It’s no secret small businesses need to keep costs low and watch their margins carefully. You might run your business from home and avoid any additional costs. Even for a home-based technology business, it’s easy to run on the bare essentials of productivity tools and applications. However, could you be missing out on saving your business time, money and resources?
Despite your resistance to spending more cash, investing in software has many benefits for small business. In fact, the upfront investment in business software could save your company thousands over the course of the year. Here are the most important software that every small business should invest in.
First and foremost, small businesses need to manage their accounting meticulously. Instead of reinventing the wheel, accounting software will track your revenues, accounts receivables, expenses and accounts payable. Both free and paid software programs offer reporting that give you a clear snapshot of the financial status of your business. Since many accounting software programs have a low cost to get started, you have the very little excuse to get your finances in order. After all, this small investment could save you hundreds on your accountant’s invoice at the end of the fiscal year.
Human Resources Programs
Even for small businesses that are run from home, managing payroll can be a full-time job. If you have employees in the field or working remotely, an HR and payroll software will keep your employee paychecks organized. In addition, HR software can assist making employee wage tax payments directly to the government. It will reduce plenty of stress from writing checks, calculating taxes and submitting quarterly reports to the appropriate agencies. Undoubtedly, if you plan on growing beyond yourself, a human resources software is an essential investment.
Business Management Apps
A collaborative platform or software is the key to virtual communication. For many home-based companies, the business management software allows them to interact with employees, partners, vendors, and clients effectively. Especially if your work has any digital information, your business’ productivity could triple with a simple project management software. Following the direction of Charles Phillips, many software platforms have moved to the cloud, making the technology accessible to smaller enterprises. The low monthly or yearly cost of management software could be paid off in a matter of hours when you no longer have to switch between so many applications.
These are fine examples of how small businesses can’t afford to ignore software. They are critical to making your business run smoothly. Moreover, the right business software improves efficiencies many times over. In 2018, there are dozens of cloud software vendors that have tailored their solutions to businesses just like yours. You can think of it like having access to enterprise software on a small business budget. By investing in software, your small business can continue to grow, lowering costs and increasing productivity. While it might seem like added overhead, just remember that the return on investment of software will pay dividends over the long term.
- 3 Benefits of Payroll Software to a Small Business
- Options for Small Business Payroll Management
- 4 Big Reasons to Choose In-House Payroll Software
- Cost of Hiring a New Employee for Your Small Business
- How Continuing Education for Entrepreneurs Can Help You Tackle Accounting and Payroll