Five Tech Innovations that can Save Your Business Money

The goal of any business is to watch the bottom line and run things as efficiently as possible to maximize profits.

Unfortunately, many companies have yet to adopt simple technological tips that would not only save money, but would also make their work flow much easier and more efficient.

If you’re a small business, implementing these three tips can help your business grow exponentially.

Digital Receipts/Invoices

Why some businesses are still using paper receipts and invoices is baffling.

Not only is it a waste of paper, maintaining an inventory of all past transactions and invoices costs resources that could be better spent elsewhere.

Mobile payment systems, like Paypal, allow small businesses to create invoices and accept credit card payments all on a smartphone or tablet.

This helps eliminate paper waste, as well as frees up physical space that no longer has to be used to store invoices and receipts.

Software for HR

The days of managing human resources with a pen and paper are gone. Software for human resource departments like HRMS by BambooHR allows businesses to keep track of things like payroll, time sheets, scheduling, and employee appraisals.

Instead of outsourcing the job to third party companies, businesses can now save money by managing things themselves and having complete control over their human resource operations.

Human resource management systems (HRMS) save companies money by easily recording and managing a business’ internal operations, allowing employees to focus more on profit-generating activities.

Open Source Software

Operating systems and software suites for Windows and Macintosh are expensive and often put a business in a financial hole before they even get off the ground.

By switching to open source software, businesses can save money on yearly licenses and gain access to open-source communities ready and waiting to help with any technological blunders a company may come across.

Open sourced software is free to use and is continually updated.

From operating systems like Linux to photo and video editing software suites like GIMP, the open source software community is thriving and for businesses looking to save money anywhere they can, it would be foolish not to consider switching.

Cloud Computing

Recently there has been a lot of talk about storing in the cloud. If you store things in the cloud it means you are storing your information and other materials on secure online storage databases.

This way of storage has two major benefits.

It lessons your company’s need to store things on expensive hardware thus saving you some money.

It also makes sharing documents and information quick and easy which can save your company valuable time and thus valuable money.

Social Media

Much has been made about social media in the past ten years or so, but it is not much about nothing. People are increasingly reliant on social media, so why not use that to your company’s advantage.

Using tools such as Twitter and Facebook are free ways to get your name out there. While your social media campaign may not go viral, at the very least social media is a good way to keep in contact with your clients.

If your clients follow you on one of these sites they will be reminded of you services which may save you time and money on client outreach.

So, go ahead and embrace this technology because it’s going nowhere and even if it does it will be of no cost to you.

Technology is designed to help make tasks more efficient, not clutter them.

After training employees on how to use new pieces of software or technology, the long-term benefits can be felt almost immediately in human resources, product development, and ultimately in the company’s bottom line.

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