ERP (enterprise resource planning) software is essential for any business that doesn’t want to waste time, money, and resources. But even if you know you want to use an ERP, it can be a lot to sift through all the different components to ensure it’s a good fit for you and your company.
Accounting is the lifeblood of any business. It’s the difference between a successful business and one in the red. Therefore, accounting software is one of the most important elements to examine when determining if an ERP is suitable for you.
Odoo is a popular open-source accounting software. It is a complete package that gives you access to all the tools you need to manage your business.
This article will go over Odoo accounting’s features and what it can bring to your business.
Odoo is a cloud-based business management software that offers accounting, inventory, CRM, e-commerce, and other business tools. It was released in 2005 and is now one of the most popular ERPs, with 4.5 million users.
Some of the key benefits of using Odoo are:
- Easy to use: Odoo is easy to install and set up. An expert can set up and configure the software in less than an hour.
- Low cost: Odoo is affordable for small and medium-sized businesses with a low cost per user per month.
- Scalable: The software can be used by any size company at any point in time as it scales with your business needs.
- Flexible: There are many different modules in Odoo that are customizable and add functionality to your business.
- Affordable: Thanks to its low cost, you can start a business that could require hundreds of thousands of dollars in accounting software without breaking the bank.
Odoo is a flexible and versatile software, making it an excellent fit for many companies. And it has the added benefit of being open-source software, meaning there are thousands of add-ons the community has made for it.
There are two ways to get Odoo – a free version or a paid version.
Odoo offers a free edition named Odoo Community. It doesn’t provide hosting but does provide app access.
Odoo Enterprise costs $20 a month per user. The accounting software is $24 a month, although some additional functions have other costs, such as invoicing.
Suppose you’re not looking for a whole package. In that case, the accounting/invoicing modules are free as long as you don’t download any others or need hosting.
But what about its accounting capabilities?
What is Odoo Accounting?
Odoo structures itself as modular software, where you can purchase only the features you need. And accounting is one of those modules Odoo offers.
Your accounting software needs to connect seamlessly to the other parts of your business, such as marketing and customer relations. Having everything integrated keeps the accounts in sync and the numbers adding up.
Odoo Accounting has been around for a while now and has grown tremendously in features and functionality. It was initially developed to help small-to-medium-sized businesses manage their accounting needs in-house without needing to hire an outside accountant or IT professional.
This is significant since one of the highest costs of implementing software is often the expertise it takes to set up.
So what does the Odoo accounting software offer in terms of features?
Odoo Accounting Features
Odoo’s accounting module covers all aspects of financial management. For example, it covers invoicing to accounts payable and receivable, purchase orders to cost control, and payroll to fixed assets.
The module also offers advanced features such as multi-currency support and cash flow forecasting. It’s also available in 30 languages, which is extremely helpful if your team is split between countries.
These are a few of the main features that Odoo accounting offers:
- Intuitive interface
- Mobile support
- On-the-fly payment reconciliation
- Advanced customer statements
- QR Codes Payment
- Bill digitalization
- Organize payment orders
- Automate wire transfers
- Smart Reconciliation Tool
For a complete list of features, check out Odoo’s feature page.
How To Use the Odoo Accounting Dashboard
One of the features we want to highlight is the Odoo Accounting Dashboard.
Your dashboard serves as home base for your accounting software and helps you stay on top of your business by giving you at-a-glance information. The dashboard is a powerful tool that allows authorized users to view and manage all the data about your company in a single place.
The dashboard provides an overview of your company’s finances, including expenses, income, assets, and liabilities. It also includes information about the number of invoices sent, unpaid invoices, overdue invoices, and more.
Right-clicking on any given tab will allow you to create a new invoice, bill, miscellaneous charge, or credit note. You can also view lists of invoices and payments by going to the ‘View’ tab. This will also allow you to create invoices and credit notes then upload them to the platform.
You can set up notifications for yourself or specific users, so you never miss anything important.
Accounting software is a vital part of every business. It helps you keep track of everything happening on the financial side of your business, from expenses to income and taxes. Using accounting software is the difference between a pile of disorganized papers and a smoothly running machine. Odoo is an excellent option for any size business, but it’s especially accessible for small to medium-sized companies.
Want to take advantage of everything an ERP offers but don’t know where to start? Confianz is here to help! Our team of experts can walk you through implementation and help you tailor your accounting software to your needs.