It is merely impossible for businesses in the current era to function in Silos and ensure sustainable growth. Cross-functional collaboration is the key to having real-time data availability, ensuring faster and diligent decision making, delivering at lightspeed, and having anything and everything available for sustainable growth in just one single click.
What has transformed and made it possible for businesses to function at Godspeed with zero room for error is nothing but a miracle certainly not possible without technology. The business management tool that helps you keep track of real-time activity and makes data available at the user’s disposal is known as Enterprise Resource Planning (ERP).
An ERP software connects and integrates different functions of your business, it streamlines the processes and enables data availability on a real-time basis. The most basic function of an ERP is to create a central database accessible by all the departments in your organization that helps you function at zero margins of error and fosters faster decision-making.
An ERP also provides AI capabilities that help you with better decision making, help you automate routine processes, and create a better user experience, allowing better understanding and response to users.
It is a must to have an ERP for your business if long-term and sustainable growth is your goal. Not only does it help you perform your current activities efficiently, but it also helps you prepare for future growth and expansion.
Why Small and Medium Businesses (SMBs) need ERP System?
ERP systems for Small and Medium Businesses can improve performance by integrating different business functions, providing greater financial and operational visibility. ERP brings automation of business processes that helps employees improve their performance and focus on more critical tasks. It reduces the cost of the operation and helps businesses achieve sustainable growth. Below points are a must consider understanding why Small and Medium Businesses need ERP.
- ERP system facilitates greater visibility in the system
- It provides real-time data availability
- Catalyze improved decision making
- It reduces the operational efficiency of the business
- Regulatory and compliance adherence becomes easy
- Provides more revenue and better ROI
Benefits of ERP Systems:
Using an ERP system has both tangible and intangible benefits that businesses could enjoy. Below are some for consideration:
- Maximized Planning and Resource Management
- Better Accuracy and Availability of Information
- Improved Coordination
- Increased Productivity
- Reduced Overhead Costs
- Increased Scalability and Flexibility
- Easier Access to Management System
- Simplified Risk Management and Regulatory Compliance
Top 10 ERP Systems that could help you fulfil your business goals
#1. Microsoft Dynamics 365 Business Central
It is one of the most popular ERP software catering to the Small and Medium Business (SMBs) segment. The solution can be run both on-premises as well as on-cloud. The solution automates and streamlines business processes and enables companies to manage their finance, manufacturing, sales, shipping, project management, services, and more. The solution offers companies the ease of adding functionality relevant to the region of operation. Business Central offers customized functionalities to support even highly specialized industries. With a vast and strong partner ecosystem, the solution is easy to maintain and one of the most affordable solutions.
Features of Microsoft Dynamics 365 Business Central:
- Rapidly Deploy either in the cloud or on-premises
- Accelerate financial closing and reporting
- Improved cash management
- Deliver on promised customer outcomes
- Improve project costing and accounting
- Get a holistic view of the inventory
NetSuite is another famous ERP software amongst the global business community. It is a SaaS (Software as a service) based platform that consists of a suite of applications that helps businesses run their functions smoothly. NetSuite just like other ERPs provides businesses visibility and control through a single source of real-time data availability. The solution helps businesses manage an array of business functions including finance, operations, manufacturing, etc. This ERP also offers customizations to meet specific business needs.
Features of NetSuite:
- Transform your general ledger
- Expedite daily financial transactions
- Global business management
- Automate inventory management
- Streamline order management
- Optimize warehouse operations
Acumatica is another cloud-based ERP platform gaining popularity in the Australian and New Zealand markets. This ERP solution is also known as MYOB Advanced comes in the SaaS lineage of ERP Software to help businesses and their teams have access to a single database that is accessible anytime and anywhere just like other ERPs in the market. The platform lets you manage different business functions including finance, CRM, manufacturing, distribution, project accounting, etc. Acumatica is a scalable platform that can be tailored to meet your business needs.
Features of Acumatica:
- Single source of truth
- Automated workflows
- Real-time, Bi-directional data flow
- Powerful financials and reporting
- Centralized reporting and approvals
- Streamlined item management
#4. MYOB Exo
MYOB Exo is a common name in the Australian Business Community as an effective Enterprise Resource Planning tool in the on-premises category. With all the major capabilities to manage businesses just like any other ERP, the only drawback of this tool is on-premises implementation. This tool is not implemented on the cloud. For growing and mid-sized businesses, this tool is effective in managing their business functions and providing real-time data. MYOB Exo gives the tools to manage and grow your business.
Features of MYOB Exo:
- General ledger, finance & administration.
