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 does not have the common plan and pricing structure as seen with a host of other accounting software. However, you get to pay a flat rate of $10 to use the accounting app, automatically paired with the Odoo Invoicing app. What you get to pay is dependent on the hosting type you select. There are the Standard Cloud Hosting, the Self Hosting, and the Odoo.sh Cloud Platform.
Standard Cloud Hosting
With Odoo standard hosting, you get to use the basic Odoo accounting application alongside the invoicing application for free. You can also use these two applications with unlimited users for free. However, this hosting type has no customer support structures and functionality upgrades. You also get to pay a fee whenever you add other applications like eCommerce, timesheets, purchases, or expenses.
The self-hosting platform goes for $18 per month for each user and is billed annually at $216. With this hosting type, the Odoo accounting application costs $8 per month, the invoicing app goes for $4 per month, and each user’s access goes for $8 per month. In addition, new users enjoy a $2 discount on their initial number of users.
Odoo.sh Cloud Platform
The Odoo.sh Cloud Platform is an advanced cloud-based platform for the Odoo software. Odoo provides your business with staging and backup servers, email gateways, and DNS and routes with this hosting.
On this platform, the accounting and invoicing applications go for $10 and $5, respectively. User access costs $10 per user, 1GB of Odoo.sh storage goes for $0.25, 1 Staging Branch for $18, and 1 Odoo worker for $72. In total, it would cost you $112.75 to use this hosting type every month.
Note that you can increase the number of users, stating branch and Odoo workers. You can also increase your Odoo storage, but at an additional price.
In addition to the regular pricing for this software, there are some other transactions you may need to pay for. These transactions are outlined below:
Additional Applications: $4-$20 per month
Integration with Shipping Solutions: $15 per month
Amazon Connector: $40 per month
eBay Connector: $26 per month
Additional Users: $10 per month per user
Success packs: From $1,150 per pack
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.