Time has gone where you used to manage your accounts from single worksheets or notebooks. As your business grows, so do its requirements. Infact, the decision to change your accounting software might seem like a big one; but Odoo has its own inbuilt Accounting to ease out for you.
Odoo Accounting is a state-of-the-art accounting that tracks your finances with utmost accuracy. It helps you fulfill all your accounting needs like payments and invoices, bank reconciliations, reports and much more.
While considering the importance of finance and smooth functioning of an organization, Accounting plays an essential part. It plays a critical process which comprises complicated as well as substantial functionalities in the architecture of a business. Accounting system of an enterprise comprises essential factors such as maintaining ledgers, counting liabilities, and recording assets.
Odoo ERP being an all-in-one business management software helps an enterprise to manage all its essential business functionalities within a single platform. Further, Odoo has various inbuilt features which acts as the modular solutions to run an enterprise efficiently. Odoo ERPs accounting module is an inbuilt solution which helps in streamlining and automating the accounting and financial aspects of the business.
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Why Odoo ERP for Accounting?
Further, as mentioned earlier, Odoo ERP being an all-in-one business management software and a modular solution provider, automatically gets connected with the other modules such as Manufacturing, Inventory, Invoicing, Sales, ECommerce, etc.
The following are the major importance of Odoo ERP for Accounting
- Odoo accounting is the #1 open source programming software of its type. It can be completely customized based on the unique business requirements of the enterprise.
- Initially with the basic performance such as journal entry creation, budget management, ec., to the provision of highly competitive BI reports, Odoo acts as a highly efficient software framework.
- Despite the size of the company and business complexities, Odoo ERP provides its seamless modular solutions in two different editions.
Advanced Features of Odoo Accounting
Odoo Accounting comprises multiple advanced features in every update it launches. The following are some of the major advanced features available in the recent versions of Odoo.
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Double Entry Bookkeeping
Odoo introduces the double entry bookkeeping feature through which all the journal entries can be automated.
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BI Reports
Using the advanced Business Intelligence Reports feature, multiple standard reports such as Profit/Loss, cash flow statements, cash reports, executive summary and aged payable/receivables, etc., can be easily generated.
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Tax Audit Report
Odoo Accounting helps in simplifying the tax audit processes within a single click which allows the user to check how the tax report is computed for audit purposes.
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Invoices & Payments
All the invoices and payments can be handled directly within the respective applications present in Odoo. Also, the invoices and payments can be classified into multiple fractions based on the user needs using the integrated Odoo accounting module.
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Reconciliation
Reconcile your invoices with the respective bank accounts and other systems automatically using the advanced Odoo accounting features.
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OCR
Scan all your bills and receipts using the Optional Character Recognition available in Odoo accounting’s which eases the accountants works. Thus, it reduces the manual works of accountancy.
Ready to experience the full-fledged advantages of an open-accounting system?
Image Source : odoo-accounting.com/odoo-accounting-features
Our Customized Odoo Accounting Solutions
As said earlier, Odoo ERP is an open-source software which can be completely customized based on the unique desired business needs. Thus, the accounting modular solutions available in Odoo can also be customized based on the users requirements.
The following are the customized accounting solutions in Odoo rendered by PPTS.
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Customized Intuitive Dashboard
The available Odoo dashboard is completely customized in order to visualize the overall reports generated. Thus, the customized intuitive dashboard helps in gaining better business insights which ultimately leads to better business decisions.
Image Source : odoo-accounting.com/odoo-accounting-features
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Automatic Batch Payment Scheduler
Now, it’s easy to make payments for multiple employees in batches using the customized scheduler functionality in Odoo. Also, the system can be automatically reconciled with respect to the automated payments.
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Customized Payroll System
The customized payroll system acts as a simplified solution for multiple processes such as payroll tax filing, processing, and reportings.
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Reconciliation
Automate all your essential transactions with the help of a scheduler functionality through which the reconciliation processes are simplified at ease.
It is substantial to have an accurate accounting management system in order to well-organize your business financial plans and needs. Also, it is essential to establish a user-friendly accounting system which simplifies the existing system. Thus, Odoo application suite acts as the single stop modular solution when it comes to accounting needs of an enterprise.
PPTS India Pvt Ltd., as an official Odoo Gold Partner have more than 9 years of experience in rendering Odoo services related to unique customer needs across various industry verticals.
Interested in establishing an improvised accounting and financial management system?
As experienced subject matter experts, our Odoo Consultants are here to guide you through the entire process.
