Whether you're launching a new venture or managing an existing business, re-evaluating systems and processes is always a positive move in ensuring that your business is being run to its fullest potential. Implementing change can often be an intimidating prospect; but technology is revolutionising companies of all sizes, driving significant growth at often minimal investment.
With 91 percent of small businesses still using spreadsheets, pens and paper to manage their workforce, now could be the perfect time to introduce software tools and solutions to your business. Evaluating client needs, monitoring employee attendance and time, keeping paperwork in order, measuring success and maintaining open communication all benefit from the use of dedicated software solutions.
The time spent managing expenses can also be reduced by utilising software solutions such as those provided by Soldo. The process of sorting and submitting payments takes hours of valuable employee time, which could be spent more productively in driving the business forward. Verifying expenses and wading through receipts also takes up your finance team's valuable time. With the Soldo app, employee reports are automated, with the ability to integrate directly with existing accounting software.
Here are some of the areas where software can help streamline your business processes.
Finances are at the heart of running any business, regardless as to industry, and payroll processing is often challenging. Inaccuracies and errors can quickly snowball into a nightmare, affecting cash flow, productivity and stability. Payroll software, however, allows you to review deductions and address any errors before submission. Taxes can even be filed automatically, saving your business hours in completing paperwork.
Business analytics software was considered too costly for small businesses until recently. However, it has now become far more affordable and easier to implement. It is rare in this digital age for a company to not have a website generating leads, selling merchandise or creating awareness of its service or products.
However, having a website is not enough; the success of the site must be tracked and adjustments made on the basis of on-going analysis. There are a variety of free tools available, such as Google Analytics, which monitor website analytics, visitor geography, average duration and traffic percentage on each page. These insights allow you to refine the website and your search engine optimisation efforts accordingly.
Organisation is vital to running a successful business, with a range of zero cost solutions now available to manage documents and files which can be accessed at any time from any location. As your business grows, so will your team of contractors, service providers and employees. Collaboration and communication tools help streamline processes and share information among workers.
Utilising tools such as Dropbox or Google Docs allows you to share and store files of any size. Documents, images and videos stored in the cloud can enable easy access for nominated team members.
There is a common misconception that software for human resource management is only for companies with a larger headcount. However, HR solutions can add value for companies of any size. Employees can submit a range of documents and manage holiday entitlement in collaboration with the HR department (or business owners in smaller businesses).
Traditionally, employees pay business expenses from their own pockets and have to wait to be reimbursed, which can adversely affect morale and leave low-income employees and graduates in a tight financial spot. With a prepaid business card such as that provided by Soldo, employees no longer have to pay for expenses themselves, with our app enabling the on-the-go electronic capture and submission of receipts, eliminating the risk of losing proof of purchase.
Excessive company spending can also put your business at risk. With the ability to define limits and rules for each employee on a prepaid card, you can regain control of company expenditure and avoid unpleasant surprises at the end of the month. Our dashboard allows transactions to be viewed real-time and integrates with major expense management applications including Sage, Quickbooks and Xero, further reducing the time taken to input data.
CRM (Customer Relationship Management) software is used for tracking client and sales information, managing business relationships and their associated data. Keeping track of this information can quickly become overwhelming without a platform such as HubSpot or SalesForce. Sales teams in every organisation benefit significantly from systems to track clients and prospective clients alike.
For further information on our expense management solutions, please visit Soldo here.