Today’s enterprise resource planning (ERP) systems have a centralized database that offers organizations an updated picture of core business processes. However, these systems differ in features, functionalities, and capabilities.

Therefore, business owners must understand their company's needs and goals before purchasing an ERP. Buying the wrong ERP can take almost 50% longer to implement, eventually costing almost twice as much as you had budgeted.

And even after implementation, it may not offer your business the smoothest operations. When choosing an ERP, consider factors such as security, integration capabilities, cloud accessibility, mobile access, cost, and advanced features to help increase productivity.

Due to the complexities involved when choosing an ERP, especially for new businesses, there are consulting firms that work with companies to find the best fit.

In this post, we’ll compare some of the best ERP systems for businesses and provide you with the main factors to consider when purchasing one.

Key factors to consider when choosing an ERP system

Selecting the appropriate business management software solution improves work dynamics, flows, strategic planning, and overall productivity.

Here are some of the most critical factors to consider when buying ERP software:

Business needs and features required

Each business is different, so each system must be tailored to meet your company’s requirements. You should consider the specific areas or processes that require improvement, such as financials, electronic invoicing, or inventory management.

A complete ERP system is not built as a ‘one size fits all.” The ideal system should not force you to alter your business processes to work with it. Instead, it should accommodate your business operations and help improve them.

Most business owners have already established and molded the best practices to meet their needs. The ERP system should have all the features you need to run your business successfully.

Integration with other software

Most ERP systems available today comprise the features any business requires to run successfully. However, some companies considering ERP software have other existing systems they may not be interested in changing to accommodate the ERP.

Most business owners are left with the question: How do we integrate our existing systems with the ERP? The ERP will rely on data from the existing systems to run certain operations,  making integration critical.

The ideal ERP software should allow the same data to exist and keep the separately updated data elements compatible. It should also have integration tools such as web services and XML files that allow different systems to share data quickly.

Cost and related expenses

Your ERP software budget can vary based on company size. ERP system purchases and implementation processes are costly, making it essential to get the right solution. They are also long-term considerations you can use for decades.

According to a 2022 software path report, the average cost for each user of an ERP system is $9,000. This is a significant investment, but it can be a profitable move for your business if you get the appropriate solution.

You should also consider the ongoing maintenance and support of an ERP system. Some vendors offer ongoing support, but organizations must provide the infrastructure for setting up and running an ERP.

Customization and scalability

Modern ERPs rely on knowledge gained from customers who have already used them. Therefore, customization is a selection criterion for business components unique to every other company in the world.

If you desire a specific customization, go for ERP systems with an eye toward the efficiency of that customization. Also, consider whether you have the programmers required for the particular language or if they are available in the employment market.

After the initial implementation, business owners may envision future ERP enhancements. The right system’s technology should fit your business strategies today and in the future. It should facilitate plans for growth and new markets.

Cloud compatibility

Cloud-based ERP systems allow users to access the software's features from any internet-connected device. This plays a significant role today, as business stakeholders can collaborate on documents, enter data, and make critical decisions from any location.

Cloud compatibility grants remoteness, making the ERP easier to use because it does not require laborious on-site upkeep.

Cloud-based ERPs ensure businesses can adapt to modern technology trends. They offer automatic updates from vendors, which introduce new features for streamlining operations and enhancing efficiency.

ERP user support

When introducing an ERP to your business, employees in every functional area will be users. You must consider their needs and desires in knowing how to use the software to maximize efficiency.

Always look for an ERP vendor that supports its users using training videos, manuals, and quick customer service. You should also find ways to offer training on using the ERP equipment to bring overall value to the organization.

Ensuring your employees have the support they need during this transition motivates them to support your efforts toward the company.

Data security

A reliable ERP system must adhere to data protection laws to guarantee security during data processing. Despite the laws, ERP systems may still face attacks and leaks, making it crucial to have the appropriate data backup and security solutions.

An organization’s centralized database is the most critical asset. The software should fully comply with data protection requirements to guarantee the security of a company’s most vital asset.

