Overview:
For over 8 years, Vraja Technologies has provided Odoo customization services to several clients from a variety of industrial verticals.
In our years of putting Odoo solutions into practice, we have encountered a few expanding companies who are having problems with the effectiveness of their accounting software. Such accounting software's main problem was its inability to grow when new businesses grew up and the volume of transactions increased.
To help several of our clients streamline their accounting processes, we consequently advised and assisted them in using Odoo ERP. Odoo is a best accounting software 2024 with a complete, blazing-fast solution that includes a powerful invoicing system, task automation, and integration with third-party apps.
Let us delve deeper into Odoo Accounting features in this blog-post.
Advantages: Odoo Accounting Software
The following are a few possible advantages of Odoo Accounting software:
Enhanced Process
Odoo accounting improves workflow by giving the entire finance department or organization access to its bookkeeping data. Its software is also quite adaptable, allowing groups to automate particular accounting functions. Thus, regardless of the industry, Odoo Accounting is the best option for handling financial operations.
Odoo also has the freedom to easily link with its other modules and apps, including sales, invoicing, expense tracking, human resources, inventory, and marketing, since it is an integrated platform. Within a company, this flexibility gets rid of data duplication and silos.
Decreased Errors
It is evident that manual mistake rates are much decreased when accounting software is used to automate repetitive processes. This also holds true for Odoo Accounting. Odoo automates all of these processes, eliminating the possibility of human error, whether it be filling out spreadsheets, manual data entry in bookkeeping, or little computations.
Consequently, you can avoid wasting the time and money needed to find and fix small human errors in the P&L, cash flow, and balance sheet—errors that could have a bad effect on your finances.
Real-time Financial Reporting
The real-time analytics and reporting capabilities that Odoo Accounting offers give you total visibility into financial performance, which is another important advantage. Real-time data on revenue, expenses, cash flow, profitability, and other topics is available through these tools. It's simple to view this data and get help making well-informed decisions that will benefit your organization with customizable dashboards and reports.
Scalability
Odoo's modular architecture makes it easy to scale and adapt to your growing accounting requirements, avoiding the need for a complete system redesign. This implies that when your company grows, so do financial transactions. Odoo's scalability enables it to handle a high volume of transactions, guaranteeing seamless accounting procedures.
Odoo is a scalable, adaptable, and configurable accounting application that can be used by small and medium-sized businesses as well as large corporations. It supports multiple currencies and allows for multi-company management.
Affordable
Odoo ERP Accounting is an affordable option, particularly for small and medium-sized enterprises. You may pay for just the modules and apps that you use thanks to its modular pricing system.
Furthermore, the upfront expenses of hardware, license, and maintenance are extremely high for alternative ERP systems. Odoo, on the other hand, is open-source and provides cloud-based deployment alternatives, therefore this is not the case. Furthermore, there aren't any unstated maintenance or upgrade expenses.
The Top 12 Odoo Accounting Features to Ensure Easy Finances
With the help of Odoo Accounting, an user-friendly accounting program, you can eliminate the aggravation brought on by slowinterfaces, full email inboxes, and an abundance of data. Its pace is even more amazing. Any operation is processed by it in less than 90 milliseconds. Isn't that astounding? Yes, without a doubt! Thus, Odoo allows your accountants to complete more work in less time.
Additionally, the Odoo mobile app provides an additional degree of flexibility and is a convenient and go-to companion. It enables you to complete activities and keep records on the spot. Push notifications also inform you of every task you complete.
Let us now dive deeper into the accounting features of Odoo.
1. Accounts Payable and Receivable
You can handle both your payables (money you owe suppliers and vendors) and receivables (money your customers owe you) with Odoo Accounting.
Beautiful Invoice Templates:
By adjusting the font's color and style, you may make a personalized invoice template for your business.
Credit Notes & Refunds:
The customer invoice or vendor bill can be used directly to generate a credit note for the customer or vendor.
Odoo generates draft bills instantaneously on the basis of delivery orders, timesheets, sales orders, and subscriptions.
Sales Credit Limit:
If a partner's total amount of receivables exceeds the sales credit limit, you can program warnings to sound when partners create invoices and sales orders.
Support for Multiple Currencies:
Odoo offers daily currency rate updates and supports a number of different currencies.
2.Get Paid Easy
Odoo Accounting has a number of tools that make getting paid simple. Let's look at those features down below.
Online Payments:
Your clients have the option to pay you using a variety of methods. Numerous well-known payment gateways, including Stripe, PayPal, Authorize.net, Alipay, and many more, are supported by Odoo Accounting.
Automated Follow-Ups:
You can use automated procedures, such as follow-up emails, SMS messages, and letters to remind your clients, to collect your credits.
Direct Payments:
One method of automatically collecting money from clients is through SEPA direct debit. With reference to SEPA direct debit, Odoo Accounting allows you to establish the required mandates with your clients.
Customer Portal:
Your customers can browse, download, and pay bills online via the customer portal. They can also send messages, follow order status, sign documents, manage their subscriptions, and do a lot more.
