Fabien Pinckaers, the founder and CEO, developed his first ERP software in the year 2005. After 10 years, his software company became one of the fastest growing companies in Europe. We know it as Odoo! Yes, Odoo has transformed from an ERP software to all-in-one business solution in over a decade.
Odoo performs well in the segments of eCommerce and manufacturing. Both SMEs as well as large organizations can get the benefits from an enterprise-grade management system, Odoo. It can address changing needs of business management with ease.
Odoo themes and Odoo apps redefine the business processes. Odoo themes make various business processes easier by making the interface more attractive and user-friendly. Whereas Odoo apps have features that simplify the complex business activities. Odoo covers everything from CRM to inventory, and accounting to project management.
Your business also faces challenges in the field of accountancy. Accounting requirements become more complex especially when you expand your business. You need a robust software solution that takes care of changing and challenging accountancy demands.
Here, there arises a question. Is Odoo ready to meet the accounting requirements of modern businesses? But before giving answer to this question, let us find out what is more important for accounting – a requirement based software or comprehensive ERP?
Independent Accounting Software or ERP- What is preferable?
Businesses take help from technology to meet management and accounting needs. On one hand, SMEs largely rely on individual software to meet these requirements. And on the other hand, large organizations rely on ERP for integrated business management.
An ERP software can bring enormous changes in the business. Whereas, independent management software cannot help the businesses much. Companies can get a competitive edge by choosing an effective ERP software. Any size of business can get support from an intelligent ERP in reaching the next level.
Still many organizations seat on the fence for adopting ERP software. Reasons for their stand include reluctance to change, acquaintance with the old workflow, etc. They miss the opportunities the ERP platform offers.
Odoo- Open Source ERP Accounting Module
Odoo is way better than most of the existing accounting software. It has all the general accounting features. These include Payment, Receipt, Journal Entries, Taxation, Banking, Reporting, etc. A competent Odoo 10 report designer can assist you in designing sales and purchase orders, delivery notes, and invoices.
Odoo offers special features like analytic accounting, Business Intelligence, and Augmented Legal Statements. These features make your business operations more intelligent. Also, these exclusive features make Odoo more reliable than other accounting software. You may not find these features working in a full swing in peer software.
Odoo also possesses some features that are either not present or remain unsupportive in other ERPs. A few of such features are Quick reconciliation, Automatic Sync, Payment automation, third party follow-up, and Expenses. Even the highly expensive ERPs do not offer a few of these features. As an open source ERP, Odoo can serve many accounting needs in a cost-efficient manner with the help of such features.
Businesses can make the most from Odoo with the help of tailored Odoo apps.
Odoo- Accounting Features
We need to see the features of Odoo in the context of a comprehensive business management. It is more than an accounting software. The following features also advocate this fact:
Okay. So, you created Sale/Purchase invoices with the help of Odoo 10 report designer. Do you think invoice creation and keeping accounts can improve your business? Customer management goes beyond mere invoices and keeping records. With Odoo, you can:
- Track every movement of your customers
- Analyze their shopping behavior
- Know the potential customers
- Find the most favorable vendor
- Analyze the leads to increase the sales volume
Another important objective is inventory management that can simplify business operations for you.
Competition is growing in the business. If you want to stay ahead of the curve, you must take care of inventory. Proper management of inventory can save you from embarrassment occurs due to out of stock situation or selling expired products.
Odoo enables you to:
- Track the movement of products
- Analyze the stock variation based on seasons
- Use reminders and notifications for products near to expiry date
- Manage products as per their categories
Odoo software can assist you to manage a demand-supply gap by ordering products before they run out of stock.
PoS (Point of Sale)
The Point of Sale is of vital importance. It is PoS through which you can offer a pleasant checkout experience to the customers. It is also necessary to facilitate your customers to pay with mobile wallet in the mobile-driven world.
The Odoo PoS offers you the following benefits:
- Flawless integration with accounting, CRM, and other modules
- Easy configuration of different payment gateways
- Facility of showing discounts and special gifts
- Customization of receipts for more personalized experience
Most of these features are not available in dedicated accounting software solutions including Tally. Odoo also offers high-end features. They are collaborated analysis reports, insightful view, automated workflow management, etc. All these features assist you to improve business accountancy-related processes.
In a Nutshell
To conclude, we can fairly mention that Odoo is suitable to meet complex accounting requirements. It can handle accounts of any size business with ease. Scalability and easy to use interface are other characteristics that make it a preferable choice among the business.
Odoo apps and Odoo themes of AppJetty can make your experience with Odoo more pleasant and satisfactory. Connect with us and see how Odoo ERP addresses your accountancy requirements!