Odoo Accounting is a state-of-the-art accounting software that helps you accurately track your finances. It contains all the features you need for accounting, such as invoices & payments, bank reconciliation, reports, and more, but it also integrates with the rest of Odoo’s modular enterprise software to provide accuracy and ease.
Over our last decade of implementing business software solutions, we heard the same story from our customers again and again. They were using accounting software such as QuickBooks or even paper-and-pencil. It had been working well for them for years, but after hitting a growth spurt, they found that these methods just didn’t scale properly and led to accuracy issues.
Basic Features in Odoo Accounting
Invoices and Payments
With Odoo, you can create & send invoices manually from the Invoicing app or directly from the Sales app. You can split an invoice into multiple payments, or split a payment into its multiple invoices.
From the payments side, you can track and pay for supplier invoices, as well as employee expenses.
These different transactions can be made through credit card, payment gateway connectors, wire transfers, or by printing and mailing checks.
All this data directly integrates with the Odoo Accounting module.
Odoo Accounting also makes it easy for you to reconcile your invoices with your banks and other systems. You can integrate your banks (more on that further below for Odoo 12) and the system will automate reconciliation for you. When it’s not sure, it will make suggestions, speeding up your reconciliation process.
Important to any business are accounting reports such as profit and loss, cash flow, tax audit statements, and more. Odoo allows you to easily create such reports from your internal data. You can also customize your dashboard so it shows charts and KPIs important to you.
Beyond the Standard Odoo Accounting Features
Occasionally, your business will have specific requirements that the standard Odoo Accounting does not cover. Here are just a few of the accounting customizations we’ve helped our customers with:
Real-time WIP Journal Entries
Accountants would like to have an accurate count of where the value is in their business at any time. For manufacturing companies, it’s useful to know how much is in inventory, work-in-progress (WIP), finished goods, etc.
Odoo Accounting does offer WIP journal entries for manufacturing orders, but it processes these after production is over. As such, accountants only have accuracy based on the length of the manufacturing cycle.
Automatic batch scheduler
When you’re batch processing checks, you eventually need to reconcile the multiple invoices on your system with your bank records. Though Odoo does batch deposits, we automated it so that the system would automatically reconcile those payments based on user-defined rules to create automatic batches. The system would run every 24 hours.
Gift card accounting
Gift cards present some unique challenges from an accounting perspective. When you sell a gift card because the end consumer hasn’t actually spent the payment on a product, that creates a liability. When the consumer redeems the gift card, only then does it turn into revenue. At BTC, we customized Odoo Accounting for a client so that their gift card processes would work properly within their accounting system.
Why BTC for your Odoo Implementation?
Implementing ERP in right way is the key to successful business. A successful ERP implementation solely depends on the implementation partner you choose for your work. Being an official Odoo Partner, BTC have experience in building Odoo modules effectively. Today we pride ourselves on composing quality code. Additionally, BTC in -house highly skilled developers and designers with rich knowledge of programming dialects. We offer a complete and comprehensive Odoo implementation support to our client base.
BTC provides Odoo implementation services and covers all the major industries like trading, manufacturing, e-commerce, accounts and finance etc.
At the end of the day, it’s important that your business has accurate accounting, but it’s also important that this comes with ease. Your accountants shouldn’t have to rummage through multiple software to try to tie things together.
Instead, with Odoo Accounting, your accounting processes are integrated with the rest of your business processes in Odoo’s application suite. Data flows from one module to another, and your workload is decreased.
If you’d like to improve your accounting systems, give us a call. We have years of experience implementing accounting and ERP solutions. Our accounting subject-matter-experts can consult with you and design a solution for your individual needs.
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