Suggestions on how to best manage budget & actuals

Hi fellow PMs, I had always managed budgets on excel sheets and it's quite frustrating. There are many versions that get created and in the end it's challenging to go back and compare it with actuals.

I am hoping to setup some better ways of managing this and seeking ideas from your experience. Here are some of my initial requirements (Please suggest anything else as well to consider)

• Ability to create budget for overall team costs
• Ability to manage tools cost (Jira, Asana, AWS etc.)
• Break these costs to meaningful groups - support, new features, enhancements, data & analytics, design work, agency etc
• Ability to add actuals
• Ability to view the difference
• Move on to next year and keep doing the same