One of the most important aspects in business management is accounting, organize and manage every aspect of finance, so it is vital to have an accounting software.
Using a good accounting software is necessary to keep all of the financials in order and
maintain a good record of all the economic movements of a company.
One of the business management software tools that’s leading the charge in digital
transformation and its wide variety of integrated applications is Odoo.
Among the family of business applications offered by Odoo the accounting application is designed so you can monitor and improve the functionality of work for your finance teams.
If you want to know in depth what Odoo is and how it works, we recommend you to take a look at our article: Get your business off the ground with Odoo
How to use the Accounting application in Odoo?
- Register your company details: In the first menu of the integration panel you can enter your company details such as: logo, name, phone number, Tax ID number, email or website.
This data will be shown in the documents you need such as invoices. - Link your bank account: The second step of the dashboard will take you to the option to connect your bank account with the Odoo database and automatically synchronize the account statements.
In case the financial institution to which your account belongs cannot synchronize automatically or you wish to complete the linking later, you can complete it manually from the application by clicking on the “create it” button and filling in the data shown in the form. - Define your accounting periods: The next thing that the integration panel will show you is a section where you can set the opening and closing date of your company’s fiscal years.
This way Odoo will use this data to create automatic reports and show you a reminder so that you don’t forget the deadline to file your taxes. - Adjust your chart of accounts: Finally, you will be shown a menu with the basic settings to review the chart of accounts and add new accounts and indicate the initial balances of each one.
Once you have completed these steps, you can start taking advantage of all the accounting features offered by Odoo.
Learn about its features
Odoo’s Accounting application allows you to manage every aspect of your finances from one place, know what you can do:
● You can use this application to allow your customers to select different payment
methods thanks to its compatibility with portals like Paypal, Alipay, Ogone and many
others.
● It has a Tax engine, which includes a variety of tax calculations such as: Price
included, percentage, partial extension tables, etc.
● Its reconciliation tool provides automatic reconciliation suggestions, instantly records
additional accounting entries and uses a manual reconciliation interface to record
both invoices that have already been paid and those that are still open.
● The cash function facilitates the reporting of expenses and income to the relevant tax
authorities.
● It is possible to reconcile, edit and review journal entries by journal type, from bank
accounts, purchases, sales and others.
● It allows you to organize analytical accounts according to the type of project,
department or contract, and you can manage several analytical plans according to
the needs of your company.
● Its tools facilitate asset tracking and the creation of depreciation tables, as if that
were not enough, it also generates depreciation entries automatically.
These are just some of the most outstanding features you can find in Odoo, but thanks to its integration between applications you will be able to take advantage of them in many other ways.
What are the advantages of using Odoo as an accounting
system?
One of its biggest advantages is the compatibility, you can use its accounting application from any country where it is available, also the tax database of your company is automatically configured according to the specifications of your country including your chart of accounts, legal statements and tax positions.
Another great benefit of using Odoo as accounting software is that you can manage multiple companies with a single subscription, from the platform you can add all the branches of your business and get real-time reports.
In addition to everything mentioned above you can access Odoo from any device at any
time, as it is available for PC, mobile devices and even the cloud.
Now you know the importance of an accounting software, if you are interested in using Odoo to manage your business do not hesitate to contact us, at Inntegra Consulting we will help you to implement ERP systems such as Oracle JDEdwards and Odoo to get better results.