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By: Anju A.P

Odoo Accounting: Features and Customizations

Functional Accounting

It’s been a decade that Cybrosys has been serving the benefits of Odoo implementation and Odoo customization to its customers sprawling from all industry domains. Over these years of implementing business software solutions in Odoo, Cybrosys have found out that business organization faces similar kind of problems in their accounting and finance management.

Many of our clients discussed how their accounting software such as Quickbooks failed in accomplishing the requirement of business when the organization hit a growth spurt. With the growing business size, the organizations started witnessing the inefficiency of the software to perform intuitive and scalar. The major fallout was the inability to perform scalar to the uprising changes in the workflow. The situation eventually started questioning the accuracy of the software performance and the anticipated results.

This happened within many of our clients and we observed that this was in light of the isolated performance of the accounting software from the remaining business processes. Rather than going for integrated management software, many organizations went for individual software performing individual functions such as managing sales, customer relations, point of sales, accounting, etc. 

You might think that individual software can better perform the business process as they are specialized in one single sector. However, this is not true. What happens when the software performs in silos rather than integrated is that it will be prone to more data duplication and subsequently result in inaccurate outcomes. Performing individual rather than integrated, shall lead to data erosion and misplacement of data, thus failing to produce adequate results and reports to the concerned. 

With Odoo, the business organizations can break down the information silos as Odoo ERP comes as a suite of interconnected applications, providing utmost efficiency and preciseness. The significant benefit of Odoo Accounting is that it comes connected automatically to other modules such as Inventory, Manufacturing, Expense, Invoicing, Sales, E-Commerce, making it all-inclusive. 

Odoo Accounting is considered as #1 open source programming of its kind.  Right from performing basic journal entry creation, budget management, analytical bookkeeping, giving away cutting-edge business intelligence reports, Odoo remains a prudent and highly profitable software framework. Regardless of how huge or small, the business organization is, Odoo always remains confident and independent in taking charge of the bookkeeping needs of the business.

Right from tracking finances to your business requirements like invoices and payments, bank reconciliation reports Odoo remains robust. Yet it additionally coordinates with the remaining Odoo's modular applications to fix precision and simplicity.

Basic Features in Odoo Accounting

Invoice and Payments
Utilizing Odoo one can seamlessly draft and send invoices manually. This can be initiated either directly from the Sales module or via installing the invoicing application. Adding more credits, Odoo also embeds the provisions to split an invoice into multiple payments, or payment to multiple invoices.

It allows to you seamlessly track, pay for supplier invoices and employee expenses. Also, Odoo transactions can be conducted through different modes such as credit card, payment gateway, wire transfers, adding much ease to the end-user.

Odoo Accounting additionally makes it simple for the end-user to reconcile their invoices with banks. Odoo automates the reconciliation process. At the point when it isn’t sure about, it shall draft suggestions, thereby speeding the reconciliation proceeds.

The application remains self-reliant and robust in delivering reports that are important for your business. It gives off the accounting reports running from tax audit statement, profit and loss report, cash flow in the most precise manner. 

With Odoo 12, there came additional features that are enlisted below:

Bank Synchronization
We know that Odoo can synchronize directly with your bank in order to retrieve bank statements. With Odoo V12, there are more than 15,000 banks that Odoo can directly synchronize with. 

Tax localization
Odoo 12 also comes with the feature of automatic tax localization for more than 14 countries, including the Netherlands, United States, Switzerland, Canada, Belgium, Mexico, Spain, Colombia, Germany, India, France, China, and Singapore. 

The optical character recognition is yet another attractive feature of Odoo V12. OCR makes it seamless to scan bills and receipts, easing the work of your accountants. One can, therefore, evade the manual copying of bill information, instead one can go for scanning the bill and review it whenever it demands.

To know more about the features and functioning of Odoo Accounting, refer to Odoo Accounting and Finance

Customizations that surpass the basic Odoo accounting features

No software comes 100 % fit and percent to the business. Not consistently but occasionally, depending on the business workflow changes, the businesses are likely to raise specific customizations in the standard accounting module. Here come the flexibility and efficiency of Odoo ERP software.  Being open-source, the software can be further customized to any extent matching your business requirement. Odoo customization can be done by taking the aid of Odoo developers. With the help of good Odoo consultants and talented Odoo developer, one can tailor the software in accordance with the desired business needs. 

Cybrosys is an exponent in Odoo ERP and has showcased their expertise in Odoo Finance & Accounting along with other modules. Odoo Accounting can be proudly called one of our specialized wedges. The Odoo official partner has already built-in 40 apps in accounting that are reliable, efficient, and robust in handling various accounting features. 

Here I enlist a few of our accounting customizations that helped many in bringing qualitative changes in their workflow. Our customizations have helped our end users to overcome their present challenges and perform their actions without much stretch. 

Dynamic Financial Report
The fundamental objective of the dynamic financial report module is to offer the Balance Sheet and Profit & Loss report in both landscape and portrait mode. Utilizing the application module, one can open the form view of each journal entry and view the complete subtleties from within. To know more on dynamic financial report applications, read our blog Dynamic Financial report - An Odoo v12 App 

Accounting Reports Excel
Generates xlsx reports for Partner Ledger, General Ledger, Balance Sheet, Profit and Loss, and Aged Partner Balance. Accounting Reports Excel thus overcome the hardships of interpreting pdf reports that were made available till now. Odoo community edition only offered pdf reports which were hard to interpret. However, now a stress-free accounting experience is made through Accounting Reports Excel crafted by Cybrosys. One can also print and download the excel format making it much more adaptive.

Recurring Payments
The module helps to create multiple types of recurring methods(templates) to handle multiple payments. The application also provisions to customize the recurring periods with specific time intervals such as day, week, and more. To know more about the application, go to Recurring Payments in Accounts

Dynamic Daybook Reports
Daybook moreover performs like a subsidiary book, utilizing which one can check the day-to-day financial transactions at any point in time. Using Dynamic Daybook Reports the end-user can quickly glance at journal entries and view complete details via opening their form view.

To know more about our customizations in Odoo Accounting, refer to our apps page at the following link https://apps.odoo.com/apps/modules/category/Accounting/browse?search=cybrosys

To conclude: 
By the day's end, it's significant that your business has accurate bookkeeping or accounting facility that accompanies ease. Make sure your accountants aren’t made to scavenge through different software to bind things together. With Odoo Accounting, the hardships of your accountants can be significantly brought down as data are automatically fetched from one module to another. This saves ample time for your accountants and significantly reduces their workload.

If you are looking for a makeshift in your accounting system, write to us at odoo@cybrosys.com. We have a decade of experience in implementing accounting solutions in Odoo. 

If you need any assistance in odoo, we are online, please chat with us.


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