How Odoo Accounting Is Going to Benefit Your Business?
It’s been a while since you managed your accounts using a single worksheet or notebook. As your company grows, so make your demands. The decision to switch the accounting software you use may appear to be a major one. However, Odoo comes with its accounting software to make it easier.
Odoo Accounting is state-of-the-art accounting software that manages your finances with absolute precision. It assists you in meeting every accounting requirement, including invoices and payments reports, bank reconciliations, and more.
In assessing the significance of finance and the efficient functioning of an organization, Accounting is a crucial element. It is a necessary procedure that is complex and has extensive functions in the design of the business. The accounting system in an enterprise includes essential features like keeping ledgers up-to-date, counting liabilities and assets, and recording them.
Odoo ERP, as an all-in-one software for business management, allows an organization to manage the essential business functions on a single platform. Furthermore, Odoo has various inbuilt tasks that act as modular tools to manage an enterprise effectively. Odoo Erp’s accounting module is an integrated solution that helps streamline and automate a company’s accounting and financial aspects.
Why Odoo ERP for Accounting?
In addition, as we mentioned earlier, the Odoo ERP is an all-in-one business management application, and a modular solution provider seamlessly connects to other modules like Manufacturing Inventory, Invoicing Selling, ECommerce, etc.
These are of the utmost significance to Odoo ERP for Accounting.
- Odoo accounting is the most popular open-source program of its kind. It is entirely customizable according to the unique business needs of the company.
- Beginning with the basics such as creating journal entries and budget management. In addition to producing extremely attractive BI Reports, Odoo acts as a highly efficient software framework.
- Despite its size business and its business-related complexities, Odoo ERP provides its seamless modular solutions in two distinct versions.
Advanced Features of Odoo Accounting
Odoo Accounting comprises multiple advanced features with each version it releases. Here are a few of the top features available in the latest version of Odoo.
Double Entry Bookkeeping
Odoo has introduced the double-entry feature for bookkeeping by which all journal entries can be made automated.
BI Reports
With the advanced Business Intelligence Reports feature, various standard reports include cash flow statements, Profit/Loss and executive summaries, cash reports, and aging payable/receivables. They can be easily created.
Tax Audit Report
Odoo Accounting helps in simplifying the tax audit process with just a single click that lets users verify how the tax return is calculated for audit purposes.
Invoices & Payments
All invoices and payments are handled in the appropriate applications in Odoo. Additionally, the invoices and payments are divided into various fractions according to the user’s requirements using an integration of the Odoo Accounting module.
Reconciliation
Consolidate your invoices with the respective bank accounts and other systems in a seamless manner with the advanced Odoo accounting tools.
OCR
It scans all your receipts and bills with The Optional Character Recognition available in Odoo’s accounting, which simplifies the accounting process. That helps to reduce the manual work of accountancy.
Our Customized Odoo Accounting Solutions
As mentioned earlier, Odoo ERP is an open-source software entirely customized to meet specific business requirements. That is why the modular accounting solutions in Odoo are also modified to meet the user’s specifications.
These are the customized accounting solutions that Odoo provides by PPTS.
Customized Intuitive Dashboard
The accessible Odoo dashboard is fully customizable to display the totality of the reports created. That makes the customizable dashboard aids in getting more business insight that ultimately results in better business decisions.
Automatic Batch Payment Scheduler
Today, it is easy to make payments to several employees at once using the custom scheduler function in Odoo. In addition, the system could be automated to reconcile automated payments.
Customized Payroll System
The custom payroll system functions as a simple solution to many processes, including filing payroll taxes and reporting.
Reconciliation
Automate all of your essential operations with the ability to schedule your transactions, which means that reconciliation is made with ease.
It is essential to establish a reliable accounting system to organize your company’s budget and requirements efficiently. Additionally, it is crucial to set up a user-friendly and user-friendly design that is easy to integrate into the existing system. That is why the Odoo application suite is the only modular solution for the accounting requirements of a business.
SimplySolved. As the official Odoo Gold Partner, has an experience of more than nine years of providing Odoo services that meet specific customer requirements across different industries.