A process is the repetition of several tasks to accomplish a goal. A business process, hence, is a process that focuses on completing different tasks and achieving absolute results. Any individual who works for a company or organization is part of a business process and helps in its finalization. Business processes are fundamental to ensure a company keeps operating smoothly. They maintain numerous activities and make sure that all available resources are put to fair use.
With the advancement in IT, there are many competing software systems in the market. Numerous such software systems exist to complete specific tasks with maximum accuracy and optimum outputs. It means using software promises faster results, lesser costs, fewer errors, and fewer management difficulties. Some of the business processes that a company can carry out with the help of efficient software are:
ACCOUNTING SYSTEM
Most SMEs use simple accounting software for smooth financial record keeping and other processes. No business can run without accounting, so the law requires companies to use accounting software assistance in their business processes. Many companies in the market offer accounting software with GST included features. So these software systems will assist in record and bookkeeping, make reports, and manage GST estimates. The accounting system software is essential for your business if you want to keep track of its growth. You can monitor costs, revenue, and maximize the company’s profit margins. Some of the best accounting software in the market include;
- Quickbooks
- Freshbooks
- Wave Accounting
- Zoho Books
- Deltek Costpoint
INVENTORY MANAGEMENT
For a business that sells various products, having an inventory management system helps achieve seamless operations. Whether that business manufactures those products, sells them wholesale, or is in the retail sector, inventory management is necessary. Various companies that need products, raw material, or byproduct handling should have a system in place. For example, manufacturing software helps keep track of raw material bills to calculate accurate product costs. A wholesale inventory management software provides specific features needed for wholesale business, primarily. The online software systems like Eigenrun ensure better accuracy. Better accuracy means that you can effectively manage and lessen waste and maximize profit returns.
INVOICE MANAGEMENT
The invoice management system software helps a business in automating all the processes that rely on invoice processing. The process is that companies receive the invoice, which then goes for approval from the finance staff. After that, the company matches information with sales, purchase, and payment accounts. The invoice management software works this procedure by scanning the invoice, extracting data from the system, and then transmitting payments online. The software stores these invoices on a cloud-based storage system for the record. The software which produces good results are:
- GetYooz
- Stampli
- Spendesk
- AvidXchange
PAYROLL SYSTEM AND PROCESSES
A robust payroll system is essential for maintaining employee accounts. The software influences the growth of your organization and development. By having an effective payroll system, you increase the productivity of your employees. Apart from that, these software systems simplify the HR process. They are essential for maintaining and tracking records of your business. You can get reports quickly and synchronize other applications and techniques to make automatic audits.
Most of all, such software systems are a great help in the company’s planning and decision-making processes. You can get all the necessary information that you acquire to make essential decisions about crucial issues. Some preferable software in the market are:
- Gusto
- Paychex
- Onpay
- Square Payroll
- Wave Payroll
INTEGRATED CUSTOMER RELATIONSHIP MANAGEMENT
Customer relationship management overlaps with enterprise resource management. Some of their functions overlap, but the concern of customer relationship management lies with improving customer relations. Maintaining a cooperative relationship with your customers is the key to success for your business. The customer relationship management process works by collecting data, then segmenting and storing it. Only authorized people have access to that data. They can use this data to understand customer behavioral patterns. The system then gives suggestions about how the company can enhance the customer experience. Every successful business invests in customer relations management tools. Some of the best tools available in the market are:
- EngageBay CRM
- Freshsales
- Keap
- HubSpot CRM
- Salesforce
STRATEGIC PLANNING PROCESSES
When you make a strategic plan, you will need something to track your project, update it, present it, and create reports. Using strategic planning software is the best way to do this. A strategic planning software allows the client to enter their plan or tailored plan step by step in the software. You can monitor the progress, plan accordingly, and easily make changes to the project. By setting time frames for each step of your plan, you can accelerate and record your plan’s process. Some of the best strategic planning software in the market are:
- Workboard
- Cascade Strategy
- Rhythm
- Achievelt
- ClearPoint Strategy
EXPENSE REPORT PROCESS
Expense report processes generally involve a lot of paperwork. This paperwork includes filing reports and receipts. Different departments within the company like accounts and management need to share spreadsheets etc. The result is a lot of paperwork, delays, and compliance issues. But with expense report software, you can drastically reduce the amount of paperwork your company needs. Your employees will have the flexibility to make submissions from their computer systems. It will, hence, become more accessible for management to overlook the process too. You can create an automatic workflow of your company’s expenses. These software systems will dramatically reduce the time spent on making reports. The process will be quick, efficient, and recordable. Some of the best expense report software systems in the market are:
- SAP Concur
- Expensify
- Rydoo
- Paylocity etc.
CONCLUSION
Business processes need optimization to keep up with the tech-savvy world. These software systems are critical if you need to make your business processes automatic. If you aim to improve a company’s efficiency, accuracy, and ensure better performance, these software systems are your ally. They will make the process of work management easier, freeing your employees to focus on essential tasks. That way, you can focus on strategic planning, increasing your business’s span, improving employee productivity, and generating more revenue.
