A staggering 82% of small businesses fail because of money issues, according to the US Bank. For your business to survive, it must strike a balance between being a productive environment for employees and being a cost-efficient one. That being the case, there are several pieces of software and technology that can help your business save money.
Here are a few of them.
Time and expense tracking
Around 93% of respondents to a Gallup poll agree that tracking one’s spending will provide better insight into trends and identifying expenses that are misaligned with needs. It follows that businesses that make use of time and expense tracking software can also obtain the sort of insight that can help streamline expenses. Using helpful tracking software can also collate itemized data on employee work times and accrued times off to better schedule vacation times. This enables you to get a stronger handle on how you’re using your manpower and how you’re spending towards it.
Cloud storage and remote working
Another helpful piece of technology is cloud storage. Around 94% of enterprises use cloud computing, according to Flexera. Cloud storage can help cut down costs as it can eliminate the costs of hardware maintenance because all pertinent data will be stored in the cloud. Cloud computing also helps to reduce energy consumption and opens up the avenue for remote working. Remote workers help reduce your overall costs as you won’t have to pay rent and utilities for a larger office. If you choose to work with freelancers, their rates may be lower than traditional employees, resulting in lower operational costs for your enterprise.
The average employee makes about 10,000 copies or prints each year, according to PricewaterhouseCoopers. This leads to about $1,200 per year per person. That cost can skyrocket if your enterprise is sizable, so it would be wise to go paperless. Some pieces of technology that can help you achieve going paperless are tablets and apps like Asana, Adobe Reader, and Scanbot Pro. You may find that going paperless can also help your employees work faster, as there is less need to go around seeking documents.
Being proactive about seeking new ways to streamline your processes and save on costs can help prolong the life of your business. With a lot of software and technology available in the market, it all boils down to finding which ones are a fit for you and your enterprise. It would be best to look around and make comparisons so that you can effectively cut costs without sacrificing manpower or the quality of your work product.