Choosing the right software for your company is key to its smooth operations. Today, an average business juggles over 250 different applications. However, hardly all of them have a high ROI.
If you are planning to buy new software for the company, it’s essential to evaluate the current needs and the available tech stack. Many organizations can benefit from custom software development while others can continue working with off-the-shelf programs.
In any case, to ensure top efficiency, it’s important to audit the existing software collection and figure out what else may be useful for your business.
Let’s take a closer look at the types of software your company can benefit from.
Accounting Software
Even the smallest business requires accounting software to ensure proper payroll processing, invoicing, and other related operations. Without accounting software, the payroll process can be tedious and time-consuming. For small business owners, who often deal with payroll processing without assistance, this can be a significant problem.
Accounting software allows you to process payroll, make payments on time, calculate bonuses, and more. While you would still have to spend significant time on payroll administration, this program can cut down on your effort and help minimize errors.
Tax Software
In addition, small and large businesses invest in tax software. This app can help you calculate taxes without doing time-consuming research about local and federal tax regulations. Improper tax calculation can lead to significant fines and reputational issues.
With the right software, it’s possible to reduce opportunities for errors and avoid issues with the IRS.
Tax software is especially important for companies that hire out-of-state workers. Without the right tools, navigating the complexity of taxes for employees who don’t work and live in the same state can be nearly impossible.
HR Software
Even if you don’t have a large team, the right approach to HR management is key to employee satisfaction and retention. Studies show that the focus on employee engagement can result in 18% higher productivity and 23% higher profitability.
The right HR software can help you improve communication, arrange a high-quality recognition program, assist with recruitment, and much more. Even if you don’t have the resources to pay for a comprehensive HR platform, it’s possible to find low-cost SaaS options that help you manage HR without hiring a large internal team.
Custom Software
After using off-the-shelf software, many companies decide to opt for programs designed specifically for their needs. A custom software development company can design, develop, implement, and maintain comprehensive software that replaces multiple off-the-shelf solutions.
While the custom software development costs are often higher than what you can pay for off-the-shelf programs, the ROI of these solutions is much more impressive.
Customer Relationship Management (CRM) Software
If you are working with customers, you may need to take advantage of CRM software. These programs help you collect valuable information about your existing customer base and streamline your customer relationships.
Small businesses can take advantage of CRM software designed specifically for small companies. These programs have a straightforward interface without a huge variety of options. Some of them come with free versions.
As your company grows, you may need to invest in more complex CRM software that improves customer communication and allows you to identify buying trends and predict consumer behavior.
Larger companies often consider investing in custom software with CRM functions developed specifically for their needs.
Communication Software
No matter what industry you are in, and how many employees you have, stellar communication for the internal team is essential to the company’s successful operations. Meanwhile, communication with customers is key to building strong relationships and improving retention.
To maximize the efficiency of business and customer communication, you have to identify the needs of your internal team. Some companies settle for free versions of such software as Skype, Zoom, and Slack.
Others invest in paid versions that offer a variety of features to support internal and external communications.
Many business programs, such as HR platforms or CRMs have built-in communication options. However, you may need to purchase additional software to streamline communication, especially if you have many remote and deskless workers.
Marketing Software
Depending on the type of business you have, you may need marketing software. Marketing software comes in many different types. You can take advantage of:
· Email marketing software
· Social media marketing software
· SEO software
· Marketing analytics software
For smaller businesses, it’s often possible to find a comprehensive marketing solution that takes care of all the current needs. Some of these tools are available online for free.
Cybersecurity Software
No matter what industry you are in, you have valuable data to protect. Be it credit card numbers or customer details, you need to make sure it doesn’t fall into the wrong hands.
In 2022, 76% of organizations faced a ransomware attack. Only 50% of them go their data back after paying the ransom. To prevent data breaches and other cybersecurity issues, companies invest in cybersecurity software.
From firewalls to antivirus programs, your IT team needs to decide how extensive your cybersecurity measures should be. Depending on the industry (for example, healthcare providers need more extensive measures to protect patient data), you need to evaluate the budget and decide which software to purchase.
Choosing the Right Software for Your Needs
The type of software your business needs depends on many factors, including your industry, budget, development plans, number of users, business objectives, and much more. Your internal IT team or an outsourcing IT partner can give you recommendations about which types of software can work best for your business.