Operating a business of any size comes with unique challenges in tracking and managing important metrics across the organization. No matter the size of the company, most are guilty of using rogue spreadsheets and ad hoc tracking systems to manage critical information such as finances, inventory, customer engagement, supply chain, or human resources information.
Without a unified system, inefficiencies can run rampant and may even affect the customer experience. An enterprise resource planning (ERP) software allows organizations of all sizes to better manage disparate systems, increasing efficiency and saving time and money in the long run.
What is Enterprise Resource Planning?
ERP consists of software applications that unify data from across the company to provide business intelligence and actionable insights from multiple areas of the business. This information is compiled and shared through dashboards, which are updated in real-time, providing leaders with increased visibility and a unified view of the business. Modules are selected within the ERP software to best suit the varying needs of different types of businesses.
ERP software is customizable for any size business and is implemented by combining modules that are tailored to the specific company’s needs.
Benefits of ERP Software for Business Processes
Enterprise organizations operate with immense complexity, and an ERP solution is an important component of streamlining business processes across the company. By unifying critical information under ERP software, leaders are able to better utilize business intelligence to refine their strategy and improve operations.
Small and medium-sized organizations can also benefit from ERP software, and as most solutions are scalable and customizable, there are options for any size or type of business looking to optimize their operations. These ERP options offer a variety of integration options, including integrating payments processing, to alleviate your manual processes and save you time and money.
The Importance of ERP and Integrated Payments
Though many areas of the business can connect to ERP software, enterprise payment processing is one of the most important components to integrate into your platform. Doing so enables you to unlock a number of benefits, including:
Saves Time and Improves Productivity
When your payment processing platform and ERP software are tightly connected, data can flow seamlessly from one system to another. In addition to keeping data in sync, an integrated payments also reduces the need to re-enter sensitive data into various systems, thus minimizing human error or data breaches.
Integrating your payments and ERP systems can make information easier to find and your finance teams won’t have to spend too much time reconciling different accounts. For instance, when payment data flows into your ERP payment gateway solution, the system can automatically recognize payment status made and cardholder data and then pair them with pending invoices. This integrated payment gateway frees up your team’s time and allows them to focus more on high-value tasks.
Deeper Payment Data and Business Health Intelligence
An ERP and payment integration is fundamental to understanding the financial health of the business. The management of manufacturing, supply chains, and inventory are critical components of your company’s financial health. This information, combined with payment processing data, provides valuable and actionable insights. By integrating payments with your ERP, business leaders are able to view a holistic snapshot of the company’s financials with a useful dashboard and actionable analytics.
Top ERP Systems in the Market
Now that we’ve covered the fundamentals of ERP software, let’s look at the top vendors in the market — all of which can integrate seamlessly with payment processing solutions like Stax.
NetSuite ERP System
NetSuite ERP is a cloud-based business management solution that automates financial processes and gives visibility into inventory and the supply chain. NetSuite offers accounting software, inventory, order, supply chain and warehouse management as some of its key features. This platform is suitable for just about every industry and is customizable and available in multiple languages and currencies. This ERP software is also appropriate for businesses of all sizes, from small businesses to enterprise organizations.
NetSuite is perhaps the most inclusive of the ERP software solutions in its capabilities and industries served. Between its use in over 200 countries, supporting 27 languages, and 190 currencies, this solution benefits from decades of experience and is a leader in the ERP space.
SAP ERP System
SAP ERP is available as a software as a service (SaaS) or on-premise and has similar offerings to other ERP solutions. SAP’s features include streamlined management of assets in areas like:
- Supply chain
- Sourcing and procurement
The solution is ideal for various types of organizations and includes helpful machine learning and advanced analytics.
SAP is dedicated to user-friendly, adaptable, and flexible solutions. This allows customers to tailor the system and only pay for what they need.
However, it’s one of the more expensive options in comparison to the others. SAP ERP is also highly ranked for the accounts payable and receivable functionality and is known to be customizable by industry type.
Sage ERP System
Sage ERP provides HR, accounting, inventory management, and customer relationship management (CRM) as some of its highlighted features. Sage offers multiple product types for small and medium businesses as well as medium-to-enterprise organizations. Depending on the product, Sage can either be a SaaS or on-premise and is available at a range of prices.
Sage ERP is better suited for medium to large enterprise organizations and is available with multi-lingual and multi-currency capabilities. Sage is easily integrated with other business intelligence and IT systems and does offer solutions for manufacturing, operations and distribution management.
Microsoft ERP System
Microsoft’s cloud ERP is ideal for any size business and has solutions tailored for healthcare, manufacturing, financial services, and retail. Like the other solutions, this SaaS is customizable, moderately priced, and ideal for managing multiple departments.
However, in an ERP comparison, Microsoft is indicated as not suitable for businesses looking to manage features for their CRM, product design, or shipping and distribution.
Microsoft offers applications for sales, marketing, service, finance, operations, commerce, and HR. This solution is also recognized as a leader in the space by research and advisory companies such as Gartner and Forrester.
Syspro ERP System
Syspro is available as a SaaS or on-premise and best suited for manufacturing and distribution. Some of its functions include monitoring and insights on finance, warehouse and inventory management, supply chain, and business operations. The user interface is known to be fluid and consumer-grade with Syspro.
Syspro is unique in its focus on industry-specific software which offers, “flexible, leading-edge software specifically to meet the needs of manufacturers and distributors.” This focused area of expertise reduces cost and time for ERP implementation.
Seamless Payment Integration with Stax
An ERP software provides valuable insights and helpful tools to streamline any business and centralize critical information. For medium to large enterprise organizations, managing these complex environments should not be done with disparate systems that result in wasted time and increased cost of operations.
Stax Payment Platform accepts any payment type and offers helpful analytics which can be integrated seamlessly into many enterprise-level platforms, including certain ERP software. The robust financial analytics provided by Stax, combined with business intelligence from across the organization, present a unified view of operations.
Like the ERP solutions listed above, Stax is also customizable and can easily integrate with other software solutions such as QuickBooks, Netsuite, and other important applications.
ERP implementation is one way to make your business smarter and more efficient. By combining the right ERP software and payment processing solution, organizations are well equipped to use integrated payments and information from multiple business functions, saving time and money.
Ready to integrate your ERP software and payments solution? Get in touch with Stax to get started.