Are you still managing your accounts through workbooks or normal notebook? The business growth and new changing technology will make the functions of finance and calculations tougher. The ERP system software like Odoo Accounting will make the tasks easier and faster without any complications in the system, saving you valuable time and costs. Odoo Accounting is a simple accounting system that tracks your finances with most accuracy. It helps you achieve all your accounting needs such as payments and invoices, bank reconciliations, reports, and much more from just one place.
Why Odoo ERP for Accounting?
The out-of-box application Odoo ERP covers all the areas of the accounting process. The best part is the simplified process of using it and storing transactions in the ledger is simple to understand. The Odoo ERP accounting application easily integrates with other modules to gather data and allows accurate reporting with a variety of parameters.
To integrate the firm's processes effectively, one needs a common approach of addressing each customer, such as services, or documents. This kind of standardization is provided by Management Accounts, in Odoo. These Odoo Analytic/Management accounts are often implemented as a foundation for strategic enterprise decisions. Odoo’s analytic accounts can be a useful management tool at the center of various system processes. It allows businesses to run ad-hoc reporting and in-depth data analysis for business efficiency, and it also helps in reducing the time consumption for business tasks. In the end, the odoo analytics helps in a better understanding of clients, improves business processes, reducing the risks.
Odoo Accounting ERP also provides custom modules as per the need and also assists the companies in all related accounting processes. Odoo accounting module in ERP has its effects on various functions such as Invoicing, Bank reconciliation, Multi-language support, managing contact registers, and many more.
Few features of Odoo for Accounting Industry
Manage Bills and Expenses at ease
Multiple payment options
Automatic Bank Reconciliation propositions
Google spreadsheet integration
Easy Data import and export
Multi-currency and country-specific statements
Asset management and tax management
How Odoo Benefits Accounting?
The reconciliation feature of the Odoo platform allows reconciling the bank accounts of the company and other platforms related to accounting in real-time. The accounting module of the Odoo platform can be configured to sync the bank statements of the company with the platform in real-time at regular intervals. This functionality will fasten up the information being reconciled making the users updated to the real-time information.
The Odoo platform accounting application allows the users to generate invoices for the sales of products and services at various inspects of operation. The invoicing can be directly functioned from the sales quotation and can be sent out to the specific customers through Email or handed over physically. Additionally, the Odoo platform offers the provision for its users or field staff to generate invoices directly from the field for the service timings and the spares being used.
The module constantly monitors the various aspects of business such as profit and loss, sales data, invoice details, etc which will be depicted in the format of reports by the platform. These are analytical data that will provide the users with the operation of the business and additionally allow them to plan accordingly. This real-time data can be sorted out by filtering and grouping aspects of various measures. The accounting reports of the business are depicted in charts, graphs, and tables which can be viewed in various default formats available in the platform.
Ledger and chart of accounts
The module helps the user to create ledgers and maintain them up to the standards. These can be of the same which were maintained as in the initial days in physical form. The ledger reports are divided and described as per the requirements of the user. In addition, the platform allows its users to create and manage the charts of accounts such as, payable, and receivable amounts which can be configured for the various aspects of credits and debit operations of the company, considering the country as well.
Payment follow up
The accounting module of the Odoo provides options for the users to follow up on the payments which are not being made by the customers. This option helps the users to send out warning messages and will display the amount due for customers toward the companies.
Fiscal year settings
The fiscal years define the operation status of the company at the end of the term. The accounting module of the Odoo platform helps the users to create fiscal years based on days and months as per the aspects of the standardization. The fiscal year settings depend on the financial year described by the authorities. On closing the fiscal years, the users are alerted by the Odoo giving out the payable and receivable accounts, and additionally, if any payment is not allocated to a chart of account, Odoo simply creates an additional miscellaneous account.
Payment terminologies and Multiple currencies
The accounting functionality of Odoo allows the users to describe different payment options such as direct payment and down payment which can be done based on a fixed amount or on a fixed percentile rate. The down payment functionality of Odoo is a common tool for the customers and will invite higher business opportunities to the company.
If the organization operates in multiple countries the Odoo can set up multiple currencies to operate on. This tool will allow users in the transactions and will embark the company to deal with multiple businesses, from any country.
With the help of the Odoo accounting application, users can visualize the future of their firm by saving time and expand the outreach of their business. Odox SoftHub can help in this regard by offering custom Odoo Accounting and its further services that help to build an accounting module suitable for your business. Odox can help you with its expert team in any regard to odoo consultation and services.