The Sage Walk with Me – Millenial report released last year, focusing on the impact of millennials on the workplace, found that more than a third of young entrepreneurs believe that the technology they use is the most important part of running a business successfully. Apps are just one of the ways that entrepreneurs can use tech to optimise every internal business process – from payments and stock management to accounting and tax.
While there is an endless number of apps available for every aspect of running a business, below is our choice of 3 that can come ahead on two fronts: integration into existing systems and functionality.
About the app: Yoco is a point-of-sale (POS) payment service. The online app which comes with a pocket-sized device, allows businesses to accept payments from customers using normal bank cards.
The card reader works with both Apple (iOS) and Android devices and only needs a mobile device and an internet connection to work.
Why you should use it: Yoco has found that 75% of customers have bank cards capable of making payments. The app is especially helpful for small business owners who run mobile businesses; examples are artisan entrepreneurs selling products at festivals and markets or physiotherapists conducting their services at people’s homes.
The device is priced for SMEs with the once-off cost for the card reader and ongoing applicable transaction rates.
About the app: Vend is a cloud-based point-of-sale inventory management system. The app which is available on iPad, Mac or PC allows business owners to manage their inventory by keeping track of both their stock and sales. The app however, goes beyond just record-keeping.
According to the company, the app also has reporting and analytics tools that provide data on everything from sales, staff performance, products and also has customer loyalty tools. “These insights enable you to know what’s selling, how your employees are performing, and what needs to be done to ultimately increase your bottom line.”
Why you should use it: Vend is ideal for smaller retailers who need a system sophisticated enough to help them manage their stock (anything from clothing, food items, or beauty products), from any location, as well as to provide valuable sales data at the fraction of the cost of a traditional inventory management system.
Major plus, the app does not need internet connection to work, the offline mode will allow you to continue processing sales even if you lose internet connection while trading.
About the app: One of the first hires a new entrepreneur will make is a bookkeeper. This is no surprise if you consider that accounting and financial management is one area that most entrepreneurs remain unfamiliar with, but is the most critical to the success of a business.
Receipt Bank is hoping to change that by offering an easy way for business owners to manage their books with minimal accounting knowledge, by making the data entry process effortless.
How it works is users take a picture of the document they need filed (receipts, invoices etc), they then upload it to the app and after processing it is published directly to their accounting software where it is then available to them at any time.
Why you should use it: Time and money are two resources entrepreneurs do not want to waste. Because Receipt Bank is automated, it helps entrepreneurs save on time. The app is available from R380 a month, it is also available on the online accounting platform, Xero.