Silicon Valley Bank (SVB), a Major Tech Sector Lender, Collapses as Broader Industry Reckoning Continues – Second Largest Bank Failure in US History
On Wednesday evening, Silicon Valley Bank (SVB) announced that it was planning to raise $2 billion to strengthen its financial position after suffering losses amid the broader slowdown in the tech sector. The bank also indicated that it had seen an increase in startup clients pulling out their deposits. At the same time, SVB signaled that its securities had lost value as a result of higher interest rates.
The announcement triggered concerns among investors, and by Thursday morning, SVB shares began to experience a massive sell-off. The bank’s CEO, Gary Becker, tried to reassure tech investors to stay calm, stating that the only danger posed to SVB was if “everybody is telling each other that SVB is in trouble.”
However, it appears that the message did not resonate with some tech titans, including Peter Thiel, who reportedly warned startup founders to reduce their exposure to SVB. This shift in sentiment may have contributed to a self-fulfilling prophecy, with more investors pulling out their investments from the bank.
The developments at SVB come as the tech sector faces a broader reckoning, with many investors growing increasingly cautious about investing in high-risk startups. As a major lender to the tech industry, SVB’s struggles could exacerbate concerns about the health of the sector and the broader economy.
SVB’s ability to raise $2 billion may be critical to its future success. However, it remains to be seen whether the bank will be able to regain the confidence of investors and maintain its position as a leading lender in the tech industry.
Following a tumultuous week, Silicon Valley Bank (SVB) has collapsed and entered receivership, according to an announcement by California state and federal banking regulators on Friday. The move came after the bank failed to raise the $2 billion it had hoped to assemble and was reportedly seeking a buyer, as deposit outflows continued to accelerate.
On Friday morning, customers had lined up outside the bank’s Park Avenue offices in New York, prompting SVB to call the New York Police Department. Officers who arrived at the scene concluded that no criminal activity was taking place, according to an NYPD spokesperson.
The collapse of SVB is significant, as it marks the second-largest bank failure in US history, behind the collapse of Washington Mutual in September 2008. By the end of Thursday, SVB shares had already fallen by 60%, and the situation worsened on Friday morning, leading regulators to step in and take over the bank’s deposits.
The collapse of SVB comes at a time when the tech sector is facing increased scrutiny from investors, with concerns growing about the health of the industry and the broader economy. As a major lender to the tech sector, SVB’s failure could exacerbate these concerns, and its collapse could have wider repercussions across the industry.
The failure of SVB also highlights the importance of maintaining strong financial positions, particularly in times of economic uncertainty. As businesses face continued challenges and risks, maintaining adequate reserves and diversifying risk may be critical to avoid similar outcomes.
In Conclusions
The closure of Silicon Valley Bank (SVB) is a significant event that has raised concerns about the health of the tech industry and the banking sector. The collapse of SVB is the second-largest bank failure in US history and has highlighted the importance of maintaining strong financial positions and diversifying risk. While some banking analysts have dismissed concerns about a potential contagion, it remains to be seen what the wider impact of SVB’s collapse will be. As businesses face continued challenges and risks, maintaining adequate reserves and managing risk may be critical to avoid similar outcomes in the future. The situation underscores the importance of vigilance and careful management in the banking and tech sectors, particularly during times of economic uncertainty.
Enterprise project management software usage has continued to grow among businesses and organizations that do require management systems and services. You may be wondering why you need an enterprise project management software, you need one because they do the heavy lifting in tracking of processes in your organization and businesses.
With several years of research and testing in this industry, we have discussed in detail the best project management tools for nonprofits and several other businesses. In this expert guide you will learn about the best enterprise project management softwares business management needs.
Read on to find out more about the best project management software for nonprofits and several other businesses alike!
Quick View on The Best Enterprise Project Management Softwares
Monday.com: Best Overall and Specifically For Startups On A Tight Budget
ClickUp: Best For Development Teams That Are Agile
Zoho allows you to create customized fields, layouts, statuses, and workflows.
Zoho allows you to easily perform market customisation.
With Zoho you can conveniently integrate third party platforms into your organization’s workflow.
Zoho has several advanced project management tools such as Kanban, Gantt charts, for complex work management.
Phone support
Email support
Best Enterprise Project Management Software – Quick Verdict
Best overall is Monday.com, this is because it is very robust and has a wide range of features and special consideration for startups especially given its free plan account with 2 seats for life.
Monday.com is well balanced for all types of businesses and organizations, Monday is used by more than 152,000 businesses worldwide. With monday.com you have access to swift customer support.
How to Choose the Best Enterprise Project Management Software
Choosing the best enterprise project management software can be a daunting task because there are many options available in the market. Choosing the best project management software requires you to consider several factors as we will find out in this section of our expert guide. When choosing the best project management software for your organization consider these factors:
Identifying Your Needs
Your organization or business needs are the first things to consider when choosing the best enterprise project management software. Identifying your needs is very important especially if your business is starting up and has needs for management software, this is because start ups requiring project management do not have all the resources at the disposal of big corporations. You have to list out your needs then decide which management software meets your needs.
To identify your needs, start by defining your project management objectives, such as improving efficiency, increasing productivity, reducing costs, and enhancing team collaboration. Then, evaluate your current project management processes, tools, and resources to identify gaps and areas for improvement.
Assessing Your Budget
Assessing your budget is an important factor to consider when choosing the best enterprise project management software for your business. You have to evaluate the finances available to you visa-vis the enterprise software that provides solutions to your organizations project management operations. Assessing your budget means you have to consider the costs involved with the software you want to purchase.
When assessing the cost of the management software you want to purchase, also check the potential return on investment when you buy the software. After you have sorted the potential return on investment (ROI) from the enterprise project management software, you can now make a purchase order.
Researching the Available Options
Researching the available options is important when selecting an enterprise project management software for your organization. Researching available options involves an in-depth analysis of the various software options available in the market, including their features, functionalities, pricing, customer support and user reviews.
In researching, identify the specific needs and requirements of your organization. This will help you narrow down the list of available options to those that meet your specific needs. Once you have identified the options that align with your needs, it is important to assess each software’s features and functionalities to ensure they meet your project management requirements.
Key factors to consider when researching available options include the software’s project planning and tracking capabilities, collaboration features, resource management, reporting and analytics capabilities, security and compliance measures, integration capabilities, ease of use, and scalability.
Evaluating the Software Against Your Needs
You have to evaluate the software against your organization’s needs when selecting enterprise project management softwares for your organization. Evaluating the software involves reviewing the software’s features and functionalities to determine how well they align with your needs.
During the evaluation process, it is important to consider how the software will fit into your existing workflows and processes. The software should enhance and streamline your project management processes rather than creating additional complexity.
Testing the Software
Testing of softwares is important when selecting enterprise project management software for your organization. Software testing requires thorough examination of the software’s features and functionalities to determine its effectiveness, reliability, and usability in meeting your organization’s project management needs.
During the software testing process key stakeholders, including project managers, team members, and IT professionals should witness the process to ensure that the software meets the needs of all stakeholders and can be effectively integrated into your organization’s IT infrastructure. You should consider the software’s stability, performance, and usability during testing.
Check For Scalability
Scalability is the ability of a software to accommodate an increasing number of users, projects, and data without compromising its performance or stability. As organizations grow the need for project management continues to expand. It is important to choose a software solution that will accommodate these changing requirements. For this reason choose a software solution that can handle very large data volumes and workloads without experiencing performance issues.
Checking for scalability requires you to consider the software’s architecture and underlying technology. The software should be designed with a scalable architecture that can handle increasing workloads and data volumes without disturbing performance.
Project Management Software of 2023
There are a plethora of of enterprise project management softwares, the best of them for any project management needs you may have include:
Monday.com: Best Overall and Specifically For Startups On A Tight Budget
ClickUp: Best For Development Teams That Are Agile
Finding the best enterprise project management software to operate and manage your organization’s everyday needs can be a daunting task. This is because you have to find the software that attends to the needs and functionalities of your corporation. Do not worry we have done the work for you, by analyzing and bringing you the best project management software, these software have all the tools for project management you may need for.
We will take a detailed look at the best project management software in the market for nonprofit program management, consultancy services, and every other kinds of related businesses that have need for project management software.
Monday.com: Best Overall and Specifically For Startups On Tight Budget
Monday.com provides simple and complex project management services to more than 152,000 companies worldwide. Monday.com has several levels of functionalities, management tools and HR tools. Monday.com is one of the best project management software for nonprofits, because it has a free to use plan for the majority of its tens of thousands of users.
Monday.com is our overall best project management software on this list, this is no surprise given the functionalities available to users on Monday and the pedigree of companies that make use of the services provided by Monday.com. Some of the global companies that use Monday.com include Coca-Cola, Canva, Lionsgate, Genpact, etc.
Features
As a user of Monday.com you have access to unlimited boards for working, unlimited docs, customisable notifications and over 200 templates regardless of the size of your business. With Monday you and your team at work can function seamlessly without worrying about workflow management and schedule.
Plans
Monday has five plans with the individual plan completely free of charge for use and has 2 seats, while the other plans such as the basic ($8/month), standard ($10/month), pro ($16/month) and enterprise.
ClickUp is built for everyone and teams for development that are agile. Teams that use scrum for product development are best suited to use click up as their project management software. With ClickUp, you can manage your business creative workflows, bringing all your project designs into one place.
Features
ClickUp provides a robust customisation view for projects to users using workflow boards or due dates on calendar. ClickUp provides some of the best collaboration designs with popular tools such as figma and Invision using ClickUp native integration.
On ClickUp you can automate sales processes without needing human intervention. With ClickUp you have access to fast track feedback and approval of designs across your team, you also have access to over 1,000 integrations capability.
Plans
ClickUp plans start from free plans for start-ups or individuals, the unlimited plan that goes for $5/month, business plan costing $12/month, business plus for $19/month.
Availability of robust features
A forever free plan for individuals
Over 1000 integrations are available
Accessibility to advanced tools for advanced project management
Multiple pre-built templates
Mobile app lacks intuitivity
Real time tracking gets glitchy
It gets pricey for small businesses higher premium plans
Asana: Best For Midsize Enterprises and Cross Functional Work
Asana as an enterprise project management software is best suited for cross platform functional work, this means that with Asana you can work across all your work platforms and company using one access. Asana drives efficiency across organizations, providing flexible and easy work experience to teams across organizations, it is also very easy for teams to use thanks to its platform flexibility.
Features
Asana allows for complex content development and planning, this is made possible with the availability of tools that allow for organizing and assigning tasks to team members. When tasks are assigned teams see what they need to do immediately and act as required, thereby improving productivity greatly.
Plans
Asana plans start from a basic free plan to the business plan for $24.99/per month, Asana also has the premium plan for $10.99/month and the enterprise plan that requires you to call and make special arrangements for payment.
Asana has robust collection of tools for management
Non profits get a 50% discount for any of the plans they wish to purchase
Mobile apps for Android and iOS devices
A robust Reset API
The paid plan is pricey for start ups and low earning individuals
Unavailability of time tracking feature
Wrike: Best for Seamless Scaling of Business Growth
Wrike is best suited for large corporations requiring robust project management in business operations, for seamless scaling and growth of businesses. Wrike is built for agencies, marketing teams and several other professional service providers. The project management software has robust tools for project management and execution.
Features
Wrike is built as a high end tool with a mix of several aspects of project management and software technology. Wrike has department specific solutions depending on your business operations. Wrike allows you to create high performance custom workflows using DAM tools and dynamic reporting.
Plans
Wrike has a free plan, the team plan that goes for $9.8/month and the business plan that goes $24.8/month. There are the enterprise and pinnacle plans that are specially priced based on your business need for them.
Zoho as a project management software helps you create the best personalized projects in providing project management services to you.
Features
Zoho allows you to create customized fields, layouts, statuses, and workflows. These allow you to easily perform tasks specific to your work. Zoho has several advanced project management tools such as Kanban, Gantt charts, project time tracker, etc. With Zoho you are able to effectively use your timesheet to log your billable and non billable hours to avoid complaints from you or your clients.
Plans
Zoho has four plans with the free plan requiring no payment, the basic plan goes for $16, the standard plan goes for $32, while the professional plan goes for $80. Each of the plans have varying levels of accessibility as the subscription cost increases, the cost is billed monthly and charged annually.
Use of timesheets for logging billable and non-billable work hours for accurate invoicing is available
Zoho automated task assigner which helps to save time on routine tasks
Use of Gantt charts is enabled
Cross and multi platform usage is support same applies for cloud services
Unavailability of iOS compatible apps
Not enough integrations
Benefits of Using Enterprise Project Management Software
As a business owner the need for an enterprise project management software cannot be overstated for the optimal operation and running of your business. Some of the major benefits of using enterprise project management software include:
Improved Project Performance and Efficiency
Efficiency and performance improvement is the mainstay of project management softwares, hence when you use project management softwares your operations are done more seamlessly and without glitches.
Better Collaboration and Communication
Enterprise project management software enables teams to collaborate more effectively, regardless of their physical location. This helps to ensure that everyone is on the same page and working towards the same goals, reducing the risk of miscommunication and errors.
Improved Resource Allocation
EPM software allows project managers to allocate resources more efficiently and effectively, reducing the risk of over- or underutilization of resources. This brings about better project outcomes and increased productivity.
Real-Time Project Visibility
EPM software provides real-time visibility into project progress and performance, enabling project managers to identify issues early and take corrective action as needed. This helps to reduce delays and cost overruns, and improves project outcomes.
Better Risk Management
Risk management is greatly improved when you make use of project management software in your business operations. This is because you have a real time overview of the operations going on in your business, using the tracking tools of the project management software.
Improved Decision Making
With project management software, you are able to make informed decisions when necessary. Improved decision making is achieved with project management software because of the real time records available on the software dashboards.
Reduced Costs and Delays
With the right project management software for your organization’s operations, you reduce the cost of operation, and remove delays completely by automating essential procedures.
Scalability
With enterprise project management software, you are able to get your operations scaled much faster than you would have been able to do without the best software. Scalability is a big selling point for the best project management software.
Real-time Tracking and Monitoring
EPM software provides real-time tracking and monitoring of project progress, enabling project managers to identify potential problems early and take corrective actions. This helps to keep projects on track and ensures that they are completed within the expected timeframes.
Ranking Methodology
In our ranking methodology for the best enterprise project management software we considered several factors such as fee, user interface, functionalities, features, the type of businesses the software is suited for. These software have fared well in these criteria and more hence why they are part of our best project management software list.
Fee and Cost
As a business owner you have to be conscious of the expenses you make and if they are worth it, and will bring value to the business in the long run. Having this in mind we selected and ranked software options that bring the needed value compared to the price they go for, we also included others with a free plan such as monday.com.
Ease of Use
Businesses like to operate with tools and apps that are easy to navigate. We considered ease of use for the software we have listed, and all of them are largely easy to use regardless of the size of your business.
Features and Functionality
The apps we have listed needed to have a varied range of functionality for the different businesses that will be making use of them. We considered the functionality of the project management software each of the apps on this list have more than ten features and functionalities that are important to businesses.
