Why Australian Businesses Need to Update Their Software Systems

Many businesses are far too busy to take the time to evaluate whether their software systems are still the best fit for them.  Unfortunately, this neglect can translate to labour intensive processes which are unnecessary and costly to your bottom line. 

Technological Developments

From the development of the PC as a mainstream business tool, users marvelled at the newfound ease and productivity spreadsheets offered. Now those same spreadsheets seem cumbersome, grossly time consuming and clunky.  In the same vein, we need to take the time to assess how processes can be streamlined through new software platforms and strategies.

Centralised Documentation

As an example of this, consider document management.  Productivity can be radically boosted by integrating a system which furnishes the ability to:

• Manage and share documents
• Send documents to clients and customers
• Allows customers to digitally sign-off on work or quotations
• View an audit trail in a secure environment
• Integrate into third party systems
• Automatically file inbound and outbound documents
• Allow online collaboration

Having these ‘virtual filing cabinet’ capabilities, translates to faster turnaround times, reduced opportunity for human error and provide a centralised depository for your documents.

App-Optimisation

When considering the benefits of streamlining their software systems, businesses would do well to seek an all encompassing, packaged solution which not only provides Cloud based technology but also furnishes users with access to their data through a range of digital devices.

This technology is providing borderless business access by implementing real time updates to iPads, Tablets and iPhones – your information is now, literally, at your fingertips.

This data can be especially useful to sales teams working off site who are able to access real time stock levels and inventory.

Imagine the engagement and power of being able to access your business data, 24 hours a day, 7 days a week.  At the touch of a button, smart Apps now give you the ability to easily:

• View income and expenses
• Track and charge time
• Claim expenses

Reporting Review

The primary capability most businesses look for in their reporting software is the ability to draw customised data from multiple sources. This capacity to tunnel through and cherry-pick information and pull it together into a format which furnishes ‘at a glance’ analysis and manipulation, is mandatory.

Whilst there are a number of software packages on the market offering the technology to draw data from multiple platforms, they are often lacking the necessary functionality to  package that information in a form which can be easily analysed and manipulated.

When considering updating your software system, ensure that its reporting capability covers:

• The ability to integrate seamlessly through data loading, data sourcing or application interface
• The ability to export data to your website either through your intranet or internet – allowing real-time information for clients and customers

Setting up a winning system

According to Business Victoria, one of the main reasons that businesses fail is because they  don’t have the warning systems in place to tell them they are running out of cash.  Their advice is to choose a system that will:

• Calculate all payroll requirements (PAYG, time sheets, leave, long service leave etc.
• Track stock levels, projects, orders, work in progress and similar task management
• Be able to handle multiple bank accounts
• Be able to handle foreign currencies
• Be capable of tracking multiple financial records for separate departments within the business
• Can interface with other systems such as online payments
• Have a strong CRM (Customer Relationship Manager) system

A word on tax

Tax compliance is mandatory.

Whatever system you choose, you need to ensure that it is set up to meet stringent compliance requirements such as PAYG, GST and BAS along with other tax compliance.

The world is getting smaller and the technology is getting bigger.

As competition in the global marketplace is struggling to keep up with ever evolving technology, you need to ask yourself if you can you afford NOT to be updating your Software Systems?