Odoo offers the most useful accounting software that helps businesses manage their accounts and track all their accounting & finances with the highest accuracy. Odoo's accounting management solution allows companies satisfy all their accounting needs such as managing and tracking invoices and payments, budgets, expenses, bank reconciliations, analytic accounting reports, and many other finance operations.
Using this accounting solution one can handle payments receivables and payables in a more innovative way. Right from drafting professional and informative invoices and vendor bills to tracking each of them, everything is covered in this accounting app. Furthermore, you can manage the credit note and refund for your customers and vendors respectively. Also, this software supports multiple payments for one invoice, cash discounts, and partial reconciliations. Moreover, track all the employee expenses, right from the generating and recording to the approval and reimbursement.
Using this open-source accounting software, you can get the option to synchronize your bank with all your bank statements automatically. It saves a lot of time and effort as well as reduces the probability of accounting errors. You can automatically retrieve your bank statements by using the automatic bank synchronization feature. Additionally, Odoo can be synchronized easily with about more than 24,000 banks globally.
With the advanced reconciliation tool of the Odoo accounting module, one can reconcile bills or invoices with the bank and other platforms automatically. In other words, one can get the complete reconciliation process automated, it saves time. You can get the reconciliation requests automatically which will reduce the mistakes. Also, you can register additional journal items on the go. This also provides an interface for manual reconciliations, for paid as well as open invoices. Reconciliation of every record is important to ensure that every journal entry is balanced and in agreement.
You will obtain accurate and dynamic financial reporting statements for all your accounting operations. Furthermore, this app allows you to see a vast overview of the company's every account & finance aspect. Simply put, you can get a precise report of all financial statements such as profit & loss, general ledger, consolidated journal, cash flow, invoices, vendor bills, balance sheet, tax reports, age receivable & payable, trial balance, and more.
Yes, Odoo accounting is an online or we can say cloud-based software that helps companies perform various accounting functions such as creating and managing customer invoices & vendor bills, budget management, expense management, tax management, and more. The Odoo accounting module does not require any space on your devices and can be used on mobile devices. Being a cloud solution, it can be accessed from any location at any given time.
Using this open source accounting software businesses can handle all the accounting functions effectively such as;
Yes, the desktop accounting software needs to be installed on your computer and you can only access the solution from your system. All the accounting data needs to be stored on your desktop or computer system.
On the other hand, online accounting software runs via the internet. You can use it on your desktop, tablet, as well as on your mobile devices. This means it is accessible from anywhere at any time.
Yes, it is completely safe to put your financial data in the cloud. Odoo accounting uses data (SSL or TLS) encryption.
Yes, accounting software can help you with taxes. With the robust location action tool of the Odoo accounting module, you can define the taxes according to the regions/countries.
Yes, it is really easy to import/export data to and from the accounting software.