Some of such features and functionalities include: monitoring, scalability, reporting, scheduling, project batching, integration, automation tools, etc. The software also have the basic project management tools such as Kanban and Gantt charts,
Customer Support
In deploying new project management software into your organization’s business process you run into issues oftentimes. For this reason we considered the apps with responsive and supportive customer support channels on our list. The customer support channels are mostly available 24/7.
FAQs for Best Enterprise Project Management Software in 2023
Why is project management important?
Project management is important because it helps successful completion of projects, with the use of accurate resources, time, and the right cost. Project management helps businesses meet their goals and that of clients when and how the project is required. Project management brings about proper coordination of multifaceted projects, having people owning deliverables, and keeping all the people organized to meet output expectations.
What is the most popular project management software right now?
There are several very popular project management software in the market some of them include: Monday.com, Click Up, Trello, Asana, Wrike, Zoho Projects, etc.
What is the best project management software for small businesses?
The top best project management software for small businesses is Monday.com as it gives a life free plan with two seats and a plethora of features suitable for small businesses. However businesses should choose project management software according to their needs and requirements.
Is project management software secure?
The best project management software as we have discussed above are highly secured, with industry standard protocols, hence you do not have to worry about your data security and handling.
What is enterprise project management software?
Enterprise Project management software helps businesses to control and measure accurately the resources, cost, and time required for project delivery in accordance to the goals and objectives of the business.
Conclusion
Enterprise Project management software have several importance and benefits as we have discussed including, reduction of cost, scaling of business operations, better risk management, improved resource allocation, improved performance and efficiency.
These benefits and importance of project management software, means you have to get one if you want to run project management services in your consultancy services business, non profit, large organizations with complex projects, or any other kind of business efficiently.
Project management comprises the different steps that any organization or group of people take to control and organize a given task from start to finish. Since the surge in remote video production job roles, there has been a rising need for video project management software.
All the video software production management software created has unique features and tools that help with coordinating team members and resources. However, video producers search for parts that boost their team’s workflow.
Discover some of the best project management software for video production in 2023.
Overview Of Some Of The Best Project Management Software For Video Production
Monday.com – Overall best video production management software
Bounce ideas around with teammates using discussion threads.
Use workspace chats to communicate, create tasks and implement them with team members.
2000+ integrations enabled by Zapier.
Best Project Management Software for Video Production – Quick Verdict
Best Overall – Monday.com. Monday.com is the overall best project management software here because it has excellent pricing plans and offers the best features needed by a production team. From time-tracking, collaboration, multiple dashboards, and integration tools, the team has everything required for a streamlined workflow. Choose a suitable plan and be on your way to boosting your team’s productivity.
13 Best Project Management Software for Video Production in 2023
Monday.com is a cloud-based project management software that can be used for different types of team projects. Its workflow tools are easy to set up and are suitable for small and large teams. It’s the best pick for video project management because it integrates with many third-party softwares.
Video production processes require a lot of software that can now be linked to allow team members to work on one platform. Additionally, customizable dashboards help to differentiate all the teams that are involved in the various production processes. Its automation, time tracking, and scheduling tools make it easy to move work along quickly and expose weak links in a single view.
Connects to over 5000 third-party platforms.
8 project visibility styles, plus a new add view feature with additional views.
Easily switch between views.
Provides tutorials for every new feature.
Provides a simple view of tasks and progress insights.
A bit pricey.
User limits for each pricing plan are not so great.
Click-up brings its A-game, incorporating every tool any team will need to run a project from start to finish successfully. It integrates with over 1000 third-party softwares and even includes a feature that allows users to add customized integrations that can improve their workflow. That is probably why big brands like IBM and Samsung employ click-up software to manage some team activities.
Teams get allocated specific tasks and can be provided with the resources needed to complete the job. At the same time, creating room for active collaboration with @, commenting, and file-sharing features. Team members can set personal goals using the priority features, and everyone can switch between views to monitor the project’s progression.
Fully functional web and mobile versions.
The design interface is practical.
Teams can link customized sites and Apps to the platform.
24/7 customer service.
Over 15 different views are available for project visibility.
Asana software is suited to big teams. However, its free plan includes some of the best features a production management software can offer. It allows a 15-member team access to 100MB and 100+ integrations. Additionally, team admins can create and delegate jobs to members, use cards, and create tasks.
Team members can interact using messaging and comment features and pass information through attachments. Premium offers include more integration options and features that allow for absolute job efficiency on projects.
With the rules automation system, Asana eliminates the need for its users to perform repetitive tasks for its users.
Up to 15 users on its free plan, and users can select from 2 members and above on the platform’s premium plans.
The UI is responsive.
The client reporting portal allows guests to view projects.
Comment under individual tasks is enabled, plus teams can share files and notes directly on the platform.
Accommodates a sizable team; however, there’s no feature for task sharing.
Doesn’t include a billable time feature.
UI for mobile needs improvement, and so do some of the features.
Wrike‘s time log system, which allows for automated time tracking and permits manual input of the hours spent on a project, is incredible and shows versatility. Additionally, managers can observe the team’s performance in real-time with Kanban board and Gantt chart viewing features. At the same time, make use of the software reporting and collaboration tools.
Integrates with users’ favorite software like Excel, Google Drive, Slack, Mailchimp, WordPress, etc.
Wrike’s project management tools are easy to understand and use.
Billable time logs measure team productivity levels.
The interface is highly responsive.
The Wrike App version lacks certain features provided in the web version.
The platform requires third-party software to link with other softwares users require.
Zoho Projects is an excellent tool for small and relatively complicated video production processes. Zoho has deficient pricing plans, which is already a giveaway that it’s not built for any heavy-duty project.
However, project management for video production requires team members to collaborate actively. Zoho Projects allows teams to create pages and forums where ideas are shared. Groups can further boost productivity by employing tracking and other scheduling features.
Enterprise plan available for as low as $9.
Time logs can be automated and activated manually.
Multiple collaboration features like forums and discussion channels.
Integrates with 300+ third-party outlets, which is fair.
Trello is the best software a small video production team can use on a tight budget. Trello links with external sites so users can have access to other features they need that the software lacks. Every component on the platform is easy to use; all tasks handled by different team members can be monitored by anyone with authorized access. Comments allow the use of emojis and other features that release tension in the workspace while collaboration occurs.
However, note that once your access to the Internet is gone, you cannot use the platform. Storage is minimal, and if you’re looking for advanced features, you might need a bigger budget and go for an alternative.
Very affordable pricing plans, including a free offer with up to 10 kanban boards.
The Trello platform is easy to set up.
Training video available.
Every team member can make changes to tasks.
The free plan offers pretty basic features and minimal space.
Not suitable for complex tasks and projects with large teams.
Teamwork offers a board or card feature for creating and assigning tasks. Its task list and Gantt chart tool allow managers to switch views to suit individual tastes. While actively monitoring the team’s progress on a single page.
Its integration feature allows the team’s link to all their favorite tools needed for video production with ease. Allowing every action to be carried out on a single platform.
Pocket-friendly pricing plans.
The User Interface is easy to navigate.
Connects to over 2000+ external websites.
Time tracking features
Security might need some improvement to block unverified visitors logging into user accounts.
Celoxis for project management has a very well-structured system for client reporting and allows admins or selected users to customize these tools. For instance, it will enable clients to be imported and added to projects using CSV from softwares like Excel.
There’s another feature that allows clients to be added and given login details to enable them to monitor the progress of their projects. In some cases, clients can collaborate on projects with team members. Its other project management tools that allow managers to monitor project activities are also worth exploring.
Excellent customer service loop.
Add-on features allow administrators to correspond with clients.
Most of its features are customizable, like team workflow and KPIs.
Questions or queries receive swift responses from support teams.
Customizing tools and features may be difficult for beginners.
Funny that Easy Projects is considered the easiest software to use on this list. Among software production management tools, it offers some of the most basic features. Gantt chart presents projects to teams clearly and concisely for effective planning.
Its mind Maps feature allows admin and team members to brainstorm and document information that helps a project as part of pre-production. Project templates and components are customizable and have tools to keep the team up to date in real time.
Integrates with over 1000 third-party websites and Apps via Zapier.
The client portal feature allows team managers to share progress with clients when necessary.
Time logs enable users to keep up with activity in real-time.
1000+ indirect features are available from third-party sites.
Customer support feedback time needs to be improved.
Smartsheet could be a bit hard to use because it has over 40+ tools, including workflow management, task scheduling and tracking, expense tracking tools, and lots more.
Smartsheet provides all the spreadsheet features users love. It also throws in some automation, integration, co-editing, and other tools that improve team efficiency. Track the team’s productivity while keeping an eye on the budget and expenses for the project.
Sheets can be customized to differentiate between teams.
Create multiple dashboards for different projects.
Automation features allow admin and users to automate and skip recurring processes.
Lots of data-driven collaboration tools.
Processes can be slow, occasionally.
Its multiple-user editing options are difficult to use when there are numerous users.
Microsoft Project is Microsoft’s project portfolio management (PPM) tool. Its integration with other Microsoft Office, and 365 software like planner, Excel, Word, and others, makes it ideal for remote teams. It has incredible scheduling features and enables Waterfall and Agile methodologies to streamline the workflow process.
Project tools are straightforward to use, even by newbies.
Provides options to create tasks and assign them to teams easily.
Co-authoring feature promotes collaboration between team members.
Scoro is your go-to software if the goal is to get a platform that organizes your team and enables you to allocate resources and tasks and track performance. Team collaboration is not one of its strong suits.
Provisions are made to automate processes. However, glitches occasionally affect its implementation. However, it’s other agile methodologies, client portals, and lots more work seamlessly.
Platform tools are easy to use and navigate.
The Kanban board features provide an overall excellent project visibility system.
Time tracking feature available.
The mobile app version is a bit slow and needs improvement.
Updating status for each task is limited to the team manager.
Nifty is an excellent video production management software with a great interface that provides multiple dashboards, storage space, and other unique features. Its pricing plan determines the storage space at a team’s disposal.
For instance, an unspecified number of team members can access 100MB of storage using Nifty’s free plan. They can also create tasks, assign them, share files, and have discussions under the two projects that the free plan offers. For time tracking, budgeting, plus other nifty features, users must upgrade to premium packages.
Exceptional UI
The workspace chat feature encourages team collaboration on the platform.
Discussion threads are available for communication between teams.
Links with 2000+ software.
Pricing plans are a bit high
Too many third-party connections rely on Zapier.
File sharing is limited to members of a specific team.
Benefits of Using Project Management Software for Video Production Teams
Video production processes comprise many different steps that must be completed to come up with a finished product. Half the time, these little steps that build up to the final product are handled by different team members.
Everyone knows managing a team is crucial if you intend to achieve tangible results within a specific timeframe. It is at this point that video production management software comes in handy to help organize, sometimes even micro-manage, teams for effective results. This section will showcase how software production management solutions can benefit video production teams.
Enhanced Collaboration and Communication
Collaboration is King. To explain that in simple terms, it’s nearly impossible to build a functional product without rubbing minds with others. There’s always a limit to the level of knowledge an individual can possess, except you’re Stephen Hawkings or something. The only way to collaborate is through active communication with team players.
Of course, it’s easy to communicate offline; however, using video project management tools if you’re in the field of video production allows you to collaborate with ease. Effective communication is boosted using simple tools that help you tag team members when you have questions, share files in a matter of seconds, etc.
Streamlined Video Production Workflow
Video project management requires video production to follow a particular sequence of events. On a regular day, video production follows a specific series of events that starts with planning. Where the goals of the video production team are set, a budget is fixed, and ideas are tossed around.
After the planning, the production starts with the pre-production stage, where every plan is implemented to ensure that the production process goes according to plan. While you can implement these processes on paper, can you imagine how complex that process will be?
Opting to use software for video or film production helps to streamline the production management system effectively. It makes it possible to create workspaces for various teams, assign tasks, and monitor the workflow on a single screen. If there is an issue like a team member underperforming or tasks being handled by the wrong member, it’s easy to spot and rectify.
Additionally, it creates swift communication in the video production process, where one team can notify the next team to pick up the project once a task is closed. Thereby saving time and resources that could have been spent on the project if it had extended beyond expected deadlines.
Better Time Management and Resource Allocation
When team members have no fixed deadlines with obvious reminders, there’s a very high tendency that they’ll slack, thereby leading to an extension of the time allocated to each task and the time required to wrap up production. The result of this is that team members might try to hurry to finish assignments and miss critical steps. The end product will be low-quality production outputs.
However, when software for film production management is brought into the equation, it helps simplify things. For instance, project managers can use reminder and time-tracking tools to help teams manage their time better. They can also monitor the progress and drop comments or reassign when team members are slacking.
Apart from helping video production teams manage their time better, it can help project managers allocate resources swiftly and orderly. For instance, a project manager has the goals, plans, and needed resources outlined before production begins. The video production manager software gave a one-page overview of team members’ capabilities.
This can be gauged using metrics like time spent on specific tasks and other factors. Based on this, video production project managers can make informed decisions on where to allocate what resources. At the same time, ensuring that no team member is burnt out by over-allocation.
Improved Budget and Expense Management
Managing the resources allocated to a project will likely be the bane of a video production project manager’s existence. The responsibility of ensuring that the project is completed without overstepping the budget is in the project manager’s court. This cannot be easy when you’re working with other people.
However, if you use good video production project management software, you’ll have less to worry about. You can conveniently set goals based on your budget and ensure your team reaches them. One way this software helps to achieve this is by including budget trackers.
The budget tracker lots of video production management software comes with help the video production management team monitor expenses. This helps them quickly identify when there’s a possibility that the budget will be overspent and tackle it from the root. Another tool that makes it possible to keep track of the video production budget is the billable time tracker.
Billable time trackers show how long a team member spends on a task and how much it would run into. Once it’s clear that a job will cost more than was budgeted, it’s easy to manage it before it becomes a problem.
Real-Time Project Visibility
If you don’t understand the concept of project visibility, then maybe liken it to a roadmap for a project. Roadmaps contain both the long-term and short-term goals of a project or organization using detailed or pictorial displays. It makes it easy for investors or anyone coming into the company to understand what is going on there.
In the same way, project visibility for video production showcases the entire workflow, processes, tasks, who is handling what, and many other things that are necessary to the project. Without proper project visibility, it’s easy for team members and managers to misstep.
Video production manager software provides a team with boards, lists, and charts to enhance project visibility on one page. That way, it’s easy to keep an eye on everything going on in a team workspace and effect changes where it is needed.
Frequently Asked QuestionsFor Best Project Management Software for Video Production in 2023
What Is The Most Popular Project Management Software Right now?
For a video production team, Monday.com is the most popular project management software in 2023. It has all the tools video production managers need to keep their teams organized. It also integrates with external websites that enable file sharing to enable team members to work with their files and communicate in a central place.
What is a Free Film Production Management Software?
Trello is one of the best free film production management software available for anyone on a tight budget. The features on its free plan are good enough to perform the basic organizational skills needed by a video production team.
What Is The Simplest Project Management Software?
