It's been more than a decade since Odoo ERP started to serve a wide range of business industries. This ERP is helping all kinds of businesses to manage day to day business operations with more efficiency. Odoo's implementation has made business management a lot easier for its users. Companies using Odoo have seen a drastic improvement in operational efficiency and employee productivity. Like all other operations, accounting and financial management have been quite complex to manage by most enterprises.
There is no business that does not have accounting management requirements. We have clients who are facing difficulty in handling their accounting and finance operations. There were several reasons, such as they were managing finances manually or they were using inefficient accounting solutions.
Their outdated and complex accounting solutions have adversely affected their business growth. On the other hand, Odoo accounting software has advanced features and functionalities to offer such as easy invoicing, billing, expense management, tracking cost & earnings, and so on.
Odoo ERP offers an integrated and interconnected suite of applications that helps in breaking down the information silos. It further enhances the accuracy and efficiency of your accounting operations. The significant advantage of the Odoo Accounting module is that you will be able to connect multiple Odoo modules like sales, purchase, invoicing, manufacturing, expense, eCommerce, and more.
Manage all the critical accounting & finance operations from creating invoices, bank reconciliation, basic journal entry creation, generating precise reports, managing budgets, tracking expenses, to handling analytic accounts. The best thing about Odoo is that it is perfect for all-size companies, including startups, small businesses, medium-scale companies as well as big enterprises. When you choose Odoo, it offers the functionality of managing multiple invoices at once and setting up multi-currency.
You will get a dedicated dashboard to get all the accounting information at a glance. Simply put, get a comprehensive informational overview of your invoices, vendor bills, bank, cash transactions, stock journal, inventory valuation, exchange difference, and more. You can directly access these operations without navigating through multiple tabs. The filter and group by option make it simpler to see the specific operations.
This accounting system has features to manage the payments receivables and payables intelligently. You can effortlessly draft informative invoices and vendor bills. Further, credit note and refund options allow you to give and receive the refunds respectively. You can set up payment terms as per your need and also create payment follow-ups. Moreover, integration with multiple payment acquirers makes the payment receivable and payable operations seamless.
This open source accounting solution has a feature that allows you to synchronize with your bank and import all your bank statements automatically into your database. Simply put, retrieve your bank statements effortlessly by using Odoo's bank synchronization feature. Odoo can be synchronized with approximately 24,000 banks worldwide.
Odoo Accounting has a smart reconciliation tool that allows you to reconcile your invoices with banks. This tool facilitates reconciliation process automation. Simply put, as soon as you get all your bank statements imported into your database, now you can reconcile every record correctly to make sure that all Journal Entries are balanced and in agreement.
Get the dynamic financial reporting statements of every accounting operation. It will give you a broad overview of the organization's accounts & finance. Financial statements like profit & loss, cash flow, general ledger, executive summary, balance sheet, aged receivable, aged payable, trial balance, tax report, and many more.
You can easily generate advanced reports of the multiple accounting operations of your enterprise. Get the reports on invoice analysis, budget analysis, product margins, depreciation of assets, and analytic report as per project, department, accounts, etc. These reports help in getting the full overview of the financial operations, you can see how much you have received, how much is pending from the customer side, how much is pending from your side, how much you have spent, and more.
Odoo's localization tools are one of the most intelligent tools, it helps in defining the taxes according to the regions. Also, you can easily create fiscal years and positions to monitor your financial operations more accurately. Furthermore, you can get country-specific statements that will help you manage your business globally.
Odoo's asset management tool helps you track assets, and depreciation, and easily generate amortization entries. Effortlessly create assets, define asset types, generate depreciation entries, and get accurate information on depreciation Information and more. Manage and track your company's revenue as well as get a clear insight into your recurring revenues.
You can see a wide range of accounting reports in Odoo including profit & loss reports, general ledger, partner ledger, balance sheet, cash flow statement, aged payable, aged receivable reports, trial balance, tax report, and invoice analysis, analytic report, and more.
In Odoo, the budget management tool helps in planning and tracking the budget to ensure the company is spending wisely.
First, you need to go to the accounting menu, you will see the budget submenu, and click on it to create a budget. Further add the budget name, the person responsible, period of budget and then under budget lines, you need to add an analytic account, budgetary position, and planned budget.
Further, you will see the practical amount and theoretical amount will be updated automatically and it will allow you to see if you are spending effectively or not.
A chart of accounts (CoA) is the accounts used in an enterprise to define and distinguish its assets, liabilities, and transactions.
In the vendor menu, you will see a submenu for refunds. Here, you will see all the refund details, also, the refund record starts with the RBILL.
In Odoo, at the time of reconciliation, the payment amount will be converted on the basis of the currency rate. Simply put, you can easily reconcile the payment in various currencies.
The analytic accounting tool in odoo has an option to record the transaction details to a specific account, i.e., an analytic account. It helps in keeping a tab on the cost and profits associated with a project, department, products, and more.
The analytic tag allows you to filter out the analytic information within seconds.