Odoo

Accounts Receivable

The Odoo accounting app makes your accounts receivable process as seamless as possible. First, your customers have a dedicated portal from which they can track their order, view their invoice, and make payments via QR codes or credit cards.

There is also an automated follow-up system to make credit collection less annoying. Finally, the aged receivable balance, as well as the advanced customer reports, helps you stay ahead of your receivables.

Accounts Payable

From its expense forecast to its employee expense tracking and supplier bill verification, Odoo’s accounts payable ensures that you always pay your business bills correctly. You can also digitalize your bills, print checks in batch, organize your payments, and deposit tickets for easy reconciliation. In addition, an automated wire transfer option ensures that your bills are paid just in time.

Bank and Cash Management

Supporting up to 15,000 banks, this app allows you to automate your bank feed, manage your registers, and import your statements in several formats. You can also receive a direct reconciliation proposition to match your invoices and payments accurately (cash, bank, and online payments). Reconciliation reports also set you up for proper auditing.

Reporting

This software supports accounting transactions in multiple currencies, from multiple users, and across multiple companies. Consequently, you can generate analytical and synchronized reports across multiple platforms using the application’s customizable KPIs and dashboards. You can also annotate your reports, automate your P&L calculation, and select lock entry for your users.

Taxes and Compliance

With Odoo’s tax feature, you can access profit and loss reports, balance sheets, general ledger, and country-specific cash flow statements. You can also stay ahead of your taxes with accrual and cash-based tax reports, audit and journal reports, and an advanced tax management system.

Analytic Accounting

Odoo’s analytic accounting allows you to structure your analytic accounts automatically, integrate each entry and distribute them across multiple accounts. You can also manage multiple analytic accounts and generate reports with subtotals and hierarchy.

Assets and Revenue Management

Odoo allows you to manage your assets and budgets effortlessly. A comprehensive revenue dashboard also ensures that you properly identify and manage your revenues.

Odoo is a system of 39 different business applications ranging from Accounting to ERP, Inventory, and Point-of-Sale. In addition to its extensive accounting features, this app also comes with a wide range of integrations to help you run your business conveniently.

First, you can integrate this app with a Google spreadsheet to design your preferred dashboard. This software is also open-sourced and supports API to allow maximum flexibility with customizations to suit your business’s unique needs. The Odoo Studio app also enables users to build custom applications for their businesses without coding from scratch.

Odoo integrates with e-commerce platforms like Amazon and eBay. In addition, it integrates seamlessly with TaxCloud and shipping solutions like the U.S. Postal Service, DHL, Bpost, UPS, EasyPost, and FedEx shipping. You can also integrate it with VOIP.

Odoo may not beat a host of other accounting software with its features, but it is exceptionally easy to use. You can easily navigate its various features and get your accounting operations completed in a few simple clicks.

Upon logging into your Odoo account, you will be met with a well-organized dashboard with analytical charts and graphs. These charts give you quick insight into your business’s Customer Invoices, Bank, Vendor Bills, and Cash stats. You can also customize the formats of display of these features.

In terms of system requirements, Odoo has a standard cloud-hosted version that only requires internet access to be used. You can easily use this version directly from your internet browsers. However, other versions – the self-hosted and the Odoo.sh Cloud Platform – need to be installed on your system.

Odoo also has a mobile application compatible with Android and iOS and allows users to utilize the software even on the go.