Odoo Accounting | Everything You Need To Know About It

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Odoo Accounting | Everything You Need To Know About It

Odoo accounting is one of the best state-of-the-art software for accounting that tracks finances and accounting with amazing accuracy. It supports all the fantastic features needed for accounting, including bank reconciliation, payments and invoices, reports, and much more. Odoo Accounting, being here for quite a while, has developed excellent functionality and features to help businesses flourish. Odoo accounting is connected automatically to Odoo expenses, invoicing, eCommerce, sales, POS, inventory, subscription, and much more, saving your costs and offering excellent accuracy. Here is everything you need to know about Odoo accounting!

Why You Need Odoo Accounting for Your Business?

Odoo ERP is open-source software that supports convenient features for smooth and easy businesses operation. This software helps in streamlining business operations, helping them grow and succeed. Here is why you’ll need Odoo accounting for your business.

1. It is an Open Source

Odoo is an open-source software making it a suitable option for businesses because it’s free from license fees. Odoo supports an enterprise edition and a community edition. While the community edition is free, the enterprise edition is advanced yet is cost-effective as it’s open-source, offers maximum customization, and makes your business run smoother.

2. It’s a Cost-Effective Option

The Odoo community version is free, so anyone can download and use it. Hence, users can use an ERP platform without needing to pay. Even the paid version of Odoo is priced reasonably, offering unique features to boost your business.

3. Offers Great Customization

Odoo ERP offers excellent customization facilities for businesses as well. Once the company’s requirements are evaluated, the ERP can be shaped accordingly, offering tailor-made solutions to meet your business requirements.

4. Integration of Modules

Odoo supports several modules, and their integration can help improve your business experience. Integration helps manage purchase and sales, HRMS and CRMS, and other modules. This helps to integrate the different departments and synchronize the organization’s work.

5. Multiple Features

Odoo already supports several different modules for helping with various operations suited to meet the business needs. Odoo’s key modules include sale, inventory, CRM, purchase, manufacturing, helpdesk, subscription, employee, appraisal, recruitment, email marketing, etc.

6. Evolves Over the Years

Odoo keeps releasing newer versions each year to benefit the Odoo community users and the Odoo Enterprise. In this way, businesses can update their services as per the latest market requirements. Odoo can help you with ERP enhancement and allow companies to grow.

7. Cloud-based ERP

Being a cloud-based ERP, Odoo offers all the necessary services using the web. In this way, businesses can avoid using data management servers and systems. With Odoo’s backup support, data storage is safer. With the things being web-based, the need for maintenance staff can be reduced.

8. Support a User-Friendly Interface

Odoo has a user-friendly and straightforward user interface that can be utilized with systematic support. No technical skill is needed to use the tool, so any business employee can use this tool to improve business.

Features of Odoo Accounting For Business

Features of Odoo Accounting For Business

Odoo accounting covers all the features necessary for business management. Here are the basic features Odoo accounting supports.

1. Analytic accounts

Odoo accounting analytics accounts are offered as a valuable tool for management, centering most of the system processes. Analytic accounts offer standardization, allowing to manage company processes effectively.

2. Partner Credit Limit Customization

With the Odoo accounting module’s partner credit limit, you can set a credit limit for your customer. The user can create an invoice/sale order with the credit limit if the credit limit is not crossed.

3. Tax Cloud

With the tax cloud integration supported, the sales tax for all US addresses can be calculated, helping you keep track of the products exempt from sales tax and track the states where this exemption is applicable. The tax cloud will also allow a real-time sales tax calculation for cities, conditions, and particular jurisdictions.

4. Not Sufficient Fund (NSF)

If your customer pays by check and it bounces for NSF, or non-sufficient funds, you may charge penalties and bank charges to the customer. Odoo can also be used for a complete automation process.

5. WIP, Real-Time Journal Entries

Odoo accounting module also keeps WIP journal entries but are only posted after manufacturing orders are complete, giving you control over financial and decision-making processes.

6. Mobile Support

Odoo can be accessed easily on tablets or smartphones. All the features can be accessed through these devices.

7. QR Codes Payment

Odoo accounting supports QR code scanning. Customers can scan the QR code to pay using the banking app.

8. Bill Digitalization

Odoo accounting also creates bills automatically after you upload vendor bills in image format or scanned PDF files.

9. Easy Setup

The setup process of Odoo accounting with its configuration progress bar is easy to understand. Anyone can set it according to the end goal.

Benefits Of Odoo Accounting

Benefits Of Odoo Accounting

While Odoo accounting tends to be the favorite of big businesses, it also offers benefits for smaller companies. The wide range of features provided by Odoo provides different benefits.

  • Odoo is a straightforward tool to install and use. The software can be set up and configured in an hour or less.
  • Odoo is a very affordable option for medium and small-sized businesses because of its low per-month costs.
  • Odoo is very scalable and can be used by all companies, regardless of its size. Odoo scales all with all business needs.
  • Odoo modules are customizable, adding functionality and flexibility to your business.
  • Because of the low costs, you are free to start your business without needing to pay too much.

Conclusion

Accounting software is essential for every business because it helps keep track of everything that happens on the industry’s financial end, ranging from expenses to taxes and income. Odoo is a perfect option for all businesses, mainly medium and small-sized ones. Companies can grow and improve using Odoo because of its simple yet powerful features. If you haven’t tried out the tool yet and want to grow your business, you should surely give Odoo a chance!

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