Mobile Payments and QR Code:
Using Odoo, you can add your QR code to invoices so that clients may pay you via a mobile banking app. This facilitates mobile payment.
3.Make Bill Payments
Using Odoo's accounting software to pay bills is a breeze.
Automate Wire Transfers:
Use SEPA Credit Transfer (SCT) to automatically pay suppliers.
Batch Payments:
By grouping several payments together, you can streamline the bank check deposit and reconciliation procedures.
Print Checks:
Manage supplier bills and print checks in bulk with just a few clicks.
4. Simple Odoo Reconciliation
An intelligent reconciliation tool that automatically finds matching between invoices and payments is included with Odoo Accounting. You also receive an easy-to-use interface for manually balancing open and paid invoices. In particular, this interface is useful when payments and invoices don't match.
Odoo's intelligent reconciliation tool remembers the account numbers you use for manual reconciliations by learning from your activities. Future reconciliations will be quicker and more accurate as a result.
In addition, handling overdue payments is simple. Direct payment reconciliation is possible between invoices and bank statements.
5.Declarations of Law
Some notable aspects of Odoo Accounting's controlling legal statements are as follows:
Comprehensive and Dynamic Statements:
You can track even the smallest shift in your accounting. A thorough audit aids in your comprehension of each entered value.
Advance Tax Management:
A tax engine included into Odoo facilitates a multitude of tax computations, including grid, percentage, price included/excluded, partial exemptions, and tax on taxes.
Tax Reports:
Depending on the tax laws in your nation, you can obtain your tax reports in accrual or cash-based format.
Tax Audit Report:
Use the tax audit report to see how your taxes are calculated for your audits.
Cash Basis Taxes:
You can record income and costs to your fiscal administration with the help of this tool.
6. The Accounting of Analyses
Analytic accounting is the process of examining financial accounts to help an organization's decision-makers be well-informed. The analytic accounting features of Odoo include the following:
Cost Account Hierarchies:
Analytical accounts can be automatically organized according to projects, contracts, departments, etc.
Analytic Distribution:
You can generate analytics distribution straight from invoices with the help of the Analytic JS widget included with bills and invoices.
Multiple Plans:
Oversee several sub-plans and analytic plans with particular application requirements. You can design unique multi-dimensional structures for your analytics with these plans.
Budget management:
Keep an eye on your financial accounting budget, manage it, and compare actual results to various budgets.
Mass Edit:
With Odoo, you can view and modify all of your analytical items in bulk without having to open any invoice.
7. Recognition of Assets, Expenses, and Revenue
Asset management, event and revenue recognition become simple with Odoo Accounting. Track assets and depreciation boards, manage all events on your assets with a few clicks, and have amortization entries generated immediately. You may also handle multi-year contracts, automate deferred revenue & expenditure entries, and have full visibility into your recurring revenue and expenses.
8. Global Compatibility
No matter where you are in the world, Odoo Accounting is compatible everywhere and operates everywhere. It includes Fiscal Localization Packages that pre-configure your database to match the fiscal positions, taxes, legal statements, and chart of accounts of your nation.
9. Support for Multiple Companies and Currency
The ability to consolidate all of your subsidiaries under one roof and pay for a single subscription is the most admired feature of Odoo Accounting. By doing this, you can cut costs significantly by handling the accounting for each of your subsidiaries on a single platform.
Additionally, Odoo Accounting allows you to expand your brand into other markets by supporting numerous currencies. Every day, it displays the most recent currency rating.
10. Digitization of Invoices Using AI
Odoo allows you to upload scanned PDF or image format files, and it will automatically read and decode all of the information from them thanks to AI-powered invoice digitization. Important information is also retrieved, like the invoice number, date, vendor and client details, line items, etc.
In addition, Odoo removes the requirement for manual bank statement importation. In order to link bank accounts to the system, it integrates with more than 28,000 banks worldwide, saving time and lowering the possibility of human error.
The process of matching bank transactions and financial information is automated using Odoo's Smart AI matching tool. By evaluating bank transactions and comparing them with already-existing financial data, such as bills, invoices, and payments, it ensures a 95% automatic matching rate of transactions.
In summary
This was a comprehensive rundown of Odoo 17 and Odoo 18 ‘x accounting features. Your accountants will feel more at ease knowing that these capabilities automate and streamline accounting tasks.
Furthermore, what sets Odoo apart from the competition is its smooth interface with other modules. Data interchange between various Odoo modules becomes seamless. Accountants experience less difficulty and save important time and effort as a result.
Do you feel prepared to integrate Odoo Accounting into your company's operations? If so, you might choose to choose Ksolves as your Odoo development partner.
Vraja technologies, an Odoo Partner, takes pleasure in providing unmatched services, including Odoo consulting,Odoo customization, and Odoo implementation services. Our highly qualified Odoo specialists, who have completed more than 120 projects, assist you in creating and implementing an Odoo accounting system that is suited to your business needs.