An Overview of Odoo Accounting
Odoo is one of the most comprehensive business solution providers in the market. The options on offer are unlimited; from CRM and ERP applications to dedicated applications for accounting, sales, marketing, and website development. You can leverage more than 1000 applications in Odoo’s App Store to the best of your advantage. A simple upgrade to Odoo is all it takes to get the best in accounting. Many things can be said about the benefits of Odoo CRM and its attending applications but without further ado let’s look at Odoo’s accounting application.
Create a Comprehensive Accounting Dashboard
Odoo dashboards provide an ultimate business management solution, especially for small businesses. You can now create an exceptionally useful accounting dashboard with Odoo and add a variety of filters, group data according to your preferences, and create search bars. Similarly, you can create dedicated sections for customer invoices, vendor bills, bank, and cash. Important information and updates are displayed in the aforementioned sections and issues requiring immediate attention are automatically highlighted. The best part is that all the information in your Dashboard is conveyed through appealing infographics and interactive graphs. You can access important tabs by creating dynamic dashlets in your dashboard.
Enjoy Synchronized Banking
Accounting is no longer a tedious and time-consuming process. You can now synchronize your Odoo accounting application directly with your bank. This means that your bank statements would be directly synced in your accounting software. You can also import other bank-related files in Odoo. This automated synchronization of important information not only optimizes your accounting processes but also ensures that negligible data related errors are registered in your system. Since Odoo supports more than 20,000 banks around the world, you never have to worry about your bank not being on Odoo’s list.
Effectively Manage Bills & Expenditures
The accounting application will automatically organize your supplier invoices and bills. The billing system would further be aligned with your translation data so you can see where your money is going. Odoo, however, does not stop there. It creates an expense forecast based on the previous billing invoices. You can get a clear picture of what to expect in the future.
Optimize your Invoicing and Payment Processes
While you can drive higher sales with OdooCRM, the accounting app ensures that the invoicing process is seamless. You can create professional invoices to lend a professional air to your venture. It is also possible to receive payments online. Odoo can be integrated with several payment gateways like PayPal. Invoice generation can also be automated with Odoo. You simply need to set up a billing regime based on the cost, material, and time. Odoo’s accounting application further facilitates the process of managing recurring payments by automating this process. You can also track the payment record. In addition to this, you can send automated follow-up emails to the debtors.
Automated Book Reconciliation
With Odoo the process for book reconciliation has been automated to a great extent. Your journal entries can be reviewed in Odoo Dashboard. The synchronization with your bank means that all your financial data is automatically filtered into your Odoo accounting platform. Time is taken to reconcile data in the future reduced by the fact that banking statements are automatically downloaded every four hours. As Odoo learns about your transaction patterns, it will automatically reconcile lines across different platforms. Incase Odoo is unsure, it will suggest matches to prevent errors. Furthermore, you have the option to search your records by using different tags like partner, memo, date, or amount. You can also reconcile any number of invoices with a single payment. Single, partial payments or batch deposits can be reconciled with a single click. Odoo’s reconciliation report can be accessed to prevent errors or unclosed invoices.
Create and Maintain Customized Statements
Generating customized financial statements has been made incredibly easy by Odoo. You only have to select the relevant filters and fields to create dynamic reports. Earnings reports, cash flow statements, balance sheets, or any other statement that you need can be generated in a jiffy. These reports can be annotated and comparisons are drawn. Similarly, you can utilize the business intelligence cube to report across multiple dimensions. Together these features ensure that you can get a real-time picture of your business anytime and anywhere.
Integrate with other Odoo Apps
It is easy to increase the functionality of your Odoo accounting application by integrating it with any number of other Odoo applications such as inventory and HR management, point of sales, sales, or expenses applications. These applications will further streamline the process of creating invoices and managing transactions.
Our Two Bits
The AI-powered Odoo accounting system comes with several benefits. You can attain unmatched precision in records, simplified workflows, automated data entry, and metadata and image recognition. These features will save time and automate most of your accounting processes. You never have to enter data manually. In addition to the regular features, you can easily leverage the accounting application to leverage performance reports and wrinkle out the creases from your legal statements. The analytical accounting option offered by Odoo resolves many issues automatically and makes accounting a breeze for your company.
Interested in exploring Odoo CRM and its customizations, or wish to integrate Odoo’s accounting application in your system? We got your back. Reach out to us today to book a free consultation.
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