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3 Leading Pieces of Software for New Businesses in 2020

When you first start a business, it can feel a bit of a minefield. There are so many aspects to think about that you may never have had to consider before, that you can be left not knowing where to start or what you need. Luckily, there are many different software pieces on the market to help streamline the process so you can focus on what counts – making your company money.

Here are three leading pieces of software for new businesses to make it that bit easier.

1. Accounts software

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Good accounting software is one of the most important aspects to get for your business. It will help to control your expenses, your employees’ wages, and work out your profit and losses so you can track how you are doing. There are many on the market, from Xero to QuickBooks, so it’s up to you to research the different ones and find which suits your business needs the best. Take your time and ensure the software you choose has all the elements you need before making the final decision. When you are just starting, you will probably need something relatively simple, but this can change over time when you have more revenue streams. Do not be afraid to upgrade or change the software as your business develops. When comparing the accounting software options, you must lookout for the following essential features:

  • Core accounting

This includes the necessary basics, including accounts payable & receivable, as well as a company’s general ledger. These are fundamental financial records.

  • Financial reporting

Financial reports help you track performance metrics, including balance sheers, P&L statements, and expenses.

  • Bank reconciliation

A bank reconciliation is when you can compare your bank statement to the records of the account holder to guarantee financial data is accurate.

  • Payroll management

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This includes calculation, processing, and the distribution of payment to your employees. You can usually also automate these tasks.

  • Billing and invoicing

You should be able to create and distribute invoices and streamline your sales process too. You can usually create client records for instant invoicing ability.

  • Expense management

You want to be able to manage your expense submissions and track any work-related expenses. You also want to see reports to visualize where expenses are building up clearly.

  • Budgeting and forecasting

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Using historical data and AI, you can usually predict likely outcomes like revenue, expenses, and cash flow.

  • Fixed asset management

Businesses should have the ability to monitor cash assets and properties. You should also be able to track the depreciation of tangible assets.

  • Multi-currency support

Multi-currency support is essential in this modern business world. You want the ability for automatic currency conversions, enabling global payments to occur quickly.

2. Employee benefits software

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Employees are the backbone of your business, so you must keep them happy. To help do this, why not try Zest Benefits? This can help to engage employees while taking away the tedious admin on your side. It can elevate engagement, control costs, automate administration, and put you in complete control. By showing your employees you care about their health and well-being, you will attract and retain the best talent. They will also work harder, and your company will reap the benefits if they feel appreciated.

Some key features of employment benefits software include:

  • Perfectly Personalised Benefits – Provide an experience to your employees that is personal to your business. You can create a custom dashboard that includes your chosen benefits.
  • Targeted Benefit Communications – Provide notifications to your employees about the benefits that you have on offer, so that engagement with them increases.
  • Simple Employee Benefits Administration & Insights – Software makes the delivery of employee benefits as seamless as possible. Automation is key!

Quick & Simple Set-Up – No longer do you have to spend a lot of time setting up your employee benefits. The software makes this process extremely fast and easy to implement for your business.

Advanced Employee Data Security – You can have complete piece of mind with improvements in data security. Employee benefits platforms require authentication from its users, and detailed audits are carried out to ensure data is safer than ever.

3. Document sharing software

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A good document sharing software is essential for keeping your business running smoothly. It’s a simple way to digitalize, store, and access all your documents from wherever you are. You can also share certain files with clients when needed and effortlessly view what others are working on. By storing all your documents digitally, it’s also more natural and less expensive to set up than a cluttered filing room, and data loss is less of a risk as it’s stored on the cloud rather than on the device itself. If employees need to work from home, they can still access anything they might need too.

These are just some of the best software pieces for a new business that will help your company develop and grow and free your time to focus on other aspects such as increasing your customer base or making more sales.

The key to making sure a business succeeds from employing these fantastic software solutions from the start. With these three pieces of software being managed from the beginning, a business can scale quickly and effectively. You can make sure that your employees are happy, your finances are accurate, and you are also conscious of the environment with cloud-based sharing.

If you would like to read similar articles on this topic, please read through our business category.

About Marta Sebos

Marta Sebos

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