Your business appears to have finally taken off. All systems appear operational, and everything is moving along smoothly. Sales may become stagnant in their organization of channels; with effective ones, businesses can expand. Growing companies should consider adopting enterprise resource planning (ERP) software solutions, which assists in streamlining manual processes and setting your organization up for expansion.
What Is An ERP?
So, here we will discuss what is ERP software? Enterprise Resource Planning (ERP) software allows business owners to organize their daily activities quickly. Cloud-based ERP systems provide business models with an effective tool for planning accounting, human resources, sales team, marketing and data security day operations, and data flow from various sources.
IBM engineers designed enterprise resource planning software systems specifically tailored for small business requirements back in 1992 to streamline and automate workflow. Since then, however, competition among oracle fusion cloud ERP vendors has proven fierce, offering various alternative platforms.
Cloud computing is revolutionizing the small business units financial management landscape. ERPs consolidate business operations into an easily navigable dashboard while guaranteeing data integrity with one source of truth.
ERP For Small Business
53% of midsize business systems rank ERP among their top investment priorities; therefore, ensuring its successful implementation should take into account several critical elements for maximum effectiveness:
- Cost Consideration: Consider maintenance, customizations, implementation plans, and subscription packages when considering operational costs associated with ongoing services such as maintenance.
- Scalability: Does the system expand with your company and perform well under pressure?
- Integrations: offers various applications designed to assist with operations management.
- Usability: is defined by an easy learning experience with minimal setbacks to the implementation timescale.
- Mobility: Is the system accessible anytime from any location and capable of existing in the cloud?
Once you've considered these factors, here are five of the best ERP for small businesses:
- SAP Business One
- Odoo
- Acumatica
- Microsoft Dynamics GP
- Dynamics 365
SAP Business One
SAP Business One provides cost-effective solutions for startups or small businesses/medium businesses, helping you manage all operations from a central platform and automate critical business processes, including project management, sales, finance and HR. Take control of your business using real-time data analytics for sustainable expansion.
Key Features
- Automated accounting tools enable businesses to reduce errors, expand margins and drive profitable decision-making.
- From initial contact through sale completion, these tools help facilitate smooth sales core business processes while managing customer experiences lifecycles effectively.
- Keep expenses under control and streamline procurement procedures by overseeing the order-to-pay cycle.
- Empower employees to make better informed decisions/data-driven decisions by giving them instantaneous access to vital company-wide data.
- Generate reports on time and accurately with comprehensive analytics tools and global data single sources.
Pros
- The dashboard and user interface are user-friendly.
- A relationship map displays customer interactions lifecycle stages quickly.
- Billing and payment for suppliers and clients are made straightforward.
Cons:
- These solutions only support human capital customer management with limited customization features.
- Add-on upfront costs add up, potentially making the software less affordable;
- A steep learning curve may exacerbate implementation challenges as well.
Odoo
The Odoo ERP/CRM system was created with smaller business functions in mind when developing this open-source ERP and CRM system. Odoo offers applications to assist businesses in operations, sales, marketing, human resources management, e-commerce, customization activities, and general business intelligence tasks.ERP programs combine their functional business apps into an ERP solution with seamless integration, creating an ERP solution.
Key Features
- Generate professional quotes quickly with sales templates. Provide customers with transparent pricing offers and step away from the transaction.
- Manage supplier invoices and data, monitor purchase orders and automate procurement proposals with this powerful suite.
- Real-time collaborative project management integrated directly into your sales funnel with instantaneous visual data.
- E-commerce software with an expansive product catalog and detailed content descriptions
- Inventory control helps streamline business procedures, reduce stock levels and automate payments.
Pros
- ERP offers unmatched intuitiveness and affordability.
- Smooth interoperability between modules with detailed documentation
- Scalability, staff management and simple implementation all play vital roles.
Cons
- Due to its inflexibility, the default user interface must be customized before use.
- Lack of resources to support customer services and lengthy wait times hinder growth in any enterprise.
- Development can be complex when dealing with multilingual content.
Acumatica
Acumatica stands out as an outstanding ERP for small businesses, boasting an array of modules including order management, centralized security controls, digital transformation document storage systems integration and reporting - as well as cloud ERP and accounting software services on offer from this platform.
Leveraging powerful customization features to personalize reports and gain instant, up-to-the-minute knowledge about data is the key to realizing maximum returns from all technology investments; expanded ERP functionality facilitates this effort in managing fixed assets and deferred revenues for maximum return.
Key Features
- Organize fixed assets and postpone income to maximize return on all technology investments.
- Various versions, such as those for commerce, manufacturing, and distribution, are available.
