Over the last couple of years, software designed for business purposes has flourished perhaps more than any other software segment.
Much of this has been in response to the work from home revolution precipitated by the pandemic, but many of these software offerings have been around for quite some time.
There is a lot to choose from, and costs can quickly pile up if you let yourself get carried away or listen to every suggestion that comes your way.
With that in mind, below are some of the top software every business should have.
Expense Report Software
Hand-entering expenses, approving them, then entering them into an accounting system is time-consuming and wasteful. Processing expenses by hand wastes both time and money for your organization.
Expense report software eliminates all of the tedious manual work involved in tracking and paying things like travel and other business expenses. These expenses can start to add up to a considerable amount of time and time wasted as your company grows.
Investing in expense tracking software also has the added benefit of making life easier for your employees.
If someone is working remotely or traveling and needs to submit an expense to be paid immediately, they will perceive the company as much more attentive to their needs and feel more appreciated if the company can automate most of that process and get expenses paid out promptly.
Payroll Software
Payroll system mistakes can be a nightmare, and one of the most advantageous features of investing in this kind of software is that it decreases the likelihood of costly errors.
If you make a mistake that shortchanges your staff, it could hurt morale and, in the worst-case scenario, lead to legal troubles for you or the company-
Additionally, if you make a mistake and overpay your employees, you risk leaving your company with insufficient operating capital, which can be a logistical headache and potentially fatal.
By reducing the possibility of human error and ensuring that your employees receive the exact compensation owed to them, you maintain better control over your finances and can rest assured you are making accurate payments.
Tax Software
It is difficult to keep up with the ever-changing tax laws. Every year, new deductions for those who work from home become available, and if you don’t take advantage of them, you’ll lose out on tax savings.
By maintaining a current version of your tax software, you ensure that you receive all of those deductions, resulting in a lower tax bill and a larger refund.
It will also spare you the agony of failing to pay taxes resulting from changes in state and federal legislation that you may have been unaware of.
An additional reason to invest in tax software is the option to e-file your taxes. E-filing is more convenient and faster than mailing your taxes and often means you will either get a faster refund or have more time to pay your tax bill.
The alternative is having to go to the post office and waiting a long time for any refunds that might be coming your way.
Recruiting Software
Recruiting has become one of the most strategic facets of any business, and even more so in this new labour market. What tends to make or break a company’s recruiting efforts is its ability to respond quickly and communicate well with staff and potential applicants.
This software also gives you a suite of highly convenient communication tools, in addition to the ability to automate things like your email responses to applicants.
You can increase your communication channels and keep candidates informed without having to micromanage the process, focusing on other areas, such as conducting in-depth interviews and analyzing your shortlist of prospects–which are the most high-value and mission-critical parts of HR.
CRM
Modern CRM software has numerous features, but it was originally designed to promote business-to-business connections, and this is still its primary value.
A customer resource management platform organizes all of your contacts and collects key customer data like purchase history, demographics, and messaging across all communication channels.
This makes it convenient and accessible to anybody in your company, as well as a great sales and marketing communication tool.
CRM makes it easier for sales, marketing, and customer service employees to coordinate their efforts and share information so that everyone who is brought into your sales funnel can be attended to promptly, accurately, and in the way that makes the most sense to them.
Time Tracking Software
Time tracking software is all about spotting and eliminating inefficiencies. To help you solve these personal and operational inefficiencies, time tracking tools indicate exactly when and where you get distracted—from the websites that steal your focus to how often you switch context—and what’s slowing you down.
Knowing that everything is being recorded can also be a good way to help less productive employees maintain their focus and hit their KPIs.
Time tracking software is also an important tool for assessing capacity. Without knowledge of your capacity, you won’t be able to maintain a healthy workload or assess the long-term viability of your company.
Time monitoring applications show you this data in real-time, which can help ensure people are not overworking while also allowing managers to coordinate and balance team efforts for current and future projects.
Conclusion
The digital transformation is having a profound effect on companies of all sizes and across industries. There are now more opportunities than ever to realize efficiencies with software designed for all manner of business processes.
From expense reporting to time tracking, CRM to taxes and recruiting software, there are myriad software-as-a-service options on the market, with many created to serve specific business niches and sizes, to consider.
Keep the above software suggestions in mind and ensure you are incorporating new tech into your business in ways that are ROI and budget-focused, as well as the right for your industry.
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