Inefficient billing practices raise operating costs and affect profitability. With a manual billing system, you spend too much time on each invoice and are likely to make calculation errors, taking away attention from your employees and customers. Consider this: per the findings of a Gartner Group study, a 5% decrease in operating costs can have the same impact as a 30 percent increase in sales.
The inability to customize billing can also impact your profits. Your customers receive invoices at different frequencies and require different levels of service; there is no one-size-fits-all small business billing software. An inflexible billing system can result in late invoicing, leading to late payments (or no payments) and staunched cash flow.
Why you need HR software for small businesses
An organized HR system makes for a smooth-running business.
Many companies have implemented small business HR software to assemble and empower the perfect staff. What are the benefits of this sort of software?
You’ll hire the right people
76% of the contractors we polled in a recent study said they still have trouble finding qualified candidates to work on their projects. The skilled labor shortage is enough of a challenge, so when it comes to the hiring process, you want to make sure you’re finding candidates with the skills and personality that match your needs. When assembling your staff, small business HR software will allow you to find, attract, and retain the very best.
You’ll build a motivated workforce
Motivating your staff is the key to your business’s continued growth and success. With small business HR software to manage all your employee data, you can support your staff and expect low turnover. The cost of replacing an employee making $10 an hour is 16% of that employee’s salary, according to a Center for American Progress study. By keeping that employee (and dozens like her) motivated with consistent support and recognition, you’ll boost both morale and productivity.
You’ll master payroll and compliance
An accurate and consistent payroll system is essential in building employee trust and garnering company loyalty. Additionally, an HR system that can adapt to constant changes in tax laws, overtime laws, minimum wage, and the state of the “gig” economy will keep you compliant and allow you to focus on growing your business. By combining reliable payroll and swift adaptability, small business HR software ensures that your employees remain loyal and your practices compliant.
You’ll save time and resources
Once you’ve taken care of hiring, payroll, and employee motivation, you’ll have time to focus on your profits. And if there’s no time left? If you adopt HR software for small businesses, that question won't even occur to you. Once up and running, your small business HR solution will streamline important processes and automate tasks you used to waste your time completing. With recruitment, payroll, performance management, and more all in one place, you can finally get to the actual work.