Easy projects have one of the most straightforward interfaces with fully functional project management features. However, if you need software that organizes and assigns tasks to team members, Scoro is the perfect fit.
Which Microsoft App Is Best For Doing Projects?
Microsoft Projects is the best Microsoft tool for handling projects, especially if the teams are not too big. Alternatively, you can try out Microsoft Planner’s features. Both sites can be fully integrated all the same.
Conclusion
Video production requires careful planning and follows a set of ordered steps from when production till the project is wrapped up. It is easy to omit a seemingly insignificant step in production that could end up destabilizing the whole process, and one way to prevent this is by employing project management methodologies.
These include taking steps to ensure that time on the project is adequately utilized. Another factor that needs to be considered is the budget and other factors not listed here. One way to ensure that whatever factors could lead to mishaps during video project production are properly monitored is to use product management software.
Product management software is widely employed in different projects, including business, consultancy, and IT. However, in video production, simple PM software helps video producers share resources and assign tasks to their teams. Fix budgets, disseminate information, and ensure everything goes according to plan.
Project management tools achieve this by using Agile, Scrum, and Waterfall methodologies and providing features that help to streamline the entire workflow. In addition, it improves efficiency by encouraging collaboration between teams in the different tiers of production. Video production teams working on lean budgets can also consider using free project management tools for better expense management.
Workflow management software empowers you to set up and monitor a defined set of tasks in sequential order. It assists users in collaboration and automation of processes, as well as defining workflows for several processes and applications.
Making the right choices when choosing workflow management software for your business is important. However, there are several options, and choosing the right one may be difficult.
This article will indepthly review the best workflow management software in 2023.
Quick View on the Best Workflow Management Software in 2023
Low code workflows, track workflow cycles, mobile application
Blueprint editor, workflow rules
Full-screen design, customization tab, intuitive and friendly.
Enhanced Integration especially with finance apps.
Free Forever: Free
Premium: $5/user/month
Enterprise: $10/user/month
Best Workflow Management Software in 2023 – Quick Verdict
Best Overall – Monday.com. Monday.com is the best overall workflow management software because it is customizable, flexible, and very efficient. It helps you to boost your productivity by streamlining workflows, tasks, and processes. It also integrates well with other software and is good for both small and large teams.
5 Best Workflow Management Software
The best workflow management software varies greatly depending on your organization and the tasks and processes you plan to carry out. Most offer free options for trial but some can be complex. Here’s a detailed look at the best software management software in 2023.
Monday.com is our top pick out of all the best workflow management software on this list because it is a very efficient and exotic management software. It helps your team to visualize any workflow using customizable and flexible tools. The operating system also allows you to shape your workflow in a way that would boost the alignment, efficiency, and productivity of your team by customizing any kind of workflow to suit your current needs. With Monday.com, it is very easy to manage workflows, tasks, and processes.
Workflow Management
Monday has several features that make workflow seamless and enables you to achieve more. The software features 120+ project templates and over 10 ways in which a user can view work and move faster through processes. It also helps with good visibility ensuring that team members can stay aligned with their work by getting a real-time overview of the work pace.
You can also customize the dashboards and reports on Monday.com. If you are a workflow manager that sits between teams and the executive suite and is looking for a way to communicate complex data sets through visual dashboards, Monday.com proves very helpful for you.
Automation
Monday.com provides automation services that can make your project team more efficient. You can automate status updates, email notifications, dependencies, due date alerts, tasks assignment, wonderful time tracking feature, progress updates, and other workflows with the Monday.com software. This automation does not also require any code to set.
User Interface
Monday.com is very intuitive and user-friendly. The user interface is beautiful and easy to navigate. It has multiple layouts to suit your idea of easy working and it is very simple.
Integrations
Monday.com integrates well with other software. Integrations through Zapier include Typeform, Google Drive, GitHub, Gmail, Slack, Jira, Google Calendar, Trello, Dropbox, and others.
Pricing
Monday.com is affordable especially if you have a large team and you are looking for software that is not too pricey. It also has a free plan so that users can test what it is like to use the software. The mid-tier paid plans range from $8 to $16, but there’s also a higher plan that is custom based on what you need.
Large template library for workflow to jumpstart planning
Work OS—A workflow system specifically designed for custom workflow apps
Allows for workflow automation
Lots of integration
Initial customization takes time.
The functionality for exporting reports is limited.
Why Did We Choose Monday.com?
We chose monday.com because of the efficiency that it lends to workflow management. You can create plenty of tasks on a board and include the steps that you need to reach the completion of the tasks. The software is also highly customizable and easy to use. Monday.com also allows arrangements of workflow views by list, geographical map, kanban board, or Gantt chart.
ClickUp has an edge over other workflow management software because of the many integrations and powerful features that it combines. You can also automatically import your work from other tools. ClickUp equips you to oversee the entire workflow of your team.
Workflow Management
With ClickUp, you can manage any project from start to finish with well-customizable dashboard views that make the workflow processes a breeze. The Chat feature enables collaboration with your team members and you never have to miss a schedule or anything because you’ll get notified.
You can also track time, docs, and statuses among others so that you can monitor the progress of the work that you assigned to your team. With 15+ customizable views for workflow management, ClickUp’s agile dashboard gives you better insight and updates as well, reducing long, boring, and redundant meetings.
Automation
ClickUp offers a dedicated automation feature that saves time by automating your routine actions based on certain conditions and triggers. With ClickUp, you can automate your workflow to save time and increase your productivity. With hundreds of automation, you can assign tasks, update statuses, sync with other tools, and post comments, all automatically.
User Interface
ClickUp’s user interface is streamlined and easy to navigate. You can organize your team members into different categories called spaces and group the project in each space as folders. ClickUp also has a UI feature that allows you to assign colors to assignments so that you can quickly tell the ones that are in progress or already completed.
Integration
ClickUp has 100+ integrations. You can connect your existing development workflows with other native integrations for GitLab, Sentry, Figma, GitHub, Bitbucket, and more. While ClickUp can perform the tasks that most of your tools would, you don’t have to replace those tools if you’re not ready. ClickUp can integrate with them well. You can sync your messaging apps, team calendars, cloud storage, and more to keep everything together in one place.
Pricing
ClickUp has a worthy pricing rate because of the features it offers. Like Monday.com, this workflow management software offers a free plan for basic use.
The intermediate business plans range from $5 – $19 per user every month. There is the enterprise plan which is the highest-tiered plan, but you have to contact the ClickUp sales team to request a quote.
Offers good value for money
Software is easy to use
Has a host of vital workflow management features
Good customer support
May be too complex for small teams
Support is bad
Why Did We Choose It?
We chose ClickUp because of its features, customizability, and ease of use. The built-in Chat feature that allows users to keep all work-related activities within the platform coupled with the automation features is one that you would find very interesting, useful, and applicable.
Asana – Best for the flexibility and collaboration it offers
Asana workflow management software helps you to build and track processes. It serves as a homemade for all your workflows and helps you to track your work and that of your team. With Asana, you can customize your workflows and track every step of its management using Gantt-chart-like views – all from planning to execution.
Workflow Management
Using Asana as your workflow management software allows you to customize workflow to fit the needs of your team and company so that everyone can carry out their tasks at the right time. The tasks feature helps you to easily create tasks for yourself and assign one to your teammate while the sections feature lets you customize the software to match your workflows and add structure to any project.
Asana also has the project view that allows you to view your tasks in board, list, timeline, or calendar view. You can use the start and due dates to assign deadlines and make sure that team members complete every task on time.
With the messages feature, you can discuss the progress of a project to make sure that everyone is on the same page and keep the momentum going. Utilizing the tasks assignee gives the task a clear owner and every team member can know who is responsible for what.
Automation
With Asana, you don’t need to spend time on manual work. You can streamline processes, ensure that your team members do not miss any practical step, and deliver value with automated processes. Asana has the ‘Rules’ feature that you can use to automate tasks so that you don’t spend energy or time thinking about them. Asana does the repetitive stuff for you while you spend more energy on repetitive stuff.
You can also convert common projects into custom templates. That way, you won’t have to update deadlines whenever there is a new project and there will be a laid down clear process for your team to follow.
User Interface
Asana has a cool and nice user interface divided into the sidebar, header, top bar, main panel, and tasks details pane. You can easily access the homepage, view projects, see messages, and list of tasks among others.
Integration
Asana easily integrates with dozens of tools and apps that you are already using to track your work. Using Asana ideally means relying on fewer emails between your teammates because integrating the software with Gmail helps to keep your conversations actionable.
You can also integrate Asana with other tools keeping all your work connected in one place saving time and context that would have been lost when you switch from one software to another.
Pricing
Asana is one of the most affordable workflow and consulting project management software. Like monday.com and ClickUp, Asana offers a free plan for a small team of up to 15 people. The paid plan ranges from $10.99 to $24.99 when billed annually. The highest-paid plan enterprise is not disclosed and you will need to contact the team for the quote.
Asana has expansive integration
Improves team accountability
Available on mobile which means you can work from anywhere
Exporting functionality is limited
No time tracking features
Why Did We Choose It?
We chose Asana because it is very flexible software. As a user, you can share context, assign ownership with tasks, share files, combine related work, and get instant updates on simple projects and tasks management . You also may not need the paid version if you have a small team.
Wrike – Best for automation and incredible user friendliness
Wrike workflow management software is suitable for teams with five or more users. This software allows managers to customize dashboards, workflows, reports, and request forms.
You can include a personalized experience through work intelligence, workload management functionality for users and teams, interactive workflow, and shareable dashboards among others.
Workflow Management
Wrike allows you to fully customize your team’s processes with its workflow software. You can automate and deliver your workspace so that you can deliver your best.
Wrike lets you visualize your priorities in a way that suits you. You can switch between timeline view, Gantt charts, Kanban boards, and more. This helps you streamline workflow and levels your efficiency.
Automation
Wrike’s automation feature is a very simple way to reduce the level of work and repetitive manual tasks. It helps you to speed up your work process and reduce the rate of error. You don’t have to access all the work yourself, you can employ the automation of tasks and projects.
Wrike’s automation is simple and easy to use, it does not require any form of coding and there is an automation rule constructor to guide you through the process.
Spend less time on easily automated tasks when you allow Wrike to do the heavy lifting.
User Interface
Wrike has an incredibly helpful and user-friendly interface. The platform is highly intuitive and its features make it easy to manage tasks and collaborate among teams.
Wrike’s UI is designed for faster performance, productivity, and speed. You can see at once which party is responsible for a task, the status, and the due date for your tasks.
Integration
Wrike has over 400 integrations offered natively for 400+ popular platforms allowing you to connect seamlessly with different tools. These platforms include Salesforce, Google, Dropbox, Microsoft, and Marketo.
Pricing
Wrike’s plans are well-priced to scale your business from the ground level. Unfortunately, Wrike’s free plan does not include time tracking. The paid plans range between $9.8 and $25.8 per month, but you’ll need to contact the software teams for their enterprise pricing which is the highest-paid plan.
Easily visualize workflow performance
Comprehensive modeling of workflow
Highly enhances collaboration
Workflow is limited to 10 per space
The learning curve for utilization is steep
Why Did We Choose It?
We chose Wrike because it offers a variety of solutions no matter the team and the organization. Workflow managers can assess insightful data and use it to improve their performance and that of their team.
When it comes to workflow management, Zoho Projects is effective, especially for very small teams. You can use Zoho Projects to track workflow cycles and achieve effective results. This tool also improves collaboration among teammates while ensuring that you gain deep insights into your work cycles and progress.
Workflow Management
Zoho Projects workflow management software allows you to create and manage your workflows even to the smallest of tasks. You can design low-code workflows and execute them with less effort. Whether it is a procurement request or reimbursement claim, you can reject it or approve it with just a few clicks. With its mobile application, you can also monitor workflows and complete important tasks from anywhere with your iOS or Android devices.
Automation
You can automate your tasks processes and work routines by designing workflows with the blueprint editor that Zoho Projects offers. You can set up task states, add the right team members, and automate email alerts and task field updating. This ensures that the right process is followed and project delay is reduced.
The workflow rules that Zoho Projects also offer allow you to automate every workflow. You can specify the conditions for triggering a certain rule, auto-assign tasks, auto-update fields, and send alerts and notifications.
User Interface
Zoho Projects’ user interface is fast and appealing and comes with a fullscreen design that makes the best use of your display. The convenience and organization that the Zoho interface also offers make it a lot more user-friendly.
If you’re working on a lot of projects, the ones accessed most recently are displayed first allowing easy switching before them. Moreover, the customization tab on the right panel provides context to the changes you make.
Integration
Zoho Projects provides several enhanced integration, especially with finance apps. You can connect the software with other tools that you use and avoid switching between essential project management tools without leaving Zoho’s interface. This also means there is less chance of losing information and context.
Pricing
Zoho offers a free plan for up to 3 users. Its paid plans are between $4 and $9 which is a very affordable plan, especially for small and midsize teams.
Why Did We Choose It?
We chose Zoho Projects because it is very useful for organizations and employees to collaborate and get work done. This management software is good for startups and small teams as well. Zoho is also constantly updating and improving its software which means that there are more functions to come. Zoho’s pricing plan also makes it one of the best project management software for nonprofits.
Practical and fair pricing
Good billing and time-tracking features
Efficient task and project tracking
Dashboards functionality is poor
The learning curve is high
Methodology for Workflow Management Software
We considered vital factors before choosing the top workflow management software in 2023. Here are the major aspects of the software that we examined and the essential management methodologies for workflow software we used:
Workflow Management
We properly evaluated the features of the software and how you can use it to manage workflow. We examined how the platforms let you manage work seamlessly using different methodologies.
Automation
We looked at how each workflow management software allows you to automate your workflow processes. Plus, we mentioned the automation features each software provides.
User Interface
We described the intuitiveness and style of the user interface of each software. We also assessed if the platform could easily be navigated or if they were difficult to.
Integration
We looked at how many third-party apps and software each workflow management software in this roundup can integrate with. We also gave some examples of the apps they can integrate with.
Pricing
We confirmed the plans and their cost for each workflow management software. In addition, we mentioned if the software company offers a free plan.
How to Choose the Best Workflow Management Software
Identifying Your Needs
Before you choose a workflow management software, you need to identify your specific needs and that of your organization. This includes knowing and understanding the types of workflows and processes that require management, the size of your team, and other requirements.
When you have a clear idea of what you need, you will understand how to narrow down your options and choose the software that suits you best.
Assessing Your Budget
Workflow management software comes at different prices, starting with free options and ranging across affordable to more expensive enterprise-level solutions.
You need to assess your budget and understand how much you can spend on a workflow software solution. Know that the cost of the software may sometimes include maintenance fees, so ensure you factor those in as well.
Researching the Available Options
There are several workflow management software options, so you need to research and compare them.
Look for case studies, reviews, and demonstrations of the workflow software to better understand its features, benefits, and functionality. Plus, consider the reputation and customer support of the vendor, including user reviews as well.
Evaluating the Software Against Your Needs
After identifying some suitable software options, you should evaluate them against the specific needs of your organization.
Look for features that are essential to you, for instance, workflow management, automation, and integrations with other software. Consider the UI and the ease of use of the workflow management software.
