Odoo
From agriculture and construction to real estate and telecommunication, Odoo accounting caters to businesses of all sizes, regardless of industry. It offers both on-premise and cloud deployment and is available as an app for Android and iOS devices.
Noteworthy Advantages
Odoo possesses various differentiators that set it apart from the competition.
- Free Forever: This platform is free for infinite users so long as you don’t need additional applications or hosting options. The community/open-source version only has invoicing and payment capabilities.
- Artificial Intelligence (AI):Â Scan and upload PDFs or images to vendor bills and automate their creation with AI.
- Customer Portal:Â Obtain order statuses, invoice and payment tracking through the client portal. Patrons may revise their plans, order upgrades, downgrade or unsubscribe in one centralized location.
- QR Codes: Scan QR codes with the user’s native banking program to complete transactions. The QR code is also available on PDF invoices and appears on payment screens for quotes and bills.
- Bank Statements Import: Leverage OFX, QIF, CSV or Coda formats to import bank statements when a bank isn’t supported through Odoo.
- Balance Sheet Calculation:Â Add current year earnings to balance sheets automatically. Profit and loss is promptly calculated according to selected dates. Administrators can lock entry dates for all users.
- Multiple Currencies:Â Work with various currencies and automatically change currency rates at different intervals.
- Revenue Dashboard:Â Access various metrics such as MRR, recurring revenues, churn, CAC, CAC ratio, growth, forecasts, ARR, CLT and CLTV.
- Tax Audit Report:Â Evaluate tax report calculation for audit purposes. Pick a line and click the audit button to audit journal items.
- Reconciliation Report:Â Gain reconciliation reports to account for differences between bank statement balances and accounts.
- Country-Specific Statements:Â Work with country-specific statements, including Intrastat reports, VAT statements, profit and loss/BS of the country, VAT subjected customer listings and more.
Key Features
Bank Reconciliation
This apparatus offers automatic reconciliation propositions, additional journal item registrations, record searching and the inputting of manual reconciliations for open and paid invoices. You may also immediately work with partial and full reconciliation propositions from invoices or bank statements. The automated reconciliation function allows bank statements to sync from more than 15,000 banks in the U.S., Canada and New Zealand in real time.
Tax Management
The tax engine offers a wide range of tax calculations such as price included or excluded, percentage, grip, partial exemptions and more. This module delivers tax reports in accrual or cash-based formats according to a particular region. You may also implement tax rules that automatically cipher values on invoices.
User Management
Establish default configurations for accountants and adviser roles, allot infinite users with various access rights as the administrator and automate business flows with inter-company regulations. Govern company subsidiaries within the same system with the user management feature. You can even arrange documents into several journals by department or type of activity and split roles throughout multiple users.
Reporting
Handle numerous pre-made templates ranging from cash flow statements to profit and loss. Link multiple companies’ bookkeeping data into groups. You may also take notes on reports and include more modifiable rows.
Additional Accessories
Although Odoo Accounting has all of the common open-source accounting software features, it offers supplementary tools for your accounting practices. These additional accessories include:
- Account Receivable:Â Build invoices with payment conditions, numerous taxes, discounts, price lists and more as well as print out invoices or send them via email.
- Credit Management:Â Promptly propose emails, follow-up letters and responsibilities for users to administer credit collection procedures.
- Bills Payment:Â Trace deposit tickets and print checks in large quantities.
- Accounting Analytics:Â Allocate a single accounting entry into several analytic accounts with analytics tags and pliable distributions.
Limitations
Like most solutions, this program has some limitations. These drawbacks include:
- It doesn’t offer payroll modules.
- It lacks third-party debt recoveries.
- It doesn’t account for unpaid fees or penalties.
