Best Enterprise Resource Planning (ERP) Software for 2023

Enterprise resource planning (ERP) is a platform businesses use to manage and organize the core aspects of their business. Many ERP software programs are essential to businesses because they enable resource planning by integrating all the operations required to manage their operations into a single system.

Understanding Enterprise Resource Planning (ERP) Software

ERP (enterprise resource planning) software is comprehensive, integrated system that manages all facets of a production- or distribution-based business, coordinating accounting's core tasks with those of financial management, human resources, supply chain management, and manufacturing or distribution. ERP software monitors all facets of production or distribution, finances, and the back office to provide transparency into the entire business process. These large-scale systems serve as a central center for data and workflow from beginning to end. Several departments can access the data that ERP software captures to ensure the proper steps are being taken.

Manufacturing and distribution businesses employ ERPs. ERP solutions offer coherence from start to finish of all business processes instead of hiring standalone products in each department (which may need to be more effectively integrated). This aids a company's development and growth. Although ERPs offer various functions independently, they can also interact with PSA and CRM applications. Users can combine independent items to create their own ERP system. Others could choose not to buy the full suite but only some modules from an ERP system that are marketed separately to best-fit business needs. While not focusing on the production of products, certain project-centric businesses may use similar project-based ERP systems that nonetheless provide an end-to-end business solution.

ERP Software Features

When comparing ERP software, it is essential to understand each product's functionality. Meanwhile, here are most of the common features of ERP software:

Accounting

Manages financial transactions with general ledger, accounts receivable, accounts payable, and payroll functionality.

One of the most fundamental yet most advanced features of ERP software is accounting. Payroll, managing fixed assets, and other financial management procedures are just a few of the vital accounting tasks that help firms manage and automate. In addition, users of ERP software can evaluate financial data from throughout their firm in a single system because the program unifies different business processes.

Business intelligence

It uses analytics to analyze and report business data and help companies make smarter business decisions.

Businesses require precise and analytical analytics data, which ERP software offers, to evaluate their performance. The business intelligence capabilities of ERP software include scalable dashboards that display operational data from across an organization, providing managers with the knowledge they need to assess performance and make wise business decisions.

CRM

Tracks interactions with prospects, customers, clients, and partners across departments.

The CRM module controls customer data, including client details, potential leads, resources for the support desk, and live chat conversations. Further to providing businesses with a more complete and accurate view of their customer data, it also enables the automation of client-related tasks like order processing, allowing you to predict their needs before contacting them.

HR management 

Manages traditional HR activities, such as personnel tracking, benefits administration, talent management, and employee training.

By automating essential HR tasks like timesheet management and benefits administration, ERP software expands the scope of HR management. It also assists in more strategic initiatives like staff appraisal and recruitment because of its access to personnel data and sophisticated reporting capabilities.

Inventory management

It helps companies track up-to-date information about their product supply and maintain optimum stock levels.

ERP software assists firms in maintaining optimal supply levels while preventing overstock and product outages with capabilities like AI-assisted inventory tracking. The predictive analytics function of ERP software may foresee any peaks or troughs in demand. If inventory levels fall below a certain point, the software can issue alerts and even automate restocking.

Supply chain management

Monitors goods as they move from manufacturing facilities through distribution centers to retail stores.

ERP software's supply chain management module assists in streamlining all phases of the supply chain, from distribution to production and procurement. With help from real-time inventory monitoring capabilities and process automation in ERP software, it incorporates features like demand tracking, cost optimization, and delivery efficiency.

Best ERP Software

Here is the best Enterprise Resource Planning (ERP) software for 2023:

Katana

(Best Cloud ERP System)

Katana offers a manufacturing ERP that makes daily life easier for you and your business. Bring your manufacturing operations into a single platform with integrations for sales, accounting, and shipping, get total visibility of everything you're working on, and data to help you predict trends and make more informed business decisions. Katana is best for manufacturers looking to utilize the best software for manufacturing, sales, and accounting and run it all from one user-friendly cloud manufacturing platform.

Moreover, this cloud-based software is quick to set up and get started, and if you need assistance, Katana has responsive and helpful customer support to answer questions. In addition, it integrates easily into the most popular business tools, including Zero, QuickBooks, Zapier, Amazon, eBay, Shopify, Hubspot, and many more. Finally, use the Developer Portal with Katana’s open API if you need custom workflows.

Oracle Netsuite

(Best ERP Software for Scaling & Growth)

Oracle Netsuite is one of the top recommendations for ERP software. Oracle Netsuite is fully customizable and designed to support growth. As your firm grows, it is simple to increase resources and features. They are, therefore, excellent for mid-sized businesses that expect growth in the foreseeable future. From pre-revenue startups to small and mid-size organizations, fast-growing enterprises use NetSuite to automate core processes and get real-time insights into operational and financial performance.

Microsoft Dynamics 365

(Best For Bundle Licenses)

Microsoft Dynamics is a line of integrated, adaptable business management solutions that enable your people to make critical business decisions confidently. Microsoft Dynamics works like and with familiar Microsoft software-easing adoption, reducing the risks of implementing a new solution. In addition, these solutions automate and streamline financial, customer relationship, and supply chain processes in a way that can help you drive business success.

Furthermore, Microsoft Dynamics 365 is powerful, flexible, and trustworthy like most Microsoft products. As a result, it’s used by some of the world’s biggest companies, like HP, Coca-Cola, Lowe’s, Delta, BMW, Adobe, UPS, and more.

Acumatica

(Best ERP Software For SMEs)

Acumatica Cloud ERP provides best-in-class functionality for small and mid-sized companies, making all business management data accessible anytime, anywhere, on any device. Acumatica's consumption-based licensing charges for resources used, not per individual user. Control orders, projects, payroll, financials, CRM, field services, inventory, and more with a single, adaptable system tailored to your needs and designed to help you thrive in the new digital economy.

Furthermore, Acumatica Cloud ERP is tuned to the needs of small and mid-sized businesses, offering best-in-class functionality to help them thrive as connected, resilient companies in the digital economy.

SAP Business One

(Best For Small Businesses)

SAP Business One is designed for all your small and midsize company needs. The application offers an affordable way to manage your entire business, from accounting and financials, purchasing, inventory, sales, customer relationships, and project management to operations and HR. SAP Business One helps you to streamline processes and gain a greater insight into your business to help drive profitable growth. Moreover, SAP Business One is designed specifically for small & midsize businesses active in consumer products, industrial machinery, components, professional services, retail & wholesale distribution.

Sage 300

(Best For Medium-Sized Businesses)

Sage 300cloud helps businesses manage their finance and accounting needs. The product takes the complexity out of managing business finances across borders, in multiple currencies and locations. Sage 300cloud is especially sought after by companies with complex corporate structures, such as multi-entities, franchisees, and international subsidiaries. It has robust GL consolidation features and can automatically account for intercompany transfers. This software is best for medium-sized companies, mainly working for professional services, wholesale/distribution, manufacturing, public sector, not-for-profit, hospitality, and retail.

Final Thoughts

Through a single system, enterprise resource planning (ERP) integrates and organizes corporate activities. Businesses are better able to plan and allocate resources with a clearer line of sight. Without ERP, businesses frequently run in silos, with each department utilizing a separate, disjointed system.

ERP systems encourage open communication and knowledge sharing inside a company, the integration of systems for increased productivity and efficiencies, and improved synergies across teams and departments. But, using an ERP system won't be beneficial if the company's culture doesn't change and it doesn't examine how its organizational structure can support it.