Manage Invoicing and accounts easily with Odoo
Accounting can be referred as an activity of maintaining records of the financial transactions. Recording financial transactions can be very tiresome and require a lot of care as one small mistake can cause a huge problem. Accounting and invoicing plays a crucial role in managing various aspects of finances within the organization. All these important facets of accounting can be easily managed with the help of Odoo Accounting. Odoo helps businesses in automating their accounting and invoicing process with its built in exclusive features.
Odoo Accounting is integrated with various modules like Manufacturing, Sales, Invoicing, E-commerce, Inventory and manufacturing making Odoo ERP a complete solution for any business. Odoo Accounting is suitable for all kinds and sizes of businesses and performs basic journal entries, create and send invoices, generate reports, manage budgets and audit statements. Odoo comes with an easy to use interface that makes recording transactions very easily.
Features of Odoo Accounting
- Invoices & Payments: With Odoo accounting it is very easy to create, edit and send invoices to suppliers or customers and easily track and receive payments online. Reminders can be set for debtors to get paid quickly. Invoices can be created automatically from the sales, delivery order. Odoo supports various modes of payments like credit and debit cards, payment gateway, wire transfers.
2. Bank Synchronization: Odoo lets you connect your bank account with your database for syncing your bank statements. Syncing bank statements helps in importing all bank statements automatically into your database. Synchronization can be undertaken manually as well as automatically. Bank statements are created one per month by default which can be changed accordingly to user’s needs.
3. Reconciliation: Reconciliation is the process of tallying the balance sheet with bank statements. Odoo saves a lot of time by automating the reconciliation process and notifies the user of non reconciled entries by bank statements. It is now very simple for users to update their balance sheet in real time.
4. Tax Management: Taxes are an important section in accounting and it varies according to the localization. Taxes can be created, edited as per the need and if no taxes are indicated default taxes are configured automatically. There are various types of taxes and their implementations also vary accordingly. Odoo overcomes this problem as it comes with fiscal localization package which covers fiscal policies of more than 14 countries.
5. Multi currency: Every business owners now want their business to be global. For global business, returns can be in different currencies. Multi-currency feature of Odoo lets user to send invoices, quotes and purchase orders and receive payments in different currencies. Bank accounts can be set for foreign currencies and receive reports for it. Exchange rate is automated with Odoo and can also be viewed or edited when needed.
6. Analytic Account: This feature of Odoo accounting is used to keep a track for analyzing cost and time for certain criteria. Analytic Accounts is useful in standardizing your organization activities and also it helps in analyzing cost, performance and reinvoice time to customer. With analytic account you can make useful decisions for your organization.
7. Reporting: “Reporting” feature provides a well organized view of financial performance of the institution. It allows generating financial reports such as balance sheets, profit &loss, tax report, cash flow statement, general ledger and so on. Odoo makes reporting very simple and helps in comparing it with previous ones.
By reading all this points we hope you must have understood how essential Odoo is in terms of managing accounting and invoices.
If you still have any queries regarding Odoo Accounting module or looking to have one for your business then contact Braincrew Apps today. We have 12+ years of experience in developing a number of custom Odoo modules for our clients to help them meet their business requirements.
Email us: sales@braincrewapps.com
Website: Braincrew Apps
Upwork: Odoo Services
Disclaimer: Images used in the article are properties of Odoo SA