In addition, not all software is suitable for workflow management, for example, software like Classy and Boomerang, are better as nonprofit project management tools and fit nonprofit program management.
Testing the Software
Finally, it’s important to test the software. Most workflow management software offers free trials which enables you to see how it works in real time.
When testing, consider the software’s features, functionality, ease of use, and any potential issues that may occur. This will help you choose what is more suitable and serves your needs best.
Frequently Asked Questions on Best Workflow Management Software in 2023
How Do I Choose Workflow Management Software?
To choose a workflow management software, start by identifying the specific needs of your organization and your budget. Also, make sure you research available options, evaluate the software against your current needs, and test the software before choosing finally.
What Are the Four Major Types of Workflow Management?
The four major types of workflow management are project management, task management, business process management, and case management. Each type centers on different types of workflows, for example, individual tasks or complex business processes.
What Are the 3 Basic Components of Workflow?
The three basic components of workflow are inputs, processes, and outputs. Inputs are the resources needed for the workflow, processes are the steps involved in the workflow, and outputs are the results produced when the workflow is completed.
Bottom Line on the Best Workflow Management Software in 2023
The best workflow management software will boost your productivity by streamlining workflows, tasks, and processes, giving excellent outputs. We recommend all five software that has been reviewed in this roundup.
However, we’re especially drawn to Monday.com because of the efficiency that it lends to workflow management. It is a very intuitive UI, standard integrations, and 120+ project templates among others give you great value for money.
We hope that our in-depth review has helped you understand the best workflow management software for you and your team.
As the world evolves, so do its financial markets. As such, major players in the industry must continually adapt their strategies to remain competitive. This week, two major financial institutions made announcements related to their operations.
Citigroup, a multinational investment bank headquartered in New York City, announced plans to recalibrate its investment banking workforce. This comes in response to shifts in the financial industry and the need for a more agile workforce. Meanwhile, HDFC Bank, one of India’s largest private sector banks, is set to launch a revamped payments banking application in the near future.
Citigroup’s Workforce Recalibration
Source: Citigroup
Citigroup, which has been in operation for over 200 years, is no stranger to adapting to changing markets. In response to shifting trends, the bank has made the decision to recalibrate its investment banking workforce. This announcement was made in a memo to employees from Paco Ybarra, the CEO of the bank’s Institutional Clients Group.
According to the memo, the bank will be making significant changes to its investment banking operations in order to better serve clients and remain competitive in the industry. These changes will include a focus on areas where the bank is already strong, as well as an investment in areas where the bank sees potential for growth.
While it is not yet clear how many jobs will be affected by this workforce recalibration, Ybarra emphasized that the bank will work to ensure that impacted employees are treated fairly and with respect.
This move by Citigroup comes at a time when many financial institutions are feeling the pressure to adapt to new technologies and changing market conditions. As more and more investors move towards digital platforms, traditional investment banking firms are finding themselves in need of new strategies in order to stay relevant.
HDFC Bank’s Revamped Payments Banking Application
Source: HDFC
Meanwhile, in India, HDFC Bank is preparing to launch a revamped payments banking application. The new app is set to be rolled out in the coming months and will feature a number of improvements over the bank’s current offering.
According to a spokesperson for the bank, the new app will offer a simpler and more user-friendly interface, making it easier for customers to manage their accounts and make payments. In addition, the app will feature enhanced security features to protect users’ financial information.
This move by HDFC Bank comes at a time when digital payments are becoming increasingly popular in India. With a large population and a growing middle class, India represents a significant market for financial institutions looking to expand their offerings.
In recent years, HDFC Bank has made a concerted effort to position itself as a leader in the digital banking space. The bank has already launched a number of successful digital products, including its mobile banking app and its PayZapp digital wallet. With the launch of its revamped payments banking application, HDFC Bank is hoping to solidify its position as one of India’s top digital banking providers.
The Importance of Adapting to Changing Markets
Both Citigroup and HDFC Bank’s recent announcements highlight the importance of adapting to changing markets. In today’s fast-paced financial world, companies must be willing to pivot their strategies in order to remain competitive.
For Citigroup, this means recalibrating its investment banking workforce to better serve clients and compete with other firms. For HDFC Bank, it means continuing to innovate and improve its digital offerings in order to stay ahead of the curve.
While these moves may not be easy for employees impacted by workforce recalibrations or for banks investing in new technologies and applications, they are necessary steps to ensure continued success in the fast-paced and ever-changing financial industry.
Conclusion
In conclusion, the financial industry is constantly evolving, and major players must adapt to stay competitive. This week, Citigroup announced plans to recalibrate its investment banking workforce, while HDFC Bank is set to launch a revamped payments banking application in the future.
Construction Project Manager Software enables you to plan projects, keep teams together, allocate tasks, meet deadlines, and achieve goals.
With so many construction project management systems available today, choosing the best option for you may be difficult. To help you, we have compiled this list of construction project management software based on the features a project management software should have, pros, cons, and pricing.
Find out the best software for you and your construction management team.
Monday.com came out overall in our picks of best construction project manager software because of the high level of customization that it offers. You can use a workflow that suits the requirements of your project and team. In addition, this software is an all-in-one project management suite that enables you to completely oversee the business projects of your construction clients.
Project Scheduling
Monday.com provides a visual interface that allows you to plan and schedule your construction projects using a drag-and-drop system. This makes it easy for you to set timelines for your project, assign tasks to your teams, and create deadlines. It is also easy to understand the reports generated on the software’s dashboard.
Plus, monday.com sends you an automated reminder and notification when tasks are due or deadlines are approaching. This helps you ensure that all your projects are completed on time.
Cost Management
You can create a budget tracker board on monday.com to track the costs of your construction project. This helps you to monitor how much you have spent, the amount you have left, and if you are on track to complete the project within the approved budget.
In addition to budget tracking, you can track other expenses like equipment, materials, and labor costs. It helps you to ensure accountability and manage costs effectively.
Document Management
On monday.com, you can attach files to tasks making it easy to store all your relevant documents in one place. These include your construction project plans, proposal contracts, and other vital documents.
You can also create a file storage board for storing all documents related to the project that you and your team members are working on. Additionally, Monday.com software has search functionality that allows you to quickly find documents by searching for file names or keywords.
Collaboration and communication
As a construction project manager using monday.com, you can work on documents together with your team members in real-time. You can leave comments on a document, tag your teams for feedback, and assign tasks related to the document. In addition, every member of your team can track changes to a document and see who made those changes.
This helps to streamline collaboration and communication, ensuring that everyone on your team is on the same page.
Resource Management
Monday.com offers a resource management view that enables all users to see all the resources involved in a project, for instance, equipment and team members. This makes it easy for you to allocate resources effectively as a project manager and avoid overloading your team members with too much work.
Quality control and safety management
Monday.com helps you get all your team members on the same page. As a construction project manager, monday.com provides you with a template that allows every member of your team to visualize processes and progress making the process easier.
Keeping your team members informed enables planning for quality reviews and scheduling meetings to accomplish tasks. With monday.com, you can also assign roles to specific team members which means proper attention to details that may have been otherwise overlooked.
BIM and 3D modeling
While monday.com does not have inbuilt 3D and BIM modeling features, it offers integrations with other tools and software that you can use to incorporate 3D and BIM into your construction project management. For instance, you can integrate monday.com with tools like Procore and PlanGrid, which offer 3D and BIM modeling capabilities.
These integrations will help you manage your construction project better on monday.com so that your project can meet its design and safety standards.
Mobile Access
Monday.com offers mobile access through its mobile app which is available for both Android and iOS devices. The mobile app provides access to most of the features that the desktop version of the software has. This allows you to manage your projects, collaborate with your team members, and track projects from anywhere.
Why did we choose it?
We chose monday.com because it offers something for everyone regardless of your budget. Even if you’re a construction project manager working with a very small team and no budget, monday.com can help you get your project done in no time and with less risk as well. If you own a small two-person team, you can enjoy monday.com for free. If you belong to a large team, monday.com charges for as little as $8 to $16 per team member every month, when you choose the annual billing.
ClickUp has an edge over other construction project manager software in this list because it provides a combination of several integrations, minimalist UI, and affordability. This construction project manager software equips project managers to oversee the construction projects of their clients seamlessly and without any hassle.
Project Scheduling
ClickUp is a project management tool that serves as an all-in-one solution for your projects from scheduling to following through timelines. It is software with a workload visual chart that helps you to break down construction project milestones into goals, explore those goals as tasks, identify task dependencies, and define appropriate time estimates for each task. ClickUp is a complete package for your construction projects.
Cost Management
ClickUp helps you to track all kinds of budgets in your construction project with the project cost management template that it provides. You have everything that you need to track financial goals, calculate your profits, and manage your accounts. The custom dashboards that ClickUp offers also allow you to create high-level reports about how your money is being spent. See your construction project budget allocations, track your actual spending, and see how much profit you make!
Document Management
One amazing feature of ClickUp is that you can identify users by assigned colors. This means that you can tell who a user is and the edits they made to a document. You can edit your work, tag users, see updates, and leave real-time comments on documents for your team members to take action.
Collaboration and Communication
ClickUp makes teamwork more collaborative. You can streamline teamwork with powerful collaboration features that make working together on any type of project easy. You can also edit in real-time with others and keep everyone up-to-date with a visual knowledge base.
Resource Management
ClickUp box view has a completely unique approach to resource management. You can group tasks by assignee to see which of your team members are booked or by priorities to see if any task is overlapping the other. This means that you can monitor whichever of your team members has a full workload and immediately reassign to those who don’t have any.
Quality Control and Safety Management
With ClickUp, you can ensure that all construction items are completed at the highest quality by using a quality control checklist on the software. You can customize this checklist specifically for your construction project management needs. You will be able to survey the materials inspected, the accuracy of blueprints, and even documentation.
BIM and 3D Modeling
ClickUp’s board view allows you to create custom workflows for BIM and 3D modeling tasks. It also offers integrations with other modeling software like SketchUp and Autodesk. This integration allows you to access and manage BIM and 3D models directly within ClickUp, streamlining and making the workflow easier.
Mobile Access
ClickUp has a mobile app supported on IOS and Android devices. You’ll find the mobile app useful if you want to use ClickUp faster or have a good offline mode from your mobile device.
Why did we choose it?
We chose ClickUp because it is versatile to fit every kind of project due to its extensive list of features and constant development of new features. ClickUp also offers a free plan with all the functionalities you need to manage a construction project.
Over 1,000 integrations to connect with your construction project management tools
Over 10 construction management templates to quickly build workflows, schedules, and project dashboards
Connect workspaces, dashboards, and workflows with links and dependency relationships
Asana is a project management tool that helps construction project managers and their teams to see the big picture and approach their individual tasks with ease. As a construction project manager, you may tend to juggle completing projects and deadlines. Asana helps you keep everything together so that you can tackle tasks one at a time. This helps your workflow especially if you are using the software for very basic projects.
Project Scheduling
Asana helps to provide a general overview of your project including the project tasks, timeline, dependencies, and assigned team members. With Asana, you can tell the majority of what you need to know at first glance. This is because Asana outlines all the detailed components of your construction project so that you can track your progress in real-time and ensure that you’re on the right path.
Cost Management
With Asana, you can plan, budget, and track your construction project spending so that all teams can stay on budget and the overall cost is not overboard. From project coating to kickoff and post-analysis, Asana helps you stay in sync with your team and other stakeholders during the whole process of the construction project completion.
Document Management
Asana has a project documentation template for your construction project documentation process. You can customize this template so that it lists all the documents that you need to create and locate before any new construction project. This means you can keep all your information organized in one, central location, for easy access. The only major issue here is that using Asana for multiple document management may be unsuitable.
Collaboration and Communication
Asana has a board and lists feature that allows you to break down construction project plans into steps so that the people on your project management team can see how their daily tasks level up to meet the main goal. The team communication tool also helps you to manage your team’s work to communicate the right information at the right time.
Resource Management
Asana has resource management templates that you can use to plan and schedule your construction project team’s resources and activities. This gives you insight and visibility into the total and individual workload of your construction team and helps you improve their performance.
Quality Control and Safety Management
Asana provides reporting and analytics features that you can use to analyze data related to quality control and safety management. This can include tracking incidents, accidents, and other safety-related data. By analyzing this data, you can identify areas for improvement and make changes to your processes as needed.
BIM and 3D Modeling
You can integrate Asana software with other tools such as Autodesk BIM 360 for incorporating BIM and 3D modeling for your construction projects. This would help you manage your modeling tasks while visualizing the project and ensuring that it meets design standards.
However, Asana does not integrate with every modeling tool and finding one that integrates well with and suits you may be difficult.
Mobile Access
Asana has a mobile app that helps you to capture ideas quickly and access information you need to reference again from anywhere both online and offline. Mobile browser access to Asana is not supported so you would need to use the mobile app to access Asana on the go.
Why did we choose it?
We chose Asana because it helps construction project managers organize their work seamlessly and easily. The calendar view feature that Asana also offers for deadline management makes the software worth it.
Digital whiteboard for easy project planning
Easy access to resources for teams
Lacks a native time-tracking feature
Incapable of collaborative document editing
Pricing
Free basic plan
Premium plan: $13.49/month
Business plan:$30.49/month
Enterprise plan: contact Asana sales
Wrike – Best for documentation and resource tracking
Wrike is a construction project manager software that helps you to identify risks in your construction projects with a feature called work intelligence. What makes Wrike unique is that it is not just a construction project management tool, it doubles as a work management tool, which is a little bit different from its counterparts.
Project Scheduling
Wrike helps you to streamline your project schedules. With the project template that Wrike offers, you can break down your project into parts, develop a checklist for work assignments, and track the work to monitor progress. You can also personalize your dashboard to monitor tasks and all your project schedules.
Cost Management
Wrike helps you map and control your budget. You can enjoy collaboration and streamlined proofing in one place. While Wrike does not offer much when it comes to coat management, it helps you to efficiently plan and allocate resources for timely delivery.
Document Management
All users, including collaborators can use the Wrike document editor. In addition to document management and sharing, Wrike software integrates with other applications that you need to detail your construction process, like Google Sheets. This makes it easy to automate new processes that will speed up the workflow of your business and help you get rid of low-value tasks.
Wrike provides you and your construction project management team with a shared workspace where you can discuss issues, share progress, and see the final version of files.
The mention feature allows you to mention tasks to be assigned, the task description feature saves any description changes automatically and instantly, and the task change link allows you to see all the changes that were made. There is also the quoting text that enables you to quote and highlight text, the emoji enables you to assign emojis to comments and tasks, and you can use the approvals to set deadlines.
Resource Management
Wrike has an “effort-centric” allocation for resources that enables you to indicate and share task minutes or hours independently from duration. This means that the members of your team can know exactly what to work on and when they should work on it. You can easily visualize work that you assign on an individual level without affecting others. The workload view also allows for flexibility in task adjustment.
Quality Control and Safety Management
Wrike gives you access to pre-made templates designed for expert construction project managers so that it is easy to capture all the essential steps in every project. This means that you can lay a strong foundation for consistent and high-quality output. You can also create your personal project templates with Wrike.
