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10 Best ERP Software for Your Company: Analysis of Popular Tools

What is the best ERP software?
The best ERP software is NetSuite ERP, an innovative solution designed to accelerate business performance. The platform streamlines mission-critical business processes like financial management, production management, order management, and supply chain management. It also comes with business intelligence to reinforce data-driven decision-making.

While many companies are able to effectively transition to online operations amid the COVID-19 pandemic, doing so might be a tremendous challenge for others. That’s particularly if they do not yet have the infrastructure in place that can facilitate collaboration, accurate reporting, and operation of key functions via integrated systems. This is where ERP software come in.

ERP or enterprise resource planning software integrates key internal systems to help businesses manage their operations more efficiently and with precision. Traditionally, this and many other benefits were left at the disposal of large enterprises with deep pockets. This is because ERP software systems were costly and SMBs were, without a doubt, priced out.

However, with the growth of SaaS, there is now a plethora of cloud ERP solutions. So, to help you narrow down the best ERP software for you, we have compiled 10 of the leading options on the market, making sure to discuss each one’s key strengths and weaknesses.

leading ERP tools

Countering fraud by centralizing accounts payable and the use of AI or machine learning in making smart payment decisions are just a few of the common reasons why companies opt for ERP software. Before, these modern, smart features were seen as a luxury rather than a necessity. But when the Coronavirus outbreak happened, and with the continuing measures on social distancing and remote work trends, more businesses are waking up to the importance of cloud-based, intelligent ERP systems. They are starting to realize why an ERP software is useful and what the product can offer beyond the traditional benefits they have known.

For example, as more employees had to work from home, business functions also had to be moved online. Without a reliable ERP system in place, many companies struggled to seamlessly collaborate with distributed teams. Sharing information across departments not confined in one office space can also become a pain if you do not have an ERP that integrates functions such as HR, CRM, finance management, and so on. As more organizations work on integrating their operations, the global market for ERP software is expected to reach $97 billion by 2024.

Source: appsruntheworld.com

It wasn’t always easy to implement ERP software. In the past, about 50% of ERP implementations fail on the first try. After stories of high-profile ERP implementation failures, there’s a sign that companies and vendors are all learning from the experience. In fact, in 2019, 88% of companies rated their ERP implementation as successful, compared only to 58% back in 2015.

In this guide, we’ll introduce you to the 10 best ERP software systems and help you identify their key benefits and strengths.  Each one has its own pros and cons, and what you end up choosing will largely depend on your specific business needs. Just like with any other product, it’s best to take advantage of free trials or offers on free demo so that you can have a more detailed understanding of what a particular product can do for your business.

10 Best ERP Software Solutions

1. NetSuite ERP

NetSuite ERP dashboard

Cloud ERP software Netsuite ERP is a reliable and feature-rich solution engineered to scale to the needs of growing companies. It is an ideal platform for medium-sized businesses and large enterprises. 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 making the life of the finance department easier and managing financial records more efficiently. You can track and control expenses and get real-time monitoring on critical metrics such as financial close, revenues, and overall financial performance.

Interested in learning more about what the solution can do for you? The vendor offers a convenient free trial plan that you can take advantage of.

NetSuite ERP

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Try out NetSuite ERP with their free trial

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 the order-to-cash workflow. Netsuite ERP lays down a seamless approval and preset process from sales quote to fulfillment and invoicing to 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 roles. You also have an add-on module, Human Capital Management, to help you evaluate staff productivity and provide a data-driven path to improve performance.

Detailed NetSuite ERP Review

2. Rossum

Rossum dashboard

Rossum is an all-in-one solution designed to automate document processing and management. The platform collects all incoming documents, including invoices, purchase orders, and claims, into a curated feed of transactions. Documents from multiple sources such as scanners, DMS systems, and email inboxes are collected into an intelligent two-way inbox as well.

To support teams in processing documents more quickly, Rossum comes with AI-powered data capture capabilities. The advanced technology ensures that the right data is extracted, no matter the document format and layout. The technology is self-learning as well, so it improves its accuracy over time.

