Technology is the fortitude of a business these days. The software employed by any Small to Medium Business Enterprise need to slash down on the total cost and reduce paperwork for the organization itself. The software is employed with a criterion which differs as per the organization’s industry. According to a recent study done by Pew Research Lab, about 78% SMEs employ packages of software to increase productivity and keep the solution frugal.
Below are some of the software types that are included in those packages which are of immense use to SMEs everywhere to achieve the desired results.
1. Accounting –
Often, the entrepreneurs are found to be good at what they do, as their passion lies with the same. However, the administrative side of running the business lags greatly due to less information on the finances and accounting part of the same. It is important to choose the online version of the same as these software are a necessity but need to be cost effective as well. Some prestigious names of the category being Wave Accounting, Tally, Busy, GoFrugal, etc. Some of these software are also a hit amongst the CA firms which makes the conversation with the accountant convenient.
2. Human Resources –
Hiring new employees to scale a start-up is a critical procedure. Many-a-times young entrepreneurs do not invest the proper time needed in this direction before the situation spins out of control and cause undue distress. Several software, such as GreytHR, Zeta HRMS, Sum HR, can prove to be quite the solution without burning a hole through the budget. These software, not only help with the hiring and keeping the record of an employee but also with tracking their attendance, leaves and generating salary slips automatically at the end of the month. However, the one important factor to keep in mind while selecting a solution would be to employ the desktop version of the same as it can offer more storage and richer functionality.
3. Project Management –
Even though the staff strength is smaller at an SME as compared to a multi-corporation, the roles of the employees are multi-directional. A single person might be responsible for more than one project. Instead of racking brains and wasting time in determining the credible person in the hour of emergency, it is better to have a project management solution. There are many web-based software, such as Asana, available at a nominal rate wherein tasks can be allotted, created and ticked off once completed. Also, estimating the time being devoted to a certain project can also be calculated along with the bandwidth of the employees.
4. Interaction –
An SME does not rely on the long procedure of going through various hierarchal levels for decision=making. The back and forth wastes a lot of time which a start-up can definitely not afford. Therefore, it is absolutely necessary to have a conversation platform where employees can interact instantly and resolve the issues in a jiffy. Often, these solutions are both web and desktop based as per their scope of features and functionality and cost next to nothing. Apart from communication in the form of chats, these solutions can also be used to send files, organize events, etc. Some known names in this genre are Flock, IP messenger.
5. Office Software –
None can deny the importance of having an office software that provides the employees with the base to function from. A sheet to manage data or a presentation to pitch ideas is a necessity and often form the collateral to function in an organization. From Microsoft Office to Google Docs, such solutions are again a mandatory item in the list without which no organization can survive.
Apart from the five categories mentioned above, there are many others that a software might need to function depending on the sector they cater to. It is always important to keep in mind the diverse features being offered and the price being invested in them. Since an SME needs to function on a budget and cannot splurge too much, it is always good to find economical alternatives which offer the license to a bulk user.