Wrike is not a design or modeling tool itself, but you can use it for streamlining your BIM and 3D projects. For example, you can create and assign tasks for specific design elements at every stage of your construction project. You can track design progress and visualize the project with Kanban boards or Gantt charts. Team members can also collaborate on design files like 3D models and CAD drawings and share them within the platform.
Mobile Access
Wrike is at your fingertips whether you use iOS or Android. With this software, you can be productive from anywhere both at work and on the go.
Why did we choose it?
We chose Wrike because of its customizable dashboard, excellent documentation, and resource tracking to help you locate what you need as a construction project manager.
Wrike has an intuitive interface
It has a free plan that includes up to 5 users and 2GB of storage
Integrates well with cloud storage apps
Has limited features for project tracking
Does not feature a tool for note-taking.
Pricing
Free plan
Professional plan: $9.80/month
Business plan: $24.80/month
Enterprise plan:contact Wrike for a custom quote
Zoho Projects – Best for small and mid-size construction teams
Zoho Projects is a construction project management software that is designed to help construction project managers oversee small and mid-size construction projects and companies. Zoho Projects has several integrations that you’ll enjoy. One of them is the ability of the software to help you with project time management and invoicing. The software is also available on mobile for iOS and Android users which means you can access Zoho Projects from anywhere.
Project Scheduling
Zoho Projects allows you to break down your project activities into smaller approachable chunks. You can also use the software for resource allocation and work schedules. With Zoho Projects, you can view your schedule and timesheet with the software’s time-tracking features. You can use the time sheets to track the planned and actual number of hours.
Cost Management
Zoho Projects allows you to bill based on project hours, issue hours, task hours, or staff hours. You can also bill clients based on fixed costs. This means that you’re not restricted to one form of billing and can manage costs in different ways. You can also select an extra budget tracking method while setting up to track actual costs.
Document Management
Zoho Projects allows you to automate important document processes. For example, access control, revision tracking, search, and retrieval. All the changes that you make will be displayed with dates, notes, and author information. This means that every member of your construction project team can work on the latest and most accurate version of a task.
Collaboration and Communication
Zoho Projects gives you access to real-time collaboration and communication through built-in chat rooms. This allows every member of the construction project team to come together, discuss vital topics and make faster decisions. With Zoho Projects, you can invite participants, create chat topics, and discuss. Your transcripts also stay in the chat room.
Resource Management
Zoho Projects offers users the resource utilization chart. This chart displays only the weekly or monthly allocation schedule for each team member. You can edit tasks from the chart, compare resources to workload, and identify all the resources with the time available.
Quality Control and Safety Management
Zoho Project has powerful tracking features that help you analyze your construction projects and achieve flawless completions. With Zoho, you can stay within the planned constraints of time and objectives while ensuring that the process of construction is safe and that you deliver only quality outcomes.
BIM and 3D Modeling
Zoho is a simple project management software that does not solve BIM and 3D modeling issues. It however offers integration with other BIM and 3D modeling software. It is also helpful for organizing data related to BIM and 3D modeling projects making your construction work easy and seamless.
Mobile Access
Zoho Projects is available and compatible with Android, native iOS, and iPad. Anyplace, anywhere and anytime, can become your desk with Zoho.
Why did we choose it?
We chose Zoho Projects because of the time tracking solutions that it offers. If you are overseeing a small or mid-size construction project management, this software is definitely one you would find useful. Zoho’s pricing plan is also a good non profit project management software.
Paid plans offer great value
Very easy to use
Capable of project time tracking
The resources management view is complicated
The free plan does not include templates which means that you cannot know exactly what to expect
Pricing
Free plan
Basic plan: $5/month
Enterprise plan: $10/month
Benefits of Using Construction Project Manager Software
Construction project manager software offers several benefits to construction
project managers and their teams. These benefits include:
Improved Project Efficiency
As a construction project manager, using project management software will improve the efficiency of your projects. This is because of the tools provided by this software to schedule your tasks, track progress, and manage resources. They will also help ensure that you complete your projects on time and within budget.
Better Collaboration and Communication
Good collaboration and effective communication are two vital components of every successful construction project. Using construction project management software provides a platform for managers to communicate with their team members in real-time proving the flow of information and reducing errors.
Improved Resource Allocation
Using software like Monday.com or ClickUp provides project managers with a centralized platform to effectively manage project resources like equipment, labor, and materials. This allows better allocation of resources and reduction of waste.
Real-time Project Visibility
Project management software provides managers and their teams with real-time visibility into the progress of ongoing projects, enabling them to quickly identify and address issues before they become bigger problems.
Better Quality Control and Safety Management
Using good project management software allows project teams to manage quality control and safety processes more effectively. This helps to reduce the occurrence of accidents and errors on construction sites, leading to safer and higher-quality projects.
Improved Decision Making
Software like this provides you and your project management team with data-driven insights into project progress, enabling you to make informed decisions about resource allocation and project management.
Reduced Risk
Using construction project management software will help to mitigate project risks by providing project teams with the tools needed to identify and manage risks effectively.
Cost Savings
When you use project management software for construction, you will be able to project construction efficiency, reduce waste, and improve the allocation of tasks and resources. This will help to reduce cost Savings on your construction project.
How to Choose the Best Construction Project Manager Software
A construction project manager software can help you to streamline processes, enhance project management, and improve collaboration among teams. However, with so many available software options, choosing the best one can be challenging. Here are 5 key steps to help you choose the best software for your construction project management needs.
Identifying Your Needs
Before you choose management software for your construction project, it is important to identify your needs. Different software options offer varying levels of functionality and features so you need to determine what you hope to achieve from using the software. For instance, if you want to manage complex project schedules, you should look for software that has robust scheduling capabilities. If you need to manage budgets, look for software that has budgeting and financial tracking features.
In addition, not all software is suitable for construction projects, software like Bloomerang and Classy, for instance, are more suitable as nonprofit project management software for nonprofit program management.
Assessing Your Budget
Construction project manager software ranges in price from free plans to customized pricing options. So it is important to assess your budget before choosing any software. Consider the realistic amount that you are willing to spend and be sure to factor in ongoing costs such as support and subscription fees.
Know that some software options may offer advanced features at higher prices while other software may offer basic functionality at a lower cost. You should balance your budget with your software needs so that you can know the best fit for your construction project needs.
Researching the Available Options
Immediately after you have identified your needs and budget, you should research the available construction project manager software options. Look out for comparisons and reviews of different software options and evaluate the ones that fit your specific needs. Consider the features, user interface, integrations, support, and reputation of the software in the construction industry.
Evaluating the Software Against Your Needs
You need to evaluate the software options that you have against your needs. Consider the features that software offers and how they fit into your budget using different methodologies. Is it good enough for your construction team? Does it integrate with the other tools you’re currently using? Does the software offer adequate training resources? By answering these questions, you can evaluate each software option against your specific needs and determine the best option for your team.
Testing the Software
Before you finally choose a software option, you should test it with your project team. Many software options offer a free demo or trial version that allows you to test its features and functionality. During this phase, ensure that you test its ease of use and performance.
In addition, ensure to involve key stakeholders in the testing phase, such as project consultants, team members, and other relevant parties.
Frequently Asked Questions (FAQs) on Best Construction Project Management Software
What Software Do Construction Project Managers Use?
Construction project managers use construction project management software to plan, schedule, and track project tasks, resources, and the progress of team members on projects assigned. Examples of these project management software include Monday.com and ClickUp.
Which Software Is Best for a Construction Company?
The best software for a construction company is construction project management software. The one that you will choose depends on your specific needs as a project manager and that of your company. The software on this list is endorsed in the construction industry as the best construction project management software in 2023.
What Software Can Help With Scheduling Construction Projects?
The software that can help with scheduling construction projects including creating and managing schedules among several other tasks includes Monday.com, ClickUp, Asana, Wrike, and Zoho Projects.
Bottom Line on the Best Construction Project Management Software in 2023
The best construction project management software for managers can make you more efficient and help you deliver excellent finished construction projects. We recommend all five platforms that have been reviewed in this list.
However, monday.com is our best choice because you’ll enjoy using the software regardless of your budget or team size. It also has effective project management features, “essential project management methodologies,” a simple interface, automation, and a free version. We hope our in-depth review will help you choose the ideal construction project management software for you and your team.
Project management software contains a unique combination of tools to help teams stay organized and on top of deliverables. Finding the ideal platform, however, is no easy task. In this article, we researched the best project management software for small businesses to help facilitate your decision.
Benefits of Using Project Management Software for Small Businesses
It shouldn’t take too much convincing to see the benefits project management software can have on your small business. We’ve captured a few of the top reasons below.
Improved Project Performance and Efficiency
Having a pulse on each of your employee’s workloads allows you to see how each member handles certain tasks and where they perform the best. It will also become apparent when someone is overburdened or simply in over their head. Through careful consideration, you can shift people into more appropriate roles and boost a project’s overall efficiency.
Better Collaboration and Communication
Keeping all your information in one place facilitates teamwork and communication among peers. Instead of random emails floating endlessly through cyberspace, your team can view changes as they happen and reference dialogue down the road. If a user has a question along the way, dropping a note in a chat allows others to offer clarity immediately.
Most project management software allows task and subtask creation, so each member can see precisely what they need to work on and when. When documents are involved, most platforms offer digital storage to attach files directly to open projects.
Real-Time Project Visibility
Project management software allows you to lay out every aspect of your project from start to finish. Subtasks feed into tasks that must be completed for the overall project to wrap up on time. With this approach, it becomes quickly apparent when someone drops the ball or a task falls behind.
Issues will always inadvertently appear, and viewing projects in real time also lets you make modifications when necessary. When labor shortages delay a delivery by a few weeks, you can slide tasks down to compensate.
Better Budget Management
Since project management software allows you to see the whole picture, you also get a bird’s eye view of finances. Most platforms feature custom templates and fields for your tasks, enabling you to add budgetary estimates for tasks right into the app.
As timelines stretch or costs shift, you can manage your budget to make sure you’re still within a safe threshold. With your entire team’s project load at your fingertips, you can also track how much each user is costing you based on workload and how quickly they’re finishing tasks.
Improved Decision Making
Up-to-the-minute reporting tools spit out how your team utilizes resources, ways your scope is shifting, and how close you are to your original project plan. You can run detailed reports with just a few clicks to keep you in the loop without taking up all your time.
Through these reports, you can strategically decide to cut a feature or shift a deadline as projects stall or budgets soar. With collaborative tools, you can bring in your top advisors to share in the decision-making process without having to jump through hoops.
Reduced Costs and Delays
Painting a clear picture of open tasks and project status helps eliminate redundant work and streamline deliverables. Sticking to the script can keep costs down and increase the likelihood of completing objectives correctly the first time.
Maintaining a clear schedule puts everyone on the same page when it comes to deadlines and milestones. Assigning due dates for each task and subtask can keep projects on track and keep delays from creeping in.
Scalability
Project management platforms are designed to grow with your business as you need to introduce more features. Small businesses can start with free versions most companies provide and dive into paid plans offering automation, more views, or integrations when the time is right. Higher-tier options may require a certain number of members before you can move up.
Best Project Management Software for Small Businesses
As we put together our list of the best project management software for small businesses, we look foremost to pricing and the availability of a free version to get started. We also studied available collaborative tools and customization options your team can use to make the software your own. Finally, we assessed integrations with other popular apps to help save time and money.
Click here for a more detailed description of our methodology.
As you work with your team, Monday.com lets you assign tasks with ease and create a customized layout from over 200 templates where you can track project progress. A free plan for up to two people makes it a great option for startups until you’ve generated some income of your own. As your business grows, it’s possible to test new features for free before paying the modest price increases to unlock them.
Why we chose it: Monday.com’s flexible interface, customizable setup, and long list of integrations make it the best overall project management software for small businesses.
Long list of integrations
Several customizable options
Free plan available
Free plan lacks features
Lacks some reporting tools
No phone support
Pricing
You’ll have three paid price tiers to choose from when signing up for Monday.com, from $8 a head up to $16. Accessing a paid plan requires at least three seats and adds more features the higher you go.
Free Version
Monday.com’s free version is a great tool for getting your business feet yet. Up to two team members have access to all the platform’s interface options and 500 MB of storage. There are some limitations on views and the number of items you can create.
Collaboration
Your team can embed documents in projects for shared viewing or use Monday.com’s whiteboard to plan out your next business move. In the river’s seat, it’s possible to track individual progress and see which projects are falling behind. The Standard plan adds Zoom integration to keep conversations all in one place.
Customization
Over 200 unique layouts put you in complete control of your setup. You can also make use of more than 20 column types to build boards your way. The platform starts you off with multiple views, letting you add more as you move up the pricing ladder. Other customizable options include automations and unlimited seats past the free trial.
Integrations
Monday.com is likely friends with the other business management tools you already use. You can sync your Google Calendar, import and export Excel files, and attach files from your Dropbox account. These apps just scrape the surface of what Monday.com can assimilate with.
ClickUp: Best Project Management Software for Small Businesses With Flexible Views
ClickUp is all about project management views, even giving free users a shot at Gantts and Timelines that other platforms charge for. You can bring up to five team members into the free version, and each has full access to chat features and file sharing. Customization tools run deep, but making the most of ClickUp’s complicated interface and advanced features will take some work.
Pricing tiers start at $5 monthly per user and climb as high as $19 for the highest assortment of features. Plans differ the most around available views and collaboration tools. An enterprise plan for large teams is the only spot to access everything ClickUp has to offer.
Free Version
The free forever version hands your business up to five seats to use as you see fit. It throws a handful of unlimited views your way while giving you a taste of Gantt, Workload, and Timeline options for a limited time. Many collaborative tools and integrations are not available.
Collaboration
Depending on your price tier, ClickUp may limit how much you can share in a collaborative setting. You’ll have to reach the Business level before building custom teams or publicly sharing all your files. At any point, your team can take advantage of chats, in-app video recording, and whiteboards for brainstorming.
Customization
No matter the project management view you fancy the most, ClickUp probably has it. The platform also lets you build in custom statuses, a limited number of automations, and widgets to arrange your dashboard. The moment you start paying for ClickUp, time-tracking widgets and billable reports become available.
Integrations
More than 50 native integrations await you when you join ClickUp as a free member. Some of the most popular apps you can connect with are GitHub, Slack, Zapier, and Google Drive for creating a seamless workspace. In all, ClickUp integrates with more than 1000 apps for your business needs. Unfortunately, most of them remain behind paid tiers.
Asana: Best Free Project Management Software for Small Businesses
Asana offers an excellent free version with unlimited access to tasks and projects. The software doesn’t have storage limits at any tier, enabling you to keep all documents of your choosing in one strategic location. There’s plenty of wiggle room to customize the sleek interface to your liking. Features grow significantly when you start paying for the service, but Asana’s price points are a bit high.
Why we chose it: Unlimited tasks, projects, and activities for up to 15 users make Asana the best free project management software option out there.
