Acquiring Enterprise Resource Planning (ERP) software can be difficult for small businesses. However, amid the COVID-19 pandemic, when access to your company processes from anywhere and at any time is critical, having an ERP solution—particularly a cloud-based one—is a wise choice.
Because of the advantages that an ERP system can provide. Of these are increasing staff productivity, enhancing operational efficiency, and producing accurate reports. When it comes to implementing ERP software, the size of the company is never an issue.
It may also simplify and automate important business operations, provide real-time insight across your organization, and provide the flexibility that any expanding business needs to respond to extraordinary changes in the business environment.
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The Importance of ERP Software for Small Business
Enterprise Resource Planning (ERP) systems play a crucial role in the success of Small and Medium-sized Enterprises (SMEs) in Singapore, offering several key benefits that are particularly important in the dynamic and competitive business environment of this region.
- Efficiency and Productivity: ERP systems for small businesses streamline business processes by integrating various functions like finance, HR, sales, and supply chain management into a single platform. This reduces the need for manual data entry and the risks of errors, leading to increased efficiency and productivity.
- Data-Driven Decision Making: With ERP, SMEs in Singapore gain access to real-time data across all departments. This integrated data analysis enables more informed and quicker decision-making, which is vital in the fast-paced Singaporean market.
- Compliance and Risk Management: Singapore’s regulatory environment is dynamic and can be complex. ERP software for small businesses helps SMEs stay compliant with local laws and regulations by providing tools for tracking and managing compliance-related data. This reduces the risk of non-compliance penalties and enhances corporate governance.
- Cost Reduction: While the initial investment in an ERP system can be significant, over time, it helps SMEs in Singapore reduce operational and administrative costs. By optimizing processes and eliminating redundant tasks, businesses can achieve greater cost efficiency.
- Scalability: As SMEs grow, their systems and processes need to adapt. ERP systems are scalable, allowing businesses to add new functionalities and modules as they expand. This adaptability is crucial in a country like Singapore, where many SMEs are on a growth trajectory.
- Enhanced Customer Service: Small business ERP software often includes Customer Relationship Management (CRM) components, which help SMEs better understand and respond to customer needs. This is particularly important in Singapore’s service-oriented economy.
- Global Competitiveness: In a global hub like Singapore, SMEs often compete not just locally but also on an international stage. ERP systems enable SMEs to operate at global standards, manage international transactions more efficiently, and compete effectively worldwide.
- Improved Inventory Management: For SMEs dealing with physical products, ERP systems offer sophisticated inventory management tools. These tools help in maintaining optimal inventory levels, reducing holding costs, and improving order fulfillment processes.
- Technology Integration: Singapore is at the forefront of technological innovation. ERP systems can integrate with emerging technologies like AI, IoT, and blockchain, helping SMEs stay ahead in the technology curve.
- Talent Attraction and Retention: In Singapore’s competitive job market, working with advanced systems like ERP can make an SME more attractive to top talent. Additionally, such systems can improve employee satisfaction by reducing mundane tasks and enabling a focus on higher-value work.
In summary, ERP systems are more than just a software solution for SMEs in Singapore; they are a strategic tool that can significantly contribute to their growth, efficiency, and competitiveness in both local and global markets. Small businesses can also gain highly approved discounts of up to 70% with a CTC Grant.
7 Best ERP Software for Small Business
To find the best software in the market, companies must consider several factors according to the vendor’s reputation and ability. Here are the seven best Singapore ERP software for small businesses.
1. HashMicro
HashMicro, one of Singapore’s leading ERP software for small businesses, including integrated ERP solutions for businesses, supports many large and small businesses with their day-to-day operations.
In 2015, HashMicro released a cloud-based ERP software to automate and simplify corporate operations. HashMicro, which has over 350 customers in Southeast Asia, is committed to being the best in automation solutions and supporting businesses in making smarter decisions.
HashMicro serves a variety of businesses, and we understand that it is currently developing the technology to be relevant to a broader range of industries. It also made significant investments in reliable modules that operate effectively when purchased separately.
