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Currently, all the businesses worldwide are facing many tough challenges due to this ongoing Covid-19 pandemic. And it has become impossible to handle all the business operations by being physically present at the place of business. This situation has created a lot of chaos in many organizations that were working manually. So these businesses are looking up ways to digitalize themselves, and their one-stop option has become ERP software.

What do we mean by ERP Software?

The word ERP stands for Enterprise Resource Planning. It is a business management software that helps in managing daily business operations like accounting, raw material procurement, project management, payroll management, supply chain management. Also, ERP helps in tracking the resources like cash and inventories. Apart from that ERPs, helps in integrating all the data generated from different business activities and providing the information flow in a compiled and simple manner to the top management and its stakeholders.

The concept of ERPs has many times misunderstood by small and medium enterprises (SMEs). Due to this confusion, the SMEs have wrongly implemented the ERP system that was not required then. This poor decision has cost them losses both in terms of time and money. So it is always advised to SMEs to plan out all things before investing in ERP softwares.

Read More – ERP for SMEs? Think again

Difference Between ERP Software & Accounting Software

Difference between ERP Software and Accounting Software.

Many people are still confused between ERPs and Accounting software and consider it to be the same thing. But in reality, the ERPs and Accounting software are different from each other. 

Accounting software helps in maintaining Accounts Receivables, Accounts Payable, Financial Reporting, Bank Management related information. And ERP Softwares manages Inventory Management, Customer Relationship Management, Supply Chain Management and many other activities in addition to accounting-related data for the businesses. So the Businesses should keep in mind their needs while choosing between the Accounting and ERP software.

Read More – ERP Implementation Failure- How Company Size Matters

List of Best ERP Softwares for Different Need

Tally ERP

Tally ERP is one of the oldest and renowned ERP software present in the Indian Market.

Tally ERP software.
Features-
  • It is one of the best software which caters to all the Accounting and GST related needs of small scale retail businesses.
  • Tally ERP is of great help to those organizations that have a small volume of transactions.
  • Tally ERP software provides the real-time basis data and all type of Financial Reports for around one year.
Limitations-
  • Tally ERP does not serve as an ERP software but rather as Accounting software, as it fails to function as an integrated business management software.
  • This software is very complex to understand, and only well-trained users can operate the Tally software efficiently. Due to this reason, every time one trained person needs to run the ERP system.
  • The maintenance cost of Tally ERP software is much higher when compared with other options present in the market for the same purpose and scale.

Read More – Is Tally enough for your SME

Oracle

Oracle ERP software is known as the best cloud-based softwares that helps in automating all the essential business processes like project planning, product life-cycle, reporting, compliance, governance and risk management.

Oracle ERP Software
Features-
  • It offers the best cloud-based software with the lowest upfront cost in the range of Tier 1 ERP softwares.
  • Oracle ERPs provides many types of ERP Modules like Financials, Project Management, Risk Management and Compliance, Enterprise Performance Management (EPM), Supply Chain & Manufacturing, ERP Analytics, which caters for the needs of different types of businesses.
  • The cloud-based technology of this software enhances the speed of business processes, and also the integrated flow of information helps in taking fast and data-driven decisions.
  • The Customer Support System of the Oracle softwares is 24*7 and provides the best services whenever needed by its users.
Limitations –
  • Oracle ERP software is only beneficial for large scale enterprises that work in different verticals or are working in multiple locations.
  • The Operating and License costs of the software are not reasonable for SMEs even though it has the lowest upfront cost in the Tier 1 ERP softwares.
  • The Different ERP Modules are of no use for small businesses, as they might create confusion when operating the software.
SAP

SAP ERP is the global market leader of ERP Softwares with over 40 plus years of experience in this field. It is the industry-recognized software that offers both cloud-based and on-premise software is the best option available for large corporations.

SAP
Features-
  • SAP offers very comprehensive softwares for its clients to cater for their needs. They can choose from its variety of tools which to use as per their organization requirements.
  • It provides Cloud Security management to its clients for their data and is very efficient for security.
  • The software provides an integrated flow of business information, and with the use of this information and Business Intelligence tools help their users to make better decisions.
  • The Customer Support System of the SAP ERPs is 24*7 and provides the best services whenever needed by its users.
Limitations-
  • SAP ERP software is very costly softwares and has both High upfront and maintenance costs.
  • The software is generally suitable for big companies which have large volume transactions and can hire Trained users who can operate it as it’s very complex for inexperienced users to understand.
  • Also, SAP involves a lot of time to get implemented in the organization due to its complex nature.
  • The main reason behind using SAP is its integration between ERP modules.  Sometimes its users do not understand if the ERP modules are required or not, and this situation often creates chaos in the organization.
TranZact

TranZact is a zero-effort digital transformation tool that digitizes the entire business process right from sales inquiry to dispatch. It is very different from Traditional ERPs but provides all the benefits of an ERP software like accounting, inventory management and other things like faster documentation, streamlining all core business processes. Therefore it is easy to use and implement in the organization compared to ERPs like SAP & Oracle.

TranZact
Features-
  • It is a cloud-based digital transformation tool and is easily accessible and very easy to use. So it is very well suited for Small and Medium-scale Enterprises (SMEs).
  • It offers the software Free of cost to all users for an unlimited time as they believe in their Freemium policy. TranZact team always encourage its customers to use the free tool first. And suggests the customers upgrade when there is a need for any additional services.
  • TranZact BI dashboards help its customers to understand how their business is performing currently. And it also helps them to take quick and data-driven decisions.
  • TranZact uses AWS cloud services to run its software which provides complete data security for its customers.
  • The main feature of this software is it’s easy to use no formal training is required to operate it. And the features like Tally Integration and Inventory Management helps out in saving time by avoiding double entry in accounting software and also helps in tracking and managing the business flow.
Limitations-
  • TranZact is very much suitable for SMEs, but for the large corporations which are working in many verticals, it is not advisable right now. It is continuously evolving and will in future be useful for large enterprises also.

Conclusion

In today’s time, Businesses and their top management should properly examine their organizational structure and its requirements by keeping in view of their stakeholders while choosing an ERP software for themselves. A wrong decision taken by them could lead to a huge setback for the organization and could lead them to many years backwards in their journey. So they should keep in mind their size, structure, type of business, budget constraints and many other factors and take things very seriously while deciding about the technology they would choose to automate and digitalize their organizations.

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