Excellent free version
Crisp, clear user interface
Unlimited storage
Pricey at higher tiers
Limited assignments
Clunky mobile app
Pricing
Be prepared to pay $10.99 per user each month the moment you delve into Asana’s paid service tiers. While the number of features increases significantly, it can be hard for smaller businesses to make the jump. Adding more complex tools, such as advanced reporting and time tracking, push that price point to $24.99.
Free Version
Small businesses will likely join Asana for its free version and stay there indefinitely. As long as your team doesn’t grow beyond 15 users, you’ll have free rein on creating tasks and projects while perusing them using a handful of available views. Rudimentary assignments and unlimited storage only sweeten the pot further.
Collaboration
Alongside unlimited storage for documents and ideas, teams can leave unlimited messages in projects and share feedback with one another. As project lead, you’ll be able to assign tasks to different users within a single project. This complete view of work helps your crew tackle the right tasks at the correct time.
Customization
Asana comes pre-loaded with a range of complex and simple project management software tools to customize your layout. Adjustable fields with priorities help the team keep track of what’s most important at any given time. Users can use automation to create custom rules and eliminate repetitive, mundane tasks.
Integrations
Over 200 apps marry with Asana, sharing information back and forth between them. Slack, Salesforce, and Microsoft Teams are among the most used for communication and building a positive customer experience. It’s also possible to link up Microsoft Office files and tools like Adobe Creative Cloud to create fabulous designs.
Wrike: Best Project Management Software for Small Businesses With Remote Teams
Stellar team collaborative tools put Wrike firmly in the spotlight. Unlimited members, even in the free plan, make the software a suitable choice for consultants who bring on new clients all the time. The user-friendly dashboard may come across as a bit drab, but it gets the job done with easy navigation and scheduling. Paid tiers provide access to Wrike’s comprehensive workflow automation and resource management tools that are second to none.
Why we chose it: Wrike’s work schedule management and email integration help remote teams stay connected and on task.
Excellent team collaboration tools
User-friendly dashboard
Automated workflows
Limited views in free version
Expensive advanced plans
Not beginner-friendly
Pricing
Expect to shell out a pretty penny when moving to Wrike’s paid plans. The Team tier for $9.80 per user monthly is suitable for up to 25 users and eliminates limits on projects and tasks. A considerable price jump to Business at $24.80 per user adds in automations, unlimited dashboards, and reporting. If you need more storage or security, Enterprise and Pinnacle plans may be what you’re after. You’ll have to call Wrike to get quotes.
Free Version
Wrike takes an exotic approach to project management software by offering a free version where you can add as many users as you want. You can build basic tasks and subtasks, but the free plan also incorporates email integration for communicating with remote teams.
Collaboration
Email integration is just the tip of the iceberg for collaborating with fellow members. Users also have the option to centralize conversations with in-project chat. Other perks include shared workspaces for brainstorming and seeing tasks through from start to finish.
Customization
Through Wrike, it’s possible to make use of customized request forms to organize requests by due date, priority, or other metrics that make sense for your team. Customizable libraries and configurable views help track what team members are working on and let you hide irrelevant data to reduce clutter.
Integrations
You can select from 400+ integrations to connect Wrike with other apps you use on a daily basis. Syncing data between software goes one or both ways, so you don’t have to enter information multiple times. Wrike works with sales software like Salesforce and Google’s suite to view documents without having to move from place to place.
Zoho Projects: Best Project Management Software for Small Businesses for Collaboration
Team dashboards, thorough communication tools, and file sharing capabilities all keep teams focused and aligned on project goals. Anyone using Zoho’s other apps will be happy to see how well they all communicate with each other across an intuitive user interface. Pricing is geared toward budget-conscious small businesses, but Zoho does lack some depth in its features that apps like Monday.com have.
Why we chose it: Zoho Projects brings about the best collaborative features as part of a well-rounded app.
Multiple ways to collaborate
Budget-friendly price points
Clean and intuitive user interface
Lacks depth of features
Weak free plan
Unreliable search function
Pricing
The max you’ll ever pay for Zoho Projects is $10 per head/month with its Enterprise plan. Here you’ll get to play with unlimited projects, 30 templates, and 120 GB of storage space for pertinent documents. The premium plan at $5 per person cuts back on some of these features while mixing in some customization.
Free Version
Zoho’s free plan is for up to three users but is somewhat lacking in functionality. Two projects and limited storage space are enough to get started, but will soon leave you wanting for more. It does include basic Gantt charting and a calendar for tracking deliverables. Luckily, upgrading to one of the paid options doesn’t come with sticker shock.
Collaboration
Every project has a feed where your team can see the latest chatter in real-time at any time. Zoho Projects also doubles as a communication center, allowing users to create personal or group chat rooms. The forum makes it easy to locate old conversations quickly, and you can convert collaborative efforts into pages to keep static information on specifications, new ideas, and more.
Customization
Zoho Projects gives you the power to customize projects as you see fit with the help of templates and tags. This also includes custom fields and views to capture important data no matter what the task may be. It’s up to you to assign statuses for tasks that clarify who’s on time and who needs to play catch up.
Integrations
It should come as no surprise that Zoho Projects works well with other Zoho apps for CRM, invoicing, and more. With over a dozen in total, it makes sense for anyone already using Zoho to keep things in the family. That said, Zoho also links up to Microsoft, Google, file-sharing software, calendars, and more.
Trello: Best Project Management Software for Small Businesses for Kanban Boards
If Kanban boards are your bread and butter, look no further than Trello. The platform’s simple and intuitive approach allows team members to move from place to place with ease, and anyone can put drag-and-drop automations to use. Trello may be missing some Google and Microsoft integrations but makes up for it with a top-notch free plan.
Why we chose it: Trello is the king of Kanban boards, allowing your small business to go from idea to action in moments.
Excellent Kanban board
Simple, intuitive to use
Solid free plan
Missing some Google and Microsoft integrations
Doesn’t scale well
Limited views
Pricing
For $5 per user/month, Trello gives unlimited boards, custom task fields, and up to 1,000 workspace command runs. Moving to the Premium plan at $10 per user unlocks additional views for your team to play with. The Enterprise level starts at $17.50, giving the full gamut of what Trello brings.
Free Version
Trello’s free plan lets you create an unlimited number of cards with unlimited storage and as many users as you need. You can also tap into no-code automations and a number of templates to personalize your view. Assigning tasks is simple, and you can set up two-factor authentication to keep your information safe.
Collaboration
Your team can use Kanban boards to their hearts’ content for collaborating on projects. The software also lets you store a limitless number of documents, increasing the maximum file size as you move to higher tiers. Teams can check activity logs to capture project changes or revisit old ideas.
Customization
All of Trello’s boards are customizable to meet your company’s demands with a large number of templates. Custom fields become available as you start to pay for the service to log specific business needs. You can also set rules to trigger actions so you don’t have to do it yourself.
Integrations
Trello links and syncs with Slack, Jira, GitHub, and more to save time and effort. It’s unfortunately missing connections with Google and Microsoft that many other project management software options have.
Methodology for the Best Project Management Software for Small Businesses
We considered a number of factors when building a list of the best project management software for small businesses. These methodologies took the top spots. Read on to find out why.
Pricing: Product pricing speaks for itself, especially for small businesses without a lot of income. Project management software is an essential tool for any venture, but it does little good if it breaks the bank in the process.
Free Version: Because pricing can be an issue, it was important to locate project management software with free versions companies can use to get started. Free versions may lack features or comprehensive tools but are a great way to get your feet wet before spending any money.
Collaboration: Even if you have just a few employees, they need to be able to communicate ideas and work together to complete tasks. Collaborative tools allow your team to keep communications and documents in one location and everyone on the same page.
Customization: No two businesses are alike, and project management software companies understand this. Customization options let you build the platform of your dreams, down to the ideal layout and the exact information you want to see. It’s also possible to create automations to perform mundane tasks for you, allowing you to focus on more important matters.
Integrations: Your project management software is probably one of many tools you use to get the job done every day. When these programs integrate with each other, they can share information so you don’t have to populate the same information in multiple locations. Teams can also sync calendars and keep communications under one umbrella.
How to Choose the Best Project Management Software for Small Businesses
Ready to pick out the best project management software for your small business? These tips will help you make a decision.
Identify Your Needs
Before you do anything else, lay out exactly what your small business needs from project management software. Are there certain views, charts, or reports you can’t do without? What collaboration tools does your team like to use, and how are they most efficient at their tasks?
Also, make a list of the users who will access the platform every day. Some platforms cap the number of seats you can acquire per tier, and prices can skyrocket if you’re not careful.
Consider how tech-savvy your team is as well. Some apps may go over the heads of less technical teams, while others take a drag-and-drop approach anyone can use.
Take note of the other apps your company uses so you know what your project management software needs to integrate with. These integrations could be anything from email and calendars to document sharing or invoicing software.
Assess Your Budget
With a list of what you’re looking for in hand, come up with an educated guess of how much you can budget each month for software. Project management tools should help your bottom line, not send you so deep into the red that you can’t climb back out.
Many platforms start small businesses off with a free version of their software with limited features and functionality. You may not get everything you’re looking for, but it won’t cost you anything, either.
Research the Available Options
Once you know what your budget can handle, it’s time to research available software options. There are a seemingly endless number of options out there, so we recommend starting with our list above.
Evaluate the Software Against Your Needs
As you create a short list of software options that align with your budget, start evaluating each one against your company’s needs. You may have to make some compromises on a certain feature or integration as you settle in on your top picks. Don’t hesitate to throw options out that simply can’t provide what you’re looking for in the budget you have to work with.
Test the Software
After whittling your list down to a handful of choices, see if you can test the software before making a commitment. Most platforms have a free version, but it’s common to find options with free trials giving you a chance to see everything it has to offer.
Best Project Management Software for Small Businesses Frequently Asked Questions (FAQs)
Want to learn more about the best project management software for small businesses? This FAQ may have the answers you’re looking for.
What are the four main types of project management software?
The four main types of project management software are integrated, individual, collaborative, and cloud-based. Some platforms combine multiple types into one comprehensive package.
Are project management tools safe to use?
Top project management offerings include an assortment of security features to keep your data safe. Encryption and privacy protection are common, and it’s possible to set up logins through two-factor authentication to avoid unauthorized access.
What is the best free project management software?
In our research, we chose Asana as the best free project management software. Even at the free tier, it’s possible to have up to 15 users and create an unlimited number of tasks and projects.
What do I need from a project management software?
Your project management software should allow you to create projects, track time spent on tasks, and analyze workflows at a glance. Going a bit deeper, these tools should interface with other apps you use while remaining budget-friendly to your small business.
Bottom Line
The best project management software for small businesses fuses project tracking, collaboration, and other features to boost your team’s productivity and performance. Keeping everyone on the same page can save your company time and money and help you make important decisions as challenges arise. We found Monday.com to be the best, thanks to a generous free version, customization tools, and a flexible interface. Any one of the project management software options to make our list could be just what your company needs.
Whether your corporation is large or small, keeping track of finances is paramount for success. A business bank account allows you to manage company funds in one place while taking advantage of additional features to help your business grow. Read on to learn how to open one in six easy steps.
How to Open a Bank Account in a Corporate Name in 6 Steps
Finding the ideal bank account for your corporation can be a daunting task. This guide will help you open a business bank account in short order.
Step 1: Choose a Bank Account Type
Bank accounts come in all shapes and sizes. Before opening an account for your corporation, you’ll want to weigh the pros and cons of each type. You may end up opening just one account, but in many cases you’ll find yourself selecting a few that complement each other.
Here are the five most commonly used business bank account types and the benefits of each:
Business Checking Account
You’d be hard-pressed to find a business operating without a checking account. This account is the backbone of your financial operations and allows you to move money with ease. A business checking account is perfect for transferring funds, making payments to vendors, and withdrawing cash as needed.
The majority of your corporate finances will reside here, constantly ebbing and flowing as demands arise. Keeping an eye on upcoming expenses is crucial, lest you run the risk of insufficient funds.
These accounts usually have transaction limits, and going above the allotted amount leads to fees. The same holds true for cash deposits, making it paramount to check these restrictions before signing up.
A handful of business checking accounts are interest-bearing, allowing you to earn a few cents for every dollar present within. This is a luxury and not the norm, so don’t turn down a bank if the option doesn’t exist. Rates tend to be on the low side, but Bluevine stands out for its 2.0% APY.
Business Savings Account
When setting aside money to pay shareholders or work towards an upcoming large purchase, a business savings account can be a great place to store those funds. Finances in a business savings account almost always accrue interest, although rates vary significantly from one bank to another.
The FDIC lists the national average for interest rates on savings accounts at 0.35%. Shop around enough and you should be able to find something higher.
You won’t want to touch this money if you don’t have to, so you can maximize income from building interest. It may not be an earth-shattering number, but any amount can add up over time.
The biggest downside of a business savings account comes in the form of limited withdrawals. You can’t pull out money more than six times a month, potentially leaving you with inaccessible funds if you don’t plan accordingly. It’s not usually possible to write checks or use a debit card to take funds out of a business savings account.
Business Money Market Account
Business money market accounts act like beefed-up savings accounts. They often have higher interest rates and the flexibility of writing checks or using your debit card to take funds straight out of the account.
This extra flexibility comes at a cost, sometimes in the literal sense. Business money market accounts tend to have a higher initial deposit or monthly balance requirements to adhere to. Some may have unavoidable fees or still place restrictions on withdrawals.
Business Certificate of Deposit (CD) Account
Business certificate of deposit accounts offer a whole new take on growing funds. You’ll often find the highest interest rates here, but they come with a significant catch.
By using a CD account, you agree to lock away money for a set amount of time, referred to as a term. Depending on the CD you choose, this term can be months or even years.
Your interest rate plays into the amount of money you’re willing to stash away and the length of your term. It’s imperative to ensure you won’t need these funds for any reason until your term ends.
Taking money out of a CD before the end of a term comes with a costly penalty. In most scenarios, terminating your CD early will leave you in a worse position than you were going into the deal.
Merchant Account
Merchant accounts exist to collect credit and debit card payments either in person or online. Without a merchant account, these forms of payment will not be available to your business.
When a customer pays you with plastic, those funds land in your merchant account before trickling down elsewhere. After a set number of days, the money will automatically move to another account of your choosing.
The service or bank you’re using to set up a merchant account likely has both hardware and software for accepting credit or debit card payments. You may face costs for using this equipment, and there are often small transaction fees associated with each customer purchase.
Most of the time, opening a merchant account comes with a multi-year contract and specific terms. Services like Square start you out on a basic plan for free.
Step 2: Find the Best Bank
Once you’ve whittled down which bank accounts your corporation needs, you’ll want to select the best bank. Not all banks offer every account type, so finding one that does is priority one.
Keep the following factors in mind when selecting the ideal bank for your corporation:
Fees
Banks are still businesses that need to keep staff employed and the lights on. They have to make money somehow, which may mean monthly fees or charges for using certain services.
A few online banks like Axos and Lili have free business banking accounts without monthly fees to contend with. That said, it’s more common to find institutions with recurring maintenance costs. The best options include ways to waive these charges through transactions or balance minimums.
