The amount you should budget for software depends on the specific software applications you need to run your business. The cost of software can vary widely depending on the type of software and the provider.

As a general rule of thumb, businesses should allocate 2-5% of their revenue to IT expenses, which includes software, hardware, and IT services. This means that if your business generates $1M in annual revenue, you should budget between $20,000 and $50,000 per year for IT expenses, including software.

However, this is a very rough estimate, and the actual cost of software for your business may be higher or lower depending on the specific software applications you need, the number of users, and any additional services you require. Some software may have a one-time purchase cost, while others may require monthly or annual subscription fees.

It's important to carefully evaluate your software needs and research the options available to you, including pricing and any additional services or support included. You may also want to consider negotiating with software vendors for better pricing or discounts based on the size of your business or your specific needs. 

AltiSuite simplifies the costs

Since AltiSuite is a fully integrated platform consisting of most of the tools a business needs to operate, and is cloud based, these costs are consolidated into one price so it's easy to budget with no headaches. 

What kind of software is typically needed?

Here are some software types that can help run various areas of a small business:

• Accounting software: Accounting software can help manage finances, including invoicing, expense tracking, and financial reporting. 
• Customer relationship management (CRM) software: CRM software can help manage customer relationships, including customer data, sales leads, and customer support. 
• Human resources (HR) software: HR software can help manage employee data, capabilities, benefits, and payroll. 
• E-commerce platform: E-commerce software can help businesses sell products online, manage inventory, and process orders. 
• Project management software: Project management software can help manage projects, track tasks and deadlines, and collaborate with team members. 
• Marketing automation software: Marketing automation software can help manage and automate marketing campaigns, including email marketing, social media, and advertising. 
• Inventory management software: Inventory management software can help manage and track inventory levels, including stock levels, reorder points, and inventory valuation. 

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