There is currently plenty of research concerning the effect of Enterprise Resource Planning (ERP) on business performance. Previous research has shown a mixed relationship between ERP and business performance where some suggested that ERP improves performance while others found that it does not. This paper investigates this topic by analyzing a detailed case-study consisting of an Egyptian SME, as a branch of a multinational company. The results indicate in general many benefits in business performance were achieved after implementing the ERP as reported by many users, but have also shown that few benefits previously linked to ERP were not fully achieved.