Benefits and Features of Odoo Accounting Module
Benefits and Features of Odoo Accounting Module

Accounting Module : Accounting is one of the most vital and important modules of Odoo ERP. Accounting is tightly bound with Sale, Purchase, Inventory, and Manufacturing. Businesses can use Odoo accounting to maintain all the records and analysis of the operations of the inventory. Odoo accounting module is capable of your bill tracking, inventory management, and project management.

The best open source ERP, Odoo ERP is the very best choice when it comes to managing accounting. With its advanced features and user-friendly tools, accounting can be managed effectively and efficiently.

It helps you fulfill all your accounting needs like payments and invoices, bank reconciliations, reports and much more. The standard accounting functionality built into an out-of-box application from Odoo accounting module covers all areas of accounting. Odoo accounting can handle a variety of complexities of accounting modules. The best part is the ease of use and recording of transactions in the ledger is simple to understand.

Accounting involves maintaining ledgers, recording assets, and counting liabilities to determine the economic position of a company.

Benefits of Accounting Module : 

> Accessibility of the multi-users : Odoo Accounting module handles multi-users access and due to this feature you can provide your accountant and business partner with multiple access rights and these rights bound the user at their level of work so you can perform your operations on multi-levels.

> Multi-business support : If the user has multiple businesses, Odoo automates their business in a single accounting system. This feature helps you maintain your journals in a single place.

> Cloud-based software along with mobile accessibility : The Important feature is that Odoo Accounting has its support on the cloud so any user can access it from anywhere. With its mobile applications, the user can monitor any report. The approach behind this is the user can manage their accounts on the fingertip.

> Security of the data : Odoo especially concerns about data security because Odoo is dealing with all the modules on cloud and cloud-based software security threats are always common. The data of the accounts are always secured for the proper functioning of a business.

> Scalability : Odoo is also scalable for their software because Odoo will launch an update every year if they do not maintain scalability. It harms our system at the time of upgrading our system.

Features of Accounting Module : 

> Odoo automatically creates an additional entry of every transaction including customer invoices, inventory movement expenses, the point of sales, etc.

> Supports accrual and cash basis methods through which businesses can report any income/expense at the time of transaction.

> Robust software to support and manage multiple companies.

> The multi-currency support feature enables businesses to make transactions in other countries.

> Facilitates organizations to create real-time financial reports, management reports,  performance reports, cash reports and more.

> Speeds up the bank reconciliation process and makes the task of importing bank statements directly from your bank to the Odoo account easier. Get reconciliation propositions automatically, register extra journal items on the fly, search efficiently. Interface for manual reconciliations, for both open and paid invoices. Learning of account numbers based on first manual reconciliation. Odoo matches 95% of invoices & payments automatically and the smart matching tool allows to do the remaining 5% super fast.

> Enables businesses to conduct both manual and automatic inventory valuations.

> Automatically calculates current year earnings to eliminate year-end journal and rollovers.

> Odoo has simplified the process of matching credit and debits by linking journal entries.

> Simplified initial setup with a configuration progress bar (example: set your initial balances from one screen).

> Get your bank statements automatically synced with your bank. Save time with Automated reconciliation.

> Get paid quickly by supporting online payment with credit cards. We support main payment gateways like Authorize.net, Ingenico, Paypal, Adyen, etc.

> Odoo proposes emails, follow-ups, letters, and tasks automatically to ease your credit collection process.

> Upload your scanned PDF or image format files to vendor bills, and let Odoo automate their creation with Artificial Intelligence.

> Compare the information appearing on the Purchase Order, the Vendor Bill, and the Receipt to make sure you pay the correct bill.

> Use Odoo pivot table to navigate through the information: consolidations, drill-up/down, group data, filters, etc. Multiple standard reports are available – Profit & Loss, cash flow statements, cash reports, executive summary and aged payable/receivables, etc. Get standard reports and charts of accounts available for 80+ countries. Export to Excel and pdf.

> Create your own dashboard by assembling custom reports. Generate reports for any time period, comparing time periods. Get dynamic calculation of certain fields e.g. YTD earning. Share filters and dashboard across teams.

> No need to report balance sheet accounts from one year to another. Automatic calculation of P&L based on chosen dates, only need to write the handling of earnings for closure. Choose lock entry dates for non advisers and all users.

> The tax audit report allows you to check how the tax report is computed for audit purposes. In the tax report, select a line and click on the “audit” button to audit the journal items (base and tax in the same report).

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