Compliance and regulations

Depending on your country or industry, your ERP software may need to adhere to specific regulations such as GDPR (General Data Protection Regulation).

Countries may also have electronic invoicing regulations regarding archiving periods, data formats, and other aspects that help them remain tax-compliant. A reliable ERP should have the necessary features to meet all user needs and compliance regulations.

Mobile accessibility

Mobile technology has transformed the business world, from marketing strategies to offering various customer service options, including chat and SMS support.

An ERP that allows mobile access enables users to access and analyze data from anywhere. For this to work, you must have a cloud-based ERP system that only requires an internet connection.

Real-time capabilities

Staying current with your organization’s performance can help you make quick decisions and keep up with your competition.

Real-time capabilities may include analytics and reporting, inventory management, and e-invoicing. A system with powerful analytics and reporting features allows business executives to track trends and monitor key performance indicators (KPIs).

This makes it easier to identify opportunities for growth and improvement and make critical decisions promptly.

You may also like: Top Advanced Features in Modern ERP Systems (Explained for Beginners).

Overview of leading ERP systems

There are numerous ERP systems for business owners to choose from, which can be very daunting. Here, we discuss some leading ERP systems to help you decide.

1. Certinia

Certinia is a platform revolutionizing enterprise resource planning software through its comprehensive suite that integrates various business-critical features. Formerly known as FinancialForce, this ERP is built on the robust Salesforce cloud platform.

Certinia is a customer-centric ERP that allows organizations to analyze and interpret all customer-related data. Business owners find its user–friendly interface easy to use for configuring detailed reports.

Key features

• Revenue management: It has a financial planning and analysis feature covering revenue recognition, financial ratios, quote-to-cash, financial statements, and financial modeling.
• Customer relationship management (CRM): Certinia facilitates a seamless breakdown of the customer lifecycle process. It analyzes customer data to help business owners develop strategies to retain and attract customers.
• Order and inventory management: This feature streamlines the organization and monitoring of orders, ensuring customers get their products on time. Certinia enables order entry, fulfillment, stock management, and replenishment.
• Analytics and reporting: The analytics and reporting feature offers various capabilities for analyzing and reporting ERP data. It comprises an intuitive dashboard, custom reports, report builders, operational reports, KPIs, and support for financial statements.

Pros

• Certinia has robust automation capabilities that reduce repetitive and complex operations like financial management processes.
• The platform is built on Salesforce, which guarantees advanced security measures to protect users’ data.
• It has a comprehensive reporting feature that transforms raw data into prompt, insightful reports.

Cons

• The platform might be challenging to navigate, especially for new users, which might slow implementation and adoption.
• Some users might find it restrictive to their business workflows since it does not provide extensive customization options.

Best for

Certinia is an ERP mainly designed for service businesses, especially those that depend on KPIs and metrics to enhance customer success.

This software helps service teams operate efficiently and profitably due to modern features such as direct integration with financial tools and real-time data analysis.

If you need help adding e-invoicing features to your Certinia system, contact us to connect you with an expert who can execute advanced e-invoicing integrations.

2. Odoo

Odoo is an open-source ERP system known for its flexibility and wide range of integrated applications. It offers solutions for various business needs, from CRM and e-commerce to inventory and accounting.

Its modular design allows businesses to start with a few applications and increase the number as they grow.

Key features

• Modularity and flexibility: Odoo offers over 30 main modules and more than 16,000 third-party apps to cater to diverse business needs. Users can select and configure only the necessary modules, ensuring a tailored fit for their business processes.
• User-friendly interface: It has a modern, easy-to-use interface that is effortless for users to navigate and operate. The interface is consistent across all modules, ensuring a seamless user experience.
• CRM and sales: The customer relationship management (CRM) module helps manage customer relationships, track sales opportunities, and improve sales workflows. It includes features like lead management, pipeline tracking, and automated follow-ups.
• Inventory and manufacturing: Odoo’s inventory module supports multi-warehouse management, stock tracking, and real-time inventory adjustments. The manufacturing module offers features like bills of materials, work orders, and production planning.
• Accounting and invoicing: The accounting module includes comprehensive financial management tools such as invoicing, payments, bank reconciliation, and financial reporting. It supports multi-currency transactions and compliance with various international accounting standards.

