An IP PBX system offers businesses efficient, cost-effective communication by routing calls over the internet. Benefits include reduced phone costs, easy scalability, and enhanced features like call forwarding, voicemail, and conferencing. Key features are advanced call management, integration with CRM systems, and remote access, making it ideal for remote teams and growing businesses. limitations include dependency on a stable internet connection, potential security vulnerabilities, and initial setup costs, which may vary based on provider options.