It has advanced reporting, a user-friendly interface, and an infinite number of users. HashMicro, as a leading ERP software example, provides a variety of modules from the most comprehensive ERP package for various enterprises, that is:
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HRM
With an integrated HRM Software and a complete payroll application, the HRM system can automate HR tasks and personnel administration, compute salaries and income tax, manage leave and attendance lists, process reimbursements, and other operational activities for the organization.
This program includes Payroll Management, Employee Database, Expense Management, Attendance Management, Employee Contract Management, and also Leaves Management. You can download software pricing scheme calculations for your company’s overview.
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CRM
This comprehensive CRM module improves the success of the sales force by conveniently tracking customers, follow-ups, and also expected sales figures. Sales Pipeline Management, Sales Team Management, Revenue Forecasting, Email Marketing Management, Call Logging Management, and also Sales Report Generation are some of the functions included in this program.
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Accounting System
The best accounting system, specifically accounting software for small businesses in Singapore, can improve the effectiveness of sales and raise the productivity of the sales force. This comprehensive web-based Sales Software includes quantification and sales order management, multi-price list management, sales target management, payment follow-up management, sales commission management, and also in-depth analytics reporting.
2. GeniusERP
Genius ERP is a comprehensive enterprise resource planning solution designed specifically for manufacturers and also distributors. It’s great for businesses that do make-to-order, engineer-to-order, custom-to-order, and also assemble-to-order work.
Accurate estimating inventory control, order management, procurement planning, and also account administration are all notable characteristics. Genius ERP streamlines difficult production management by providing additional features such as product engineering and field service.
Also read: Here are The 17 Best ERP Software in Singapore You Should Know
3. Versa Cloud ERP
Versa Cloud ERP is designed for small businesses that require comprehensive resource planning capabilities. The program assists them in monitoring, managing, reporting, and consolidating data across inventory, revenue, and also reports.
This ERP, as a cloud-based solution, can be accessed from any location using a desktop or mobile device. It delivers real-time financial and operational data to managers, allowing them to make better decisions.
4. NetSuite ERP
NetSuite ERP is a cloud-based solution that helps thousands of enterprises gain improved visibility into their operations. The suite is a comprehensive solution for automating e-commerce, inventory management, supply chain management, financials, and also CRM.
The system includes dashboards and real-time data. It gives a real-time perspective of performance, from the highest level of consolidation down to individual transactions.
5. Oracle
Oracle Fusion Cloud ERP is a complete solution for business process management. Material planning, financial accounting software, and also business intelligence are all part of the application suite.
To achieve a unified perspective of company workflow, you can combine the system with your existing SaaS software solutions and also use a variety of Oracle technologies.
6. Odoo
Odoo is well worth a look if you’re searching for a low-cost ERP system. Without the need for additional software, this open-source solution may be utilized to streamline your entire organization.
Odoo ERP modules include those for production, inventories, projects, and also accounting. There are also over 23,000 third-party apps that work in tandem with native Odoo apps. Learn more about this ERP provider in our in-depth Odoo review article.
7. Syspro ERP
SYSPRO is a mature platform that has matured into a full-fledged solution with a history dating back to 1978.
This is an ERP solution designed to assist small to medium-sized enterprises (SMBs) in manufacturing and also distribution. The system’s modular design makes it simple to customize. As needed, other features such as warehouse management and also inventory control can get implemented.
Also read: 7 Main Benefits of ERP Software in the Wholesale Industry
Conclusion
A cloud-based ERP solution takes advantage of all the benefits of cloud computing to manage your corporate resources. Your ERP vendor hosts and also manages all software tools ‘in the cloud.’ This allows your management team to focus on running your business rather than managing IT.
Now you have a good understanding of the options available when seeking an ERP system for a small business. You can use ERP software from HashMicro to help you grow your business. Download the ERP software pricing scheme calculation for your overview before applying it to your business. You can start HashMicro’s ERP Software demo for free now.
