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6 kinds of software SMEs must have

Akash Nangia
1st Oct 2017
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The six types of software that give SMEs a boost, enabling them to grow.

Technology has become an inevitable part of today’s dynamic business landscape. By using the right software, a business can achieve its full potential, which may previously have been unimaginable.

Software can make a business run in a more competent manner while simplifying the management process. The right software can help small business owners manage all their demands and responsibilities, from high-level strategic goals to day-to-day operations. The optimal software for all small and medium businesses is one that is designed to help them run and operate better, reduce costs, and convert manual processes into electronic ones.

Customer relationship management: CRM refers to a technology that allows businesses to manage, automate, and undertake operational challenges, including decline in sales and costs of high client retention. CRM helps to get more visibility of the client base which eventually helps in designing the strategy needed for long-term profitability. The software comes equipped with an adept record-keeping system with precise financial reporting. CRM improves a company’s customer service practices, helping employees respond and resolve clients’ queries. For example, an entrepreneur can track customers’ complaints through CRM and take proper actions against it. A couple of the highly rated CRM software are Zoho and Nextsky.

HR and payroll: SMEs can cut their costs by improving the proficiency of the HR system through HR and payroll software rather than doing it manually. The process has a positive impact on the bottom-line, which speeds up the work and easily eliminates human errors. Payroll processing is fast and easy when compared to manual systems. The software helps save time and extra manpower costs. Employees can view their pay slips, apply for leaves and reimbursements, and declare investments without hampering the precious time of the company HR. A few well-known software for HR and payroll are Greythr, Marg, Sage, Clock, and SumHR.

Antivirus: Cyber attacks like ransomware are an increasing phenomenon and systems across the world are susceptible to these attacks. Usually, SMEs are targeted because of their lack of cyber defences and security policies to protect against these attacks. In addition, due to the sophistication of cyber attacks and the quickly improving techniques, small and medium businesses are always at risk of an attack. Security and antivirus software is a key constituent for any company’s IT security strategy. Antivirus software protects the computers, servers, and data against viruses, malware, hackers, spyware, dodgy emails, and more. Sophos, Sequrite, and Trend Micro are a few of the top-rated antivirus software.

Mailing and data storage management: An SME in the digital world should be more connected and able to communicate information more easily and efficiently than before. SMEs look to improve collaboration, prepare documents, store files, and communicate securely. Mailing management is one such tool that allows its users to collaborate, communicate, and develop content and projects within the organisation. Cloud data storage is an emerging technology that is shaping the current technological space. The biggest plus point of cloud storage is that it helps businesses to store unlimited data. With the help of cloud storage, losing data or having complex disaster-recovery plans can be minimised. Cloud storage also helps employees work on multiple documents at once and share updates in real time. This is convenient for companies that work across multiple different locations. The main advantage of cloud technology is that it can be accessed anywhere at any time while providing more flexible working practices. A few examples of mailing management software are Microsoft Office365 and Google Apps.

Accounting software: Accounting software is designed to simplify, optimise, and improve the accounting processes which deliver important and measurable value to businesses of all sizes. It makes several accounting processes such as tracking cash flow, revenue calculation, and accurate distribution of payroll easier to execute. With accounting software, financial information stays secure and can be accessed from anywhere with the correct security code. It provides a comprehensive solution for inventory, stock, invoicing, and data integrity. The accounting software helps to create a simplified classification of accounts, general ledger, accounts receivable and payable, bank reconciliation, etc. Some of the oft-used accounting software are Tally, Marg, and Idos for SMEs.

Point of sale: Reliable POS systems are vital for any small business retailer. A good POS system helps boost sales, save money, and makes business run more efficiently. Any business would not want their customers to wait impatiently while the staff manually enters the purchase details into the system. POS also helps enhance record and inventory management profitability and marketing practices of a firm. We can safely say that selling products is the heart of any business, while a good POS system is its soul. For example, Zopper and Nukkad are POS software that come highly recommended.

Software like accounting management, human resources, payroll management, and anti-virus, among many others, give small and medium businesses a significant boost and enable companies to work and grow successfully.

(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)

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