Fees can also appear with transactions or cash deposits. Banks typically allow a set number for free, but nickel and dime you after passing that limit. You’re usually okay using in-network ATMs for withdrawals, but out-of-network machines almost always come with a charge.
You may be able to access some business services for free, but read the fine print. There may be charges lurking in the shadows you’re not immediately made aware of.
Required Minimums
Depending on the bank, there may be an initial deposit required to open an account. Banks want to make sure you have some skin in the game, so you’ll have to meet this amount before being able to do anything else. Once your account is up and running, a bank may impose a minimum balance to avoid the maintenance fees mentioned earlier.
Bank accounts with higher initial deposits and monthly balance requirements tend to have better perks, but don’t wander into a trap. It’s better to take a conservative approach with your corporation so you don’t end up biting off more than you can chew.
Your balance may also play a role in the interest rate you’ll earn with your checking, savings, or money market account. Additional finances can lead to higher interest rates and more money back to your corporation each month.
Interest Rates
Your corporation’s extra funds can serve well in a savings, money market, or interest-bearing checking account. These accounts generate interest based on the amount contained within.
Most corporations use savings and money market funds for unexpected expenses or large purchases. Growing even a few tenths of a percent each month can make a huge difference in the long run.
Online Banking
Today’s banks understand the importance of an online presence in our fast-paced world. Some institutions don’t even have physical locations, opting to do business solely over the computer.
The best banks let you perform all your business functions from anywhere with an internet connection. Doing so eliminates the need to drive to a branch and wait in a queue.
Mobile banking apps allow you to transfer funds, monitor account balances, and set alerts to prepare you for upcoming expenses. They’ll even let you deposit checks from your phone or point you to the nearest ATM.
Business Services
The bank you choose should have additional business services to help your corporation manage funds. Features may include fraud protection, accounting software, or payroll solutions for your staff. Institutions like Bank of America have a rewards structure just for doing business.
Chase is known for its business services, and U.S. Bank has a number of lending opportunities for any corporation needing extra cash. Novo works well with e-commerce giants such as Shopify and Etsy to facilitate sales.
Step 3: Obtain an EIN
Almost all banks will want to see your employer identification number (EIN) when you go to open an account. Every corporation needs an EIN for tax purposes, whether you have employees or not.
If you don’t have an EIN, jump over to the IRS’s website and apply for one there. It’s free, and you’ll receive your nine-digit number immediately upon completion of the form.
A business formation service may complete the EIN application process for you when setting up your corporation. In this case, locate the number assigned to you when applying for a bank account.
Step 4: Create a Corporate Resolution
All business owners need to meet and draft a corporate resolution. This holds true even if you’re currently a company of one.
Your corporate resolution answers many of the tough questions your company may face during its tenure. Among these decisions should be specifics on opening a corporate bank account.
In the document, you’ll spell out the purpose of your bank account and who can access it. It should also be clear how each business owner voted, and each individual should sign the form.
Not every bank will ask to see your corporate resolution, but you should still have one on hand. Having everything documented can protect your corporation from liability down the road.
Step 5: Gather Your Paperwork
Once you’ve got the perfect bank in mind and paperwork drafted, you’ll want to gather up your documents. In addition to your EIN and corporate resolution, the bank may request the following information:
Name and Address: You’ll need to provide both the name and address of your corporation.
Personal Identification: Banks will look for one to two pieces of identification proving you’re someone who can act on behalf of the corporation. One of these will have to be a photo ID, such as a driver’s license or passport. The other can be a voter registration card, credit card, or a bill.
Articles of Incorporation: Your Articles of Incorporation defines the purpose of your corporation and its duration. The document also captures the name of your registered agent, owner information, and information about the number and type of shares your corporation can issue.
Certificate of Assumed Name: If you’re operating your business under an assumed name, you’ll need to show legal proof you can do so. This certificate can be called a number of different names depending on the state.
Business License: The state administers your business license once you’re an officially registered business. It shows the bank you are a legitimate entity and the state you can operate out of.
Corporate Bylaws: Corporate bylaws are a legally binding set of rules your leadership must follow. It spells out specific details on each leadership position and information about shareholders.
Step 6: Sign Up
With your paperwork in hand and a bank in mind, you’ll have everything you need to open a bank account. If the bank you chose has a branch nearby, you can set up everything in person.
A banker will review your paperwork to ensure everything’s on the level. You should be fine with the documents listed above, but doing some research in advance can save you the headache of having to collect something you forgot.
Some banks can bring your account online right away, while others can take a few days to process your documentation. You may also be subject to a credit check before the bank opens your account.
Signing up for a business bank account online may also be possible. The process varies from bank to bank, and some institutions may not allow this method.
Lili is an online fintech company that takes mere minutes to open an account. Others, like Chase Bank, require more paperwork and longer review times.
Should your bank require an initial deposit, you’ll need to add funds right after signing on the dotted line.
Benefits of a Corporate Business Bank Account
Corporations must have an account dedicated to business purchases. That said, there are plenty of other great reasons for having a business bank account. Here are some of the best benefits for you and your corporation.
Personal Fund Protection
Corporations offer liability protection for a business owner’s personal funds. In the event of a lawsuit or business debt, no one can come after your private assets.
Without a clear distinction between business and personal funds, that liability protection can go right out the window. Known as “piercing the corporate veil”, the government or debtors can come after your assets as well.
Accept Credit Cards
You’ll need a merchant account to accept credit card purchases both in a physical store and online. Even if you use point-of-sale tools from a service, you’ll still need a business bank account to attach them to.
Allow Others to Access Funds
Setting up a corporate bank account allows you to give access to funds where you see fit. You can pick employees to make purchases on your behalf or dole out credit cards to cover things like travel expenses.
Avoid Tax Problems
When tax time rolls around, having a business bank account significantly simplifies handling payments to the IRS. If you track all your credits and debits in one account, it will make calculating amounts that much easier. The process also helps with write-offs.
Miscalculations or incomplete tax estimates can lead to audits that consume time and money. Any ambiguity about personal and business funds can land you in hot water.
Be Professional
Making payments from a business bank account looks way better than sending a check from a personal one. Aligning your business and financial goals speaks volumes for the professional nature of your corporation.
Improved Organization
All your business finances in one place makes it easy to follow expenses and income. You can locate areas where spending is high and ensure revenues are on point all at a glance. As you partner with other businesses, they may ask to see your financial statements before working with you.
Build Credibility
A business bank account lets your corporation start to build its own credit. Keeping in good standing with the bank and other businesses can lead to long-lasting relationships. Down the line, you can use this credit to request business loans or favors from another company.
Who Can Open a Corporate Account?
The person applying for a corporate account must have an ownership interest in the company. Banks typically require this individual to have at least a 25% stake in the business. Assuming that’s you, you’ll also need the blessing of your entire board of directors.
Your corporate resolution should clearly state that you have permission to open a corporate bank account. Banks may require you to be a US citizen and run a credit check on your finances.
How to Open a Bank Account in a Corporate Name Frequently Asked Questions (FAQs)
Have additional questions about how to open a bank account in a corporate name? This FAQ may have the answers you’re looking for.
Can a corporation own a bank account?
Corporations can most certainly own a bank account. Both corporations and LLCs must have a business account dedicated to company dealings.
What is the purpose of opening a corporate account?
Corporate accounts are the perfect location to store all your funds. They work well for making business transactions and receiving income from outside sources. Having a corporate account also protects your personal finances and helps with organization.
How long does it take to open a corporate bank account?
It can take anywhere from mere minutes to a few days to open a corporate bank account. The duration depends on the bank and your ability to provide the required documents in a timely manner.
Does an S Corp need a business bank account?
Yes, an S corporation must have a business bank account to do business. This requirement comes directly from the government.
What is the difference between corporate account and individual account?
Corporate accounts are designed specifically for business use. They facilitate transactions and often come with a list of services for companies to take advantage of. Individual accounts are geared toward personal use and smaller sums of money.
Bottom Line on How to Open a Bank Account in a Corporate Name
Opening a bank account in a corporate name isn’t just a good idea; it’s a required part of creating a corporation. Doing so requires careful consideration of account types and the features banks offer that benefit you the most. With research out of the way, you just need to gather the necessary documents and sign up in person or online.
Best Business Bank Accounts by State
Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.
Managing finances as a sole proprietorship is crucial for running a successful business. A business bank account makes it easy to track company funds while offering additional services to help your venture grow. Read on to learn how to open a sole proprietorship bank account in four simple steps.
How to Open a Sole Proprietorship Bank Account In 4 Steps
There are no shortcuts when it comes to opening a sole proprietorship bank account. The following steps show you everything you need to set one up quickly.
Step 1. Decide on a Business Bank Account Type
Your sole proprietorship may benefit from a few different bank accounts, depending on your business focus. Here are the most common bank accounts to choose from.
Business Checking Account
A business checking account will likely be the most important account you use as a sole proprietor. This account lets your business freely move funds, accept deposits from outside sources, and make necessary payments.
Whenever you need to withdraw money from your bank, the business checking account is probably the first place you’ll go. It’s essential to always keep enough money here so you don’t end up with an overdraft.
Some banks are more liberal than others with how many transactions you can do in a given month. If faced with limited transactions, you’ll want to plan ahead to avoid fees. Capital One is one of the few institutions that allow unlimited digital transfers.
Business checking accounts may offer interest on the cash you’re keeping within. While a nice perk, such a perk is far from the norm. Bluevine is one of the few to step up here, giving up to 2.0% APY on up to $100,000.
Business Savings Account
If you’re able to maintain a healthy balance in your checking, a business savings account may be an option for you. These accounts work well for unexpected expenses or saving up for a large purchase down the road.
Unless a bank is a real dud, any money kept in a business savings account accrues interest at an advertised rate. You get to do business as usual and have the bank pay you a small amount on the side.
The amount you earn in a savings account often scales depending on how much you have within. Higher amounts generally increase the interest rate, assuming you can afford to set aside that much cash each month.
You’ll need to be careful about taking funds out of your savings account, though. It’s only possible to withdraw money six times per month, potentially leaving you in a pickle if you don’t plan well. Most banks won’t let you write checks or use a debit card to pull money from your savings, either.
Business Money Market Account
Business money market accounts function like savings accounts but come with a handful of additional perks. You can usually find higher interest rates here while being able to write checks or use debit cards to draw out cash as needed.
This flexibility can come with a literal cost, as money market accounts often charge unavoidable fees. If there’s a way to waive fees, it will be through high monthly balance requirements. There’s usually a large initial deposit to open an account in the first place.
Business Certificate of Deposit (CD) Account
Business certificate of deposit accounts are the cream of the crop for earning interest but are very rigid by design.
When you open a CD account, you agree to leave that money alone for a certain period of time. Known as the term of the CD, this interval can range from months to years.
Generally speaking, the longer the duration of the CD, the more interest the account will earn. The amount of money you’re able to put in is also a significant factor.
Before using a CD account, make sure you’re setting aside money you won’t need for any reason. You’ll be penalized heavily for withdrawing funds from a CD and likely lose out on whatever benefit the account offered in the first place.
Merchant Account
Sole proprietorships wishing to accept credit or debit card payments from customers will need a merchant account. These accounts act as a temporary holding location for these funds before finding a permanent home among your other accounts.
The bank or point of sale service you choose for your merchant account may have hardware or software you’ll need to install before accepting payments. Check for associated one-time or recurring equipment fees before signing up. In addition, be prepared to have the service take a small transaction fee each time a customer swipes their card.
Contracts for a merchant account typically run between one and three years in length. You can’t take payments from plastic without one, but some point of sale options are better than others.
Step 2. Find the Ideal Bank
With knowledge of the available account types, you can now start looking for the optimal bank for your sole proprietorship. Keep the following factors in mind when searching so you don’t incur unruly expenses or miss out on a feature your business needs.
Fees
Banks choose to earn their keep in different ways, but these always spell fees for the customer. These fees can be anything from monthly service charges to costs for using certain services.
Don’t be too shocked if the majority of the banks you look at have regular maintenance fees for account upkeep. The best bank accounts have ways to waive these charges by meeting specific requirements. Lili and Axos are among a few online options advertising completely free business banking accounts.
Most business checking accounts place limits on transactions and cash deposits. Exceeding these limits will result in per-transaction fees that can add up very quickly. Being mindful of your money flow can help avoid penalties here.
Charges can appear for out-of-network ATM use or wire transfers going either way. Banks may offer some business services for free while assigning costs to others. Be sure to read all the fine print so you know what you’re getting yourself into.
Required Minimums
As you start your journey with a bank, you may have to put down an initial deposit. Accounts with higher initial deposit requirements tend to offer better perks, so you may have to save up a bit if you want a particular account.
After you’re up and running, the bank may ask you to keep a minimum monthly balance. If you can’t keep enough money in your account, you’ll have to deal with monthly fees you may not be able to afford. Accounts requiring higher balances may seem appealing, but make sure your sole proprietorship can keep up with demands.
Your balance may also play a role in the interest rate you’ll earn in your savings, money market, or checking account. In general, more money unlocks higher rates to supplement income from your customers.
Interest Rates
Every penny matters when running a sole proprietorship. If you’re able to set aside a rainy day fund, you can use a savings or money market account to earn some interest on cash you already have.
Interest rates vary from bank to bank, with some offering as low as 0.01% APY for those just starting out. If you shop around, it’s possible to find a higher introductory rate. The national average sits at 0.35%, but many banks require high balances to reach such a number.
Online Banking
Long gone are the days of stuffy traditional banks with sparse locations and long queues. Today’s institutions embrace the ability to perform most, if not all, of your financial operations online.
Whether via the web or an intuitive mobile app, it only takes a few button presses to send money, request a transfer, or view your account balances. Many banks allow you to deposit checks using your phone’s camera.
Some online banks can get away with lowering fees by eliminating physical locations altogether. Should you need to locate an ATM or a branch, the mobile app can show you the way.
Having this flexibility with your finances enables you to bank on your time, allowing you to focus on your business instead. If a bank doesn’t dabble in online banking, it may not be worth doing business with.
Business Services
Banks use business services to stand out among the competition. Top offerings include fraud protection on your account, payroll solutions, or lending options to lock in that big purchase. The sky’s the limit, so look around for features that work for your sole proprietorship.
Others may hand out sign-on bonuses for becoming a member or a rewards system with perks depending on how often you bank. If you run an e-commerce business, banks like Novo integrate with Shopify and Etsy to facilitate your cash flow.
Ease of Use
Lastly, don’t forget to consider how easy a bank is to work with. Check customer service hours and read reviews to get a feel for how a bank operates. Clunky or outdated web interfaces or apps can wreak havoc when you’re trying to shift funds before a big expense hits.
Step 3: Gather Your Documentation
After selecting a bank, you’ll need to gather your business’s documentation to open your account. No two banks are the same when it comes to paperwork, but bringing the following for a sole proprietorship should suffice:
Business Name and Address: You must show the bank your sole proprietorship’s legal name and the address you do business out of.
Doing Business As Certificate: Sole proprietorships use the owner’s first and last name as the company’s legal business name. If you want to do business under a different name, you must request permission from the local governing body. You’ll receive a “doing business as” certificate allowing you to run your store under another name.
