Choosing the appropriate ERP software is critical to your company’s success.
The best ERP software can help you achieve your goals, from integrating your company’s financials to optimizing efficiency.
ERP stands for enterprise resource planning, and it refers to an end-to-end business solution that integrates various divisions within an organization.
Accounting, supply chain, project portfolio management, engineering, and human resources, among other divisions, can be included in regular ERP offers. Accounting and finance practitioners, enterprise asset management professionals, technical resources professionals, and project managers will also benefit from the ERP tools.
These products are targeted at enterprise-sized enterprises, but they may also be used for small to mid-market businesses with large production volumes.
According to the 2022 ERP project report, you can expect to spend about $9,000 on each user of your system. This is the average budget per user across businesses of all sizes over five years, but this number varies depending on business size and the number of users.
Top 7 ERP systems
Oracle NetSuite allows its users to get a real-time view of customer aging, invoice analyses, and recurring invoices, customizable dashboards, reports, and KPIs. You can streamline local and global tax compliance processes to save time and eliminate errors but also, automate post order transactions to general & AR ledgers with accurate tax calculations on each invoice. NetSuite transforms your company’s General Ledger to provide the flexibility and visibility required to meet evolving business requirements.
SAP ERP enables you to manage your most important assets and improve customer satisfaction while keeping your organization moving forward. It assists in the automation of financial operations and in keeping accurate records of inflows and outflows in order to ensure regulatory compliance. SAP ERP also helps in maximizing business opportunities and identifying potential flaws. It oversees cost-cutting activities by simplifying material flow and provides reliable assistance and administration with regard to human resources.
Sage Intacct allows you to have real-time financial and operational visibility throughout your business. To ensure security and compliance, you can use extensive financial controls. Streamline your business processes by automating them extensively to save time and money. The Sage Intacct system provides many solutions via the cloud such as accounting, cash management, purchasing, vendor management, financial consolidation, revenue recognition, subscription billing, contract management, project accounting, fund accounting, inventory management, and financial reporting.
Acumatica is a cloud-based business software platform that includes dashboards, reporting tools, integrated document management, centralized security, and customization tools. For digitally resilient businesses, Acumatica Cloud ERP is the ideal business management solution. Designed for mobile and telework situations, and easily integrated with your favorite collaboration tools. Acumatica provides rising small and mid-market businesses with operational flexibility, efficiency, and continuity.
TallyPrime is a comprehensive business management software that combines invoicing, accounting, inventory, banking, cash and credit management, taxation, payroll, and cost management into one package. You can manage various business operations in an integrated manner using TallyPrime, allowing you to eliminate complexities and focus on business growth. TallyPrime is an intuitive software that automates all-important business processes, allowing you to get things done faster, increase business efficiency, and have more control over your business.
Odoo is an all-in-one open-source software platform with hundreds of expertly designed business apps that is completely customizable and fully integrated. It has everything a company needs to run well, including CRM, Sales, Project Management, Manufacturing, Inventory Management, and Accounting, to mention a few. Odoo’s extensive range of efficient, easy-to-use business solutions are tailor-made to help businesses thrive, regardless of size or budget.
Oracle’s PeopleSoft applications are built to handle the most difficult business problems.
They offer comprehensive business and industry solutions that help businesses boost efficiency, improve business performance, and reduce the total cost of ownership. It allows you to manage human capital, finances, procurement, and suppliers, as well as project portfolios, asset lifecycles, orders, and inventory.
A good ERP system is a long-term investment, so do your research before settling on a solution.
You must ensure that your ERP system’s features are compatible with your team’s goals and business needs. Ultimately, each business is unique and has its own ERP software needs.