What is Business Management Software?
Before we jump into our list of the best business management software, we’re going to lay down a foundation with some introductory information.
By definition, business software is any software or set of applications that’s used to perform business functions and manage business processes. This is pretty vague – therefore, business software includes a wide range of software categories. Read on for some common examples:
ERP software is a suite of integrated modules or applications that are designed to manage most of the key aspects of a business. From back office processes like accounting or compliance to front office duties such as customer relationship management, ERP software handles a wide range of activities. This comprehensive business management software typically comes equipped with the following features:
To continue learning about ERP software, read our article: How Do ERP Systems Work?.
PSA software is similar to ERP software in that it aims to centralize a variety of disjointed business activities. Its main purpose is to automate processes and streamline operations for service-oriented businesses; this ranges from the planning of services to the billing of services. PSA software comes with the following features:
- Project Management
- Project Accounting
- Resource Managemen
- Time and Expense Management
- Team Collaboration
More information on PSA software features can be found here.
Accounting software is a little more self-explanatory – it allows business to look at how money moves throughout their company. A simple solution can manage all basic accounting tasks, while a more advanced system provides functionality that can offer greater insights into money movement. Here are some commonly found features in accounting software:
- General Ledger
- Accounts Payable
- Accounts Receivable
- Payroll Automation
- Project Accounting
- Fixed Asset Management
- Tax Management
CRM software is another system with a name that alludes to its purpose, which is to manage customer relationships and, ultimately, provide the optimal customer experience. This is accomplished mainly by leveraging customer data and automating routine tasks. A wide range of features get the job done:
- Contact Management
- Sales Team and Customer Opportunity Management
- Lead management
- Sales Data and Analytics
- Mobile CRM
- Sales Force Automation
- Workflow Management
There’s a lot to take in here – read our article, Top CRM Features and Functionality List, to dive deeper.
HR software represents a platform that provides end-to-end management of all HR duties at an organization. It serves as a central data repository for employee information, offers benefits programs, manages payroll, manages workforce scheduling, streamlines recruiting and onboarding and ensures compliance with tax and employment regulations. HR software typically contains the following modules:
- Employee Information Management
- Recruitment and Hiring
- Talent Management
- Benefits Management
- Financial Management and Accounting
- Time and Attendance Management
- Learning and Professional Development
Project management software is designed to help businesses plan projects, follow a budget, organize and track details and bolster collaboration and communication. These systems are used across a wide variety of industries. Below are some universal project management features:
- Gantt Charts, Timelines and Task dependencies
- Resource Management
- Workflow Management
- File Storage and File Storage Integration
To further understand project management software, read our article Project Management Trends: PM Software in 2020 and Beyond.
Each of these systems are designed for different business activities, but all of them are intended to streamline operations and increase productivity. All of the systems consist of some level of financial functionality, and otherwise, the system may manage, for example, customer service or marketing. You can begin to determine which system your business will need by asking yourself what your goals are and identifying any pain points. The next step is to gather your requirements. In the meantime, read on to learn about business software history and application support, and familiarize yourself with the top systems.