5 software tools that’ll cut costs for your small business

Running a business is a challenging task, be it a small business or a multinational business. And to make it successful is another hard task. But, of course, your business is successful if the business makes more revenue than you spend. Seems easy, right? Well, doing this is not everyone’s cup of tea.

To make a business more profitable, every single owner comes to this question at some point: How can I cut the costs for my business?

This is highly critical in the case of smaller businesses. The future of the business might depend on cutting down some expenditures.

If you are an SMB owner or are planning to start an SMB, here are some of the best software services to help you cut costs.

1. Accounting software

Accounting software is one of the first things you should have for your SMB. This can make or break it for your company. The right accounting software can save hours of effort and simplify the entire accounting process.

Accounting is integral to every business, so choosing the right way to do it is essential. However, doing this manually costs a lot of people and time. In addition, the results might not be reliable since manual accounting is prone to many errors.

Accounting software shortens the time spent doing the entire business accounting and cuts down on the number of people required. But when looking for accounting software, be sure that the tool will help you monitor cash flow, expenditure, tax filing and other essential business data.

There are 3 main elements of an accounting software:

• Payroll management,
• Tax management, and
• Bookkeeping

It is hard to find a software tool to help you combine all three.

With an effective payroll administration solution, small businesses can process payroll, pay slips, superannuation payments, year-end bonuses, and various other payroll-related tasks necessary for any business operation. SMBs may ensure that employees are paid on schedule each month in this way.

A tax management program can assist SMBs in adhering to all applicable tax rules in their nation of operation and meeting their legal tax obligations. In addition, SMBs can calculate the best potential tax outcome for their business with the help of effective tax management software.

And finally, a good bookkeeping software helps any business run smoothly.

Xero is a software that can help you track all your company’s accounting needs. With its state-of-the-art payroll and tax management, Xero can help SMBs simplify the entire accounting process, saving hours of human effort.

2. Project management software

Planning, tracking and maintaining project goals is a very effective way to ensure that your company is on the right track. The right project management tool helps managers take up projects, split them, if necessary, assign different employees different tasks, and track the project status.

By doing so, companies can not only check if all their employees are doing the work assigned to them, but they can also save money, and time spent by managers to check up on each of their teammate regarding their tasks and projects.

Well, think of two scenarios: one where a manager has to call everyone in a team to check up on their project statuses and one where the manager can track the status of each project using a project management software. Which one would you prefer? The second one, right? Well, if you chose the second option, then ClickUp is an excellent tool for everything project management.

ClickUp helps companies simplify their project management strategy. Along with project management tools, ClickUp also provides a time-tracking feature that allows users to monitor how much time they spend on each project they are assigned. Using ClickUp, you can create workflows and specify how a project should proceed.

3. Customer Relationship Management (CRM) software

The value of knowing what your customers want can’t be emphasized enough. For starters, we can say that information regarding customer information is vital for business growth.

How can a business gather this data? CRM software provides insights that can help you understand your customers’ needs. A great CRM tool helps you automate the process of gathering customer details and preferences. It also provides insights on not just current customers and clients but also potential ones.

These tools can give insights into customer behavior and history. With this information you understand their demography, what they want, how they came to know about you and much much more.

Salesforce’s CRM tool Sales Cloud can help you get the most out of your customers and also help you cater to your customer’s needs more effectively.

4. Communication software

The importance of a good communication software became very evident during the pandemic. Furthermore, a remote or hybrid work culture requires a solid communication system to communicate internally and externally with customers and clients.

Most communication software has turned into collaboration software, where employees can do much more than just talking to others. These software also allows employees to share projects, set up workflows and integrate other tools to make work smoother.

All this falls under internal communications. What about external communication? All leading communication software provides multichannel communication. This way, a separate channel can be open when required to talk to customers, clients or even other companies to enhance your business strategy.

Slack is one of the top communication/collaboration tools in the market right now. From messages, voice and video conferences to collaboration and integration with many tools, Slack is the perfect tool for every business.

5. Endpoint management Software

No matter how small your business is, you will have a few devices in the company, whether it is a smartphone, a PC, or a laptop. You must make sure that these tools are safe, are used properly, and are in good working order when using them for work.

Monitoring and tracking devices are essential for all businesses. But, apart from that, the IT team must also be able to control and manage all the company devices remotely and efficiently. So, is there a single solution to all these concerns?

Well, the answer is a Unified Endpoint Management or UEM solution. A UEM helps companies manage all their company devices and other endpoints, like IoT devices, from a single console. IT admins can now control enterprise devices even if they are stationed thousands of miles away thanks to the development of cloud-based UEMs about two decades ago.

With a UEM, companies can do much more than just monitoring, managing and controlling endpoints. They can help you secure endpoints and networks, achieve compliance goals set by governments and improve employee productivity.

Hexnode UEM is a complete endpoint management tool that has all the latest endpoint management features required for a business. From management and monitoring features like remote actions, remote configuration, kiosk lockdown and data tracking to compliance features like security checks, device checks and much more, Hexnode is the one-stop shop for all your endpoint management needs.

Wrapping up

You now have a better understanding of the fundamental software services your SMB needs to minimize costs. Although these tools will help you cut costs for an SMB, you can’t solely depend just on these 5 tools to save your business from a catastrophe. But if you have these tools, at least you can prevent such an incident from happening.