As an entrepreneur, starting a business can be daunting, and as a solo practitioner, it can be even harder. The more your business grows, the more likely you are to face problems regarding finances and innovation, and barriers to market entry. With bills flooding in and operational demand outstripping supply, it’s no surprise that 50% startups fail within five years.
To survive in such a cut-throat business environment, it’s important for small business owners to choose the right software, which streamlines the sales process, ensuring that payments are made quickly and securely. It also makes a small business appear more professional which is important for businesses just starting out.
But deciding on a Software can feel overwhelming. Some are easier to use than others. Some give you better reporting than others.
To help you narrow your search, here are the five essential software for your business.
Table of Contents
1. CRM Software
CRM software allows you to manage all of your contacts in an organized manner. You can categorize contacts easily, and even relate them to one another. You can communicate with them as groups (e.g. mass mailer), or individually.
Improved Informational Organization
You can set-up calendars so you know when to next contact each individual/group, whether it be a follow-up email to check they were happy with your service, or to call an important lead.
The software will also make a history of notes in regards to previous communications so that you always know the context of any communication.
CRM for Enhanced Communication
Good things is many CRM packages can be integrated with your financial software and marketing channels, so you can see the information about the performance of different marketing channels and sales costs report.
2. Accounting Software
Accounting software for small businesses is more likely to have features that suit your specific business needs – for example, IFRS 16 compliance software, for businesses who deal with lease accounting, will ensure that anything that you put through it will comply with the relevant standards that are in place. Other specific needs, including currency converters, tax rate calculators, inter-state tax, and international tax rates, are incorporated at the development stage of the software itself. Though there are certain distinct advantages to having a generic software solution in place as there is more support available.
Accounting software helps you to save time and money and offers you valuable and appropriate reasonable business.
With Accounting Software, you can generate all important financial statements such as Payables, Receivables, Balance Sheet, Profit & Loss etc. This permits a business owner to survey a business monetary execution continuously and address worries before they get to be risky.
With accounting software that comes with invoicing modules, you can get up-to-date reports on customer payments This can help you to manage and control your finances effectively. Thus, the accounting software helps you in getting reliable information on payables and help to boost profits.
Eases Tax Compliance
Accounting Software provides all the information related to tax to prepare and file tax returns stipulated by the government. Some of the advanced systems even allow you to e-file tax returns from within the product.
3. Inventory Management Software
Inventory management is crucial to the success of any kind of business. With effective inventory management, one can easily lower inventory costs, speed up to order fulfillment and fulfill all customer expectations, efficiently. Inventory software is the best way to manage store inventory as it offers multiple benefits owing to integration between inventory, sales, and purchases.
You can maintain your store inventory and ensure that you do not let sales opportunities slip away your hands. Along with inventory management benefits, Inventory software system offers multiple other advantages to a small business owner.
Importance of an automated inventory management system
- To maximize scalability
- To save time
- To reduce human error:
A good inventory management software solution offers time to track functionalities will help in saving a lot of time and energy in tracking what’s going on in your store. What products are selling and what is not is something you will get to know on your mobile every second through a sound technology solution.
4. Invoicing Software
Streamlining operations is a challenge every startup has to face. As retailing is a tough job, retailers need advanced tools and technologies to help them improve their store efficiency and output. Manual management invoicing, and sales reporting can lead to losses due to human inefficiency. To overcome the problems related to inefficiency, it is important to have systems like this invoice ocr api in place that can take care of the invoicing process automatically.
Let us look at the reasons why you should consider adopting invoicing software:
● Real-time income statement
With the help of Invoicing Software system, you can implement invoice automation that will help you can access real-time data about income position in a few clicks.
● Streamlined accounts receivable and payable
Instead of manually tracking payments for customers on credit, you can automatically remind customers of pending dues with the help of invoice automation
● Improved operations with a minimum workforce
Invoice software solution can limit your requirement of the additional workforce just to manage the invoicing operations. In the long term, all of this will lead to an increase in profits for sure.
5. Online Software
Cloud-based software or Online Software is the best thing for small business since the creation of the stapler. Since cloud applications are browser-based, they are accessible from anywhere in the world with internet using tablets, smartphone etc. For example, online billing software come with Android or Apple compatible mobile applications that allow you to access your billing data from any mobile device and send invoices, track expenses, etc. on the run.
You can access your software and data anytime, anywhere even on any device. Also, multiple users can collaborate easily on your documents at the same time
Your startup data is crucial. And the cloud is one of the most secure ways to store your data.
Unlike local systems where a hard drive failure or other man-made error can destroy all of your accounting data, in cloud computing, your data is fully protected and backed-up 24×7.
Time and Cost Saving
The cloud-based software system can help startups save both money and time. You don’t need to have any system administration or maintenance, extra local computers, or costly software upgrades. Instead, they are managed by your cloud hosting provider.
Small or new businesses are probably likely to use manual booking, but as the business grows it becomes time to look at more efficient, computerized systems. Software will save you time and money. We hope this article on ‘five essential software every small business needs to grow bigger has convinced you to get rid of manual work and invest in a good quality software package.
Divyanshu Jangid is a Digital marketing expert with experience in marketing and communications. His interests include researching, reading about new technologies and content marketing. When he’s not working, he enjoys spending time with his family, friends and playing billiards.