Odoo Accounting App: Features & Benefits

 

Odoo Accounting App is an all-in-one accounting software that allows businesses to easily manage their finances. This web-based application offers a range of accounting features including double-entry bookkeeping, bank synchronization, invoicing, and more. With the ability to manage expenses, track time, and generate detailed reports, Odoo Accounting is designed to streamline financial management for businesses of all sizes.

The app is packed with features that help you save time and stay on top of your finances. For instance, the Bank Synchronization feature allows users to link their bank accounts to their Odoo account, automating the reconciliation process and helping businesses stay up-to-date with their financial data. Additionally, the app supports multi-currency accounting and allows for easy management of multiple companies or branches, making it ideal for businesses with a global reach. 

With its user-friendly interface and customizable features, Odoo Accounting is a comprehensive solution for businesses looking to simplify their accounting processes.

Odoo Accounting Key Features

Save Time

• Beautiful User Interface: Enjoy a fast and modern user interface design based on the Google Material Design trend that your users will love.
• Reduce Data Entry: Save time by eliminating the need to manually create invoices, print and send them, register bank statements, and follow up on payments. Automate more and reduce data entry.
• Collaboration & Alerts: Collaborate on documents easily and follow what interests you with automatic alerts.
• Pay Multiple Invoices: Reconcile a payment with several invoices using a button on the payment form for added convenience.
• Easy Set-Up: Simplify the initial setup process with a configuration progress bar, which allows you to set your initial balances from one screen.
• Mobile: Access all accounting features on tablets or smartphones and enjoy instant access to your financial data, no matter where you are.
• Bank Interfaces: Automate your bank statement syncing process and save time with automated reconciliation by syncing your bank statements with your bank.

Accounts Receivable

• Clean, Feature-Rich Customer Invoices: Odoo provides easy-to-create invoices that are visually pleasing and offer multiple features like payment terms, discounts, price lists, and taxes.
• Advanced Payment Options: Odoo supports multiple payment options for a single invoice, including cash discounts, advance invoices, and partial reconciliations.
• Automated Draft Invoices: Odoo creates draft invoices automatically based on sales orders, timesheets, or delivery orders.
• Instant Payment Reconciliation: When creating an invoice, Odoo suggests outstanding payments automatically to eliminate the need for reconciliation later on.

Get Paid Easily

• Accept Credit Card Payments: Quickly receive payments with our online credit card payment integration. Our software supports popular payment gateways like Authorize.net, Ingenico, Paypal, Adyen, and more.
• Automated Credit Collection: Odoo simplifies the credit collection process by automatically proposing emails, follow-up letters, and tasks to streamline the process.
• Aged Receivables Overview: The receivable report provides a clear overview of outstanding payments and helps you forecast your cash flow.
• Customer Portal Access: Your customers can easily track their order status, invoices, and payments through their personal portal.
• Advanced Customer Statements: Our software provides clear and detailed reports on customer statements, allowing you to easily navigate through the documents to understand each customer’s use case.
• QR Code Payment: Your customers can pay through a QR code by scanning it with their banking app. The QR code appears on PDF invoices and on the payment screen for quotations and invoices.

Account Payables

• Ensure Accurate Supplier Payments: Verify and reconcile the Purchase Order, Vendor Bill, and Receipt to ensure correct and timely payments.
• Manage Employee Expenses: Track and manage employee expenses from recording to reimbursement with ease.
• Future Bill Forecast: Accurately forecast future expenses to manage cash flow and plan budgets effectively.
• Digitize Bills: Simplify bill management by uploading scanned PDF or image files, which can be automatically processed by Odoo’s AI to create vendor bills.

Pay Bills

• Print Supplier Bills: Generate a list of supplier bills to pay and print them in batches with just a few clicks.
• Manage Deposit Tickets: Keep track of deposit tickets quickly and easily to streamline the bank reconciliation process.
• Automated Wire Transfers: Let Odoo automate payments to suppliers using SEPA and pay on the scheduled date.
• Flexible Payment Workflows: Customize payment orders with optional validation steps to fit your unique payment processes.

