The term Accounting refers to the complete cycle of measuring, processing, and sharing all the important information of your business. It is all about maintaining accounting records of financial transactions. An Odoo accounting module can look after various accounting operations of your organization.
When it comes to accounting, there has been advancement in the same with digital accounting. It is all about creating, managing, and storing financial data of the company in electronic form. It is a software solution meant for automating most of the manual accounting processes of your business. With the help of digital accounting, you can get accurate results with lesser or no chances of making any errors.
In accounting, it is extremely essential to ensure that all your data is accurate, as the entire business relies on it. One of the best things about this system is that it is highly cost-effective and will take your business to the next level.
What is Odoo Accounting?
Odoo Accounting is the most effective accounting management system. It is power-packed with various accounting operational functions. When using Odoo accounting module, you will get the option to define the fiscal years and tax groups. Here, you can also set other important information like initial balance and connect all your financial accounts. Once you have set up your bank account to your database, then all other operations can be performed in just a few minutes.
Odoo accounting is capable enough to handle a variety of accounting module complications. One of the best things about this module is its ease of use while recording transactions in the ledger. The basic application looks after end-to-end Order-to-Cash and Procure-to-Pay processes. This application is known for easily integrating with other essential modules for collecting data.
Top Features of Odoo Accounting
Reconciliation
With the help of Odoo accounting, it becomes easier for the end user to reconcile their invoices with banks. Odoo makes it possible to automate your reconciliation process. This module will offer you with various suggestions which will speed up your reconciliation process.
Reports
This module is robust enough to provide you with reports that hold importance for your organization. Here, you will get the accounting reports from tax audit statement, profit, and loss report in their perfect sense.
Invoice
Odoo accounting module can be used for drafting and sending invoices manually. You can draft these invoice from either the sales module or through the invoicing application. Odoo also fixes the provisions for splitting an invoice in to various payments or payment to multiple invoices.
Payments
Here, you can effortlessly track and pay for your supplier invoices and employees expenses. Odoo transactions can take place with the use of different modes like payment gateway, wire transfers, and credit card.
Bank Synchronization
Odoo accounting module is capable enough to synchronize directly with your bank for getting the bank statements. There are a whopping 15,000 banks that can be synchronized with Odoo directly.
Journal Entries
As Odoo can be connected with other modules, it can be used for recording and monitoring changes in the warehouse values of the company. When you approve an invoice or make an inventory for the warehouse, this system will automatically generate a transaction on the basis of data.
Tax localization
Odoo accounting module is power-packed with automatic tax location feature. This feature works for various countries like the United States, Canada, Belgium, Mexico, Spain, Germany, India, Singapore, and France.
Chart of Accounts
With this module, you can freely define your accounts with different information like stating the account type, the required number, and permissions. At Uncanny, we offer a basic account plan for various countries that will let you start accounting according to your regulatory enactments. With this system, you can set a fixed account for your product category or each product separately. It will automatically apply this category while creating the invoices.
Conclusion
Odoo is one of the best ERP systems in the entire market. It comes with various modules that be of great help for your business. Every module serves as a solution for your each business processes. So, while you are implementing the software in your company, you must assess your business needs. Not only that, you must also consider the scalability of the company and the possibility of integrating the ERP system. Integrating Odoo accounting module to your system will boost the productivity of your business.
We hope this blog will help you understand Odoo accounting module in detail. If you have any queries or questions regarding this topic or blog, please feel free to share in the comments section.