Accounting Tips, Business, Finance, Scale-up advice

Business software: five benefits companies can’t afford to miss out on

27 January 2023  |   9 minutes read
Business software

Business software solutions are now a vital part of the management and everyday operations of both growing and established organisations. Software can help streamline operations, automate your processes, reduce costs and give you deeper insights into your data. All benefits that have the potential to give businesses a stronger competitive edge in the market.

So let’s explore the benefits of using business software to drive success. We’ll cover:

Increased efficiency and productivity

Automation is the key to running a lean and efficient business. If there are tasks and processes that can be automated, this has the potential to transform your operational performance.

Automated systems perform faster and more accurately than manual ones. Automation is also better at completing complex tasks with minimal effort, reducing time, effort and cost. For example, you might use a digital payment gateway like Stripe to automatically reconcile your incoming payments with your finance system. Or you could use a voice AI assistant like Curious Thing to automate your tier 1 customer helpline and answer basic queries.

By working business software into every area of the organisation, you can increase your overall efficiency. You also free up resources and people, so they focus on other activities. With time-consuming manual tasks removed, your team can concentrate on higher-value tasks that require specialised skills, deeper expertise or human creativity.

Improved access to data and collaboration tools

Large or complex organisations generate untold amounts of data. But are you maximising it to help your decision-making? Business software solutions make it much easier to analyse this important data.

Let’s take your finance software as a starting point. Your finance platform records every expense, every sale and every transaction that goes on in the business. A cloud accounting platform, like Exact Online, can help you sift through this financial data to give you improved access to vital information. For example, you could monitor:

  • The company’s cash flow position and how much cash will be available in future periods
  • The profit and loss position and where the business is generating revenues
  • Which products are delivering the best margins and overall profits
  • Which branches or offices are spending the most on ad-hoc expenses

Having access to this data and management information in the cloud also makes it easier for teams to collaborate. Regardless of your location or your current workspace, the whole team and any key business advisers have 24/7 access to the relevant numbers online.

You’re always working on the same documents, the same reports and the same figures – removing the potential for confusion around document versions and data periods.

Business software that integrates with your finance platform

Enterprise resource planning (ERP) solutions help you manage every element of your data and resources. In the same way that cloud accounting provides you with deep data on your finances, this kind of business software gives a comprehensive overview of every element of your operations.

Your solution can offer you management information, financial breakdowns, supply chain management, customer relationship management and more. ERP solutions can also automatically track and report on the most important key performance indicators (KPIs) for each operational area. These metrics can be used to track progress and identify areas for improvement.

With all this information at their fingertips, companies have real-time access to the patterns, trends and drilled-down insights in their data. This gives the relevant stakeholders the specific information they need to make decisions that are well-informed, fast and based on clear, unbiased evidence.

Cost-savings and improved control over spending

Running a business is costly. Money flows out of the company on labour costs, utilities, IT infrastructure and investment in key assets and pieces of equipment. But business software can help manage these costs and identify opportunities to make a saving.

Using software automation and digital assistants helps reduce the labour costs associated with data-entry tasks and other manual operational processes. Cloud-hosted business software also eliminates the need for costly hardware investments. With all the software applications, data and documentation held securely in the cloud, there’s no need for expensive servers, storage systems, IT infrastructure and so on.

Expense management software like Soldo, which comes with connected company cards, also makes it much easier to manage your everyday costs and business spending. Employees can use plastic or virtual cards to cover their work-related expenses as well as to purchase essential equipment, supplies or services using company money. With spend limits on each card, and online reporting of all spending, the business is always in complete control of those costs.

How business software gives you the competitive edge

Business software, apps and integrations are evolving faster than ever before. And the sooner you embrace the benefits and opportunities they deliver, the bigger the return on your investment will be. If organisations want a clear competitive advantage, this is the way to do it.

Finding the most effective software tools for each area of the business makes good sense. With a business software platform at the centre of your app stack, you have the option to add your own choice of additional software modules, third-party apps and legacy solutions.

Adding your own custom stack of business solutions is one of the most effective ways to streamline operations and reduce costs. It’s also a proactive way to boost efficiency, increase access to data and make it easier for departments and teams to collaborate.

By investing in a reliable business software platform, management teams can make sure that the company remains competitive and productive – while saving time, effort and money.

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