Pros

• Being open-source, Odoo allows for extensive customization to meet specific business requirements.
• The extensive library of modules and third-party apps means Odoo can adapt to almost any business need.
• Odoo offers a free community edition, and its enterprise edition is competitively priced.

Cons

• While customization is a strength, it can also be complex and require technical proficiency to implement effectively.
• Though the community edition is free, businesses may need to invest in paid support for more complex implementations.

Best for

Odoo is best suited for small to medium-sized businesses that need a flexible and scalable ERP solution. It is ideal for companies looking to start with a few core applications and expand their ERP system as their needs grow.

Contact our specialists for tailored solutions and seamless e-invoicing integration into your Odoo ERP. We can customize and optimize your system to meet your unique business needs.

3. Microsoft Dynamics 365

Microsoft Dynamics 365 is a cloud-based ERP and CRM solution that integrates flawlessly with other Microsoft products. This makes it popular among businesses already using Microsoft services.

Key features

• Unified platform: Dynamics 365 combines ERP and CRM capabilities into a single platform, offering seamless integration and data flow across business functions. It integrates with Microsoft Office 365, Power BI, and Azure, enhancing productivity and business intelligence.
• Finance and operations: The finance module supports financial management, budgeting, and reporting features. Operations management covers supply chain, manufacturing, and inventory management.
• Sales and marketing: Dynamics 365 offers robust tools for sales automation, customer relationship management (CRM), and marketing campaigns. It includes features like lead tracking, sales forecasting, and customer segmentation.
• Human resources management: The HR module helps manage employee information, payroll, benefits, and performance reviews. It includes tools for talent acquisition, onboarding, and employee development.

Pros

• Excellent integration with other Microsoft products, enhancing productivity and ease of use.
• Suitable for both small businesses and large enterprises, with the ability to scale as the company grows.
• Powerful analytics and reporting tools, including integration with Power BI for advanced business insights.

Cons

• It can be expensive, especially for startups and smaller businesses.
• Implementation and customization can be complex, often requiring professional services or consultants.

Best for

Microsoft Dynamics 365 is ideal for medium to large enterprises looking for a comprehensive, integrated ERP and CRM solution. It suits businesses already using Microsoft products seeking seamless integration and advanced analytics capabilities.

Looking to enhance your Microsoft Dynamics 365 system with cutting-edge e-invoicing features? Contact Storecove to learn about advanced integration and customization options.

4. Oracle

Oracle ERP is a robust and comprehensive cloud ERP solution created to simplify business processes and improve efficiency. It offers various modules covering financials, project management, procurement, etc.

Key features

• Financial management: Oracle ERP offers a complete suite of financial tools, including general ledger, accounts payable, accounts receivable, and cash management. It supports multi-currency and multi-entity financial reporting.
• Procurement: The procurement module helps manage supplier relationships, sourcing, and purchasing processes. Some of its capabilities include supplier qualification, contract management, and procurement analytics.
• Project management: This tool tracks project progress, manages resources, and controls costs. It helps in project planning, scheduling, budgeting, and reporting.
• Supply chain management (SCM): It offers advanced supply chain management tools for inventory, order management, and logistics. It supports demand planning, supply chain planning, and integrated business planning.

Pros

• Comprises a wide range of modules and features, making it suitable for various industries and business needs.
• Highly scalable, capable of supporting both small businesses and large enterprises.
• Tough security measures and compliance with international data protection standards.

Cons

• It can be expensive, particularly for smaller businesses or those requiring extensive customization.
• Implementation can be complex and time-consuming, often necessitating professional services or consultants.

Best for

Oracle is best suited for medium to large enterprises seeking a comprehensive and scalable ERP solution. It mainly benefits businesses with complex financial and supply chain management needs.

