Anyone running a business knows the importance of money - revenue, cash flow, debt, etc. So, of course, it follows that having a handle on accounting is crucial.
With Odoo, we're so convinced about the benefits of integrated business software (with different modules for different functions, but interlinked and all under one system) that we'll do whatever we can to spread the word and convert as many companies as possible. But when it comes to accounting, companies can feel worried about making the switch from the software they're already using (no matter how dated it may be) to our integrated approach. Understandably, there can be worries to overcome when it comes to managing a company's money.
Accounting really had no useful online/digital documentation. There was a huge lack of useful documentation in many big markets. But there's also this huge problem of demand where there's a lot of customer misconfiguration, mistakes, errors, etc. that kept popping up. So, the demand was there - there was just no useful way of solving that problem in the short term. It seemed like we've talked to a number of customers about the same things and we want to give them the tools to finally be able to do it themselves.
Odoo Accounting is the core of business management. Getting accounting set up correctly builds the foundation for so many other applications in Odoo. If Accounting is configured correctly, users can move onto Manufacturing, Warehouse, or Project Management activities and get a complete and accurate picture of their business.
When it comes to using an ERP for accounting, what do you think are the biggest pain points for companies?
a) Transitioning from another system is challenging. It helps to build a good plan to decide on what data you want to move (open transactions, customer history, etc). After you move the data and go live, it also helps to run the two systems in parallel for a number of weeks and do daily reconciliations. This will help you feel confident in your migration.
b) Accurate inventory valuations depend on accurate inventory counting. The software will correctly track receiving, manufacturing, and deliveries. What Odoo can’t account for is unrecorded waste, spoilage or shrinkage. Good accounting practices should include regular inventory counts and adjustments.
Singo Africa Limited, are truly and trusted Odoo Partners in Tanzania who will help your company and industry have the best company ERP software that will manage your accounts handsomely. Our goal is to give people confidence, to show that both Odoo and the user are up for the task and will be successful.