- CRM (customer relationship management) features real-time data on quotes, activities, real-time insights, and other customer real-time information.
- Project accounting to manage intricate billing regulations based on project features
- Applications for finance designed for sophisticated multinational corporations
Pros
- Updated and enhanced interface that can accommodate an infinite number of users
- Reporting that includes individual claims and drill-down expense categories.
- CRM to store and manage client data centrally
Cons
- It is challenging to customize the user interface, and features cannot be "hidden."
- Email integration is complex and necessitates password sharing between users.
- Claims denials need to be corrected manually via email.
Related article - Unlocking Success: The Top Reasons Why Arion ERP is the Ultimate Solution for Small Businesses
Microsoft Dynamics GP
Microsoft Dynamics GP (formerly Great Plains) provides comprehensive business management software as an out-of-the-box solution. Microsoft Dynamics GP provides an all-encompassing SaaS solution, covering operations, human resources and finance functions for any organization requiring more oversight, visibility and control over its components. It was specifically created with this purpose in mind.
Key Features
- accessible via hybrid, public/private cloud, and on-premise
- Management of the supply chain, including production, returns, inventory management, and more
- Accounting, payroll, and handling finances using assets, cash, and banks
- Real-time analytics and data to monitor performance and obtain valuable insights
- Oversee all professional services, contracts, sales opportunities, and other particular requirements.
Pros
- Using a universal/common database, straightforward personnel management
- Processing payables with several team members is simple and quick.
- Year-end taxes accompanied by W2 and health insurance forms.
Cons
- Because the dashboard has an excessive number of options and buttons, even simple tasks can become complicated.
- Data is out of sync, and modules sometimes communicate more effectively.
- Reports are sometimes powerful, and Word templates are occasionally easy to use.
Dynamics 365
Unlike Dynamics GP, Microsoft Dynamics is an ERP program available solely through subscription purchase. Now known as Microsoft Dynamics 365 Business Central, it provides complete deployment option flexibility both locally and remotely. Everything is handled through this platform - including social media management, CRM services, analytics analysis and invoicing; it works similarly to Microsoft NAV in scale but on a smaller scale.
Key Features
- Dependability, security, and flexible deployment for all of your business needs
- Use embedded guidance to connect people, processes, and insights.
- Enhanced performance and visibility through expedited forecasting, closing, and performance metrics
- Managing the complete end-to-end sales process will increase sales and improve customer service.
- Straightforward and uncomplicated dashboards that work with all Microsoft applications
Pros
- With a quick view of data, business automation for workflows is very beneficial.
- Since everything is stored on the cloud, it is ideal for businesses with remote employees.
- Lead scoring in conjunction with marketing strategy and audience segmentation.
Cons
- Retrieving data can be a challenging task to learn. There are countless choices.
- The system lags more the more customizations you make to it.
- Does not supply the forms' HTML. Only a DIV that requires verification
QuickBooks
Small businesses can leverage QuickBooks Desktop and QuickBooks Online accounts payable software as their accounts payable solution, providing some of the top ERP services for small enterprises. QuickBooks Desktop features include accounts payable, warehouse supply chain management, taxes, bank reconciliation and comprehensive reporting for multiple businesses - plus it even comes equipped with its own version tailored exclusively towards Certified Public Accountants.
key Features
- Track product levels and cost of goods, and get alerts when inventory levels run low.
- Use a smartphone to scan receipts, generate simple reports, and set up automatic quarterly tax projections.
- Every kind of tracking, including mileage, invoices, project profitability, and receiving payments, in addition to income and expenses
- Pay several suppliers simultaneously, establish recurring payments, and manage invoices and their status.
- Organize business expenses and maximize tax deductions.
Pros
- able to make budgets for both the organization and each individual program
- primary language and invoice customization to meet client needs
- Enables the establishment of guidelines for regular, shared income and costs
Cons
- Correcting posting errors, changing an invoice's coding, or matching unapplied payments can be challenging.
- Budget features are difficult to populate and maintain, leaving much to be desired.
- Customer service may occasionally need to be more reliable and knowledgeable.
Conclusion
88% of businesses attribute part of their success to the ERP they implemented, so selecting an ideal system should start by devising an industry-specific plan and matching up with specific niche markets' demands. As part of your evaluation of the enterprise resource planning (ERP) system for small businesses, take time to inspect their hosting configuration. Cloud-based ERP software may offer easier set-up and require less effort on your part. Consider ERP solutions designed specifically with small businesses in mind, like those listed here, to quickly simplify platforms and enhance the growth potential of a small enterprise.
