Forbes Advisor Small Business team recently analysed the top enterprise resource planning (ERP) solutions for small to medium enterprises (SMEs). The team analysed factors such as transparent pricing, employee self-sufficiency, compatibility with third-party integrations, access to customer support and customer ratings.
The analysis awarded Microsoft Dynamics 365 Business Central as the leading cloud-based ERP solution for SMEs in 2024. This recognition highlights Business Central’s comprehensive features and distinguishes the platform from other ERP solutions such as NetSuite, SAP, and Acumatica. These results not only emphasise Business Central’s capabilities, but also reflects Fenwick’s long-standing expertise and recommendations to our clients.
Why Forbes picked Business Central as the Best ERP
To determine the best ERP system available, Forbes Advisor Small Business team evaluated 16 leading ERP providers across five categories. Forbes awarded Microsoft Dynamics 365 Business Central as best system overall with a 5/5 rating. Some of the standout features that impressed the Forbes team included customer return and repair tracking, work order assigning and stock replenishment predictor.
Microsoft Dynamics 365 Business Central is a robust ERP system that helps small businesses organise their sales, service, operations and finance functions so they can achieve faster, better results. You can use it to register shipped goods and store details in one place automatically, assign employees to certain work orders and move items between locations easily.
Other noteworthy features include the ability to fulfill customers’ orders efficiently through real-time data and predict stock replenishment. Plus, you can manage your business on the go with the convenient mobile app.
Key Features of Business Central Highlighted by Forbes
Cloud-Based Deployment
Business Central offers both cloud and on-premises deployment options. The cloud-based version centralises data, supports business growth, and eliminates the need for managing hardware and software maintenance. This promotes efficient collaboration across remote or on-site teams. The on-premises version provides full control over data and update schedules but requires independent management of hardware, maintenance, and backups.
Financial Management and Accounting
The platform includes essential financial management features such as accounts payable and receivable, bank reconciliation, general ledger, fixed assets, and cash flow management. It supports sales optimisation through product reviews, multi-currency payments, and customer subscriptions. Additionally, it combines data from accounting, sales, and inventory to provide valuable financial insights.
Reporting and Analysis
Business Central provides real-time dashboards and KPIs that enhance budgeting, forecasting, and resource allocation by offering up-to-date insights and performance metrics. It supports comprehensive financial reporting and customisable analytics, allowing users to tailor reports to their specific needs. Integration with Power BI enables the creation and sharing of detailed data visualisations, which facilitates collaborative analysis and decision-making across an organisation.
Advanced AI and Data Analytics Integration
A standout feature noted by Forbes is the integration of AI through Microsoft Copilot, which has been shown to accelerate task completion by 27%. This integration enhances productivity by automating workflows, managing pipelines, and streamlining sales processes, thereby saving time on repetitive tasks.
Third-Party Integration
The platform includes pre-built integrations with Microsoft 365, Power BI, and Power Platform. The flexibility through AppSource allows businesses to customise the ERP to their specific needs for an optimised solution. Fenwick offers over 60 integrated add-on solutions, allowing Australian businesses to customise Business Central to fit their industry requirements seamlessly.
Warehouse and Supply Chain Management
Business Central’s supply chain management capabilities Excel in providing global visibility, predictive maintenance, shop floor insights, and logistics synchronisation. It provides real-time visibility into operations, anticipates equipment issues to reduce downtime, and offers insights to streamline production. Additionally, Business Central synchronises logistics to cut lead times and enhance responsiveness.
Project Management Tools
The platform simplifies project management with features for contact management, forecasting, and project quoting. Business Central supports project planning, task assignment, and expense tracking to ensure efficient execution. Additionally, the platform includes payroll, employee management, and performance evaluation tools to enhance resource management and organisational effectiveness.
Security
Microsoft Dynamics 365 prioritises data protection with role-based security and encryption, ensuring that only authorised users can access sensitive information. To further safeguard data, the platform includes automatic backup and recovery features, allowing critical information to be restored in the event of an incident. Additionally, multi-factor authentication adds an extra layer of security by requiring users to verify their identity before accessing the system. Dynamics 365 also meets industry standards and regulatory requirements through certifications such as SOC 1, SOC 2, and ISO 27001.
Why Forbes Advisor Small Business is Reliable
Forbes Advisor is known for its commitment to providing unbiased rankings and information. Their team operates with full editorial independence, relying on product data, strategic methodologies, and expert insights to create their content. This ensures that their evaluations are objective and well-informed, helping businesses make well-informed decisions based on thorough and reliable assessments.
Transform your Business with the Best ERP
As technology advances, adopting an ERP solution will be essential for managing the complexities of modern business environments. Business Central showcases the advantages of cloud-based ERP solutions, offering a comprehensive, user-friendly, and scalable system that meets the diverse needs of SMEs across various industries.
The recognition from Forbes Advisor additionally highlights the value Microsoft Dynamics 365 Business Central delivers to businesses, earning it the well-deserved title of best overall ERP system for 2024.
If your Australian business is seeking transformative benefits such as real-time insights, streamlined processes, and enhanced decision-making, Business Central can deliver these outcomes. Whether you’re just starting out with Dynamics 365 or looking to optimise your current system, our local team of experts are ready to help. Contact us today to start your journey towards streamlined operations and enhanced business growth.
