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Functionalities And Advantages Of Odoo Accounting

By TrendsTechBlog , in BUSINESS , at January 17, 2023 Tags: , , , , ,

In day-to-day business, dozens of economic transactions must be effectively controlled to obtain optimum financial health. In this post, we summarize some of the main features and advantages of Odoo Accounting.

Odoo Accounting is one of the applications integrated into the Odoo platform for the comprehensive management of the company that has become one of the most popular SaaS ERP, CRM, and BPM cloud solutions among organizations of all sectors and sizes.

The different Odoo modules allow you to manage all the operations and departments in the company in a transversal way. In the case of Odoo Accounting, one of the Odoo apps incorporated into the Odoo Finance area, it provides users with advanced features to easily automate and control all aspects of the company’s liquidity.

Thanks to the fact that it is a management program that is easy to use, it is straightforward to access a clear and detailed view of the financial situation, supported by dashboards, indicators, and alerts. In addition, the application of approval flows guarantees the security of operations.

Centralize All Accounting In A Single Platform

As Odoo is a native cloud platform, it is possible to manage Mobile Accounting from any device at any time and place, quickly incorporating electronic signature. All Accounting procedures are integrated into a control panel, being able to synchronize bank connections automatically, invoice and make payments online, review journals/books, or track costs.

Having all this information integrated into a single point allows you to collect faster. To do this, it provides different vital functionalities such as the possibility of creating a customer portal to enable fast payments; sending automated follow-ups to collect late payments; accessing a multi-currency environment with automatic exchange; making incoming and outgoing batch payments; or integrating with major payment providers like PayPal, Alipay, etc.

Simplifying Accounting With Artificial Intelligence

The Odoo Accounting business solution also incorporates tools to simplify conciliation, asset management, digitization of invoices, and control of accumulations. Specifically, it offers an intelligent reconciliation tool to automatically receive reconciliation proposals and record additional journal entries on the spot. AI is also present in smart invoice digitization, thanks to which it is possible to automatically encode business documents in accounting based on OCR technology.

It is essential to note the tax advantages of Odoo. It is configured to comply with all regulations, taxes, regulations, and tax documentation in force. In general, Odoo offers tax localization packages depending on the market in which each company operates, simplifying business internationalization. Accounting monitoring and control with personalized reports

One of the most outstanding features of Odoo Accounting is its ability to allow users to generate all kinds of reports quickly. They are instantaneous and dynamic advanced reports without limits that offer a high granularity to access detailed data and any period, which allows for making the desired comparisons. In addition, report preparation, analysis, and storage can be done in spreadsheets to increase communication and sharing possibilities among multiple internal and external teams.

Accounting Integration With Other Odoo Apps To Automate Processes

The Odoo Accounting module is 100% integrated with other applications of the Odoo transversal business management platform. This allows sharing and extracting value from the data of each of the different departments, a critical objective in the strategy of updating ICTs in SMEs :

  • Documents: Conversion of quotes into professional invoices with just one click and export of data in spreadsheets. (Finance Area)
  • Inventory: Synchronizing each transaction with the stocks to keep their valuation updated. (Inventory and MRP Area)
  • Expenses: Monitoring of costs and to re-invoice them in batches. (Finance Area)
  • Sales: Creation of project tasks automatically from sales orders. (Sales area)
  • Purchase: Obtaining understandable information on supplier invoices (Inventory Area and MRP)
  • Project: Traceability of the time invested in each project, client, or task (Service Area).

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