According to one survey, 64% of businesses say they need to adopt new digital business models to stay competitive. But while more and more businesses are recognizing the need for digital solutions, knowing which tools to implement can remain a challenge.
In this article, we’ll look at the seven best digital tools for business growth, covering essential areas such as time management, invoicing, and digital archiving. By leveraging these tools, you can enhance productivity, reduce costs, and position your business for long-term growth.
In this article
What are digital tools for business growth?
Digital tools for business growth are software solutions and apps that companies can use to increase efficiency, reduce costs, and scale their operations. Digital tools can perform a range of tasks, such as automating repetitive tasks, improving workflow management, and analysing data. From financial management tools to invoicing solutions, digital tools can optimise every aspect of a business.
Examples of digital tools in the workplace
Businesses today use digital tools to improve their operations in a variety of ways. For example, many businesses use cloud-based accounting and invoicing platforms to automate invoicing processes, reduce invoicing costs, and save time for accounting teams. Some other examples of digital tools include:
- Project management software: Used to improve collaboration between employees.
- Customer relationship management (CRM) systems: Used to improve sales processes and customer satisfaction. CRM solutions can increase revenue by at least 30%.
- Online accounting tools: Used to automate financial processes such as payroll or accounts payable/receivable.
When used together, digital tools allow businesses to create an efficient digital ecosystem that increases organizational efficiency and supports sustainable growth.
Best digital tools for business growth
1. Digital content management
Microsoft SharePoint stands out as one of the best digital content management tools. SharePoint facilitates collaboration across employees, document organization, and secure content storage. As a Microsoft tool, it integrates seamlessly with Microsoft 365, making it ideal for businesses already using tools like Teams.
For smaller businesses, digital solutions like Box may be a better fit. Box offers content management solutions for businesses of all sizes, including features like file sharing, automated workflows, and robust security measures.
2. Invoicing
Finbite’s all-in-one invoicing platform is the perfect invoicing solution for businesses looking to scale their operations. Finbite offers different plans to suit businesses of all sizes. Finbite’s free Starter plan offers basic invoicing features, while its tailored Premium plan supports larger businesses with advanced invoicing needs.
Finbite’s online invoicing tool can convert all invoices (eg paper and PDF invoices) into machine-readable files, which then move directly into the Finbite system. With Finbite, users can also send out electronic invoices in all formats, including Peppol.
Finbite also integrates with popular digital tools and ERPs in the Baltics, such as Merit Akitva and ERPLY. These integrations ensure that invoicing information flows seamlessly between systems, creating a cohesive digital ecosystem that increases efficiency and drives business growth.
3. Productivity
There is a range of productivity apps available for businesses, each with its own features and use cases. Some of the most popular productivity apps include:
- Notion: An all-in-one workspace where users can create customized workflows and use various productivity features. Notion can improve personal organization, team collaboration, project management, note-taking, and task tracking.
- Trello: A highly versatile digital project management tool. Trello uses boards to help teams track workflows, organize tasks, and collaborate with team members.
- ClickUp: Another powerful all-in-one productivity app. ClickUp offers time tracking, employee scheduling, and task management.
Productivity tools improve communication between team members and help employees complete projects more efficiently. These collaborative workspace tools can also reduce time spent sending emails or sitting in meetings, leading to higher productivity that is essential for business growth.
4. Digital tools for small businesses
There are many online finance tools that offer simple, intuitive features and affordable pricing plans for small businesses. For example, businesses can use Finbite’s small business invoice software through their Lite plan, which provides essential invoicing automation features at a budget-friendly price point.
Finbite’s invoicing tools also allow businesses to send and receive e-invoices (incl Peppol), and seamlessly integrate with other digital tools. Finbite’s invoicing tools for small businesses are particularly valuable for businesses looking to grow their business without significant investment.
5. Expense management
Finbite is one of the best online finance tools for expense management, as it allows businesses to create an efficient system for submitting, categorizing, and storing expenses. To submit expenses, employees use Finbite’s receipt app to take a picture of paper receipts immediately after making a purchase. Employees then enter the receipt data into Finbite’s system or send a picture of the receipt to be digitized into a machine-readable format.
The machine-readable receipt then moves seamlessly into the Finbite system, where users can create an expense report. Employees submit expense reports through a digital confirmation circle, where accounting can confirm expenses before invoices are paid.
By using Finbite to confirm expense reports, businesses can catch errors in reporting, identify duplicate expense reports, and find miscategorized expenses. Finbite also gives accountants an overview of every expense report waiting for approval in the system.
