great reporting package. We greatly appreciate the flexibility Budget Maestro offers our nimble team to make changes on the fly and seamlessly integrate with our ERP system to ensure financial data is accurate and up to date. Budget Maestro delivered value from the moment it was up and running and our team was instantly more efficient. Now, we can spend time on more strategic and meaningful initiatives to support company growth and innovative product development

Cons

It does take time to maintain new accounts. However, the benefits exceed the extra time for maintenance.

Rating breakdown

Ease of Use
Customer Support

Likelihood to recommend

10.0/10
Mukul K.

Forecasting and Financial Report Generation made easy

Used Weekly for 1-5 months
Reviewed on 2016/11/10
Review Source: SoftwareAdvice

The solution provides the users with the ability to consolidate data for more accurate forecasting, and generate detailed dashboards and analytics. By pre-defining the A/R and A/P schedules, Budget Maestro will automatically calculate transactions for each, giving accurate balance sheet statements and cash flow reports. The forecasts with Budget Maestro can be easily modified based on real-time changes in conditions. The ability to make quick adjustments as conditions change keeps the forecasts accurate throughout the entire fiscal year. It can help to centralize financial data in a single database, rather than across multiple spreadsheets, and consolidate that same data automatically to reflect changes in key business drivers or market conditions.

Pros

Runs on cloud as well as on-premise.
Free trial is available which should be used before purchasing the full software in order to test applicability.
Good GUI

Cons

Initial versions of updates have a few bugs which are fixed in later versions.

Rating breakdown

Value for Money
Ease of Use
Customer Support

Likelihood to recommend

8.0/10
Micah K.

Budget Maestro Review

Reviewed on 2009/07/07
Review Source: Capterra

4.5 out of 5 stars. Cant wait to try Planning Maestro!!!!

Pros

Budget Maestro is extremely useful in budgeting in forecasting because it allows the user to provide inputs on so many different levels, and this information rolls out through the budget to the correct line items. Adding costs or revenues is easy, and being able to drill down into details to find answers has been priceless. Importing values for the budget also saves a TON of time!
This program is AWESOME!

Cons

With any program that is going to provide so much detail, there is a great amount of set up time to ensure accounts and other items are set up properly. Once this is complete, its just a matter of learning the program to meet your needs. Training time will have to be considered, but I think it is worth the time and the money.

Rating breakdown

Ease of Use
Customer Support

Ravi karan K.

Budget Maestro: Extensive Financial Support Tool

Used Weekly for 1-5 months
Reviewed on 2016/11/10
Review Source: SoftwareAdvice

Budget Maestro comes with built-in business and financial logic capabilities, which empowers users to quickly setup their own operating, account, and management reporting structures. It offers direct integration with the accounting systems’ actual GL. It is formula, function and link free which eliminates the risk associated with using Excel or other formula-based solutions. It has powerful what-if capabilities offering a real-time forecast of the financial health of the business. Using an add-on called Link Maestro, we can automate the exchange of financial information between their ERP systems and Budget Maestro.

Pros

1. Lesser data redundancy than excel.
2. Lesser chances of an error in data entry.
3. No requirement for validation of excel sheets.
4. Easier to audit.

Cons

1. Cost is a little high
2. Initial setup time longer than expected.

Rating breakdown

Value for Money
Ease of Use
Customer Support

Likelihood to recommend

9.0/10
Rudrajyoti C.

A scalable and secure budgeting and planning software

Used Weekly for 1-5 months
Reviewed on 2016/11/09
Review Source: SoftwareAdvice

Budget Maestro provides automated software solution which has the functionality of sophisticated financial tools which helps in making better business decisions. The built-in finance logic uses profit and loss activities to automatically build balance sheets and thus, cash flow statements from it. It allows the user to organize data in a centralized application across each department with only the specified people being able to view it. This maintains the exactness of information and security of the data as well.

Pros

Available on-premise and cloud based, can be used on demand from any location.
Intuitive user interface.
A synchronized system in terms of logic and automatic calculations from data that is input in the system.
Free trail available

Cons

Little costly

Rating breakdown

Value for Money
Ease of Use
Customer Support

Likelihood to recommend

8.0/10
Akash Y.

Out of the box financial solution software

Used Monthly for 1-5 months
Reviewed on 2016/11/10
Review Source: SoftwareAdvice

The scalable platform, offered as a cloud-based or client-server solution, has built-in financial logic so it is automated and formula-free for more accurate data-entry, consolidation, and financial statements. It helps small and mid-size businesses with limited IT resources make smarter operational decisions based on key financial data.
Budget Maestro offers full functionality straight out-of-the-box, with no IT involvement. As a hosted application, it’s also maintenance free. Budget Maestro includes out-of-the-box income statement, balance sheet and cash flow reporting. The software comes with 40 pre-built, customizable GAAP/IFRS-compliant reports. Budget Maestro’s multiple, unlimited what-if scenarios enable business managers to confidently make good decisions.

