“Small businesses are really the engine in the economy” – Karen Mills
With entrepreneurship spreading globally, small businesses are increasing in number and succeeding too. In today’s competitive corporate world, there is no business that is too small for an ERP solution. An ideal ERP for small business fits the shape and size of the business, however small or initial it may be. It has the competence to facilitate small businesses to operate like an enterprise does. Strategically, it prepares the business with needed abilities that can coordinate and assimilate functions into efficient business procedures.
“A big business starts small” – Richard Branson
Before we plunge into details of ERP system for small business, let us quickly review what an ERP solution is.
Enterprise Management Software: An Overview
“They must realize that even if ERP doesn’t manage these functions as well as what they had, the benefit to the organization of having a single system of record outweighs the inconvenience of a less capable system” – Jim Shepherd
An SME ERP system is one of the best amalgamations of business workflows and IT operations. It basically involves the automation of business tasks that are involved within each department as well as within departments. There is a seamless data flow between departments, instantly and near real-time. Earlier, ERP systems were known and affordable to big businesses, enterprises etc., but with the small-scale industries ruling the globe now, ERP for SME is almost an indispensable ingredient for businesses.
To understand the significance of an ERP solution, here is a clear-cut view of why businesses go in for ERP:
There are certain key questions that need to be evaluated while implementing an ERP small business:
- How many no. of departments is present in the organization?
- What is the cost efficiency of the ERP implementation in the business?
- Is investing in the small business ERP system going to be beneficial for the business?
Only after these questions are answered, business owners can proceed towards selecting an apt ERP startup for their business.
How to Select An ERP?
Selecting an ERP for your small business is a big job. Here is a quick checklist to be assessed while selecting a customized ERP software for your business:
- Have you chosen the right ERP solution partner for your needs?
- Have you ensured modular and comprehensive coverage in the ERP?
- Did you analyse business and infrastructure parameters in advance?
- Did you decide on stage wise, department wise implementation?
- Have you chalked out a thought-out plan for your business?
- Did you study your existing systems and technologies in detail?
- Do you need a cloud ERP for small business?
- Did you decide if you need a web-based ERP or mobility driven ERP?
- Have you ensured scalability of the ERP system?
Types of ERP Systems
There are many different types of ERP software that can be chosen from, depending upon the business workflows, cost estimates, user needs and infrastructure assessment. A combination of the below could also be taken up, based on what exactly is the set of requirements. Here are certain categories of ERP systems, explanatory by its name:
- Web-based / Cloud-based ERP
- Industry specific ERP
- Small business ERP
- Open source ERP
- Proprietary ERP
- Mobile ERP
Top 8 Best Small Business ERP Software
Based on usage, popularity, demand, access and security features, here are 8 best ERP software that are helping small businesses flourish and succeed at an exponential rate:
- A contemporary, cloud-based ERP
- Scalable, robust solution from Oracle
- Prevalent in more than 160+ countries
- Considered one of the world’s most installed cloud ERP system
- Offers full perceptibility into all functional and operational areas
- Helps in making knowledgeable data-driven decisions
- Gives almost real-time insights into business offering complete transparency
- Automated, swift and simplistic solutions for all modules
- Competencies with agility to develop novel functional areas, solutions and services
- Lesser on-location infrastructure costs
- Accounting and financial management software that lets you do more and do it better
- Advanced functionalities that help increase productivity
- Flexible platform to integrate with third party services
- Authoritative automation of intricate procedures and multi-dimensional data analysis
- Known for addressing financial and accounting needs of small businesses and startups
- Offers tools to deal with spend management, order management, accounts payables / receivables etc.
- Built by financial experts and hence ensures accuracy
- Analyses and integrates complicated financial and accounting procedures
- Flexible and tailormade business workflows
- Near real-time reporting and dashboards mechanism
- Collection dashboard to send Statement of Accounts electronically to multiple contacts
- Bank reconciliation
- Manage supplier discounts
- Multi-branch reception, invoicing and cheques
- Accounts Payable Aging
- Reports: Trial Balance, Balance Sheet, Income Statement, Departmental Expenses
- Profiles and Access rights to keep information secure and confidential
- Management accounting Vs Statutory accounting by market, division, branch or department
- Designed for mid-size to large enterprises
- Industry specific business workflow management
- Work anywhere, anytime, across devices
- Offers a seamless experience and complete security
- An ERP tool which aids in expanding your business reach
- A fully protected software which helps you integrate all the data of your business and use it in the best possible manner
- Optimizes warehouses and controls inventory costs
- Possesses all the tools needed to merge all business operations into one system
- Available for small business and offers multiple support options
- Saves big on time and money
- Excellent option for manufacturing and distribution units
- Well-designed supply chain management processes
- Makes critical business decisions using real-time information
- Speeds business processes to be more efficient, and more profitable
- An ideal open ERP available in the market
- Considered 100% open source
- Used by more than 5000 organizations across the globe
- Offers financial accounting and inventory management
- Available in cloud-based and on-premise deployment options
- Offers human resource management and project management
- Users can track progress through real-time charts
- Provides sales management features, lead management and tracking
- Considered best for small businesses with limited resources
- Can host it yourself or SaaS based
- Comprehensive and very considerately designed
- Industry-built ERP software for simplified success
- Ranked in 2019 Panorama Consulting
- One of the longest standing independent ERP providers
- Delivers simplicity, innovation and partnership
- Sold in modules hence can be purchased as needed
- Advanced reporting capabilities with automated workflows
- Flexible system based on requirements and hence user friendly
- Offer all detailed aspects of finance, manufacturing and distribution
- Flexible, dependable, customizable and scalable
- Reduced disturbance with basic installation and a simple upgrade path
- Streamlined implementations
- 100% free CRM, collaboration tool suite
- Ready to use in cloud within a few seconds
- Totally free for unlimited number of users
- More than 5,000,000+ organizations have chosen this solution
- Activity stream, group chat, calendars, workgroups and other collaboration tools at your disposal
- Improve conversion rates, automate marketing and serve your customers better with our free CRM
- Mobile ERP with multiple seamless integrations
- A lighter version which enables organizations to take technological advantages in their business
- Cloud based as well as on premises package solution
- Helps to manage procurement process, sales process, inventory management and financial processes
- Effective and user-friendly dashboard, alert and notifications
- Best solution to take technological advantage for SMEs
- Approval and version of each document is maintained with audit reports
- Vendor Management and rate contract management
- Analytics and alerts provided to achieve customer satisfaction
- Inter Branch / departmental inventory movement
- Configuration and maintenance of accounting structure
The very fact that ERP for small business is surely a beneficial investment for the organization, is a known thing now. Genial Light ERP (Genial LERP) is lighter version of ERP system for small businesses, which enables organizations to take technological advantages in their business. It is available on cloud as well as on premises under package solutions. This solution helps small businesses to manage procurement, sales, inventory management and financial processes.