Finbite also allows users to automate expense approval workflows. For example, accountants can set up rules and templates to automatically send recurring invoices to the same employee for approval.
Finbite’s expense reporting system ensures that employees can easily submit expense reports and that all expense reports are confirmed before being paid. Finbite can reduce costs, provide complete oversight of expenses, and ensure businesses are prepared for tax season.
6. Digital archiving
Digital archiving tools allow businesses to easily store and access digital invoices, legal documents, or other digital files. Digital archives are essential to business growth, as they can improve financial management, ensure legal compliance, and streamline administrative processes.
Finbite’s digital archive allows businesses to safely store invoices, expense reports, and documents in a convenient platform. Employees with permission can securely access stored documents from anywhere in just a few clicks. Instead of printing, filing, and retrieving paper documents, Finbite provides easy access to all important documents from any smart device.
Manually storing and organizing PDF invoices can be time-consuming and prone to error. With Finbite’s digital archive, invoices are stored in a machine-readable format recognized by the software. This makes it easy to store, organize, and retrieve invoices.
By using Finbite’s digital archive, businesses can get a comprehensive overview of all documents in seconds. Users can search for specific transactions and generate financial reports using real-time financial data. Finbite also integrates seamlessly with leading ERPs in the Baltics, allowing for smooth data exchange between a business’s digital archive and existing software.
7. Time management
Digital time management tools can help businesses improve their daily operations. When implemented effectively, time management tools can increase efficiency and help a business scale its operations. Effective time management tools help businesses track hours, optimize schedules, and improve productivity.
Trello is one of the best time management tools, with an intuitive board-based system that allows teams to visualize workflows and project deadlines. RescueTime is another effective time management tool. It automatically tracks time spent on applications or websites, providing businesses with detailed productivity reports and identifying time-wasting activities.
Businesses in the Baltics using digital tools
Estonia, Latvia, and Lithuania are well-known for their digitalization of public services, but many businesses in the Baltics are also using digital tools to manage business finances, increase productivity, and drive business growth. Here are some examples of businesses in the Baltics leveraging digital tools:
- Eesti Energia: Estonia’s leading energy company uses Finbite’s e-invoicing solutions for B2B transactions, giving business customers the option to receive e-invoices. By using e-invoicing for purchase and sales invoices, Eesti Energia has been able to drastically improve billing efficiency. Eesti Energia also offers B2C e-invoicing upon request. And if a private customer requests e-invoicing, they can also ask for e-invoices to be sent directly to their online bank.
- Omniva: Omniva is an Estonian post and logistics company with operations in Latvia and Lithuania. Omniva uses Finbite’s e-invoice tools to digitize PDF invoices and to send and receive e-invoices. It has also streamlined its e-invoice approval process through a digital confirmation circle.
FAQ: Digital tools for business growth
Is there any free accounting software for small businesses?
Yes, Finbite offers a free Starter plan that is perfect for small businesses looking to grow their business with digital tools. With this plan, users can send and receive up to 5 free e-invoices per month, including Peppol e-invoices. For additional features, such as a digital archive, businesses can upgrade to the Lite plan for 10€ per month.
What is the best invoicing software for small businesses?
Finbite is the best invoicing software for small businesses. As an all-in-one invoicing tool, Finbite makes it easy to create, send, and receive invoices in any format. With Finbite’s digital confirmation circle, employees can submit expense reports from anywhere, anytime, and accounting teams can easily review and confirm expenses before they are paid.
Finbite is an affordable invoicing tool and integrates with leading ERPs in the Baltics like SimplBooks and Scoro, allowing for complete integration with accounting software for small businesses.
What is an invoice automation tool?
An invoice automation tool is a digital tool for businesses that automates the entire invoicing process. Invoice automation tools allow businesses to send and receive invoices in any format, allowing for seamless invoicing with suppliers and customers.
Businesses can also use invoice automation tools to set up approval workflows, where all purchase invoices are sent to designated confirmers, who review and confirm invoices before making payment. Invoice automation tools eliminate the need for manual data entry, streamline the expense management process, and reduce invoice payment times.
Grow your business with Finbite’s invoicing tool
Efficient invoicing is an essential aspect of financial management for any growing business. Finbite helps businesses in the Baltics create an invoicing system that automates their entire financial workflow, from expense management and invoice processing to digital archiving.
Whether you’re a small business or an established company, Finbite’s flexible plans can meet your specific invoicing needs and scale as you grow.
Get started with Finbite today and grow your business through our efficient invoicing solutions.