Rossum

Rossum

Try out Rossum with their free trial

Rossum also helps teams save time on handling inquiries from partners. The platform automatically sends transaction updates to document senders. Senders are also notified of data issues in their documents, so they can resolve these issues on their own.

To help businesses improve document management workflows, Rossum comes with reporting and analytics features as well. You can view metrics per queue or per user and drill down into specific details like time per document.

Detailed Rossum Review

3. Scoro

Scoro dashboard

While many ERP applications are targeted at large enterprises, Scoro was created for small to medium enterprises in information technology, advertising, consulting, and other similar industries. It offers powerful features that promote collaboration and productivity. Furthermore, its user-friendly interface ensures that you spend less time training people on how to use the application so they can focus on your business needs.

The business management software eliminates issues stemming from using countless independent software that scatters valuable business information. Scoro houses all core features that you need to run your business so you will spend less time switching between applications. Furthermore, your entire database can be accessed readily by any team member. You can make timely decisions right away without the need for update meetings.

The software includes all functionalities that ensure smooth business operations. You can easily track your team’s productivity using calendars, time-tracking tool, timesheets, and more. Also, projects can be monitored using the built-in project portfolio, timeline, files, budgets, and history. Your sales experts can also access customer information, including relevant projects, files, quotes, invoices, and more. With all these right in one place, generating reports is as easy as clicking a few buttons. You can also see real-time insights using easy-to-understand dashboards.

Detailed Scoro Review

4. Kechie ERP

Kechie ERP dashboard

Kechie ERP is a full-featured ERP solution that provides a plethora of tools for finance, CRM, sales, manufacturing, procurement, and warehouse management. The software comes with a powerful and easy-to-use interface, enabling users to get used to the system easily. It also offers a number of configuration capabilities that lets you customize the software according to your business needs.

One of Kechie ERP’s central features includes its CRM module, which offers numerous tools to help you get the benefits of ERP software. You can analyze customer interactions, sales pipelines, and other data throughout the customer life cycle. It also provides a single database where you can store all your CRM data, such as customer transactions, communication history, and sales performance metrics. This enables you to easily access and manage your customer relationships.

Kechie ERP also offers a multi-warehouse management solution that helps you control the movement and storage of your resources. It also helps you carry out fulfillment and shipping processes within multiple warehouse locations. Plus, it has an inventory management module that offers complete automation of your inventory operations, such as inventory tracking, lot tracking, serialization, and product category and grouping.

Detailed Kechie Review

5. Tipalti

tipalti dashboard

Tipalti is a cloud-based platform designed to streamline financial management for businesses in any industry. The platform offers comprehensive features for invoice, supplier, and procurement management, as well as payment reconciliation and tax compliance.

Tipalti helps improve accounts payable and procurement processes through advanced features such as built-in OCR technology and AI-driven approval workflows. Through simple, predefined purchase forms, users also gain improved visibility over corporate spending.

For added convenience, Tipalti also supports supplier payments to 196 countries through various payment methods, including global ACH, PayPal, and prepaid debit cards. Proactive payment status notifications also ensure that suppliers always get the latest updates on their payments.

Lastly, Tipalti helps businesses stay compliant with tax standards. Using the platform, businesses can require payees to fill out the right tax forms to ensure that IRS requirements are met. A built-in tax form wizard also ensures that suppliers choose the correct form based on their country and business structure.

Detailed Tipalti Review

6. Brahmin Solutions

Brahmin Solutions dashboard

This enterprise-grade cloud-based software offers a centralized platform for your business’ inventory management, sales, order and shipment, warehouse management, and manufacturing needs. Brahmin Solutions enables you to manage and monitor your inventory across different sales channels, whether for an online store or brick-and-mortar structure. Brahmin Solutions also streamlines your business processes by integrating your ERP system with third-party solutions like accounting systems, ecommerce platforms, marketplaces, online payment gateways, EDI, and 3PL.

Brahmin Solutions also provides customizable reporting tools to track your business performance. Using reporting features, you can generate sales reports by product, sales representative, sales channel, and more, in order for you to assess your business’ health and make data-driven decisions to address issues and identify growth opportunities.

