The Best Software for New Businesses to Use

Published on Jun 23rd 2020 by Admin
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With advances in software, many once-technical business tasks have become much more accessible. Today, it is possible for new companies to do business financing, marketing, and even compliance using digital solutions. When trying to figure out how to successfully start a business, the best place to begin is with software.

Best Software for Finances

Companies need software that helps them track their finances, both for internet and external reasons. Internally, it helps to keep track of the flow of money and reduces risks. Managers can identify potential cash flow bottlenecks by tracking income and expenses into the future. And they can also figure out how much money they can afford to set aside for things like research and development and staff bonuses. Externally, it helps keep a record of all expenses for tax purposes. And it keeps investors in the loop, allowing them to evaluate the enterprise's precise financial position.

Software for finances typically includes both accounting and financial features. Here are some examples of software business should consider using:

  • FreshBooks. Freshbooks is a basic accounting solution that enables companies to record their expenses, view their profits and losses, and calculate their tax bills.
  • Xero. This offering provides accounting services, plus the ability to file invoices with all your customers.
  • Sage Cloud Accounting. Sage business accounting allows you to submit VAT returns, track projects, forecast cash flow and get multi-currency support.

Is There Software for the Legal Side of Businesses?

New businesses have to operate in a risky regulatory environment. Missteps can result in hefty fines, some of which may sink the company before it gets off the ground.

A range of vendors, such as BambooHR, VaultCore, and SaltStack, however, all provide solutions that cater to specific business compliance needs. BambooHR, for instance, helps with employee tracking, onboarding, and performance management. VaultCore, by contrast, helps to secure digital assets for companies in industries like IT, energy, telecoms, and healthcare.

Best Software for Marketing, Analytics, & Researching Your Competition

Startups also need to know what their competitors are doing if they hope to remain competitive long-term. Fortunately, there are numerous tools out there that allow you to snoop on what rivals are doing and emulate their tactics.

  • SEMrush. This online subscription-based software provides you the inside scoop on your rivals' current SEO and digital marketing status. You can see who is linking to them, their daily traffic volume, and their website authority.
  • MailChimp. This service is ideal for any company that wants to reach out to new customers via inexpensive email campaigns. MailChimp provides a range of tools that ensure that email clients deliver your messages. And it offers templates and A/B testing options.
  • HubSpot. HubSpot is a tool businesses use to consolidate all their marketing resources into a single dashboard. You can also use the platform to get training resources for crafting quality marketing campaigns.
  • LeadGenius. This software uses publicly-available information to help businesses identify potential clients without having to go out and find them first. Its informative database speeds up the conversion process.

Are you looking for more on software (or other topics) related to starting a business? If so, BuildABiz has all of the resources needed to ensure your success. After finding the right software for your business, the next step is to create a business plan. Find out why all startups need a business blueprint in our latest blog.

Contact us today with your questions! Support@Buildabiz.Today

Frequently Asked Questions about BuildABiz

How can I research my industry competitors?
There are plenty of online resources for researching your competition as well as keeping tabs on your own marketing and analytics. These programs include SEMrush, MailChimp, HubSpot, and LeadGenius.

How do I keep track of my business’s finances?
The best way to ensure your books stay balanced is to have the latest financial software in place. FreshBooks, Xero, and Sage Cloud Accounting are all reputable programs you can use for your business.

How do I prevent my business from getting into legal trouble?
For the latest business software to help your business remain compliant, check out BambooHR, VaultCore, and SaltStack.