Connect with our consultants to explore advanced functionalities and seamless e-invoicing integration. Our seasoned professionals can help you achieve greater efficiency and compliance with Oracle ERP.

5. Sage

Sage is a cloud-based ERP solution focused on financial management and accounting. It offers robust core financial management features, including accounts payable, accounts receivable, cash management, and general ledger.

Key features

• Core financials: Sage provides comprehensive financial management tools, including accounts payable, general ledger, accounts receivable, and cash management. It supports multi-entity and multi-currency transactions.
• Revenue management: This module helps automate revenue recognition processes, ensuring compliance with ASC 606 and IFRS 15 standards. It also enables contract and subscription billing.
• Budgeting and planning: Sage offers budgeting, planning, and forecasting tools, helping businesses manage financial performance. It facilitates scenario planning, variance analysis, and rolling forecasts.
• Dashboards and reporting: Advanced dashboards and reporting tools provide real-time visibility into financial performance. They support custom reports, financial statements, and KPI tracking.

Pros

• Strong emphasis on financial management and accounting, making it ideal for finance-driven organizations.
• User-friendly interface and intuitive design, reducing the learning curve for new users.
• Appropriate for small to medium-sized businesses, with the ability to scale as the organization grows.

Cons

• Primarily focused on financial management, with fewer features for other business areas like HR or manufacturing.
• Limited customization options compared to some other ERP solutions.

Best for

Sage is best suited for small to medium-sized businesses looking for a robust, easy-to-use financial management solution. It is ideal for organizations with complex financial needs and a focus on compliance and reporting.

Enhance your Sage system’s capabilities with expert guidance and professional support. Contact our specialists for integration with advanced Sage e-invoicing features to improve financial processes and reporting.

6. SAP

SAP S/4HANA is an integrated ERP solution that runs on the SAP HANA in-memory database. It offers various features across various business functions, including finance, supply chain, manufacturing, and human resources.

Key features

• In-memory computing: SAP S/4HANA leverages the HANA in-memory database to provide real-time data processing and analytics. This enables faster data retrieval and improved performance.
• Financial management: It has a comprehensive set of financial management tools, including a general ledger, accounts payable, accounts receivable, and cash management. These tools enable financial planning, consolidation, and real-time financial reporting.
• Supply chain management: The SAP business solution features advanced supply chain management tools for inventory, order management, and logistics. They support demand planning, supply chain planning, and integrated business planning.
• Manufacturing: SAP’s robust manufacturing capabilities include production planning, scheduling, and execution. This feature supports manufacturing companies with quality management and product lifecycle management.

Pros

• In-memory computing enables real-time data processing and analytics, enhancing decision-making.
• Wide range of features across various business functions, making it suitable for diverse industries.
• Highly scalable, capable of supporting both small businesses and large enterprises.

Cons

• Implementation can be complex and time-consuming, often necessitating professional services or consultants.

Best for

SAP is best suited for medium to large enterprises seeking a comprehensive and scalable ERP solution with real-time capabilities. Some of its great benefactors are manufacturing and distribution companies with complex financial, supply chain, and manufacturing needs.

Enhance your system's efficiency with advanced e-invoicing integration. Contact our professionals to help you fully leverage SAP's real-time capabilities for superior performance and compliance.

7. Zoho

Zoho ERP is part of the Zoho ecosystem, offering integrated applications for small to medium-sized businesses. Its ERP solutions are known for their affordability, ease of use, and integration capabilities with other Zoho products.

Key features

• Modular design: Zoho ERP offers various modules that businesses can select based on their needs, including CRM, inventory management, finance, and HR. Users can add or remove modules as their business requirements change.
• CRM integration: The CRM module helps manage customer relationships, track sales, and improve customer service. It also allows business owners to manage leads, automate sales automation, and support customers.
• Inventory management: Zoho Inventory provides tools for managing stock levels, order fulfillment, and warehouse management. This feature supports multi-warehouse management, real-time inventory tracking, and automated reordering.
• Finance and accounting: The finance module includes features for managing accounts payable, accounts receivable, invoicing, and financial reporting. Users can integrate with banks for automated reconciliation.

