From small-scale start-up organisations through to global corporates, software is a vital part of day-to-day operations. When implemented correctly, software allows for increased collaboration and oversight, minimises repetitive tasks, streamlines operations and ensures accountability across the board. But one of the first questions asked from small businesses to large is, what types of business software are needed? While some are integral, others benefit larger or more niche operations. Here’s a look at the software every business actually needs.
How do you decide on the types of software?
When you’re contemplating the software types best suited to your business needs, a number of elements will factor into the decision. Some of these include:
- Your business size – corporates have incredibly different needs than start-ups;
- Your customer or clientele number;
- Your staff contingent;
- The goods and services your business offers;
- Your future plans for growth; and
- Whether you’re a local or global operator.
What are the main business software types?
No matter what your business size or type, there are certain software options that will cut across the board, proving useful wherever they’re integrated. The difference will lie in whether these software types can be scaled up or down and the customisation options to suit your needs. Here are the main types of software you will need to consider as a business owner.
Like it or not, accounting is an integral part of your business, whether you’re a sole operator or hire hundreds of employees worldwide. Ensuring your company’s financial records are accurate and updated will make monitoring your business’s financial health that much easier while ensuring you remain tax compliant. Many great accounting software options range from basic to elite packages depending on your individual needs. Under the umbrella of accounting software, you can consider a number of innovative features. These include:
- Payroll: This software allows you to accurately and efficiently process payroll, payslips, annual bonuses and other payment-related needs. From small business owners to big enterprises, payroll software streamlines this important aspect so that employees are paid on time without any miscalculations.
- Bookkeeping: This is a foundational aspect of business management and, while it could be simple at first, gets much more complicated over time as the numbers add up. Bookkeeping software is simple, automatically posting all transactional details for the generation of bills, invoices and year-end reports.
- Tax: This software ensures you can navigate all the complexities of national tax requirements so that the business remains compliant. If your business operates across international lines, it’s important to consider accounting software that deals with international tax regulations.
- Payment transaction: The modern customer wants multiple payment options, which is why automated billing and payment software is so valuable. This is also particularly useful for customers who are on subscription as there are no missed payments.
2. Communication software
Another type of software that every business needs is communication software. This will need to facilitate internal communication between departments and branches and external communication between businesses and customers. The arrival of Covid-19 precipitated remote communication systems, making it much easier for companies to collaborate no matter where they were based. This has resulted in abundant communication software options suited to various business budgets and restrictions. There’s no question that communication is key to the success of any business, which is why it’s important that software coordinates this for maximum efficiency.
3. CRM software
Customer relationship management (CRM) software is a valuable way to better analyse and assess your business’s interaction with its customers and identify areas of improvement. It’s important to note that not all customers are alike, and for companies to better target a specific audience, it’s necessary to have an overview of data that allows for this. CRM software offers you access to real-time data through effective reporting, making your company more competitive. This is because understanding what your client base actually wants allows you to better strategise your marketing campaigns and budget accordingly.
4. Project Management software
Another type of software that has been developed for all businesses is project management software. This provides all departments with access to upcoming projects and insight into where resources are being spent and how. Management is also empowered with an overview of exactly how close to completion a task is, who is charged with completing the task, and details on any hurdles that are impeding the task. This form of organisational software ensures accountability from the team and reassures your customers of your professionalism and efficiency.
5. Sales, marketing, and PR software
At some point, you’re going to look at reaching new audiences or letting existing customers know more about your products or new launches. For more impactful customer engagement, it’s beneficial to have some understanding of the existing sales to determine what works and what doesn’t. By implementing sales, marketing and PR software, you’re better prepared to take on competitors through increased insight using real-time data. This also allows you to adapt a marketing strategy if it’s not achieving its targets. With this software, you’re ensuring a better marketing budget spend and a boost in sales.
6. ERP software
The ultimate solution for businesses of all sizes is ERP – enterprise resource planning. This type of software essentially combines all other software features such as CRM, financial management and supply chain so that you have a complete solution in one convenient package. Using your ERP software, you can effectively process and analyse data from across the entire company. With all the features of accounting, ERP software will streamline sales and inventory, detect any issues and allow you to improve operational efficiency.
7. Inventory management
Besides being an essential accounting requirement, inventory management just makes sense. Keeping your digital finger on the pulse of your business means knowing what’s coming in versus what’s going out in order to keep your customers happy. The larger the business, the more you’ll need a solid inventory management tool to stay on top of stock at various locations, reduce the risk of obsolete products, refill fast-moving goods, and keep on top of changing customer preferences.
Why choose Omni Accounts?
If you’re looking at accounting software options, then you should start with Omni Accounts. They offer your business a wide range of packages and features which can be adjusted to your company’s needs. Starting with the entry-level Premium Bundles, which can be upgraded to the Enterprise Bundle through to the Business Pro Bundle as your company scales up. Simple integration, easy to use and completely flexible – it’s the type of software you need.