Bank & Cash

• Automate Bank Feeds: Your bank feeds are automatically synced with Odoo, with support for over 15,000 banks, mostly in the US, Canada, and New Zealand.
• Manage Cash Registers: Keep track of every cash transaction, from opening to closing, with ease.
• Import Statements: Easily import statements from OFX, QIF, CSV, or Coda files if your bank is not supported by Odoo.

Easy Reconciliation

• The Smart Reconciliation Tool: With Odoo’s smart matching tool, 95% of your invoices and payments are automatically matched, and for the remaining 5%, you can match them super fast using the interface for manual reconciliations. Get reconciliation propositions automatically, register extra journal items on the fly, and search efficiently. Plus, with the learning of account numbers based on the first manual reconciliation, you can speed up the process even more.
• Convenient Outstanding Payments: Easily reconcile partial and full payments by getting propositions directly from the invoice or bank statement.
• Online Payment Support: Confirmed online transactions are automatically created as payments for easy reconciliation. They also show up as notifications in the document’s chatter, making it easier to follow up.
• Reconciliation Report: The reconciliation report allows you to audit the differences between your accounts and your bank statement balance, simplifying the reconciliation process.

Advanced Access Rights

• Access Control Lists: Default configurations for accountants and advisers are already set up, but access rights are highly flexible.

Multis

• Automatic Currency Rate Updates: Currency rates are updated daily, keeping your records current.
• Integrated Subsidiaries: Integrate all of your subsidiaries into a single system with real-time consolidation reports. Streamline business flows with intercompany rules.
• Flexible User Management: Define as many users as you need with customized access rights.
• Multiple Journals: Organize your documents into separate journals based on departments or types of activities, allowing you to divide roles across various users.

Performance Reports

• Pivot Table for Business Intelligence Reports: With Odoo Pivot Table, you can easily navigate through information, such as consolidations, drill-up/down, group data, and filters. There are multiple standard reports available, including Profit & Loss, cash flow statements, cash reports, executive summary, aged payable/receivables, and more. You can also get standard reports and charts of accounts for 80+ countries, and export reports to Excel and PDF.
• Customizable Dashboards: Assemble custom reports to create your own dashboard. Generate reports for any time period, compare time periods, and get a dynamic calculation of certain fields (e.g., YTD earnings). Share filters and dashboards across teams.
• Annotate Any Report: All reports are fully dynamic, so you can easily navigate them. Create multiple annotations and add your notes for managers inline.
• Customizable KPIs: Define your own KPIs based on formulas, such as gross margin, customer acquisition costs, and growth rate by-products.
• Perpetual Fiscal Year Closing: You don’t need to report balance sheet accounts from one year to another, and there’s an automatic calculation of P&L based on chosen dates. You only need to write the handling of earnings for closure, and you can choose lock entry dates for non-advisers and all users.

Legal Statements

• Profit & Loss: Easily navigate through the flow of information in the Profit & Loss report to gain insights into your company’s financial performance.
• Real-time Cash Flow Statement: Access a comprehensive cash flow statement in real-time, with a range of filter options to help you gain insights into your company’s cash flow.
• Effortless General Ledger Management: Filter and search the general ledger with ease, and dive deeper into specific documents with just one click.
• Robust Tax Management: Take advantage of Odoo’s tax engine, which supports a wide range of tax computations, including price included/excluded, percentage, grid, tax on taxes, partial exemptions, and more.
• Organized Consolidated Journal: The consolidated journal is presented in an organized, month-by-month format for easy readability, providing a clear picture of each journal.
• Automated Balance Sheet: Have your current year earnings automatically reported on your balance sheet, enabling you to report your financial status at any time without having to open or close fiscal years.
• Country-specific Financial Statements: Generate country-specific financial statements, including VAT statements, P&L/BS, a listing of VAT subject customers, and more.
• Detailed Tax Audit Report: Use the tax audit report to check how the tax report is computed for audit purposes. Select a line in the tax report, and click on the “audit” button to audit the journal items (base and tax in the same report).
• Customizable KPIs: Define your own KPIs based on formulas, such as gross margin, customer acquisition costs, and growth rate by-products.
• Flexible Consolidation: Combine financial information from multiple companies to generate a consolidated set of statements. Use closing, historic, or average exchange rates and add multiple adjustment columns with no GL impact. Incorporate data from other financial systems, and adjust for partial control or ownership of one or more companies.

