Crucial Types Of Software Used By Small Businesses

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Small businesses of all kinds rely upon software to stimulate growth and run smoothly. Here are some of the most important kinds of software being put to use by small enterprises across the globe in 2022.

Inventory Management

Inventory management software is a kind of ERP – Enterprise Resource Planning software. Inventory management programs such as the ERP made by Myob allow companies to keep track of all of the resources that they have in physical possession and on order at any given time. This is vitally important. When inventories are not properly accounted for, huge amounts of money, labor and warehousing space can be lost. Inventory management software makes accounting for objects and materials far, far easier than it was in the days of a pen and ledger.

Project Management

Project management can be a complex affair. Project managers have to communicate with shareholders, accountants, business leaders, project specialists and a whole host of other stakeholders and workers. They need to collect and analyze reports, feedback and other sources of data. They need to manage distinct teams in a collective fashion. Project management software makes all this easier by focusing all of the communicative and collaborative tools that a project manager needs into one central control hub. Very few professional business leaders and internal project managers have shunned this new and eminently helpful technology.

Video Conferencing

Before the covid-19 pandemic hit, video conferencing was something of a novelty – usually used by executives to beam themselves into in-person meetings. During the pandemic, when we were all working from home, the true power of video conferencing tools became very apparent. Whole companies now rely on software like Zoom to facilitate their interpersonal communications. Good video conferencing software also includes extra tools in addition to the core video chat function. Users can share information on their screen, take part in a text chat and share files easily. There have been some issues with the rapid incorporation of video conferencing technology into the world of business, but it is abundantly clear that it is here to stay.

Accounting

Accounting – or bookkeeping – software has been a veritable godsend to small business owners over the last 10 years. Gone are the endless spreadsheets that need to be poured over by hand by overworked accountants. The most mundane accounting tasks can be automated, which enables accountants to free up time and work on figuring out how to boost the growth rate of the business. Accounting software is near ubiquitous in small business environments without large accounting teams.

Payroll

It is vitally important that every small business manages to pay its employees on time. Paying employees promptly and correctly is essential for retaining a workforce, conforming to the law and filing taxes correctly. Not all small businesses have internal HR teams large enough to deal with payroll without it taking up a huge percentage of their time. Modern payroll software automates payroll and payroll reporting – freeing up HR team members for more human-centric tasks like recruiting and hiring.

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