ERP Systems

What used to be fairly simple double-entry bookkeeping systems have now bloated into massive ERP systems that attempt to manage every part of your business and bring with them a huge commitment to a certain provider and a vast array of complicated customization that may lock you into a certain system for decades to come. 

Keeping separate systems for certain tasks has also become increasingly difficult as automation and the pace of business means that converting file types and transporting data from one system to another can cause all sorts of security and policy related problems. The modern ERP (Enterprise Resource Planning) system is designed to do everything in the cloud and keep everything in place.

There is no doubt about it, if you can properly integrate a modern ERP system into your business then you will reap the benefits. Even small businesses benefit hugely from direct connections to banking systems over secure internet feeds, which save huge amounts of data input and reduce mistakes and errors to almost nothing.

What are the Biggest ERP Products on the Market Today?

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Today, the biggest Enterprise Resource Planning (ERP) products on the market include:

  1. SAP S/4HANA: SAP remains the market leader, with S/4HANA offering advanced real-time data processing and analytics. It's highly customizable and widely used by large enterprises globally.

  2. Oracle ERP Cloud: Known for its robust functionality across various industries, Oracle ERP Cloud integrates with other Oracle applications and is strong in finance, supply chain, and project management.

  3. Microsoft Dynamics 365: The Microsoft Dynamics ERP solution integrates well with Microsoft Office products and offers flexible, cloud-based services suitable for both large and mid-sized organizations.

  4. Infor CloudSuite: Focused on industry-specific solutions, Infor has gained popularity in sectors like healthcare, manufacturing, and public sectors. CloudSuite is built on Infor’s proprietary platform and integrates AI-powered analytics.

  5. Workday: Known primarily for human capital management (HCM), Workday also offers robust financial management, making it a popular choice for HR and finance-heavy organizations.

  6. Epicor: Epicor focuses on small and mid-sized manufacturing and distribution companies, offering deep vertical functionality tailored to industry-specific needs.

  7. NetSuite: Owned by Oracle, NetSuite is especially popular with small to medium-sized businesses due to its affordability and modular approach, making it adaptable for scaling organizations.

  8. IFS Applications: This ERP solution targets asset-intensive industries such as aviation, construction, and manufacturing. IFS is known for its strong project management and asset lifecycle capabilities.

These ERP platforms vary widely in terms of customization, industry focus, cloud capabilities, and integration with other technologies.

Which Financial Products Work Directly Through Excel?

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Several financial products and tools integrate directly with Microsoft Excel, providing a seamless way for users to pull in data, perform analysis, and execute financial tasks. Here are some of the leading financial products that work directly through Excel:

  1. Bloomberg Excel Add-In: Used primarily in financial services, the Bloomberg Terminal provides Excel integration through its add-in, allowing users to pull real-time data, historical financial data, and market analytics directly into Excel for custom modeling and analysis.

  2. Capital IQ Excel Plug-In: Part of S&P Global, this tool is widely used for financial analysis and valuation. It enables access to vast datasets for companies, financials, industry analysis, and more, directly within Excel.

  3. Refinitiv Eikon Excel Add-In: Known for its comprehensive market data, Refinitiv’s Eikon (formerly Thomson Reuters) offers an Excel integration that allows users to pull data on stocks, commodities, currencies, and other financial metrics to support trading and investment analysis.

  4. Morningstar Excel Add-In: The Morningstar Add-In provides financial data on equities, funds, ETFs, and other investment products directly in Excel, which is useful for investment analysis, portfolio management, and asset allocation.

  5. FactSet Excel Add-In: FactSet is a robust financial data and analytics provider used by investment managers and analysts. Its Excel integration allows access to extensive financial and market data, including screening tools, company fundamentals, and valuation metrics.

  6. Microsoft Power BI with Excel Integration: While not a standalone financial data provider, Power BI offers strong Excel integration and is commonly used in financial reporting. It allows for detailed data visualization, pulling data from multiple sources (including Excel) to support financial analysis and dashboarding.

  7. Xero Excel Plug-In: Xero, a popular accounting software for small businesses, offers an Excel plug-in that allows users to export financial reports, data on cash flow, expenses, and more into Excel for custom reporting and analysis.

  8. QuickBooks Excel Import/Export: QuickBooks Online allows users to export financial data to Excel, facilitating custom financial reports, budget planning, and forecasting for small and mid-sized businesses.

  9. Solver by InsightSoftware: Known for corporate performance management, Solver integrates with Excel for financial planning, budgeting, forecasting, and reporting, often used by finance teams for flexible analysis and modeling.

  10. Tableau Data Connector for Excel: Although Tableau isn’t exclusive to finance, it offers financial reporting and visualization capabilities by connecting Excel data sources with advanced dashboards and analytics.

These integrations can be highly beneficial for financial professionals, allowing them to leverage the analytical power of Excel while accessing up-to-date financial data and information from major financial providers.