Forecasting Software is a managerial tool that carries out estimation or calculation of what is liable to happen in the future based on empirical past events, which thus serves as a model for determining future occurrence. It finds its uses in planning, budgeting and estimating prospective progression. With the aid of forecasting software, business firm can easily predict the expected profit and loss and also help them to draft out financial statement like projected profit and loss, projected cash flow statement and project balance sheet which therefore serve as a niche for them in preparing ahead of time. The software makes it easy for business firm to test and compare scenarios using different data that helps them to effortlessly identify opportunity and threats that are available to the business. Forecasting software generates its information guided by some predefined parameter and some certain constraint, the generated output is designed in user friendly manner that can be easily be pictured as to what the future might hold for the business. Effectiveness of any forecasting software is dependent on the user and the data. With proper utilization of forecasting software, some degree of competitive advantage can be identified and utilized.