What Is ERP? 5 Best ERP Software Choices for Your Business

How long have you been in business? If you have been in business for a while, chances are you have evolved your processes over the years. You might have moved from traditional spreadsheets and manually inputting data to a digital solution.

Throughout that transition, you may have heard the term enterprise resource planning or ERP. ERP helps you to collect and organize all your key business information. You can then use the information to ensure your operations run efficiently as you grow and expand.

Let’s take a look into what ERP is and what it can do for your business.

Here’s What We’ll Cover:

What Is Enterprise Resource Planning (ERP)?

The 5 Best ERP Software Choices for Your Business

Key Takeaways

What Is Enterprise Resource Planning (ERP)?

ERP is a software application that can help you automate and organize your business processes. It uses a common database that collects information from your main business activities. You can then receive insights into the information to make more informed decisions.

The software can pull information for supply chain, sales, and marketing or manufacturing. After all the information is compiled in the database, you can break it down even further to discover ways to improve processes. You can also identify any inefficiencies in your operations and correct them as needed.

One of the biggest benefits of ERP software is that it can get tailored to each individual business. This means that you can make the software work for you and gain insights into your most important areas. It can be a critical tool for a company of any size.

There are also a few different types of ERP trends:

• Mobile ERP
• Cloud ERP
• Social ERP
• Two-tier ERP

Main Benefits of ERP Software

ERP software provides insights into business performance and brings some significant benefits. Here are some of the main advantages of using ERP software.

• Increased time and cost savings by highlighting inefficient processes
• Unifies critical business functions such as inventory management, finance, and human resources
• Provides detailed analytics and reports for each of your departments
• Generates reports for other departments such as customer service, marketing, and project management

The 5 Best ERP Software Choices for Your Business

There are some excellent options when it comes to choosing ERP software. Most offer similar comprehensive solutions, but one might suit your needs best. While you are looking into ERP software, see if they provide the following features.

• Supply chain management
• Order processing
• Inventory levels and procurement
• eCommerce
• Finance and accounting
• Human resources
• IT helpdesk
• Customer relationship management

On top of the modules or features, some software is better suited for different industries. Some might be best for a manufacturing business and others for technology. Finding an industry-focused ERP system can give you the best features for your business requirements.

These are the five best ERP software choices for your business.

1. Oracle NetSuite

NetSuite provides a wide range of financial management and accounting solutions. These include things like accounts payable, general ledgers and cash management. There are solutions for other areas like project accounting or global financial consolidation.

The integrated system enables any business from any industry to automate its core processes. You can receive real-time insights into your financial and overall operational performance. This can help you gain visibility, agility and control of your business.

2. Sage Intacct

This ERP software solution can be best for small or medium-sized businesses. It offers cloud-based accounting software and financial management with operational insights. The software allows you to fully automate the most critical financial processes.

Sage Intacct offers several core applications, such as order management and accounts receivable. It also has built-in dashboards and offers functionality for real-time reports.

3. SAP

As an enterprise resource planning software solution, SAP has a ton of features. You can gain insights into product lifecycle management, reporting and analytics. The software can help you track projects, manage your resources and organize all your customer information.

One of the greatest things about SAP is that it helps to streamline some of your most important business processes. Things like supply chain management, inventory control and financial operations can get improved.

4. Dynamics 365

Dynamics 365 offers a little bit of a different ecosystem of features for small, medium and enterprise organizations. Its focus is on sales, customer service and field service. And it can be integrated with Microsoft’s other apps like Outlook, Excel and Teams.

Some other main features include lead and opportunity management and project automation. This allows for more seamless interactions with your customers. Which, in the long run, can increase customer engagement.

5. FreshBooks

The web-based accounting solution offers features designed for small businesses. It can be a great ERP solution for businesses in the finance, marketing or business industries. FreshBooks helps put the hassle of accounting on autopilot.

You can set up automated invoicing, late payment reminders, and online payment options. The software also provides the ability to increase team productivity. It has project collaboration tools and precise time tracking for improved efficiency.

Key Takeaways

Implementing the use of enterprise resource planning systems can be a critical business decision for you to make. The software allows you to automate and streamline your core business processes. This can help you reduce costs and increase the customer experience.

Most ERP software choices offer similar capabilities and features. However, some are most beneficial for certain types of businesses. For example, one option could be best for small businesses. Others might be better for large operations or enterprises.

There are a ton of benefits to ERP software, especially when integrated with powerful financial reporting software. You can highlight inefficient processes for financial savings and receive actionable reports. Plus, ERP unifies your most critical business functions to become as efficient as possible. Your daily operations and operational efficiency will become better for your entire business.

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