The days of managing accounts through paperwork are gone. The new technology has made the calculation tasks much easier. Odoo is an open-source ERP software consisting of numerous business management modules that help prosper your business.   

Odoo accounting system is the right selection to fulfill your financial purposes. It is equipped with all the features required for accounting. Invoices, payments, bank reconciliation, and reports are key features of the Odoo accounting modules that can meet your accounting needs.   

Why Need Odoo ERP for Accounting?  

Odoo ERP covers every aspect of accounting. It helps simplify the process while safely storing transactions in the balance sheet. It assists you in collecting data by integrating with other modules.   

Odoo Accounting provides you with custom modules taking all your accounting requirements into account. It can independently handle each accounting-related task. Odoo Accounting module accurately manages key accounting operations such as invoices, payments, bank reconciliation, contact registers, and many more.   

What Are the Benefits of Odoo Accounting?  

Reconciliation 

Odoo platform owns a reconciliation feature that grants you permission to reconcile the bank accounts of your company and other valuable platforms in real-time. On top of that, the Odoo Accounting app can be configured to sync the company’s bank statements with the platform in real-time regularly. This will accelerate the information sharing process and keep you updated with real-time accounting data. 

Invoicing 

The most amazing thing in the Odoo accounting system that it gives a free hand to generate invoices for the sales of products and services at any stage of operations. Moreover, the invoicing can be easily run from the sales quotation that can be delivered to selected customers via emails or physically.  

Real-Time Reporting 

The Odoo Accounting module constantly keeps a watchful eye on different aspects of business like profit and loss, invoice information, sales data. All these things are mentioned in the reports provided by the platform. It provides you with analytical data to understand the operations and make strategies accordingly.  

Ledger & Account Chart 

In the Odoo Accounting module, it is easy for users to create ledgers and keep them maintained as per the defined standard. The same work used to be done through paperwork in the earlier days. You can classify and depict the ledger reports as per your accounting requirements. Besides, the platform gives you the right to create and maintain the account charts like payable and receivable accounts. These accounts can be configured for credits and debit operations of your organization.  

Payment Follow Up 

The Odoo Accounting module has some amazing options that allow you to take regular follow-up on the payments, which are created by the customers. With the help of these options, you are able to send warning messages that will show the amount due for the customers.   

Payment Terms and Multiple Currencies   

With the accounting functionality of Odoo, you can depict numerous payment options like direct payment and down payment, which can be proceeded based either upon a fixed amount or a fixed percentage.    

The down payment functionality in the Odoo Accounting module is considered an easy-to-use tool for customers that can create a lot of opportunities for the company.    

If your company does business in multiple countries then it will have to make transactions in various currencies. Odoo accounting module has an option that helps you set up multi-currencies allowing you to make the payment in a currency you feel comfortable with.    

Conclusion

With the distinctive features of the Odoo Accounting module, you can streamline your accounting processes, which will end up increasing the company’s growth with significant profit.