Every respectable business can understand the importance of finance management. Cash flows, revenue, debt management, etc. It follows logically that getting a complete grip on accounting is critical. So, of course, it follows that having a handle on accounting is crucial.
Odoo is a bundled software tool aimed at business applications. They include CRM, e-commerce, production, accounting, logistics, learning management, inventory management, and warehousing among others. Their key value proposition is the simplicity of use and the ease of complete integration.
Features of Odoo Accounting Software
The software is packed with a lot of powerful features that assist the business teams in many ways.
- It comes equipped with a lot of tools that automate processes and save managerial time.
- It offers bank synchronization. This enables the company to obtain bank statements that are synced with the banks automatically. One can import files too.
- The software can handle all invoicing functions. It can be programmed for repeated billing as well as payment tracking options.
- It can be used to manage bills as well as expenses. One can manage vendor bills with a forecast schedule of payments.
- A smart reconciliation tool enables a lot of automation. One can set reminders to debtors and automate follow-ups for payment.
- Delivery orders can be automated and can be categorized through time or material options.
Statements and Reports
Teams can generate basic and customized reports. All key data can be reported. This includes statements of earnings, balance sheets, and cash flows. All kinds of financial reports can be generated. They include
- Performance reports such as budgets and profitability
- Basic reports such as inventory and receivables
- Cash reports that bank summaries and cash flows
- Financial reports that include balance sheets and ledgers
- Executive reports for management to aid in executive summaries and dashboards
The software offers multiple filters for deep analysis across variables. It also offers a vast array of data comparison.
The business intelligence functionality has the exhaustive option for dissecting and analyzing data across multiple dimensions.
A big advantage of Odoo accounting software is managing the daily expenses of employees. All kinds of expenses are managed and the range includes travel expenses, petty expenses, office supplies, etc.
All employee expenditure receipts and expense submissions can be accessed using the Expenses dashboard. With a click, these expenses can be validated or rejected.
An additional specialized software does need to be downloaded for just maintaining the expense records. All of this can be done by directly using the app.
Once can manage employee records. One can also maintain team files and information quite easily.
It also facilitates the delegation of tasks. Monitoring every step of the task and project is possible. Managing project forecasts are also possible.
Businesses can manage their contracts and generate recurring invoices. The billing of timesheets is also automated. This can result in faster turnaround payments from clients.
Fleet management can be easily managed and organized. Businesses can track their vehicles and the mileage logs. All maintenance schedules and related contracts can be managed.
Odoo offers a very efficient stocking method. This enables the business to enhance its internal operations. The double-entry design of Odoo does not have stock output, input, or transformation. All the operations are stock moves between the businesses’ locations.
Stock levels can be automatically updated. Businesses can also do forecasting quite accurately based on quotations and sales orders.
RFQs and purchase orders can be automated based on minimum stock. It can be also based on incoming sales orders. All incoming shipments can be tracked.
Another advantage is the avoidance of data entry. Odoo Inventory is completely integrated with Odoo Accounting. Hence all inventory movement is recorded in real-time.
Odoo accounting software facilitates the easy creation of invoices from point-of-sale transactions.
The Odoo POS has been based on a well-designed smart interface. All kinds of retail businesses can use it quite easily. It is also very flexible. The Odoo POS can be customized and configured based on business requirements.
The Odoo Inventory app can automatically input transactions. This is from the POS directly into the stock. This permits real-time visibility of stock availability. The POS is also compatible with Odoo eCommerce. Hence this avoids maintenance of setting separate stocks for two different apps.
A Case of Toyota France
Toyota in France required a quick return on investment. The existing traditional ERP was not up to the mark. It was not an optimum solution for its requirements.
The company had a choice between building capability by investing in the creation of their system. Else, they could choose a cheaper solution. The only solution that cleared all tests and requirements of Toyota was Odoo.
Armed with a host of benefits that Odoo offered, the Material Handling team at Toyota decided to finalize on Odoo.
The Odoo team implemented the solutions very rapidly. Within 6 months of integration, Toyota began using the software. They were very sure that a lot of savings would be possible. This was because maintenance costs have been lowered due to the new IT solutions. They had also maintained an in-house solution apart from an official solution.
What was also useful and helped was plenty of valuable features. The features keep getting advanced and increased with every new version of Odoo getting released. Through easy integration, the additional value was being created.
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