We live in an age where we are always connected to the internet, and downloading software has become obsolete. The reason why software as a service has been so popular in the past ten years is that it allows businesses to streamline operations, which might have been labor-intensive in the past.
Some of the ways that SaaS helps business includes:
- Invoicing and accounting
- Project management
- Customer Resource Management (CRM)
- Enterprise resource planning (ERP)
- Employee management
- Data maintenance
What is SaaS?
Software as a service (SaaS) is a cloud computing method in which software is offered for a subscription fee and hosted centrally.
Software as a service is very different from software installed on a computer or server in a company’s local area network (LAN). In SaaS, applications are hosted centrally on the internet or a company intranet.
This means that you do not have to install any software on your computer to use it.
Instead, you can access it via the internet, whenever you want, wherever you are.
It involves running applications or software over the internet instead of installing it on your local computer or network.
Instead of a product, SaaS offers its customers a constantly-updated service that is usually billed monthly or annually.
What Are The Benefits Of Saas?
There are many benefits to the software as a service (SaaS) model.
One of the main benefits is that your employees can continue to work at the office while accessing your software via the Internet. They can access your software from anywhere, at any time.
Although paying for a subscription may seem like an extra cost, the savings produced by streamlining are significant.
For example, instead of hiring several team members with full salaries to process accounts, you could take advantage of a smaller team and let the software handle the mundane tasks.
This is especially relevant to accounting. In the past, much paperwork caused employees to process it manually. With the advent of accounting software, it has become much simpler to find data when you need it.
Another way to save on employee costs is by not needing to hire tech support to install software and set it up on local systems.
Another saving comes in the form of backing up your data. SaaS programs often include cloud data backup in their plans and rely on it to function.
Although it’s a good idea to back up your data in multiple locations, one of those locations is included in the software service price.
This is an exciting point and perhaps one of the more significant benefits.
Most high-quality SaaS products allow some form of scalability to meet whatever needs your company is experiencing at the moment.
If you are a small business and don’t need to pay for specific features that you don’t use at the moment, you can often choose lower tiers and pay less.
Only when your company starts to get larger and needs more varied options to stay on top of things will you need to pay more.
This keeps all salient information in one place and prevents legacy information from piling up and causing chaos in the future.
For instance, if you use human resource software to manage salaries and other employee-related tasks, you usually pay for each employee as you hire them. So as you grow and require more employees, you can pay extra for each of them.
In the past, when the company created a new update, you had to redownload and reinstall the software.
This can sometimes be straightforward but can create chaos when data is corrupted or incorrectly installed.
Because SaaS is hosted on the cloud, it is automatically updated by the company that created it, ensuring everything remains stable.
Simple To Set Up And Use
Many of the top SaaS companies provide extensive documentation that allows easy setup and integration with existing systems.
The convenience of not needing to deal with local installation when using a new service is enormously beneficial.
Some SaaS solutions even offer templates to help you get set up as quickly as possible.
Now that we have discussed the main benefits of SaaS let’s move on to the top tools for small businesses.
Payment processing is crucial to any business, small or large.
Invoicing customers for services and goods is standard practice for any business. However, while it’s a necessary evil, it can be a pain for both you and your customers.
Also, chances are you already have what you need to invoice customers, even if you don’t realize it.
So how do you go about getting paid? Write an invoice letter, of course!
However, this is more difficult said than done since subtle nuances can prevent you from getting paid on time or not at all.
For example, setting up automated follow-up emails to clients who don’t pay on time is a time saver.
Accounting is a question that doesn’t have a single answer.
Accounting can be the most challenging and least satisfying part of running a business for most companies.
For example, it’s usually not crucial for a small business or hobbyist business, and it can even hinder you if you’re running a creative or artistic enterprise.
However, accounting is necessary for any business that files income taxes, reports to the government, or deals with money.
You need to maintain an income and expense tracking system to help ensure the future of your company.
Even if you are starting, you will need accounting to help you forecast your business.
Software options include FreshBooks and Xero, among others; however, these are the most popular.
This software allows you to keep track of your cash flows and handle accounting details that you might not want to be doing on your own otherwise.
If you’re not a numbers person, chances are you don’t find accounting enjoyable, and accounting software can take the sting out of it.
Human resource management is the management of employees in an organization or company to keep them motivated and well-trained.
- The acquisition and development of human resources
- Implementing policies, procedures, and programs to achieve organizational goals.
- Recruiting, selecting, and training employees
- Managing employment relationships
- Managing and rewarding employees
PM software enables managers to assign resources to projects, keep track of costs and budgets, organize tasks and schedules, and guarantee that tasks are completed on time and within budget.
Some of the top PM services include:
- Google Sheets (for more straightforward PM tasks)
- Liquid Planner
They all have pros and cons, but all are set up to streamline the process of handling your company’s projects.
Customer Resource Management (CRM)
Customer resource management (CRM) is an umbrella term for companies’ interaction with and managing their customers.
CRM is a core part of a company’s business strategy that tracks interactions with customers and prospects. It is used for sales, marketing, service, and customer relationship management.
A CRM system enables a company to analyze customer interactions, develop a strategy for increasing sales and customer satisfaction, and reduce unnecessary costs.
Perhaps the most famous CRM SaaS company is SalesForce, a suite of tools covering the entire process.
SaaS tools have made it possible for companies of all sizes to save time and money to provide their employees and customers with excellent service.
When it comes to today’s modern world, these tools are indispensable, and it is a matter of choosing which software to use rather than whether to use it or not.