Odoo has introduced an accounting module to bring in all your accounting and finance-related tasks together. It offers you a platform where you can manage different tasks related to banking, purchase, sales, employee expense management, and every other money-related matter.
This online platform provides support for multi-company management, multi-currency management and at the same time offers localized features to manage accounting processes.
We can term Odoo accounting an excellent software tool that has been designed to meet all the accounting needs in the 21st century. With an efficient system for direct transactions and document management Odoo supports you to organize all your tasks. With Odoo Accounting you can complete bank account reconciliation, vendor management, and customer management without any hiccup. Odoo team has designed the Odoo accounting module in a way to promote all activities including sales, inventory, purchase, subscriptions, etc.
Odoo is a software tool that offers complete security support to the operations. Odoo also provides access control and a user-friendly interface to ensure secure and easy control over all transactions. Being a cloud-assisted software Odoo can be developed and extended easily. This will be suitable for use in different industries.
In this blog, we will learn about Odoo Accounting and its key functionalities.
Features that can change your business
1. Bank Synchronization
The Odoo Accounting module immensely supports the business to automatically synchronize the bank statements with the bank account. It will help you to import files and manage different reconciliation processes efficiently.
Reconciliation is the process of syncing the accounting documents of a company with the bank statement. As a company will be managing a number of transactions every day there will be a need to sync the transaction records with the bank statement on a regular basis. With the help of this process, we can easily point out the difference between the accounting record and bank statement. IT will also help you to manage check bouncing and other transaction issues and ensure transparent transaction management. This can also help to sync invoices and other payment documents with bank statements effortlessly.
2. Invoicing
With the Odoo Accounting tool, a user can easily generate professional invoices. IT will also support the management of recurring bills. The user can also track the payment documents using this tool.
With Odoo a user can manage payment registration and payment creation with ease. As the companies usually deal with bank account statements only once a week the invoice management can be important. With ODoo we can create payment details and mark payment easily. We can also add credit note and send the invoice and complete all tasks easily
3. Managing bills and expenses
The accounting module of Odoo helps is integrated with your sales and inventory modules. This helps to manage the bills and expenses in a systematic way. With Odoo accounting, which has the support of artificial intelligence we can manage different types of bills and pending payments. This can help you to manage not only the vendor bills but also the customer bills. The bills get automatically updated in the financial statements as well. Get a clear idea of ??the dues with the support of this tool. We can also control the expenses in terms of the purchase of machines or other materials for the smooth operation of the industry.
4. Reconciliation made easy
Accounting becomes a tough task as we have to perform many tasks to manage the transparency of the accounting procedure. But with Odoo, where reconciliation is a simple process that can be managed with a few clicks accounting becomes a comparatively easy task. It helps us to save our time. The Odoo reconciliation process is automated and according to the Odoo team, 95 percent of the process is automated with this tool. Odoo can be termed a smart and efficient reconciliation tool.
5. Quick Payment Support
Join hands with Odoo to get your payments faster. We offer you electronic invoicing support to make your process a hurdle-free one. Our tool also ensures automated follow-ups. Odoo Accounting helps to generate professional invoices and send the invoices to the customers. This also supports you to manage the payments through online platforms. Integration of payment tools with Odoo makes the payments faster and transparent. With the open-source ERP tool, we can create invoices from sale orders and delivery orders.
6. Profit and Loss Management
The success of a business depends on the profit generated by the business. With Odoo you can plan your business more efficiently with an efficient profit and loss statement. We can also generate different reports including earnings reports, balance sheets, etc. to manage the business. It will help you to get the help of business intelligence to generate reports on different operations.
Integration
Odoo accounting is an Odoo module that can be integrated with different Odoo applications so that all finance-related operations can be managed with ease.
This helps you to manage all transactions automatically without doing the tasks manually. Key modules that can be integrated with Accounting are
Expenses
Inventory
PoS
Sales
The accounting module also offers you assistance to generate and complete new transactions.
It has many key menus including Customers, Vendors, Accounting, Reporting, and Configuration.
Customer modules help us to create and manage invoices, credit notes, payments, and batch payments. We can also manage follow-up reports, direct debit mandates, products, and customers also with the help of Odoo Accounting.
Vendors Module is the menu that comes to our rescue when it comes to managing vendor bills, refunds, payments, and batch payments for vendors, employee expenses, and vendors.
The key menu, ie accounting, offers comprehensive support to manage journal entries and journals. We can manage sales and purchase journal bank and cash and miscellaneous journals with the open accounting platform. We also get support to manage the general ledger and partner ledger. It also assists us to automate transfers, prepare budgets, manage assets and calculate deferred revenues and deferred expenses. We can also complete reconciliation tasks with this platform.
With the Help of Reporting menu, we can manage invoice analysis, analytic report, depreciation schedule, disallowed expenses, budget analysis, product margins, etc. We can also prepare audit reports and tax statements for different countries.
This is a glimpse into the Accounting Module of Odoo. We can discuss all functionalities in detail in the coming blogs. You can mail at odoo@cybrosys.com or dial +918606827707 or visit our website www.cybrosys.com for clarification.