The speed of business runs at a breakneck speed. Oftentimes, it’s difficult to find the time to take a look back until the year is over. Now that year-end is here, let’s walk through the investments in software and technology your small business has made. Have they panned out the way you envisioned? Is it time to consider something else in the coming year?

From Accounting Software to Skype, What Do You Need?

Every small business owner arms their organization with tools and programs to help it run effectively and efficiently. Since every company is different and unique, the perfect solution mix is completely dependent on the organization itself.

To help you on your way, let’s take a look at the most common investments that small businesses make:

Accounting Software

First and foremost, your software set-up is completely determined by the structure of your company and financial department. Do you have an off-site accountant that handles everything? Do you have an in-house financial assistant that helps support an independent bookkeeper? Or, do you handle everything solo? These questions help determine what kind of software program you need, whether it’s a desktop or online version, and how many people need access to it.

If you rely on accounting software to do it all on your own, is it working for you? If not, why not? Is it out-of-date and/or unused? Do you not have time to get to it? Are you not prepared to handle the financial recordkeeping? If this is the case, get someone on board that can help you make this investment work the way it should.

Human Resources Programs

It’s an exciting step once your small business starts taking on employees…but it also comes with plenty of extra work. The right software program can help make the growth manageable and successful by streamlining your new responsibilities such as payroll process and benefits management. Many platforms can also accommodate contractors, making it easy to track compensation and tax requirements within the same program.

Scheduling Software

Many small businesses in the service industry rely on customer appointments and various scheduling logistics such as pairing an hourly worker to a specific job. Instead of relying on notebooks and printed calendars, scheduling software makes it easy to manage the process more effectively. It includes schedule creation, shift trading between co-workers, time off requests, as well as the ability to book appointments. Some robust programs will also allow customer reviews, enable schedule reminders, and push promotions.

Time and Expense Software

Time is money and both time and money matter in business. With the right software in place, you can view projects with complete real-time visibility with the inclusion of integrated timesheets, expense reports, invoices, and profitability insight.

Communication Software and Tools

There are many options for communication tools in the business world ranging in functionality and price. If your company is very simple, you may be perfectly fine with a combination of email, face-to-face meetings, and occasional Skype calls. However, if your company has many people across the globe, you will need more robust online communication tools that enable video conferencing, online teaching, and other presentation capabilities. Since these options are endless, focus on what you actually need and go from there. Either way, make sure that your company provides all employees with comprehensive connectivity to everyone in the organization. Clear communication is critical to success.

What Are You Looking at Up Ahead?

Are there any particular software solutions or technology investments you have your eye on in the coming year? How will it help your organization? Let’s start up a list of must-have tools for next year!

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