Enterprise resource planning or ERP software integrates your key internal systems to help you manage the business more efficiently and with accuracy. Moreover, as disconnected data sources are linked on a single platform, the ERP interface, you can run your transactional data sets through analytics and discover insights for patterns or issues that aid in strategic planning or problem solving.
A typical ERP consists of the major business processes for finance, accounting, sales, marketing, CRM, human resources and inventory. Some systems include process-specific components like project management and manufacturing. While ERP used to be costly and limited to enterprise systems, today, small and medium companies have access to a plethora of cloud ERP solutions. Conversely, legacy ERP systems sold by big-brand vendors like SAP and Oracle, continue to reflect a market drop. Last year, legacy ERP systems comprised 26% of the market which is a drop from 36% five years ago.
Countering fraud by centralizing accounts payable and the use of AI or machine learning in making smart payment decisions are just a few key drivers why companies opt for ERP, according to a report by CIO. However, implementing ERP is far from an easy task. A study by Technology Evaluation Centers published in June 2018 revealed that about 50% of ERP implementations fail on the first try. That’s why picking the right solution is critical.
In this guide, we’ll introduce you to the 10 best ERP software systems and help you identify their key benefits and strengths. The aim is to help you find a match between your needs and what any of these top solutions can bring to the table.
Netsuite ERP is a reliable brand and regarded as the most deployed cloud ERP. It is rich in features as it is engineered to scale to the needs of growing companies, making it an ideal platform for medium-sized business and large enterprise. As a central hub for key business processes, the ERP system integrates inventory management, revenue management, financial management, fixed assets, order management and billing.
Netsuite excels in managing your financial records including tracking and controlling expenses. The system provides real-time monitoring also on critical metrics as financial close, revenues and overral financial performance.
Likewise, you keep a close tab on your inventory processes from procurement to payment with this ERP. A key tool of this module is the self-service function for vendors, making repurchase automated and streamlined.
The system also eliminates manual bottlenecks in order-to-cash workflow. Netsuite ERP lays down a seamless approval and preset process from sales quote to fulfillment and to invoicing and collection. With sales, finance and fulfillment integrated your business hums efficiently without much manual work necessary.
Furthermore, managers and staff can customize their dashboards individually to display the key metrics that matter to their role. You also have an add-on module, the Human Capital Management, to help you evaluate staff productivity and provide a data-driven path to improve performance.
Interested in learning more of what the solution can do for you? Simply sign up for a NetSuite ERP free demo here.
Intacct bills itself as the “only ERP you will need” and it’s not without basis. The system has a rich set of modules that cover most, if not all, of your transactional processes. It has core accounting features from accounts payable/accounts receivable to cash management and General Ledger. It features contract and subscription billing and fixed assets. Likewise, it supports multi-entity and global consolidations and provides sales and use tax processing. For its comprehensive financial tools, the solution is endorsed by AICPA for CPAs.
The system is applicable to a wide range of industries like healthcare, wholesale and retail. It is also ideal in areas with strict financial regulations.
Despite having a sophisticated infrastructure for accounting capabilities, Intacct is quite easy to learn. There are interactive videos and introductory webinars to ease you into onboarding. Similarly, you can customize the built-in reports in a way that makes sense to your processes. You have a set of graphs, charts and dashboards you can tweak to present important metrics. The system can also be set in automation to calculate recurring figures as commissions, returns, sales orders and purchase orders. Nonetheless, you have user permissions and access control to protect data from breach.
Another key benefit of Intacc is its wide integration. The Sage Intacct Marketplace lets you integrate the system with other top-of-the-line apps that complement ERP processes like online payment, CRM and travel management. Some of the big names inlcude Salesforce, ADP, Expensify and American Express.
Brightpearl is an omni-channel retail management solution that streamlines your back-office workflows, enabling you to focus on growing the business. As an ERP platform, it integrates key business systems, namely: inventory; accounting; order management; CRM; supply chain; fulfillment; reporting and analytics; and POS. As such, it consolidates the outputs and processes of various business units including sales, purchasing, marketing, finance and e-commerce. Its comprehensive feature set is clearly targeted at medium-sized businesses and large enterprises.
The system is specifically useful to multi-channel retailers looking to lend efficiency to managing different sales channels in one place. Moreover, retailers can consolidate various disconnected but relevant data on customers, orders, inventory, sales channels and accounting, among others, and discover patterns or insights that are critical to strategic planning or day-to-day decisions.
Likewise, Brightpearl is competitively priced, giving you modularized plans to scale the features based on the business’ growth pace. Instead of implementing different systems for each sales channel, one platform can pull these channels together and integrate with popular e-commerce platforms like Amazon, eBay, BigCommerce, Magento and Shopify.
With a consolidated system, your inventory is easier to manage and supply levels are monitored. Each sale updates the inventory in real time and prevents under and over stocking.
Another key benefit is automating the accounting process, freeing you from time-consuming bookkeeping. Orders, payments and billing are automatically entered into records. You can easily pull up the data anytime or mash them for analysis. Furthermore, this central hub of data becomes key to generating reports that help you make information-driven decisions.
As a cloud solution, Brightpearl is accessible anywhere and anytime from a wide range of devices.
Odoo ERP is a fully packaged management solution built on an open-source framework. It features modules for accounting, project management, human resources, inventory, purchase, manufacturing and a school of back-office apps. As an extended ERP it also natively integrates with its web builder, e-commerce, POS, CRM and Sales apps, giving you one robust centralized platform from where to run the company’s key business processes. Topping it all, the solution offers a free app for up to fifty users. The solution is suitable for both small business and large enterprise.
