Running a business or a team can feel overwhelming. You’re juggling a million things every day – meetings to attend, tasks to delegate, projects to oversee, and employees to manage. To make your life more manageable, invest in a business management software solution.
Business management software (BMS) is a digital tool to help you organize tasks, projects, performance, expenses, and recruitment. Read more to learn how business management software can help you manage your team better, what to expect in a BMS, and the top 3 platforms on the market today. 
What is Business Management Software?
Business management software helps companies automate and manage their core, everyday business processes. This includes routine tasks such as conducting performance reviews, managing projects and their expenses, processing PTO approvals, and so much more. Software for business management allows managers, employers, and C-level executives to gain real-time visibility into their operational performance in all aspects.
Some common features include:
- Document management with e-signature capabilities
- Generate reports and provide an analysis of data (sales, marketing, HR productivity, etc.)
- Talent management from monitoring training to conducting performance reviews
- Carry out projects and centralize all communication, expenses, and hours associated with each project
These modules make it ideal for companies looking for an all in one business management software to assist them in sales, marketing, back office tasks, and general management. In general, business management suites were built to replace relying on multiple tools. Implementing this software suite simplifies your tech stack and eliminates unnecessary costs due to several subscriptions.
Benefits of a Business Management Software
If you’re looking for ways to boost your team’s productivity levels, eliminate manual work, and organize your company; look no further. A BMS solution provides your team with all of that and more. Such as automating time-consuming tasks to free up your team’s time to focus on strategic growth. Or taking the stress out of time tracking or creating shifts. Additional benefits include:
Reduced Manual Work: Automating tasks significantly decreases the workload while also minimizing administrative errors.
Digital Document Management: Document completion and file storage are fully digitalized, making it easier to locate SOPs, contracts, and company records for future reference.
Enhanced Communication: Especially for remote teams, using a centralized business management tool ensures alignment, keeps teams connected, and provides visibility across all tasks and projects.
Security Features: Protecting sensitive information related to your employees, clients, and company is a top priority. The best business management software complies with global data security regulations.
Cost Savings: Instead of paying for multiple tools, an all in one business management suite packs all the functionalities you need into a single platform. This means your company only needs one subscription, reducing overall software expenses.
Business Management Software (BMS) vs. Business Process Management (BPM)
As we’ve outlined, a BMS is a comprehensive solution that manages the everyday operations of a business. While on the other hand, a BPM focuses on optimizing your business processes. The main difference between them lies in their scope as a BPM is all about automating, optimizing, and enhancing the efficiency of processes.
Business management software solutions are often complementary to business process management tools. This means that companies can utilize a business management tool to centralize and carry out their daily tasks. And simultaneously, use their business process tool to optimize and enhance their current workflows for maximum operational efficiency.
Choosing the Best Business Software
When investing in the best business management tool for your company, you want to be sure that it will fit your team’s needs. Ask yourself what workflows you need automated or streamlined. Do you need help with time tracking, task automation, or expense management? Once you’ve outlined all your needs, it’ll be easier to identify how implementing software will enhance workflow automation at your company.
Ideally, the best business management software should include all the features below:
- Productivity tools: To help your team stay organized, on track, and productive.
- Team communication: To centralize and be aligned on all internal communication and important company announcements.
- Project management tools: To monitor, assign, and track individual tasks to ensure your team completes their projects by their deadlines.
- Data security and protection: To ensure your sensitive employee and company information is securely stored and protected from external threats.
- Customization and integrations: To create your own workflow automation or custom processes specific to your organization, team, and project.
Apart from these suggestions, take into consideration the platform’s practicality. In practice, does this business management software enable your team to complete their day to day tasks more easily. Is this the best business management software for small businesses? Will my team understand how to use this tool? You’ll want to think about all your teams (marketing, sales, finance, HR) and whether the software’s functionality supports each team in getting their work done more easily.
Top 3 Business Management Software Solutions
If you’re ready to centralize and enhance your management tools, you might be asking yourself: “what is the best business management software on the market?” We’ve searched and compared the current BMS options on the market and have narrowed it down for you. Take a look at our list of best business management software and see which one would fit your company’s needs to the best.
1. Factorial
The best all in one business management software is Factorial. This platform centralizes all your core business operations, projects, communication, payroll, and documents. It helps to manage every aspect of the employee journey from recruiting to offboarding. Check out Factorial’s features:
- Factorial AI
Cut your recruiting workload and length in half. Factorial AI filters and sorts through resumes to connect you to the best candidates quickly and more efficiently. This saves you the hassle and time of sorting through all applicants and focusing only on the top best-matched candidates. You’ll be able to hire and fill critical roles more efficiently and prevent any disruption in daily operations due to being short staffed.
Factorial’s ATS allows you to publish job descriptions to multiple job boards directly through the platform. In addition, Factorial AI can write and edit your job descriptions for you so you can attract top talent. Everything will be centralized, including communication with the candidate, interview notes, and CV.
- HR reports and analytics
Generate reports to understand your business needs in-depth. You can customize your reports and receive real-time data about your company’s expenses, turnover rate, and overall performance. From this information, you’ll be able to make adjustments to enhance your company’s productivity levels, employee satisfaction, and training methods.
- Expense tracking
Control and analyze your company expenses with Factorial. You can set spending limits and reimburse employees directly through payroll. Bonus: payroll and expenses are seamlessly connected in Factorial, so there are no complications.
- Time tracking, PTO requests, and shift management
Track employee hours, manage time off requests, and create schedules directly on Factorial’s platform or app. This allows managers and employees to have visibility into their worked hours, PTO balances, and future schedules.
See why Factorial is the best business software in the market in less than 2 minutes.
To summarize, Factorial’s robust and comprehensive platform facilitates collaboration easily, allows for customization, and helps you grow your business by focusing on growing your people. Test Factorial’s free trial to give business management tools a try.
2. Monday.com
Monday.com is great for teams that work on multiple projects and operate differently. It allows users to organize and structure workflows according to their team’s preferences. Additionally, you can assign tasks to other users, collaborate and connect directly with team members, and manage tasks with their project management features. Some basic features that make Monday.com a top business management software, includes:
- Drag and drop interface making its interface user-friendly and easy to adopt
- Set up automation rules according to specific triggers
- Employee management to conduct performance reviews and assess overall productivity levels.
Cons:
- To access more advanced features, you have to pay a premium price, which could be out of your budget range.
- Software integrations are limited compared to other platforms.
3. Odoo
Another great option to automate your business operations is Odoo. This platform streamlines processes while offering flexibility and customization for its users. You can choose which integrations and other tools you need to build the best software and platform for your company. Key features of Odoo include:
- Customer relationship management (CRM software) to manage leads and customer interactions efficiently.
- Data analytics to generate individualized reports and insights on productivity
- Downloadable app for mobile devices for on the go access
Cons:
- Requires technical knowledge to fully leverage its modular and customizable platform. Meaning there is a steep learning curve when using Odoo.
- A lengthier implementation process compared to other automation tools
Find the right business management software solution
Choosing the right tool for your team can be a lengthy process. However, it is worth investing in time and money getting the software that fits your team’s needs best. Test out free plan options or trail periods to be confident in your decision.
While some tools are great for financial reporting, and others offer better ai tools, the outcome is the same. A platform that eliminates manual work and streamlines operations. Factorial’s all in one business management software has everything you need to reduce company expenses, save time, and enhance overall efficiency. Book a call with Factorial today for stress-free management ✅
