Business owners in Singapore are analyzing the business data to make important decisions like their marketing strategy, profit margins, hiring employees, and ordering supplies. For a small business, there are usually only a few orders, supplies, so it is easy to manage all the data. However, for medium and larger businesses, there are a large number of orders, employees and supplies required. Analyzing all the data to find out the cash flow, profit of the business can be a time consuming task. Hence most medium and larger businesses are interested in finding a suitable business data management app in Singapore. Some of the features which the app should have are discussed below.
The aim of every business is to make a profit for the business owner, so the app should have a comprehensive finance section, which will help the business owner to get financial information about the business quickly and accurately. He should be able to get the latest details of the sales for the month or financial year, including number of orders. For businesses which have multiple sales channels including online and offline sales, the app should be able to connect to software for managing the sales for each channel, so that the data can be conveniently combined for analysis and decision making.
In addition to the business income, the financial module of the app should also provide details of the business expenses, the invoices which are due and the salaries, payments which are made to employees, suppliers and other vendors. This will help the business owner or management to monitor the cash flow, determine whether the business has sufficient funds to pay the expenses in future. In case the funds are inadequate, the business can make other provisions like getting a loan. For greater accuracy and updated data, the app should be allowed to access the bank accounts of the business automatically, and use the data for making the financial records.
Marketing and sales
The growth and profit of a business depends to a large extent on the sales, the price at which the products and services are being sold. Most businesses have their sales target for each month, quarter or year. The app will allow the business to input their targets, and also the orders, payments received. The business will also be able to compare the sales achieved, with the sales for the corresponding period the last year. This will help the business decide whether they should devote more resources for marketing, increasing the advertising or using other marketing methods to increase the number of leads generated.
For most businesses salaries paid to employees are a major expense, so the app should be linked to the human resources software which is used, to get information on the amount which the business has to pay monthly. The app will also help track the number of employees in different departments, and whether they have sufficient work to justify the salaries which are being paid. Other expenses, like travel, housekeeping, food, entertainment, utility bills, maintenance should also be incorporated in the app, for better control of expenses.