Business VOIP services have matured to the point where there is often very little difference in service between a business VOIP connection and a traditional business landline PBX service. Many Business VOIP services offer direct-dial phones, call routing, forwarding and conferencing, and unlimited extensions, often as part of remotely hosted plans that are easy to set up and maintain. Meanwhile, VOIP plans offer unique services like web-based calling, portable local numbers and phone-to-email connections. So the answer is yes, Business VOIP can provide full PBX services, often for rates that are much less expensive than traditional PBX systems.
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