Why Odoo for Accounting?
Accounting is always considered as a dull and unexciting aspect of a business. However, as the business grows in size and influence, the accounting department arguably becomes the most important component in any business and success lies in the cash flow of an organization. Accounts act as the backbone of the company serving ins and outs of how the organization operates and acquainted with the organization’s current and projected financial status. Therefore, it is critically important for the financial health of an organization to provide the accounting team with the tools they need in order to effectively monitor these factors.
An ideal solution for any businesses would be to choose an accounting software that can be integrated with their current commercial solution. This will save a great deal of time and resources for the organization and Odoo helps to the great extent.
This blog gives you an insight on how Odoo can help in accounts management of a company.
Odoo, as we know, is an open source ERP system with module-based architecture. It is highly modular, as it can add several different features and functionalities without hampering other feature of the system. Odoo implementation is one of the easiest ways to upgrade the working functionality of the ERP solutions
There are more than 15,000 custom modules available in Odoo and an organization can choose from the app store and install as per their business requirements. Some of the most commonly used modules are sales, purchase, inventory, and accounting.
Here we go with the features and benefits of Odoo Accounts in detail:
Odoo accounting is too simple to handle even by a non-commerce. The user- friendly interface sets the tasks in a low tone that anybody with minimal knowledge of English can perform the task with ease.
With Odoo one can simply configure and manage any inventory structure. There are many customized plugins in Odoo, to meet any of the new user needs. In addition, Odoo helps in analyzing the seasonal variation in stocks and plans.
Managing Product Variance is very easy in Odoo. With Odoo, you can use the Product Variance feature and simply configure many variants of the same product under them. In addition, the feature like Product Kit in Odoo enables you to create a list containing components of a single product.
In Odoo, it is easy to Track your every customer from Leads to Sales, Analyzing their shopping nature. Odoo helps in understanding the leads and increase business volume.
Quick reconciliation, Automatic Sync, Batch Send, Third party follow-up, Payment automation, Alerts, and Expenses etc. are the exclusive features of Odoo. Since all accounting transactions are associated with customers or suppliers, you get reports to perform analysis per customer/supplier such as the customer statement, revenues per customers, aged receivable/payable etc.
Another exemplary option available in Odoo is its business intelligence engine which will allow you to navigate through company data in more organized manner. The graphs and diagrams plotted by BI engine is indeed a useful tool in decision making.
For Quick glance-
FEATURES OF ODOO ACCOUNTS
Time Efficient
Fast & easy user interface.
Mobile Accessible.
Reduced data entry.
Automatic generation of invoice
Manage Net Receivables
Create full-featured invoices.
Supports multiple payments.
Automatically create invoices.
Easy Payments
Supports major payment gateways.
Supports online payment with credit cards.
Get clear reports on customer statements.
Manage Expenses
Track employee expenses, manage validation and reimbursements.
Get forecasting of expenses done.
Bill Payments
Print checks in batch in few clicks.
Deposit tickets and keep track of it.
Support your payment flows with optional validation steps.
Reconciliation Made Easy
Comes with smart reconciliation tool.
Audit differences between your accounts and bank statements.
Match most of the invoices automatically and quickly.
Performance reports
Gets business intelligence reports.
Create your dashboard by assembling custom reports.
Gives you the freedom to annotate any report.
Automatic generation of invoice.
Assets and Revenues
Track assets, depreciation and generate amortization entries automatically.
Manage multi-year contracts, automate different revenues.
Subscriptions
Manage subscription and recurring revenues easily.
Manage multiple subscription plans.
The customer can change their plan order through separate customer portals.
BENEFITS OF ODOO ACCOUNTS
Accurate: Unmatched accuracy, no room for error.
Fast and Reliable: Easy to input information without wasting any time.
History: Have complete history stored in your database?
Speed: Speed up business accounting process.
Invoicing: Create professional invoices and easily track payments.
Stay Updated: Stay organized with ODOO account, know where you stand financially at any time of year.
If you want to know more about Odoo and odoo accounting features visit our previous blogs. Which will help you to gain more information about odoo accounting and its features.
