How To Choose Business Management Software In Bangladesh

Tally - Business Management Software In Bangladesh
 | Updated on: February 14, 2023

In a competitive market, a business needs every advantage that it can get. A business needs to get better and faster while also spending less and making more money. Employees need to be encouraged to achieve higher productivity. A business management software solution can make a huge difference to the productivity of a workplace. Automating repetitive tasks  can speed up operations, improve productivity and free up human resources to focus on bigger tasks. A business management software also helps eliminate red tape and integrates all the different operations in the company by enabling instant data flow and transparency.

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Why business management software?

Managing a small business is easy till volumes increase or you have to focus on a project and fall back on your daily paperwork. Large corporations are notorious for slow-moving papers and processes that take an inordinately long time. Business management software benefits both small and big businesses equally.

Small businesses usually need to have multitasking staff. A business management software helps free the time of personnel for other tasks. You do not need a full-time accountant when you can record your daily transactions through software. You can avail of an accountant's services for the more complex tasks. So, as a business operating in Bangladesh, instead of hiring more staff, you can invest in a business management software.

Business management software has different sections that are useful for different departments. But, the integrated design means that there is no communication gap between the departments. Processes that involve the flow of information from one department to another get sped up. There is greater speed and collaboration when the company is connected through a well-designed software solution. Files and documents are shared instantaneously.

Business management software helps you save both time and money. Additionally, it increases your efficiency and makes you more attractive to customers and investors alike. It makes staff more productive while also reducing the strain of monotonous and repetitive tasks. You attract more staff when the work profile is attractive and not burdensome.

Common business management software features

The most important feature of a business management software is that it should be an integrated unit with separate features that share data. When you buy software in modules that do not interconnect, there is no data flow between them. Re-entry of data is an unnecessary, tiresome, and error-prone task.

Some of the most common features that you should look for in a business management software in Bangladesh are:

  • Accounting: Managing finances is the core process in a company. Every financial transaction should be accurately recorded and accounted for. This is a necessity and legal requirement to properly file taxes and other financial reports. Bangladesh's best business management software should have an accounting process compliant with the best accounting practices and local regulations. It should be able to automate the daily cash flow, accounts payable, invoices, bills, and accounts receivables. It should also be able to generate financial reports accurately and quickly. It should also offer reports that help management visualize its financials and make data-driven business decisions.
  • Inventory: Inventory is a major component of many companies’ operations. A manufacturing company would hold an inventory of raw materials and components. It would also stock finished goods. Good inventory management speeds up production in the company while also optimally managing the amount of money invested in inventory stock. A good business management software in Bangladesh should offer complete inventory control and have an efficient purchase management process for purchase requisition, purchase orders, invoices, etc.
  • Payroll: Managing the payroll is a repetitive task that can be automated in organizations large and small. Payroll also involves deductions, taxes, and other items. Generating payroll-related reports for official submission is easier and more accurate through the right business management software.
  • Sales and customer relationship management: An accounting and inventory management software would be incomplete without sales management capabilities. Pick TallyPrime, the best business management software in Bangladesh, to easily manage the issue of samples, invoices, and accounts payable. Keeping track of accounts payable can be difficult to do manually when there are high volumes. Automating the process helps manage accounts receivables optimally. Being able to store, manage and study customer data is essential for a company to continually improve its business strategies. A company’s stored customer data holds valuable information about trends and customer buying behavior.

5 Tips to select the best business software

When you buy business management software in Bangladesh, look for features that make the software more useful and valuable to your business.

  • Know what you want from your software

Assess your business and its needs. List the features that you want. Choose a business software Bangladesh with all the features you need. Sometimes, when you buy a standalone software module and later buy another, they will be difficult or impossible to integrate. So, it makes better sense to buy an integrated software such as TallyPrime that has all the business features in one integrated package. You can even choose not to use a module now and start using it later.

  • Compare features

If you have multiple software options in mind, compare the features you need. While some software may have a long feature list, the essential features you need may not be present. The features advertised should add value to your business and not just look attractive in the brochure. If inventory management is listed, explore the supported inventory functions and features in detail. Also, check the reporting features to ensure that the software generates reports relevant to Bangladesh and the local requirements.

  • Consider compatibility

Before buying business management software, check your existing computers' hardware and software configurations. If you buy incompatible software, you may waste money or need an expensive hardware upgrade. All software is not capable of running on different operating systems. The software you pick should be compatible with your computer/laptop and the operating system. So, before you commit to software, assess your hardware and compare it with the specifications. If you have doubts, speak to the software provider company and determine if the software is the best match for the hardware.

  • Choose a plan that works for your budget

Consider if the software is the right fit for your budget. Look for any hidden or recurring costs when buying the software. On the other hand, do not presume that the more expensive software is the better option. The best business management software in Bangladesh can offer the best features for your business. It should be software that adds value to the business and makes work easier for all employees. If there is an extra training expenditure for the software, factor that into your software cost plan. An intuitive software layout will be simpler and straightforward for all employees to understand and use. Choose software that offers the features you need within the budget you can afford.

  • Look for scalability

Every business aims to grow in size and customer base. Buying software designed for a small business would mean that you will have to shop again when your business volume increases. This would also mean losing all the data you had in the old software. If it is in the middle of the financial year, you must re-enter all the data into the new software. There will also be a learning curve for employees to learn the new software. You might also be tempted to buy a single software module and then buy more modules later. But the different modules will not work together in an integrated manner. Integrated software such as TallyPrime  has all the modules you could need at an economical rate, with full scalability. Tally is as suitable for a small business as for a large corporation. You can expand and grow your business without changing your software solution. TallyPrime also lets you work with physical printouts of paperwork or work digitally. If your business deals with clients who prefer digital invoices and other documents in the future, TallyPrime can handle that as well.

Manage your business overall

Businesses are easy to manage when the higher levels of management have all the data that they need in one place. In reality, all the company departments work as components of a whole. Similarly, major decisions can be made only by studying all the information in one place. So, the ability to give employees access only to their permitted areas and allow management to access more means access to information on a need-to-know basis. But, the overall business data can also be viewed as a whole. TallyPrime gives you a birds-eye view of your financial information and lets you drill down into the details.

TallyPrime generates all the reports that are required by a business. Additionally, it also offers the benefit of data analytics and reporting and generates reports that help you track trends and patterns to refine and improve your business strategies. It also helps stay compliant with government agencies and file reports on time. TallyPrime’s security features keep your company’s financial information safe and secure.

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