The right tech stack for your SME
Small businesses are increasingly equipping themselves with cutting-edge technology solutions to help drive their objectives. Not too long ago, SMEs were priced out of the most advanced business tools, leaving them at a significant disadvantage for digital transformation. Now that leading tech is accessible to businesses of all sizes, SMEs can operate at the efficiency level of large enterprises.
Working off the assumption that most SMEs already have cloud storage, cybersecurity and communication and collaboration tools, what else should your small business have in its tech stack to stay competitive?
Here are our top three.
1. Payroll
Managing your payroll manually is not only a waste of time but also a waste of your skills as a business leader. The time you spend calculating overtime and releasing salaries is time you could be spending to find new ways to grow your business.
Payroll management software helps you automate and streamline your operations. This delivers several benefits to your business, including:
Improved accuracy. No manual entry means less chance of human error in your calculations.
Saves time and resources. You and your staff don’t have to split your focus between your defined job roles and managing the company’s payroll.
Audit-friendly. All the data relevant for an audit is kept up to date and ready at all times.
Automatic updates. Most worthwhile payroll systems will automatically update their tax table annually.
Reports and analytics. Your system will usually have a dedicated dashboard for data collection and visualisation.
Technical support. Should an issue arise, you have access to around-the-clock support from your payroll solution provider.
2. CRM
Email is still the most popular business communication channel, but it leaves a lot to be desired for modern businesses. It doesn’t give you a view of the client communications for the whole business – each employee can only access their individual correspondence with clients. There’s also no way to categorise leads, accounts and projects.
That’s why CRM (customer relationship management) software gives businesses an advantage when dealing with current and potential customers. CRM solutions are multipurpose, feature-rich and customisable to suit any business’s needs.
A CRM system is first and foremost a contact management tool that helps you maintain a 360-degree view of your leads and clients at all times. This helps you maximise your customer experience by using data to automate workflows, personalise communications and enable sales.
CRMs are easy to integrate, which means you can make them even more valuable by connecting them to your financing solutions, marketing channels, payment systems and productivity suites.
3. Accounting
There’s no need for any business to still be doing its accounting and bookkeeping using spreadsheets. This is a risky and outdated practice that isn’t secure or time-efficient. Cloud accounting software has been accessible to SMEs for years, so there’s no excuse not to adopt it.
But, in case you need convincing, here are some undeniable benefits of switching to cloud accounting software:
Remote access. You can manage your business’s finances any time and anywhere as long as you have an internet connection.
Simplified invoicing. You no longer have to manually prepare invoices or chase them down – it’s all built into your cloud accounting software.
Inventory management. Modern accounting solutions double as inventory management systems, so you always have a clear overview of your stock.
Reports. Cloud accounting tools help you assess the financial health of your business with comprehensive and easy-to-do reports.
Security. Your business’s financial data doesn’t just live on a spreadsheet but it is backed up in the cloud, where it can be protected and retrieved at any time.
We’ve got the right tech
When it comes to financial solutions like accounting and payroll software, R&A has the best for SMEs. We’ve partnered with industry-leading providers such as QuickBooks, Xero, Sage and PaySpace so that our clients have a range of tech solutions to operate more efficiently. We can assess your business and determine which financial management solutions you need to address your needs and drive growth while integrating seamlessly with your existing tech stack.
Get in touch with us for an obligation-free consultation.
