Must-have Features In A Business Management Software

By Author: Shane Emerson
Total Articles: 36
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Whether you are a small business owner or heading a large enterprise, using a business management software is critical to run every aspect of your business efficiently. Managing your business through manual methods is a thing of the past.
So what exactly is business management software? It is essentially a set of software applications that bring automation into your processes and improve overall efficiency.
The main purpose of starting any business is profit maximization. To achieve this, you need to improve team productivity, eliminate bottlenecks, and reduce errors.
A business management tool is designed to take your business to the next level. It helps in automating repetitive and tedious tasks, thereby allowing your team to focus on core business processes and boost sales.
When you choose an appropriate software application, it will help to optimize your routine processes and grow your business quickly.
Picking an Appropriate Business Management System
With so many software systems available to manage business processes, choosing the right one ...
... can be a daunting task. Select the wrong one and you will have a hard time running your business.
Following are the must-have features in a business management tool:
Task Management
As a value added reseller (VAR), are you looking for a software tool to make your team more efficient? If yes, make sure the VAR software comes with a task management tool.
This feature will allow you to track your day-to-day tasks from beginning to end. It empowers your team to organize their day-to-day work and prioritize their tasks.
With this feature, all your day-to-day tasks are at one place. This saves time and allows you to stay on schedule.
Time Tracking
How will you know the amount of time spent by your employees on assigned tasks? How will you be calculating billable hours?
Doing it manually using timesheets can lead to a lot of errors. Keeping track of work hours without the usage of any software is time-consuming and inaccurate.
An automatic time tracking software will enable you to easily track work hours no matter where your employees are. Tracking the hours spent on individual tasks will enable you to evaluate the effectiveness of your employees.
With this software tool, you can automate payroll and identify tasks that are time-taking and costing money. This, in turn will help in project planning and execution. When you use a time tracking feature, it makes it impossible for your staff to exaggerate their worked hours.
File Storage and Document Sharing
Say, you have decided to use ERP software to run your VAR business. The VAR ERP software you choose should allow you to share and store large files easily.
Moreover, the software tool should allow you to sync those files across multiple devices. This will enable your team to view and share files on the go using any mobile device.
A simple and secure file sharing feature will allow your team to collaborate better, work efficiently, and boost business productivity.
Dynamic Reports to get Clear Insights
The ability to create reports in real-time is a must-have feature in every business management tool.
Dynamic reports provide a greater level of depth in reporting as it provides up-to-date information related to your business. With this feature get detailed insights about how your business is performing in real-time.

The business management software should come with a variety of reporting tools that help you to analyze your sales and make better decisions. You can even track your sales history and find out what's working for your business.
Invoice and Budget management
Managing expenses and the budget of a business organization is no easy task. Employees tend to spend more time on managing budgets than on other tasks that help to increase sales revenue.
Want to get clear insights into your budgets? If yes, ensure your business management tool comes with a built-in dashboard and budget reports. The dashboard provides easy-to-follow information about budgets. Use the reporting feature to get clear insights about your current budget.
With this feature, budgets will be automatically updated whenever there are any changes in orders and invoices. Moreover, there is a provision to export and import budget from your financial system.
Also, the business management software should come with an invoice management system. This will ensure efficient and timely invoice processing. It will allow you to get rid of duplicate payments and speed up approvals. You will be able to automate invoice processing and get real-time visibility into cash flows.

Shane is an American writer for various digital news publications. After being in the ecommerce industry for more than 15 years, Shane has a good understanding of what it takes to make an ecommerce business successful. His articles give insights on the latest trends in the B2C and B2B ecommerce industry. His ecommerce coverage is robust and provides everything from best ecommerce platform to improving your website site. He also likes to cover newsworthy events related to business management software, customer relationship management (CRM) and Quoting software.