Whether your business is just starting out or you’re already well-established, it’s vital to find good working tools in order to be as efficient as you can. Many people’s first instinct is to turn to their usual software, such as Word or Excel. However very often this is not the most practical, simple or most efficient way of approaching the task at hand. It would be better to use specialized management software. In fact, these software solutions can offer many advantages for the self-employed and SMEs. Specialized management software enables the self-employed and SMEs to save time and optimize their business management. Discover all the advantages of management software as well as their various features in this article.
The Advantages Of An Integrated Management Software
Time Saved/ Time Saving/ Saving You Time
The first advantage of management software is that it enables the business to save time. In fact, your business management (accounting, sending invoices, tracking expenses, managing customer data, etc.) is much quicker and easier if all of these tools are gathered in the same place. What’s more, you’ll save time as you will no longer have to re-enter the same data across several softwares, this time-intensive process can eat into not only the hours in your day, but your energy too.
Using an online management software allows you to store company data in a secure location and receive payments with peace of mind. Some management softwares also allow you to upload professional documents to an online space. This means that through the software, you can then access functions which let you keep your documents protected, in a secure space you can access at any time.
Business Documentation/ Professional Documents
No need to spend hours making your own cost estimate templates on Word anymore, commercial management software often has the functionality to create and send professional quotes and invoices. Additionally, you no longer need to get bogged down writing out the required legal disclaimers for these types of documents: they are already included ! All you need to do is add a couple of personal touches, your logo and contact details.
Team Work/ Working As A Team
When a number of people are working together on the same project, keeping on top of things can be complicated, as well as ensuring that the project is completed on time. Management software can be of great help in this instance. In fact, ERPs are extremely comprehensive software solutions which meet the majority of business management needs, including project management. These softwares allow for individual task allocation, monitoring project progress and sharing relevant documentation with your colleagues. All making it easier to work as a team.
Another advantage of integrated management software is that it covers a huge portion of a company’s scope of activity and as a result allows for a strategic overview of the company. Consequently, it is very quick and easy to see at a glance if a business is in good health. What’s more, some ERPs provide even more advanced analysis. You can also access sales and cash flow analysis. This business analysis can help with your business planning and decision-making in order to steer your business in the right direction.
Features of Management Software
The tools on offer from the different management softwares vary, but generally, the following features can be found :
- Accounting : The accounting function of a management software helps you to manage your revenue and expenses. Additionally, monitoring your cash flow can also be very useful for managing your liquidity.
- Invoices and Quotes : With an online management software that includes billing features, you can send a quote or personalized invoice to a client or prospect from your mobile or computer instantly.
- Project and Task Management : The project management tool allows you to track project development through dashboards, splitting them into tasks and putting them in order of priority and deadlines, and even attaching and associating documents.
- Time Management : Time is money, as all good entrepreneurs will know. A management software can help you save time. It allows you to keep a record of the time spent by you and your collaborators on each project, in order to bill the client for every minute of work. Finally, with a time management tool, you can analyze the hours spent on each one of your projects, for reorganizing your schedule and boosting efficiency.
- Client Relationship Management : A CRM tool directly integrated into your management software, handy, right ? The CRM helps you to gather all the information on your business contacts in the same place. Some CRM softwares even go as far as letting you keep in contact with your clients directly through the software, speaking and collaborating with them in a dedicated extranet space.
- Stock Management : This feature is useful for businesses who sell products. It allows you to manage your product inventory and easily adjust the names, quantities and prices of your items.
- Business Relationships : With detailed analysis of your accounting, projects and time management, you can clearly identify your strong points as well as your areas for improvement, to then adjust your business strategy as and when it’s needed.
How To Choose The Management Software That’s Right For You
There are dozens of options that exist to choose from, it can get confusing ! However, before embarking on your quest to find the perfect management software for your business, you need to decide which features you’ll need.
Then, you should take into consideration whether the nature of your business and its scope of activity will influence your choice. For example, if you work with collaborators, then first of all you’ll without a doubt need a software that actually allows for collaboration.
Finally, your choice will surely depend on your budget, it’s about finding the software that best responds to your needs at the best price.
If there is anyone who understands the needs of the self-employed and SMEs on the subject of management software, it’s Mr Nadir Aboura. CEO of Onyris (a small web development company), back in 2007, he was searching for a software that would allow him to manage his company efficiently, in order to save time and reduce his costs. When he didn’t find anything to meet his needs and criteria, Aboura, along with his team of web experts, created Kiwili, the all-in-one online management software. If you are still having trouble making your selection, watch this space for our management software comparative evaluation.