Institutions with the goal of streamlining operations and enhancing efficiency need to rely on the help of an ERP or enterprise resource planning system more than ever. With regulatory demands rising in the financial industry, and the competition being so fierce, the requirements for an adaptable ERP is higher than they have ever been before. It’s for this reason that it’s so essential those in the financial industries choose the best ERP available. But, to choose the best ERP, understanding each of them on their own merits is essential.
This article is going to specifically focus on ERPs that were designed for banking and financial services, so that the best possible decision can be made going forward. Each of the options on this list is known for being a fantastic contender, but in the end only one can come out on top.
Unit 4 ERP – The Best For Customer Experience Focus
Unit 4 ERP has been operating in the industry for over 40 years, gaining for themselves a whole world of experience. Thanks to their many years in operation, they have managed to build up a strong reputation as a business that offers the best, and does exactly what it says it does. With its focus being on larger enterprises and businesses, it’s more suited to those who have a complex system to work with, or ever changing aspects of their business landscape.
The people centered approach makes Unit 4 the best at what they provide, as listening to their clients, adapting to what they need, and constantly improving their offerings is one of the best things about them. They don’t just want to provide their clients with an ERP and kick them to the curb, they want to support them, and help them achieve business success by providing the right tools to do so.
| Pros | Cons |
| People centered approach | Complex system integration |
| Experts dedicated to improvement and results | User adaptation may be tricky |
| Industry-specific solutions | |
| Cloud-based ensuring flexibility and scalability |
AlignBooks – A Company That Cares For Customers
What makes AlignBooks an appealing choice is that they understand their role in the business world. The goal of their ERP is to make things smoother for their clients through automating financials, optimizing control, providing branch insights, and more through their plug-and-play ERP. AlignBooks is also not ready to narrow down into a customer base, instead serving all kinds of businesses throughout the industry. Whether it’s a brand new ambitious startup looking to make life easier for themselves, or a large global enterprise that needs a new ERP solution, this company has got your back.
With so many modules and capabilities, it’s a one-stop-shop solution that will easily carry businesses through, ensuring that results are possible. From sales and billing, to general finance, to asset management and payroll, there is something that will fit your needs here.
| Pros | Cons |
| User friendly interface makes it easy to use | Issues with some of the basic functions |
| Various features designed to streamline business operations | Tends to slow down and buffer later in the day |
| Robust financial reporting capabilities | |
| Incredible value for money |
Busy Accounting – A Budget ERP Software You Can Trust
This cost-effective ERP supports the essential financial tracking and management for small businesses. It is definitely more suited to smaller companies rather than larger-scale ones, assisting with keeping operations running smoothly from day to day.
The main goal of this company and their ERP is to simplify the accounting tasks that businesses take on, without all of the other complexities that are often found in the larger scale solutions out there. Busy Accounting focuses on simplicity above all, while still achieving fantastic results and pushing their clients towards success.
| Pros | Cons |
| Cost effective solution | Lack of in-app cloud support |
| Simplicity focused | The local setup means higher risk of data loss |
| User friendly interface | |
| Comprehensive features for a range of operations |
Odoo ERP – Working With Clients, For Clients
Odoo ERP is a comprehensive, open-source ERP system that was designed to help businesses manage their various operations. This option is slightly different from all of the rest, offering a suite of integrated apps that can then be customized and tailored to meet the needs of the specific company at the time. Also unlike others, you will find that there are two versions of Odoo ERP, but don’t get confused. The free version was not designed for business use, and as such always opt for the Enterprise option.
Odoo put particular effort into ensuring that the integration between their ERP and integrated applications and the businesses they serve would be smooth and seamless. With a particular focus on customer satisfaction and how people feel about the solution, it has made the ERP a simple, easy to use solution for small to midsize businesses.
| Pros | Cons |
| Option to speak to an advisor before purchase | Complexity when it comes to customization |
| Open source nature | Can be tough to get the after purchase support that may be required |
| Quick and simple to use | Strong potential for high implementation and training costs |
| A strong focus on user experience and satisfaction |
SAP – Brilliant Financial Streamlining For Clients
Having been in operation since 1972, SAP have made their mark in the industry. Their ERP is advanced, it’s suited specifically to larger organizations and enterprises with a complex nature, which is why the ERP has been known to be rather specialized. The consistent updated ERPs, the addition of certain services and tasks all show SAP’s dedication to improvement, offering clients nothing short of the very best that they can.
| Pros | Cons |
| Enhanced collaboration throughout the business | Can be quite expensive |
| Assists with financial management leading to better profit margins | Steep learning curve and user resistance have been reported |
| A company that cares for their clients, with good customer service | |
Understanding each of the different ERPs, their strengths and weaknesses gives the correct insights to make a strong business decision. Now that all of the information has been laid out, conduct a final search of the top contenders, and go from there. Put a particular focus on the specific needs of the business, and if there’s one that stands out above the rest, there’s the winner.
