Pros & Cons
- Vast customizations and integrations
- Supports multi-currency and multi-company use
- Top-notch analytic accounting function
- Supports over 15,000 banks for seamless reconciliation
- Might be additional costs on top of monthly packages
- Limited brand exposure
Plans & Pricing
Odoo is an all-in-one business management software that offers a wide range of features and applications to help businesses of all sizes manage their operations more efficiently. Odoo Pricing offers a flexible pricing plan to cater to the different needs of its customers. Here’s a summary of the pricing plan:
Odoo offers a free plan with access to one app with unlimited users.
The Standard plan starts at $13.50 per month per user and includes a full access to all Odoo apps including inventory, accounting, marketing automation, and e-commerce. This plan is ideal for small to medium-sized businesses.
The Custom plan is customized for larger organizations and includes all apps at $20.40 per month per user.
- Odoo Online / Odoo.sh** / On-premise
- Odoo Studio
- External API
Overall, Odoo Pricing offers a flexible pricing plan that caters to the different needs of businesses, from startups to large enterprises. Customers can choose the plan that best fits their requirements and upgrade or downgrade as their business needs change.
Odoo is a U.S.-based software company founded by Fabien Pinckaers. With an employee status of over 1,700, this software firm currently boasts over 7 million users around the globe. Odoo offers business owners a complete ERP suite far beyond an average accounting software. It consists of 40 different applications, of which accounting is one. This app is suitable for small and large businesses. It offers accounts payables and receivables, charts of accounts, asset management, and basic reporting, amongst others. You can also host the accounting application online or on your company’s servers. One intriguing feature of this software is that it is open-sourced. As a result, the company’s community of 1500+ users has designed more than 16,000 applications from the software’s initial 30 business apps.
Features and Functionality
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.
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.
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.
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.
Ease of Use
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.
Add-ons and Integrations
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 eCommerce platforms like Amazon and eBay at monthly rates of $40 and $26, respectively. In addition, it integrates seamlessly with TaxCloud and shipping solutions like the U.S. Postal service, DHL, Bpost, UPS, EasyPost, and FedEx shipping at $15 per month. You can also integrate it with VOIP at $15 per month.
Below is a rundown of the various ways Odoo provides support to its customers:
-Webform to allow users to contact support with questions or inquiries.
-A software training center where users can access Odoo’s courses at $125 per trainee, or $1000 per annum.
Phone SupportPhone support for emergencies and functionality-related inquiries.
Live Online ChatA live chat option is also available on their website. At the time of this review, a valid response was received on this platform in exactly 1 minute.
Video TutorialsVideo tutorials to assist users in navigating the software.
FAQA documentation page containing guides and FAQs for each Odoo application.
Community ForumA community forum on which users can ask and respond to other users’ questions about the software’s use.
BlogWhite papers and a blog that provides valuable insights into business trends.
If you’re looking to have an open-source, all-encompassing software that will grow with your business, Odoo will make a great choice. However, you have 15 days to figure out (for free) how ideal this software will be for your business.