How Odoo Accounting can benefit your organization

Are you an organization in need of accounts software? Do you want to simplify operations and save time for other innovative measures? Are human errors causing problems in the overall financial statements, leading to losses?

What’s the solution?

All organizations depend on accurate accounts for the smooth running of the business. Accounting for every rupee spent gives you financial stability. Organizations usually have an Accounts Department to handle these matters methodically. They hire capable employees to look into every financial aspect of the business. But the mere human effort is not the answer to your problems.

Using software for accounting purposes is one of the best methods. An ERP software that handles accounts, invoices, expenses, and other finance operations is perfect for any organization. ERP software has evolved for many years, and the latest ones are capable of much more. Cloud-based ERP software is the best now, and they help you manage accounts from anywhere.

Odoo Accounting

Odoo is a suite of software tools that includes e-commerce, CRM, accounting, warehouse, project management, manufacturing, billing, and inventory management. The benefit of implementing Odoo is the cohesive approach to a solution. Replacing several software applications with a single efficient one increases revenue and sales.

The Finance app consists of Accounts, Invoicing, Expenses, Spreadsheet, Documents, and Sign.

Let’s look at the Odoo Accounts app in detail –

Odoo Accounts is a time-saving tool that will help your business grow. With features like synchronized banking, invoicing, managing expenses and bills, and report generation, it gives your business the edge.

Accounts Receivable-

• Odoo Accounts helps you create detailed invoices quickly.
• Speed things up with the draft invoices created automatically based on sales or delivery orders.
• Give your customers multiple payment options, discounts, and advance invoices.
• Generate reports of overdue payments.
• Odoo gives you a QR code for customers to scan and pay.

Accounts Payable-

• Pay the correct bill on time by crosschecking details like Purchase order, Vendor Bill, and Receipt.
• Keep employees happy with on-time reimbursements after proper validation.
• Odoo digitizes bills to save on time.
• It also forecasts your expenses, so you can budget accordingly.

Reconciliation-

• Odoo’s Smart Reconciliation Tool automatically matches 95% of invoices and saves time.
• Online transactions automatically create a payment for reconciliation.
• Generate a reconciliation report to check the audit differences between accounts and bank statements.

Necessary documents-

• Quickly create a Profit & Loss statement.
• Use the filter and search option for the ledger to understand the money flow better.
• Manage tax better with computations for percentage calculations, exemptions, etc. Get all tax reports based on cash or accrual.
• The balance sheet gets automatically created to give you reports at any time.
• Odoo also gives you tax audit reports for easy checking.

Report Generation-

• Generate standard reports like P&L, cash flow statements, cash reports, payable/receivables, etc.
• Dynamic reports help you navigate and create annotations/notes for managers to check.
• The Odoo dashboard is customizable and lets you generate reports for any time period, add filters, etc.

Assets-

• Easily track all assets and their depreciation with a few clicks.
• Manage your budget by tracking and comparing.

Time-saving options-

• Odoo gives you an interactive interface that saves time and effort.
• Sync your bank accounts to get automatic bank statements and help in reconciliation.
• Save time on data entry with automatic invoice creation, payment follow-ups, etc.
• The mobile-responsive app lets you manage everything on the go.
• Give different users access with rights and save on time.
• Use the same interface for all your subsidiaries and get consolidated reports.
• Create multiple journals based on departments or activities so work gets split across employees.

Your next step

We are sure you would be interested in implementing Odoo for your business. With so many features Odoo Accounting is a powerful tool for any organization. We recommend outsourcing the implementation process to an experienced Odoo partner company.

Odoo trains its partner companies to handle Odoo processes and customize them according to the needs of any business. Choosing the right plug-ins for your business is crucial, and a partner company is skilled in them.

AppsComp as your partner

AppsComp is an Odoo partner company with an experienced team to handle all Odoo modules. We have had success with many clients over the years. Our focus is on Odoo projects, and we help guide you with the best solutions for your business.

AppsComp helps with implementation and problem-solving at all levels. Our dedicated team is available for queries and help with business solutions.

So, drop us a line at [email protected], and we will help you solve your accounting problems.