Detailed Brahmin Solutions Review

7. Odoo

Odoo Dashboard

ERP software 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 businesses and large enterprises.

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.

Detailed Odoo Review

8. Sage Intacct

Sage Intacct dashboard

ERP software Sage 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 contracts 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 applies to a wide range of industries like healthcare, wholesale and retail. It is also ideal in areas with strict financial regulations.

Detailed Sage Intacct Review

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 a breach.

Another key benefit of Intacct 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 include Salesforce, ADP, Expensify and American Express.

9. SYSPRO

SYSPRO dashboard

SYSPRO is a trusted name when it comes to ERP software. It was designed to help organizations in the manufacturing and distribution industries to monitor, integrates, and synchronize their processes. The platform is composed of various modules that focus on various needs of different workflows. With a modular structure, you can easily scale your operations without worrying about the software. Its flexibility ensures full adaptability.

The ERP solution was created to simplify end-to-end solutions. It can optimize cost control, increase productivity, streamline processes, and generate real-time data analysis. You can also customize its deployment based on your needs. SYSPRO can be deployed on-premise or in the cloud. It can even be accessed using mobile devices.

Detailed SYSPRO Review

Using real-time reports and insights, your team can make immediate changes to meet ever-changing deadlines, targets, quotas, and goals. You can execute strategies in a timely manner along with your members with the built-in collaboration functionalities. Additionally, you can extend the platform’s functionality using its API. It can connect to any intelligent systems usings its smart integrations. That means your entire operation can be run smoothly without having to switch from one software to another.

10. Oracle ERP Cloud

Oracle ERP Cloud dashboard

Oracle ERP Cloud is a comprehensive business management solution that fits organizations of all sizes. It is was crafted with industry standards and modern best practices in mind. You do not need an on-premise infrastructure to start using the software as it is powered using cloud technology. Its simplicity also reduces the onboarding process, which means your team can get started right away.

The powerful software combines automation, functionality, analytics, and security. It can be used as the backbone of your operations, such as planning, compliance, risk management, financial management, and more. It supports multiple currencies, entities, ledgers, and other accounting standards, which means it is easier to expand to new industries and markets.

Detailed Oracle ERP Cloud Review

One of its notable modules is Oracle Financials Cloud. The powerful financial management system is built using an analytic data model that allows you to monitor, manage, and process various tasks. You can easily generate reports and insights so you can make data-driven decisions. Aside from Oracle Financials Cloud, it also includes modules for order management, risk management, accounting, project planning, product lifecycle, and more.

Have you found the best ERP software for your business?

Based on the information we’ve provided in this guide, it should be easier to find the best ERP system for your business. The solutions on our list offer a suite of customizable applications that can help you manage critical business processes, especially in this time of the pandemic where collaboration and mobile access to business tools are an absolute must.

ERP software is designed to help improve efficiency, increase visibility, boost your customer services, enhance collaboration, and standardize processes. Ultimately, your chosen platform should increase employee productivity and help grow your bottom line.

Are you torn between a cohort of products? If yes, have you given NetSuite ERP serious consideration? Our experts put all the solutions on our list under rigorous tests, and NetSuite claimed the top accolade. Not only is this software easy to use, but it’s also scalable and packs a punch in terms of enterprise resource planning capability.

It streamlines and automates all front-to-back office processes, making light the task of running a business. This is just a sneak peek of what NetSuite ERP can do. You can easily sign up for NetSuite ERP free trial and get to know the features firsthand at no cost and without commitment.

Daniel Epstein

By Daniel Epstein

Daniel Epstein is a senior financial research analyst at FinancesOnline and the architect behind our Fintech and ERP content division. His main areas of expertise are blockchain technologies, cryptocurrencies, and the use of biometrics in fintech solutions. His work has been frequently quoted by such publications as Forbes, USA Today, Entrepreneur, and LA Times. With more than 1,800 solutions scrutinized in the last 5 years spent on our team he always prioritized offering readers an unbiased perspective on modern financial technologies.

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