How to choose the best software to increase efficiency and reduce risk in your business.
Administrative tasks can significantly drain time and resources. That’s where business management software comes in. Consider incorporating software into these areas of your business to help you run your company more efficiently.
Less Busyness, More Business
“There’s a difference between busyness and business,” says Greg Miles, Senior Vice President and Head of Treasury Management Digital and Shared Services at Regions Bank. Busyness refers to administrative tasks that, while necessary, detract from growth opportunities.
Business Management Software, according to Miles, can help your company across the board in three ways: maximizing efficiency, promoting growth and managing risk. Software can free up your time in the following core areas:
- Payroll: Software can improve timekeeping and make sure you’re up to date with taxes and deductions. This is one of the first places many companies start.
- Accounting: Automating accounting procedures can reduce expenses and risks. This software helps with regulatory compliance and also ensures your documentation is in order in case you’re audited.
- Cash flow: You don’t want to be caught short-handed, but you also don’t want too much cash on hand. Forecasting software tools can help you optimize your cash flow so you can allocate your resources smartly.
- Customer relations management: Always-on customer service uses artificial intelligence, such as chatbots, to offer support 24/7. This frees up your time and allows you to reinforce the relationship with your customers.
- Human resources: With growth comes the need to identify and onboard talent. HR software streamlines this process by screening candidates and using orientation and benefits tools to integrate new hires.
- Project and workflow management: As your company becomes more complex, this software can help you with processes, workflows and budgets.
Find the Right Software
If you’re unsure whether to implement business management software solutions, Miles recommends asking yourself, “Am I spending too much time on administrative tasks?” If the answer is yes, then your company could benefit from software.
When searching for the right software, Miles suggests conducting a thorough internet search for reputable business management software vendors. He also recommends reaching out to associations, trade groups and peers who can offer assistance on software solutions specific to your industry.
Grow with the Right Tools
Miles thinks of business management software as a toolbox. “Your ability to grow your business can be constrained by using the wrong tools,” he says.
Many company owners are reluctant to give up control of administrative tasks. But the benefits outweigh the costs, according to Miles. “Software can make your life easier,” he says. “That way, you can focus on doing what you love and growing your business.”
