A small company that has less than 50 employees may be able to get by without needing or using hiring management software.
However having the hiring management software can be extremely helpful and well worth it.
Software makes everything easier today so I personally would still use the hiring management software if I could afford too as it will likely save you a lot of time and work.
So you may actually save time and money using the hiring management software instead of running the small company without it.