4 Essential Business Software Functions for a FinTech Company

Whether you’re the owner of a FinTech company or a company in another industry, you’ll benefit from having business software solutions to help run your business more efficiently. Business software is a set of computer networks and systems that automate certain business tasks. Automation is a type of artificial intelligence (AI)— specifically, machine learning (ML)— that automatically completes repetitive tasks so that humans don’t have to.

Another asset that all businesses can benefit from having its employees. Unless you’re a sole proprietor, having employees will also help you run a more efficient business— and the good news is that software can help you with employees as well. Here are four examples of automated software functions to look for when it comes to managing employees.

#1: Human Resources

Human Resources (shortened to HR) is the department of a company that is in charge of hiring and training new employees, and they’re sometimes involved in the recruitment and termination processes as well. Most companies, especially larger ones, will outsource this department of their business to an HR company that specializes in these tasks. However, outsourcing alone isn’t the only option you have when it comes to your HR department as some software solutions have a built-in HR function.

An HR function as a part of your business software may not be able to recruit or hire employees for you, but it can help you manage your employees. Some features as a part of HR software include allowing employees to complete common HR tasks themselves (e.g., updating information, requesting time off, etc.). HR software combined with outsourcing your HR department can truly free up your time to focus on your company.

#2: Payroll

Payroll is another division of HR because it’s how you know what to pay your employees for their labor. Quality payroll software will allow you to process payroll more accurately than if you were to do this by hand. Not only does this include hourly wages/salaries, but you’ll also be able to process bonuses and pay raises, ensuring that your employees are paid correctly and on time.

Payroll solutions as a part of your HR software combine the two, allowing employees to take a more active role in activities such as initiating promotions. Employees will also be more connected to their work and pay, allowing them to set goals for themselves. Then also consider rewarding your staff better, as that’s a sure way to improve their motivation, and so the results that they get for your business. I love the service offered by https://avantusemployeebenefits.co.uk/, as it’s very flexible (which means you can give different employees different benefits) so works really well.

#3: Project Management

A project management solution as a part of your software system is essential for any business to have, whether you’re constantly working on projects or even if you only work on a few projects a year. This solution allows you to break down complex projects into smaller, more manageable segments so that it’s easier to work on. You and your employees will be more organized and feel more confident about completing a huge project.

NetSuite project recovery services from GSI provide you with project management solutions, along with other services that will help you keep your projects on track. Errors result in wasted time, and wasted time can easily turn into wasted money— none of which is good for business. So mitigate your risks by investing in a software solution that ensures your success.

#4: Time Tracking and Communication

As implied above, time equals money in the business world, so you’ll want to make sure that you’re making the most of your time while on the clock. Another important component of business (and daily life) is good communication— and when you have a software function that helps you enhance both, you’ll be able to run a more efficient company. The time tracking software used in conjunction with project management software will help you see where you and your team are putting most of your time and where it can be better utilized. Combine this with communication software that helps you and your team remain in constant contact while working on a project, and you’ll see your projects come together quickly and more efficiently.

Of course, your business software should include other functions that help automate other business tasks. These include financial tasks (e.g., accounting, bookkeeping, taxes, etc.), inventory and warehouse management, demand planning and budgeting, and customer relationship management (CRM). However, when it comes to employees many companies forget that there are employee-related tasks that can benefit from automation. Your employees are the core of your business, so it’s important to make sure that they are able to operate at their peak efficiency.

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