In any business process, "accounting” is one of the major and a core integral part of its business operations. There were days when accounting used to be on paper or balance sheets. Those days were tedious with all the manual work handled by human brains. Humans are prone to mistakes, and those can incur huge losses for any business. Technology is always a savior. Odoo accounting software is one of such technical saviors in business operations, and Odoo 14 accounting is the latest updated version available in the market.
Odoo accounting software is considered one of the best open-source frameworks for Enterprise resource and planning (ERP) software. With this, you can handle your business's most complex components of finance and management operations within a single dashboard. It provides a very user-friendly interface that can be easily managed even by non-technical professionals like accountants, sales managers, or other individuals.
Accountancy involves ledgers, recording assets, calculating liabilities, and updating balance sheets to determine the economic position of an organization, but this process involves more manpower and consumes a lot of valuable time.
One can overcome this hurdle with the Odoo Accounting software service. It can automate all the processes involved in the accountancy within a few clicks. With the help of Odoo Accounting software, you can reduce a lot of time, effort, human resources, and expenditures.
It helps you track your finances with the most accuracy and helps in fulfilling all your business needs like invoicing, bank reconciliation, track reports, and many more just from one place.
It is evident that Odoo accounting is a robust accounting system that can boost your finance operations in less time. Now let us have a quick look over the key features of Odoo Accounting to understand how it can practically help your business needs.
Odoo released its new and updated Odoo Accounting version in October 2020 under the name Odoo Accounting V14. With this updated version, users can work on it seamlessly without bothering about the occurrence of errors. The advanced high-end Odoo platform is error-free and very user-friendly.
With the integration of Artificial intelligence on Odoo accounting has become a more robust and smart analytical business tool. The best thing about this is that users can perform multiple operations efficiently and smartly to increase their productivity rate.
Key features of Odoo Accounting
Invoicing
With the usage of Odoo 14 Accounting, the process of invoicing is now smarter and more straightforward than it was ever before. Based on your business requirements and the applications you use, there are different ways of automating the Invoicing billing in the Odoo. The system will create draft invoices with information gathered from different other sources like sales orders or contracts. An accountant can simply validate the invoice before he processes it further to the client.
Based on your business needs, you choose one of the following drafts from Sales orders or Contracts or can create a custom draft as well.
Ease of handling Foreign Currency
Before, users were facing hard times while handling foreign currency transactions, but now it's got more uncomplicated with this update of Odoo 14 accounting. You can seamlessly sync your currency with foreign currency based on Yahoo or the European Central Bank web services.
To start with the foreign Currency transactions, your company should activate the multi-currency mode, and you can do that from the accounting application, configuration> Settings > Accounting & Finance Features, then make sure that the Allow Multi-currencies box is ticked. Then provide a currency exchange account and click on Apply.
It is advisable to refer to the Odoo documentation or consult an Odoo expert if you are unsure of making any changes.
As stated above, you can ease your foreign currency transactions with Odoo accounting in real time. With this invention, you can handle all local and foreign transactions in a single dashboard. It stores both the currency value of the company and the currency value of transactions within the records.
Track your Taxes
With Odoo 14 accounting, you can track all your company taxes from a single window. Based on the taxes, you are liable under different categories of products and countries. By default, Odoo prefills the default available taxes when you place a new product or upon the addition of a new line to the invoice.
You can change these default taxes, which have been set up according to the country while creating your database. To change the taxes according to the country specifically, then you should install the Fiscal localization module package. This installation will pre-configure taxes, fiscal positions, a chart of accounts, and legal statements on your database.
More additional features, such as the configuration of specific certificates, can also be added to your Accounting app, as per your fiscal administration requirements.
Reporting
Now building reports has been more straightforward with the use of Odoo spreadsheets. By default, significant reports such as Balance sheets, Accounts, ledgers, cash flow statements, tax reports, payable and receivable reports, and much more are available for all countries.
On Odoo 14 accounting, you can even create your custom reports. You can access the report creation interface by activating the developer mode. Also, you can use your formulas to generate reports based on the business needs. It can be possible to view or pull the previous records with just a few clicks. Now Report generation for your needs is easier than it was ever before.
Payment refactoring.
Users can update their balance sheets in real-time and within the sync of bank balance statements. Before, it was a tedious task to match your bank statements with your accounting records, but it is not now. Thankfully with Odoo 14 accounting, you can easily match your bank statements with your invoices or payments.
All the manual work, such as finding invoices, and comparing amounts and details of partners involved in this process, is automated. Two options of reconciliation are available on Odoo to keep real-time relations between the balance sheet and bank account.
- Directly Specify the payment on the invoice.
- Reconcile the open invoices with the bank statements.
With the Accounting App installation, you no longer need anything to be taken care of manually. You can view entire finance operations from a single window. These features set Odoo 14 accounting as a benchmark product in the ERP industry, but now the question is how to install this Software to ease your business.
Well, you might be thinking about hiring a freelancer to get installation. It might save you a few bucks but wait, what if you need support after the installation or want to train your team on its functioning? Sounds reasonable!
At Sitaram Solutions, we provide you with the best in market services at a nominal price by the expert team. We provide all the support from the Pre-sale to after-sale for every customer. Our expert team is always available to help you from the phase of installation till it is completed.
We have you covered from all your business angles that need consultation, development, implementation, integration, migration, and support.
If you are thinking of Odoo, think of Sitaram Solutions. Our expert team is waiting to make your business excel, and we are just away by email. Contact us right now for the installation of your Accounting system or any other Odoo services.
Thanks for paying attention!!