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Making technology work for your business

18 May 2023

Today almost every business relies on technology to manage its operations. Whether it be handling your finances, stock, customers, appointments or ordering, there is a software option for nearly everything. Using the right technologies can support your business to be more efficient. It can help to streamline your operations and reduce errors. It can also make it easier to track your progress.

You may already be using software for some functions within your business. But if you’re time-poor, it can be hard to get across all the options. This article looks at some of most common types of business software, and how your business could benefit.

Accounting packages such as Xero or MYOB are used by many businesses. These help to manage essential business functions, from payroll to invoicing. They can also provide snapshots of how your business is going. This allows you to easily understand and monitor your financial situation.

Tailored business software is designed to meet the needs of particular industries or business types. Practice management software, such as Pracsoft, can support medical or allied health businesses. This type of system can assist with functions including appointments and billing. Accommodation businesses may benefit from using property management software. This can be used to manage bookings, billing and guest information.

In retail, many businesses will turn to retail management systems. These can help to support inventory, purchases, financial management and many other elements of operations. Restaurants and cafes may use point of sale (POS) software such as Lightspeed. Online hospitality booking software like OpenTable is also becoming common.

Trends within business software

Within this rapidly growing market, there are many changes in the way that software is being offered. One key trend is software increasingly being provided as a service, or entirely cloud-based. This allows software providers to continually improve and update their packages. It also makes it easier to integrate different systems.

For businesses, using a cloud-based solution may have benefits. It allows you to scale up systems as your business grows, rather than purchasing a large piece of software up-front. It can also save on hardware costs, as the computing power you require is hosted by the software provider. It makes remote work easier. Plus your system is available in the cloud, even if your local hardware fails.

Integration is key

The right software and technology may save you time and help your business to run effectively. But it’s becoming common that a single business uses multiple different systems. So it’s important that these work smoothly together.

The same goes for banking technology. Bendigo Bank knows that business customers want their preferred systems to seamlessly integrate with banking services. Key accounting packages including Xero are supported, with banking data able to feed directly into these systems. Bendigo Bank powered by Tyro EFTPOS machines provide integrated payment systems. They can be integrated with leading POS and Practice Management Software providers.

Bendigo Bank is also using technology to improve security within digital banking. Combined with a range of self-service registration and recovery progresses, this makes it even easier and safer to bank online. E-banking solutions provide card controls for business customers. The use of PayID can help to reduce fraud. Digital signatures can provide options for progressing contracts and agreements remotely.

New systems are being released all the time. So the team at Bendigo Bank is constantly working to further strengthen integration. One current focus is on improving integration for eCommerce needs of businesses. This will particularly support vendors with operations that span both in-store and online sales. These initiatives can make doing business easier.

Bendigo Bank is exploring ways to support payment initiatives from within accounting packages. One approach is using the New Payments Platform. The NPP allows customers across different banks to make and receive near real-time payments.

Supporting customers

Bendigo Bank strives to make banking as smooth as possible for business customers. And they are reaping the benefits. A major regional hospitality business recently shared the impact for their systems. “I have successfully integrated with our POS system. This will save our staff time and also reduce the risk of errors when processing transactions.”

Chat with one of our experts today on 1300 236 344 or search Bendigo Bank business.

Any advice provided in this article is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable terms and conditions on our website before acquiring any product. Bendigo Bank EFTPOS and eCommerce powered by Tyro is issued by Tyro Payments Limited ACN 103 575 042 AFSL 471951. Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL/Australian Credit Licence 237879.

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Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

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