- Finance management, banking & bank reconciliation
- Integrated cashbook
- Inventory control
- Serial number and batch number handling
#5. SAP Business One
SAP Business One is an Enterprise Resource Planning software designed for small and medium-sized enterprises. The software is popular amongst the business community that focuses on automating key business functions like financials, operations, human resources, etc. SAP Business One has built a stable stand in the Australian Business Community and just like any other ERP, the software helps businesses manage, streamline, and integrate their various functions.
Features of SAP Business One:
- Accounting and controlling
- Sales and opportunity management
- Mobile sales
- Master data management
- Interactive analysis
- Dashboards and reports
Salesforce though is a CRM, but it would not be right to term it as a CRM only even though Salesforce doesn’t offer a General Ledger. It’s more of an Ecosystem that includes various ERP systems common in the business community. Any business that decides to go with Salesforce can go with Finance as an “ADD ON” like Xero, FinancialForce, and AccountingSeed as among others to achieve the functionalities of a typical ERP system.
Features of Salesforce:
- Reporting and forecasting
- Improved relationships
- Process automation
- Activity management
- Opportunity management
#7. Sage Intacct
Sage Intacct is a new player in the Australian market. The platform is a long-term competitor of NetSuite in the US. With relatively strong professional services and not-for-profit offerings, it is another powerful ERP solution-focused to help your organization grow manifold.
Features of Sage Intacct:
- Accounts payable and receivable
- Cash management
- Built-in reporting
- Collaboration tools
#8. Attache by The Access Group
Attache by The Access Group has entered the Australian market recently in the Business Management Solution providers industry. The Access Group which is a UK-based software provider company acquired Attache in 2019 to target the Australian Market by providing an integrated business management solution just like any other ERP in the market.
Features of Attache:
- Payroll and workforce management
- Flexible and scalable payroll
- Timesheets and awards
- Workforce management
- Employee self-service
Odoo, considerably a new player in the Australian Market is an open-source ERP that helps small and medium-sized businesses to manage their entire business functions, streamlines business processes, and helps businesses grow. The current partner vendor ecosystem is relatively small, but the tool is gaining popularity in the Australian Business Community.
Features of Odoo:
- Easy to set up and use
- Powerful communication tools
- Integrated front-end and back-end tools
- Great mobile support
- Powerful enterprise and cloud solutions
Pronto is an Australia-based Enterprise Resource Planning software vendor. The company is focused on providing ERP software with applications that integrate accounting, operations, and other business functions to optimize processes, simplify collaboration and accelerate business growth. This ERP software is focused on Small to Mid-Sized companies to help them scale and achieve optimization.
Features of Pronto:
- Synchronize business processes
- Information availability
- Collaborative ability
- Easy data sharing and Strategic decision making
- On-premises and on-cloud deployment
Top 10 ERP Software for Small Business – FAQs
What does ERP mean in business?
ERP (Enterprise Resource Planning) is a set of business tools that manage the entire operations of the company, integrate different processes, and allow real-time data availability and decision making. An ERP helps in boosting the growth avenues for the company and better ROI.
How can ERP improve a company’s business performance?
An ERP system integrates entire business operations and removes data silos. It provides a single platform to manage and see business processes which result in informed and effective decision making, resulting in improved business performance.
What are the primary business benefits of an ERP System?
Primary benefits of an ERP System for Businesses:
-Enhances Business Reporting
-Real-time data availability
-Improved Decision Making
-Business Process Improvements
-Improved Inventory Costs
-Supply Chain Management
What is the difference between a cloud ERP and On-Premises ERP?
The primary difference is in the way both ERPs are hosted. Cloud ERP as the name suggests is hosted on the cloud and is easily accessible through a computer/laptop and an internet connection. On the other hand, ERPs can also be hosted on-premise on the company’s own infrastructure and can be called On-Premises ERP.
What are ERP and CRM?
ERP (Enterprise Resource Planning) helps businesses run their entire operations successfully and provides greater financial and operational visibility while a CRM (Customer Relationship Management) automates the sales function of the business and helps improve customer interaction resulting in more ROI.
What are the most common ERP systems?
The most common ERP systems available in the Australian Market are:
-Microsoft Dynamics 365 Business Central
-SAP Business One
What is the best ERP System?
There is not a specific ERP system that is best in the market. It depends on various factors and most importantly you should choose an ERP that suits the pressing needs of your company. The ERP should have a strong partner vendor ecosystem and should have the capability to integrate with your other business systems and databases.
There are several other ERPs available in the market apart from the ones mentioned above. Moreover, the functionalities would be the same with a few features here and there, what matters the most is to check the strong partner ecosystem and the ERP suitability to your business needs. To function without an ERP in the current business world is next to impossible. Choose your Enterprise Resource Planning Solution wisely and unlock business growth.