Running a business involves complex management practices and managerial skills that require specifically trained personnel, hardware, and software to execute.
Business management software can thus be defined as programs designed to help, support, improve and automate business processes. Among the renowned software is Timo-Track - Time Tracker and Billing solution.
Large and medium businesses normally comprise various departments; hence the software required may vary depending on the specific needs of the department’s operations. For example, the human resource department may entail different functions from those in the logistics or supplies department.
Since businesses differ in type and size, several factors should be considered before deciding on specific software to adopt for a business. For example, a small enterprise may not require any business management software since the processes and operations are not complex and can be easily remembered or noted on paper.
However, the larger a business gets, the more complexity in organization and processing becomes, thus the need for business management software. Small companies may invest in small and simple software, while large businesses require complex cloud-based software.
There are key features to be considered when investing in management software which include: time tracking abilities, resource management, invoice management, budget management, file storage, project management, task management, file sharing, and project management.
Business Management Software, abbreviated as BMS, provides the tools to record, analyse and optimize business operations. Depending on the management tools they contain, and the general functionality, business management software can be classified into five categories. These include:
1) Task management tools
As the name suggests, the main function of this category of software is to manage tasks.
They can schedule and reschedule tasks as well as modify tasks. They include Todoist and Trello.
2) Proofing and reviewing tools
They are convenient for small and medium businesses. They are used to review video, image, and document files. They help to manage the review and feedback process.
3) Communication tools
They are also called chat tools and are fast and more efficient than email or telephone call communication. Some of the tools have file-sharing capabilities. Chat tools include hip chat, flip and slack chanty.
4) Time tracking tools
They are useful to track the time spent on a project, while others have capabilities of estimating time and manual log of time entries. These tools allow to differentiate and summarize billable hours from non-billable hours as well as total hours.
5) All-in-one business tools.
They combine the capabilities of several business management tools. They are the most convenient business management tools since they provide a wide range of functions.
Proof hub is a good example of efficient all-in-one business management software.
They are lightweight software that can be used on android and IOS platforms hence can be installed on portable devices.
Some of their capabilities include effective storage and sharing of files, project tracking and management, and generation of reports.
The rating of business management software depends on the number of business management features they are designed to handle. Business management software has varying licensing fees.
Common management features used to rate software include: Price, Billing & Invoicing, CRM, Employee Management, Financial Management, Inventory Management, Marketing Management, Point of Sale (POS), Purchasing, Time & Expense Tracking, Training Management, and Vendor Management.
In 2021, some of the highly rated business management software include the following:
- Odoo – It has CRM, e-commerce, accounting, inventory, sales, and project management features.
- Zoho One is a wholesome business software with over 40 business apps and features online sharing collaboration and storage.
- Timecamp – It has tracking capabilities of computer activities, productivity monitoring, and attendance tracking
- Bitrix24 – Aside from being an excellent communication tool, it deals with tasks, projects, and document management.
- NetSuite OneWorld
- Khaos Control
- Apptivo – It can be customized depending on business needs and has features of CRM), Project management, invoicing, and timesheet capabilities.
- Scoro – Can be used to centralize teams, projects, and reports in one place.
- Honeybook - It is efficient because it allows capturing leads, managing projects, automating workflows, sending contracts and invoices, and payment processing.
- Studio cloud is unique because it enables to manage clients, partners, and vendors in one place, create and send professional invoices, send automated and personalized texts and email reminders, and have clients review and sign contracts online.
- Microsoft Dynamics GP is common in all businesses and is used in inventory, sales, asset management, payroll, accounting, reports, and finance management.
Business management software will help improve efficiency and effectiveness of operations in your business.