Pros

Driver Based Modeling
Good integration with many ERP and account systems.
Accessible anywhere through an internet connection with any browser-based device.
Collects and consolidates all profit/loss data.

Cons

Can be a little overpriced for a small sized company.
Requires time to configure and get used to it and then can perform tasks at a high speed.

Rating breakdown

Value for Money
Ease of Use
Customer Support

Likelihood to recommend

9.0/10
Naheel S.

Maestro Review

Used Daily for 1-5 months
Reviewed on 2016/11/16
Review Source: SoftwareAdvice

The product provided a very friendly user interface that was easy to navigate - even for people who did not receive formal training. The reports were clean and easy to follow.

Our accounting department who used the program daily to process hundreds of invoices did not have any negative feedback or comments about the use of the software.

Although we did not properly utilize the full potential of the product such as budgeting and PO preparation, to know that it exists was something that we will strive to use in the future.

Pros

User friendly interface and reports
Good drill down to get to source documents

Cons

Not easily available on any computer in the office - would prefer a more office friendly product that could be easily transferred from one computer to the next.
No "out of the office" capability to use the software.
No access of information unless it was taken from the computer that was set up for Maestro.
Would prefer a web interface option

Rating breakdown

Ease of Use

Likelihood to recommend

7.0/10

Budget Maesteo really keeps my finances in order

Used Weekly for 6-12 months
Reviewed on 2018/07/25
Review Source: Capterra

Pros

I love the way this product is so easy to use and track all of my spending. I don't know what I would do without it!

Cons

Sometimes the report downloads are not very easy to analyze in Microsoft excel. There are times when I have to manually scrub the data to make it useable.

Rating breakdown

Value for Money
Ease of Use

Tom H.

Reviewed on 2009/07/01
Review Source: Capterra

I highly recommend this product to anyone who is ready to move beyond the spreadsheet way of budgeting. I find the product to be a real good investment for not just annual budgeting, but also for tracking against actuals and forecasts.

Pros

My budgeting task has become much easier in comparison to using spreadsheets. I also appreciate the level of detail that I can enter within Budget Maestro. Also, the Link Maestro product is a great add-on for importing from MAS90.

Cons

My only complaint is the amount of formatting I have to do when exporting a report to a spreadsheet. It would be great if there were more features for report formatting.

Rating breakdown

Ease of Use
Customer Support

Ana gloria F.

Maybe a good long term solution

Used Other for 2+ years
Reviewed on 2018/04/10
Review Source: SoftwareAdvice

After the system is all set up, including the financial presentation, which you have to drag account by account manually to make sure it shows up where you want, system starts to become useful.

Pros

Eliminates the use of excel spreadsheets and circulation formula errors when dealing with multiple companies or consolidation.

Cons

difficult to set up for the first time. Very limited when you have to export to Excel because all data is exported as text format.

Rating breakdown

Value for Money
Ease of Use
Customer Support

Likelihood to recommend

2.0/10
Randy O.

Budget Maestro Review from Dakota Electric Association

Reviewed on 2010/04/13
Review Source: Capterra

I would recommend budget maestro to other organizations as a useful budgeting tool. It would be important for any organization to analyze their data and structure requirements prior to selecting the budgeting tool which would best complement their data needs.

Pros

Budget Maestro is a user friendly budgeting tool with some helpful budgeting features including benchmarking, spreading mechanisms, and ease of use.

Support from Centage has been good in terms of timeliness of responses and problem solving over the past 5 years.

Overall it has been widely accepted within our organization and has helped improve the efficiency and accuracy of our budget process at DEA.

Cons

Calculating data at times can be slow due to multiple users in the system at the same time. We have also experienced some space issues as the number of budgets and versions have grown. We would also like to see more reporting flexibility regarding layouts for sizing columns and overall appearance.

Rating breakdown

Ease of Use
Customer Support

Liora D.

Great Tool

Reviewed on 2010/03/22
Review Source: Capterra

Highly recommend it, I looked around for a while and found that Budget Maestro offered a lot right out of the box and required very little effort to get up an running. Being able to import Actuals and measure against Budget is a breeze. Built-in cash flow and calance Sheet reporting won me over. I am very happy with my decision.

Pros

Was able to get up an running in a few hours. My trainer, quickly understood my objectives and helped setup my structure. Imported my chart of accounts exactly as I have them setup in my Dynamics GP in just a few minutes.

Cons

Interface looks old.

Rating breakdown

Ease of Use
Customer Support

Alice F.

Good, moderately priced software

Used Daily for 1-5 months
Reviewed on 2017/01/17
Review Source: SoftwareAdvice

We were able to get a budget together in a few months including setup, training 30+ users, and remediation. Once you understand the logic of the tool, it all starts making sense. I have a variety of skill sets using the tool with minimal issues.

Rating breakdown

Value for Money
Ease of Use
Customer Support

Likelihood to recommend

8.0/10