Pros

• Zoho ERP is competitively priced, making it an attractive option for small to medium-sized businesses.
• User-friendly interface and straightforward setup process, reducing the learning curve for new users.
• Seamless integration with other Zoho products, enhancing productivity and data flow.

Cons

• It may lack several advanced features in more complex enterprise resource planning systems, which can be a limitation for larger businesses.
• Limited customization options compared to more sophisticated ERP solutions.

Best for

Zoho ERP is best suited for small to medium-sized businesses looking for an affordable, easy-to-use ERP solution. It is ideal for companies already using other Zoho products and seeking a seamlessly integrated system.

Expand your Zoho ERP capabilities with our expert e-invoicing integration and customization solutions. We can help you implement advanced features to streamline your business operations and improve cash flow.

8. Stripe

Stripe is primarily known as a payment processing platform, but it also offers financial management tools that can be integrated into ERP systems. Stripe's solutions focus on simplifying online payments, billing, and financial management.

Key features

• Payment processing: Stripe supports multiple payment methods, including debit cards, credit cards, and digital wallets. It offers global payment acceptance, supporting multiple currencies and payment methods.
• Billing and invoicing: Stripe Billing allows businesses to create and send invoices, set up subscription billing, and manage recurring payments. Some of the most effective features offered by Stripe Billing for business owners include automated invoicing, dunning management, and revenue recognition.
• Financial reporting: Stripe provides detailed financial reports and analytics, helping businesses track revenue, expenses, and cash flow. It integrates with accounting software for streamlined financial management.
• Security and compliance: Stripe offers advanced security features, including PCI compliance, fraud prevention, and data encryption. It also ensures compliance with global financial regulations and standards.

Pros

• Simple and easy-to-use interface makes setting up and managing payments and billing easy.
• Easily integrates with various ERP systems, e-commerce platforms, and accounting software.
• Supports various payment methods and currencies, making it suitable for international business operations.

Cons

• Primarily focused on payment processing and billing, lacking broader ERP functionalities.
• Fees for payment processing can add up, especially for businesses with high transaction volumes.

Best for

Stripe is best suited for businesses of all sizes looking for a robust payment processing and billing solution. It is particularly ideal for e-commerce businesses and companies with subscription-based revenue models.

Let Storecove specialists integrate e-invoicing features into your Stripe ERP system for seamless and compliant financial operations. Connect with an expert today.

Read also: Reselling vs. Building E-Invoicing Solutions: A Strategic Decision for ERP Integration Companies.

Which ERP system is best for my business?

Choosing the right ERP system involves assessing your company's needs and goals. This comparative review and table should help you identify which system aligns best with your business requirements, ensuring you make an informed and strategic decision.

Takeaway: Choose the right ERP system for your business

Choosing the right ERP system enhances your business's efficiency and productivity. Each system has unique strengths and is best suited for different types of companies.

Before deciding, assess your company's requirements, consider integration capabilities, and evaluate the total cost of ownership. This ensures a smoother implementation process and better alignment with your business goals.

Whether you need a system with solid automation like Certinia, a highly customizable solution like Odoo, or a robust payment processing platform like Stripe, there's an ERP system that can meet your specific needs. Storecove has multiple integration partners to help you incorporate e-invoicing features into the ERP systems listed in this article.

Contact Storecove today for seamless e-invoicing integration and expert guidance in e-invoicing processes.

More information about ERP and E-Invoicing?

Contact us for more information or schedule a consult with one of our e-invoicing experts.

Read also:

• What is PEPPOL?
• What Is E-Invoicing Compliance? - A Detailed Guide
• What Is An Electronic Invoice? - The Complete Guide To E-invoicing
• Top Advanced Features in Modern ERP Systems (Explained for Beginners)
• Why ERP Providers Should Integrate with DBNAlliance: Strategic Advantages in the U.S. Market
• Reselling vs. Building E-Invoicing Solutions: A Strategic Decision for ERP Integration Companies