As an open-source platform, Odoo is a rich source of compatible apps to get more functionalities. Over 300 apps are developed monthly on its platform encompassing various business and productivity operations. For a growing business, Odoo presents a scalable platform to scale for more sophisticated features as the need arises. You have more than 1000 modules to choose for starters, thereafter, you can develop your own apps through the API key.
With a clear user adoption strategy, you can replace most of your business apps with Odoo, or, at least, integrate these apps around the system’s ERP framework. That sounds ambitious if you lack a technical team, but Odoo proves to be one of the easiest ERPs to deploy and the vendor is reputed to be reliable.
Ecount ERP is arguably one of the most affordable solutions for a robust system. It covers transactional management of your inventory, production, sales, purchasing, accounting and payroll and it’s cloud-hosted so you eliminate costly hardware and maintenance. Its best-for-money proposition makes it ideal for small and medium companies looking for a comprehensive ERP within their budget. The system, still, is robust and scales to enterprise functionalities.
The accounting module provides core accounting features such as accounts receivable/accounts payable, cost accounting and cash flow management. These tools integrate with the other processes of your departments, helping you to consolidate and run analytics on different datasets and uncover insights.
Incidentally, Ecount ERP has a specific version for manufacturing with integrated features for Bill of Materials and cost schedule. As for the standard modules, they help you keep a close eye on inventory levels, purchase orders and sales in real time. Historical records are likewise kept for reference and analytics.
Overall, Ecount ERP can bring efficiency and accuracy to your financial records, leading to a clearer picture of the company’s real profitability.
PeopleSoft is a Human Resource-focused ERP that pulls together various business systems in one platform. Aside from its pilot module, Human Capital Management, the ERP includes modules for financial management, supply chain management and enterprise automation for, among others, project portfolio, resource allocation and expenses. The solution was purchased by Oracle in 2005 and it is marketed to medium businesses and large enterprises.
Oracle brought to this system sophisticated solutions for complex business requirements. The ERP is visibly an HR management system at first with features for talent sourcing. workforce estimation and labor law-compliant controls. Throughout the years though, it became an end-to-end ERP incorporating asset lifecycle, credit-to-cash and procure-to-pay processes. The system also helps you to nurture supplier relationship with streamlined and automated procurement processes that can drastically cut down costs. This module includes procurement and spend analytics also that help you pinpoint cost leaks or the best path to savings. Moreover, a supplier contract management module keeps vendor agreements transparent and committed to deliverables.
If you have complicated HR requirements, this ERP system can perform the job and more by integrating together your key business processes.
Sage 100 ERP gives small and medium businesses a comprehensive feature set that encompasses modules for accounting, distribution, CRM, HRM, inventory, time tracking and project management. It also industry-specific features for manufacturing and includes business intelligence tools.
Incidentally, Sage 100 ERP has been upgraded to Sage 100c built on the same management platform as the old version. The new system features a more intuitive UI and mobile access. Generally, it has the same capabilities of the old version, which is now known as Sage 100 2017.
The system helps you consolidate disconnected internal processes, pivot to sudden market changes, manage people and vendors and comply with regulatory requirements. Despite its complexities, the interface is easy to navigate and setup, while not the most seamless, is manageable even for non-technical people.
One key function is it lest you access historical budgets across different departments, which is useful for overall and localized budget planning; thereby, allowing for more accurate and efficient financial forecasting at start of fiscal year.
Pre-built report templates specific to various industries are provided to get you started fast. As a scalable ERP both in features and pricing, Sage 100 ERP fits the needs of a fast-growing business.
FinancialForce ERP consolidates your sales, service, finance and HR data around the customer, based on the logic that customers are the sole reason behind all your business systems. With disparate data connected and your internal processes efficient, you get to provide better service or product to customers. The ERP system is targeted at mid-market organizations, but is scalable for both small business and large enterprise, as many cloud ERPs are.
The solution ensures all your business units, especially the frontline departments, are on the same page when dealing with customers. Transactional data from sales, marketing, support, HR and accounting are aggregated and easily accessible for authorized parties across your organization. Specifically, the system is divided into five main modules such as financial management, order and billing, professional service automation, supply chain management and HR management. It streamlines disconnected but related items like cash collection and revenue recogntion, quoting and biling and talen sourcing and payroll.
As a Salesforce product, FinancialForce natively integrates with other popular products from the vendor, namely, Salesforce CRM, FinancialForce Accounting, FinancialForce HCM and FinancialForce SCM.
SAP Business One is the vendor’s mid-market ERP solution. It helps small and medium businesses integrate and automate their financial, human resources and operations for efficiency and visibility on their actual business health.
The ERP system has seventeen components that manage different business processes separately but in synced with each other. The sales module for example features an accounting journal, with data reflected on both the sales and accounting modules.
Aside from financial management and sales and opportunity management, SAP Business One features the following modules: supply chain management, production planning and inventory management, project management and business intelligence. Likewise, the system provides mobile access and cloud tools that allow for flexibility for people on the go.
A key benefit is that automation reduces, if not eliminates, erroneous errors and data inconsistencies. On the other hand, user permissions and approval settings assure protect confidential data from unauthorized access.
Built for small and medium-sized businesses, iXERP Standard centralizes both internal and external resources for easy management of daily processes via its comprehensive dashboard. It comes equipped with an automated Cross-Functional Financial Management tool for effective planning, tracking, and managing of your business wherever, and whenever on any device.
With iXERP Standard, users only need to pay for the features you use. This means the platform can be tailored to match your specific requirements and budget. iXERP Standard also features a visual reporting tool with various graphical analysis to better illustrate data, whether showing data periodically or on a financial year basis. Coupled with business indicators and data-driven insights, you can remain confident in making the right choice for driving your business forward.
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