And plenty of other nifty bells and whistles help you take shortcuts without sacrificing integrity. Another significant perk is Odoo’s automated invoice management and payment processing. The platform facilitates the creation and tracking of both incoming and outgoing invoices with ease.
Odoo computes all accounting transactions for the specific tax period and uses these totals tocalculate the tax obligation. By default, there is a single account for the account receivable entries and one for the accountpayable entries. As transactions are linked to your contacts, you can run a report per customer,vendor, or supplier. Accountant productivity is at the core of itsdevelopment with features such as AI-powered invoice recognition, synchronization with your bankaccounts, smart matching suggestions, etc. For transactions occurring in another currency, Odoo storesboth the value in the currency of the company and the value in thecurrency of the transaction.
- Track your budget and compare actual performance with different budgets.
- If your business is small enough, you could start with the basics and learn as you go — or hire someone to help you as you grow.
- For example, the app can automatically synchronize bank transactions with invoices and receipts.
- 95% of the transactions are matched automatically with the financial records.
- This allows reporting income andexpense either when the transaction occurs (accrual basis) or when the payment is made or received(cash basis).
Plus, it also delivers robust customization options and a strong support network. So, for businesses requiring detailed control over their operations and accounting, with a focus on scalability and industry-specific functionality, Sage 100 presents a compelling option. Odoo Accounting strives to help labor-strapped business owners do more with less. For example, the app can automatically synchronize bank transactions with invoices and receipts. It can also parse bills and other paperwork, so you don’t have to input data manually.
Odoo Experience on YouTube
It also allows for multi-company management, access to Odoo Studio and the use of an External API. Larger companies or those with specific needs for customization and multiple company support will find this plan most suitable. It’s geared toward businesses with complex or unique requirements and, while coming at a higher price, the value can be considered high for companies that use the advanced customization and hosting options. It’s prized for its broad range of features targeting entities requiring more than just accounting solutions. The title stands out for its scalability and the ability to support a wide range of business processes. Such functions include inventory management, manufacturing, distribution and more, alongside core accounting functions.
Plus, this model encourages community contributions, leading to a rich ecosystem of support and updates. And using GitHub, you can see how frequently updates happen, so you can easily stay in the know. But for growing businesses that must adhere to more bureaucracy, this in-house support is a major perk. Odoo Accounting simplifies this complex process, so you can sleep well knowing the software has your back in case of an audit, and it makes it easier to onboard outside financial professionals.
Multi-currency environment¶
The title supports standardized invoice formats, such as Factur-X and India’s E-Invoice system. So, you can avoid having to manually revamp data to match these international guidelines. Odoo Accounting is an open-source, highly scalable accounting software for business owners who have some coding experience, but anyone can quickly get started for free and learn as their needs develop over time.
Alternatives to Odoo Accounting
Odoo’s integration of various business applications into a singular platform sets it apart from many competitors. Its open-source model encourages a community-driven approach that promotes constant innovation. Get your customer invoices created automatically from your sales order, tasks or delivery orders. Have the correct tax rates automatically applied based on U.S. zip codes and product categories. TaxCloud calculates sales tax current portion of long term debt cpltd in real-time for every state, city, and special jurisdiction in the United States.
Odoo Accounting cons
The main Odoo components are the framework, about 30 core applications (also called official modules), and thousands of community modules. And for those who are always on the move, the platform includes a highly rated mobile app. As a result, you’ll always have access to the tools you need from anywhere.
