Odoo Accounting is a state-of-the-art accounting software that helps you accurately track your finances. It contains all the features you need for accounting, such as invoices & payments, bank reconciliation, reports, and more, but it also integrates with the rest of Odoo’s modular enterprise software to provide accuracy and ease.
Over our last decade implementing business software solutions, we heard the same story from our customers again and again. They were using accounting software such as QuickBooks or even paper-and-pencil. It had been working well for them for years, but after hitting a growth spurt, they found that these methods just didn’t scale properly and led to accuracy issues.
This occurred because accounting was siloed off from the rest of the company’s business processes. In this scenario, the more the company grew and the more sales orders came in, the more manual work was needed. For manufacturers, the more work orders they had, the more difficult production costing became.
Basic Features in Odoo Accounting
Invoice and Payments
Utilizing Odoo one can seamlessly draft and send invoices manually. This can be initiated either directly from the Sales module or via installing the invoicing application. Adding more credits, Odoo also embeds the provisions to split an invoice to multiple payments, or payment to multiple invoices.
It allows to you seamlessly track, pay for supplier invoices and employee expenses. Also, Odoo transactions can be conducted through different modes such as credit card, payment gateway, wire transfers, adding much ease to the end user.
Odoo Accounting additionally makes it simple for the end user to reconcile their invoices with banks. Odoo automates the reconciliation process. At the point when it isn’t sure about, it shall draft suggestions, thereby speeding the reconciliation proceeds.
With Odoo 12, there came additional features that are enlisted below:
We know that Odoo can synchronize directly with your bank in order to retrieve bank statements. With Odoo V12, there are more than 15,000 banks that Odoo can directly synchronize with.
Odoo 12 also comes with the feature of automatic tax localization for more than 14 countries, including the Netherlands, United States, Switzerland, Canada, Belgium, Mexico, Spain, Colombia, Germany, India, France, China, and Singapore.
The optical character recognition is yet another attractive feature of Odoo V12. OCR makes it seamless to scan bills and receipts, easing the work of your accountants. One can, therefore, evade the manual copying of bill information, instead can go for scanning the bill and review it whenever it demands.
Customizations that surpass the basic Odoo accounting features
No software comes 100 % fit and percent to the business. Not consistently but occasionally, depending on the business workflow changes, the businesses are likely to raise specific customizations in the standard accounting module. Here come the flexibility and efficiency of Odoo ERP software. Being an open source, the software can be further customized to any extent matching your business requirement.Odoo customization can be done by taking the aid of Odoo developers. With the help of good Odoo consultants and talented Odoo developer, one can tailor the software in accordance with the desired business needs.
Dynamic Financial Report
The fundamental objective of dynamic financial report module is to offer the Balance Sheet and Profit & Loss report in both landscape and portrait mode. Utilizing the application module, one can open the form view of each journal entry and view the complete subtleties from within. To know more on dynamic financial report application.
Accounting Reports Excel
Generates xlsx reports for Partner Ledger, General Ledger, Balance Sheet, Profit and Loss, and Aged Partner Balance. Accounting Reports Excel thus overcome the hardships of interpreting pdf reports that were made available till now. Odoo community edition only offered pdf reports which were hard to interpret.
The module helps to create multiple types of recurring methods(templates) to handle multiple payments. The application also provisions to customize the recurring periods with specific time intervals such as day, week and more.
Dynamic Daybook Reports
Daybook moreover performs like a subsidiary book, utilizing which one can check the day to day financial transactions at any point of time. Using Dynamic Daybook Reports the end user can quickly glance at journal entries and view complete details via opening their form view.
By the day’s end, it’s significant that your business has accurate bookkeeping or accounting facility that accompanies ease. Make sure your accountants aren’t made to scavenge through different software to bind things together. With Odoo Accounting, the hardships of your accountants can be significantly brought down as data are automatically fetched from one module to another. This saves ample time for your accountants and significantly reduces their workload.