Analytic Accounting

• Hierarchies of Cost Accounts: Structure your analytic accounts based on departments, projects, contracts, etc., all done automatically.
• Seamless Integration: Generate analytic entries automatically by using supplier bills, work orders, timesheets, and other sources that fully integrate with Odoo.
• Analytic Distribution: Use analytic tags and flexible distribution to distribute one accounting entry into several analytic accounts.
• Multiple Plans: Manage several analytic plans, with default values and assignment ratios between cost accounts or projects.
• Analytic Reporting: Access clear and concise reports on your analytic accounts, including hierarchy and subtotals.

Subscriptions

• Automatic Invoicing: Use contracts to handle subscription and recurring revenues. Automate the process of recurring invoices, payments, and renewal alerts.
• Automated Renewal Alerts: Salespersons receive alerts automatically when it’s time to renew contracts.
• Convenient Customer Portal: Customers have access to a portal where they can make changes to their plans, upgrade or downgrade, and unsubscribe, based on your configuration.
• Manage Multiple Subscription Plans: Keep track of different subscription plans, templates, and extra fees.

Assets & Revenues

• Assets Management: Easily track your assets and generate amortization entries automatically. Manage all your asset events in just a few clicks.
• Revenue Recognition: Automate deferred revenue entries for multi-year contracts and get clear dashboards on your recurring revenues. Manage your SaaS metrics in one place.
• Budgeting: Track your budget and compare actual performance with different budgets. Manage budgets for financial accounting or analytic accounts.
• SaaS Metrics Dashboard: Get a clear and concise dashboard of all your SaaS metrics, including MRR, Churn, CAC, CAC ratio, Growth forecasts, ARR, CLT, and CLTV.

Connect

• Web-Service API: Integrate Odoo with third-party applications through the Odoo web service API, which supports various programming languages, including Python, PHP, Java, C#, and Ruby.
• Google Spreadsheet Integration: Link Google Sheets to Odoo Saas and create custom dashboards in your preferred spreadsheet software. This allows you to automatically pull data from Odoo and use it for various purposes, such as budgeting and commission planning.
• Flexible Import-Export: Use Odoo’s built-in import-export tool to import or export data in bulk. You can also make mass updates by exporting data to an Excel spreadsheet and then importing it back into Odoo.
• Taxcloud Integration: Automatically apply the correct tax rates based on U.S. zip codes and product categories by integrating Odoo with TaxCloud. This service calculates real-time sales tax for every state, city, and special jurisdiction in the United States.

 

With Odoo Accounting, you can easily integrate with other apps like Sales, Inventory, Purchase, and E-commerce. Plus, your customers get their own personalized portal where they can easily access and manage their invoices, track their order status, and keep tabs on their payments. It’s all designed to make your accounting experience as seamless and user-friendly as possible.

Odoo Accounting App & Bista Solutions

Simply put, Odoo Accounting is a comprehensive solution for businesses looking to simplify their accounting processes. This web-based application offers a range of accounting features, including double-entry bookkeeping, bank synchronization, invoicing, and more. With the ability to manage expenses, track time, and generate detailed reports, Odoo Accounting is designed to streamline financial management for businesses of all sizes. The app is packed with features that help save time and stay on top of finances. With its user-friendly interface and customizable features, Odoo Accounting is ideal for businesses that strive to manage their finances with ease. 

If you’re interested in learning more about this application or want a free consultation/demo, don’t hesitate to reach out to the Bista Solutions team: here. We have accounting experts at Bista Solutions who can tailor solutions that best fit your business needs. As an Odoo Gold Partner with decades of experience, global presence, and 5 wins for Odoo Best Partner North America, you can rest assured that you’re in capable hands.