Social Security Number or Employer Identification Number: Sole proprietors can open a bank account using their social security number (SSN) for tax purposes. Alternatively, you can request an employer identification number (EIN) for free from the IRS. Using an EIN helps differentiate business dealings from your personal assets.
Business License: Once your business becomes official, you’ll receive a business license permitting you to operate in a particular area.
Government-Issued Photo ID: You’ll need to prove you are the legitimate owner of your sole proprietorship with a photo ID. This can be a passport, driver’s license, or the like.
Personal Information: Alongside your ID, you’ll need a certificate with your name and date of birth.
Step 4: Apply for an Account
With research complete and documents in hand, it’s time to apply for your account. Most of the time, the process is relatively painless and can sometimes be completed online.
Otherwise, you’ll need to visit a local branch with your documents in tow. A banker will pore over your application and make sure everything checks out. It’s worth contacting the bank before you arrive to ensure they’re not looking for out-of-the-ordinary paperwork.
Most banks will set up your account right on the spot, but others can take a few business days to get everything in order. Although uncommon, some institutions may request a credit report.
If signing up online is an option, you’ll have to submit all your documents through the bank’s secure portal. Fintech companies like Lili cut the processing time down to a few minutes so you can start doing business right away.
You’ll also want to bring a check or have the means to transfer funds into your account if a bank has an initial deposit requirement.
Why Sole Proprietorships Should Open Business Bank Accounts
There’s no law requiring a sole proprietorship to open a business bank account, but it’s still a good idea. Here are some of the top reasons to have an account solely for your business.
Access to Financing
Your sole proprietorship may someday need a loan or other form of business financing. Lenders typically require you to have a business checking account to verify how much money flows through your venture in a given month. If you can’t prove you have the means to pay back your loan over time, you won’t receive one.
Professionalism
Having a business bank account in your company’s name looks very professional in the eyes of potential customers or business partners. With so much distrust on the internet, shoppers may think twice about sending money to a personal bank account. You can also use business dealings to promote your company instead of just your name.
Simplifying Tax Time
Preparing your business taxes is a challenging process, and not having clear lines between personal and business expenses just complicates things more. It will be much simpler to know what you owe when all your sole proprietorship’s dealings pass through one account. Any grey areas won’t look good on paper and could give the IRS a reason to audit your finances.
Proper Bookkeeping
As a business owner, you need to track all incoming and outgoing funds to know how your company is faring. Not being aware of whether your business is in the red or black is a recipe for disaster. A separate bank account for your business allows you to follow all this data in one place.
Credit Card Payments
With a business bank account, you can accept credit and debit card payments from your customers. Without one, you’ll have to devise other methods to get paid for your products or services.
Open a Sole Proprietorship Bank Account Frequently Asked Questions (FAQs)
Want to learn more about opening a sole proprietorship bank account? This FAQ may have the answers you’re looking for.
Do I need a business bank account if I am a sole proprietor?
There’s no law requiring you to have a business bank account as a sole proprietor. That said, there are many excellent reasons to open one for your business finances.
Do sole proprietors need an EIN?
You don’t need an EIN as a sole proprietor if you have no employees. In this instance, it’s possible to use your social security number instead. Once you start hiring staff, you will need to obtain an EIN from the IRS.
How much should I put away for taxes as a sole proprietor?
As a general rule of thumb, set aside 30% of your business income for tax purposes. This should be enough to cover both state and federal taxes.
Does a sole proprietor pay taxes?
As a sole proprietor, you have to pay your income taxes on your personal return. Depending on how you run your business, you may also have to deal with self-employment taxes, payroll taxes, property taxes, and more.
Bottom Line on Opening a Sole Proprietorship Bank Account
While not a requirement, opening a sole proprietorship bank account is a wise business decision. Handling your business dealings apart from personal finances should help you immensely in the long run. Luckily, starting one is as simple as figuring out which accounts you need and finding the bank with the features you’re looking for. Once you’re ready, collect your business documents and sign up in person or online.
Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.
Every penny has its place in a small business. The last thing any business owner wants is to be tracking each one down to make ends meet. With a business bank account for your LLC, you can carefully manage funds and access extra services to help your business grow. Read on to learn how to open one in four easy steps.
How to Open a Business Bank Account for an LLC in 4 Steps
Determining the best business bank account for your LLC can be an overwhelming task. This guide has everything you need to open a business bank account in no time.
Step 1. Decide on a Business Bank Account Type
Before anything else, analyze the different types of available accounts and decide what your business needs. While you may settle on one, you’ll likely select a couple to get the biggest bang for your literal buck.
Here are the five most commonly used business bank account types:
Business Checking Account
In just about every circumstance, you’ll want to have a business checking account as the foundation of your financial operations. These accounts allow your business to transfer funds, make payments to vendors, and accept deposits from customers or other businesses.
Most business checking accounts also have ways to deposit and withdraw money from ATMs that are part of a particular network. It’s important to keep the lion’s share of your funds in this account to cover outgoing expenses, lest you experience an overdraft.
The majority of these checking accounts have transaction limits, forcing you to plan out a monthly strategy to avoid penalties. Exceeding a set amount each month typically results in per-transaction fees. Some of the best business checking accounts remove these restrictions.
While few and far between, there are interest-bearing checking accounts where you can earn interest each month on money within. Rates tend to be low, although Bluevine sets the bar high here.
Business Savings Account
Business savings accounts are often a great place to store funds you don’t plan to use immediately. If you’re saving up for a larger investment, such as a store expansion or equipment purchase, a business savings account is likely the best option.
Here, your money will accrue interest at an advertised rate. If you shop around, you’ll find accounts with higher interest rates than others. The determining factor here is usually a minimum balance requirement to lock in a rate and negate service fees.
The downside of business savings accounts is limited withdrawals. It’s not possible to take out funds more than six times in a month, potentially leaving money inaccessible. In most cases, you can’t write checks or use a debit card to pull cash from this account type. Some banks may limit deposits into the account as well.
Business Money Market Account
Business money market accounts function similarly to business savings accounts. They often feature higher interest rates and may allow you to write checks or use debit cards to pull money directly from the account.
This extra flexibility comes at a cost. Money market accounts usually have higher initial deposits and monthly balance minimums. Some may have unavoidable fees and come with a limited number of transactions.
Business Certificate of Deposit (CD) Account
Business certificate of deposit accounts take money savings to a whole new level. CDs often have the highest interest rates but come with a significant catch.
When you place money into a CD, you agree not to touch those funds for a set amount of time, referred to as the term of the CD. Depending on the CD account you choose, this time can range from months to years.
The rate you earn from a CD comes from the amount of your deposit and the term of the CD you’re storing money in. You need to be sure that this is money you won’t have to use under any circumstance for its duration.
Should you need to pull your money out before the CD comes to term, the consequences can be dire. Be prepared to pay steep penalties that could destroy any earnings you hoped to attain.
Merchant Account
If your small business accepts credit or debit card payments either in person or online, you’ll need a merchant account. Merchant accounts serve as a temporary medium for these payments before automatically moving to one of your other accounts. The entire process can take a few days before you see the result in your account.
The bank or company you’re using to set up your merchant account likely has hardware or software you’ll need to use to accept payments. In addition to fees for equipment or setup, there will be transaction fees and maybe monthly charges to contend with.
You’ll usually enter into a contract for a merchant account for one to three years with specific terms. While a merchant account is necessary for accepting card payments, be sure to weigh all these fees before signing on the dotted line.
Step 2. Find the Ideal Bank
With a good idea of which business bank account types your company needs to operate, it’s time to hunt for the perfect bank. Consider the following factors when searching so you don’t end up paying too much or find yourself without the features you really need.
Fees
Banks have staff to pay and lights to keep on, so they have to make money somehow. For businesses, this often means monthly service fees or charges for using certain services.
It’s pretty common to find banks charging maintenance fees to keep accounts open. The best options provide the means to waive these charges through specific criteria. Some have no way to avoid these fees, so be sure to investigate. Online banks like Axos and Lili have free business banking accounts without any monthly fees at all.
Fees pop up in other areas as well. In-network ATMs are free to use, but expect to pay for out-of-network machines. Since online banks don’t have physical locations, they often charge for cash deposits through an ATM.
Most banks charge for transactions and cash deposits beyond a listed amount each month. You’ll likely pay a flat rate for wire transfers into and out of your business.
Required Minimums
Banks typically require a minimum balance to waive those monthly service charges mentioned above. Make sure this amount is well within your company’s capability while keeping in mind your regular business expenses.
Balances can also set the stage for the interest rate on your checking or savings account. Generally speaking, the more you have, the higher your rate can be. Some banks do have a flat rate you can’t do anything about.
There may be an initial deposit requirement to create your account in the first place. This amount typically runs higher than any minimum balance needed for maintenance to ensure you won’t go under.
Interest Rates
If you have funds to spare, storing them in a savings account or interest-bearing checking puts some extra money into your company’s pocket each month.
These accounts are known to offer interest rates simply for setting money aside. It’s an even bigger win if this money goes toward a big purchase or upcoming expense and won’t be used for business operations.
With the national average interest rate at 0.23%, anything around this number or higher should taste pretty sweet.
Online Banking
Even before the rise of online banking, many traditional institutions started turning to online banking for the sake of convenience. Not only does an online presence allow a bank to attract members from across the country, it allows businesses to use financial services from anywhere with an internet connection.
Choosing a bank with a top-tier mobile banking app like Capital One or Chase can make life a whole lot easier. No longer do you have to drive to a location and wait in a queue to render services.
The best mobile banking apps allow you to perform transactions, monitor accounts, and set alerts to inform you when money moves around. You can even deposit checks with your phone’s camera and find the nearest in-network ATM with a tap.
Business Services
Business bank accounts come with additional services you can use to help your company grow. Tools for accounting and payroll are often available, and institutions like Bank of America offer rewards for doing business with them. Make a list of what your business needs and pursue the banks with those services.
Some banks specialize in a particular field. For instance, Novo is an excellent option if most of your sales come from online sources. The business banking platform integrates with popular e-commerce sites like Shopify and Etsy, making sales easier than ever.
Step 3: Gather Your Documentation
After deciding on a bank, you’ll need to round up your business paperwork. Financial institutions may differ on what they’re looking for, but you should be in good shape if you have the following:
Articles of Organization: Your articles of organization reveals your company’s structure and purpose. In some states, this document is known as a Certificate of Formation or a Certificate of Organization.
Employer Identification Number (EIN): As an LLC, requesting an EIN from the IRS is always a good idea. You’ll need one if you have more than one employee or you plan to hire people somewhere down the line. Single-employee LLCs can get by with a social security number, but this muddies the water between personal and business. You can usually get an EIN online quickly through the IRS, but plan for delays just in case.
Operating Agreement: An operating agreement outlines how your company functions financially and who can sign off on your behalf. Banks will want to know who they can do business with from your company and who doesn’t have the power to make decisions.
Photo Identification: Have two forms of identification ready when you go to create your account. One of these will need to be a photo ID (driver’s license or passport), whereas the other can be a bill, voter registration card, or credit card.
Business License: Your business license will come from the state once you’re an officially registered business. It shows the bank you are a legitimate entity and the state you can operate out of.
Step 4: Sign Up
With documents in hand, it’s time to make your business bank account a reality. If the bank you chose has a branch nearby, stopping in can be a quick and painless experience.
A banker will sift through your paperwork and ensure you’ve brought everything you need. While the documents listed above should be enough, researching in advance can save you from making an additional trip if you forget something.
Some banks can create an account for you on the spot, while others may take a few days to process everything. You’ll need to have all the members of your LLC present at this point to avoid any snags.
Alternatively, many financial institutions allow you to sign up for their services online. The process can vary immensely from bank to bank.
Fintechs like Lili boast its signup takes a few minutes from start to finish, with nothing more than a cursory view of your paperwork. Others require careful scanning and submission of documents through an online portal for review.
Check with your preferred bank before you go down this route, as it can just as easily save time as add several headaches when things don’t do exactly right.
Does My LLC Need a Business Bank Account?
By law, LLCs are not required to have a business bank account to operate. Still, every LLC should have one for the many benefits they provide.
Protection
LLCs offer limited liability protection, meaning your personal assets are typically safe in the event a lawsuit targets your business. If you don’t use a business bank account, there may be no way for the court to tell where personal ends and company finances begin.
In effect, you’re risking your personal assets by not having a separate account specifically for your business. Opening your business account with an EIN instead of a social security number helps protect you from cyberattacks that can sell your identity on the dark web.
Transfers
For the most part, it’s quite a challenge to move money around in your business without a business bank account. These accounts allow for all sorts of transfers, from wires to direct deposits and sending money from one account to the other.
Many offer a number of free deposits and withdrawals each month without you having to pay. Without a business bank account, it’s unlikely that you’ll be able to accept credit or debit card transactions at all.
Tracking
There’s no better way to track your business funds than having all your transactions take place from a single location. At a glance, you can see your costs and revenue each month while tallying exactly where those big expenses go.
Knowing your bottlenecks and what affects your bottom line can help you build a better financial structure. It also gives a sense of how your overall business is doing and areas you can improve.
Taxes
With personal funds out of the picture, tax time becomes much more straightforward. A bird’s eye view of all your debits and credits helps you quickly identify what you owe when the IRS comes knocking.
Having thorough documentation also helps you pick out deductions you might otherwise miss. Clarity on your end may also reduce the likelihood of an audit.
Credibility
Setting up an actual business bank account helps you look more favorable in the eyes of potential clients or vendors. Checks and payments coming from a bank account with your business name appeal to the masses. They’re much more likely to jump on board with a company series enough to have a business account of its own.
Many banks will want to build credibility with you before offering tools like business credit cards or lending options. Starting early puts you in a prime position to get approved when you actually need these services.
How to Open a Business Bank Account for an LLC Frequently Asked Questions (FAQs)
Want to learn more about how to open a business bank account for an LLC? This section answers some of the most common questions about the topic.
How much money do I need to open a business bank account?
In most cases, banks require somewhere between $5 and $1,000 at startup. However, there are accounts out there with $0 minimums and no monthly fees. You’ll still need funds in those accounts to handle your transactions.
What type of bank account is best for small business?
A business checking account is best for a small business. While other account types complement this one, it’s here you’ll do all your transactions and payments.
Do business bank accounts cost money?
Some business bank accounts do charge monthly service fees for upkeep, but there are free options out there. Even if your favorite account has a monthly fee, most banks will waive fees if you can keep up with a minimum balance.
Is it smart to open a business bank account?
Opening a business bank account is one of the smartest decisions you’ll ever make. It helps you monitor financials, appear more professional, and offers a layer of security for your personal assets.
Bottom Line on How to Open a Business Bank Account for an LLC
Opening a business bank account for your LLC starts with careful consideration of the accounts you’ll need. From there, you’ll want to choose a bank offering features to grow your company with fees and balance requirements you can safely manage. Finally, you just need to gather your formation documents and sign up either in person or online.
Best Business Bank Accounts by State
Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.
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