Run Your Business Smoothly With Odoo Accounting
Accounting is an important integral part for your organization and or Business. Precise accounting software is indeed needed for the smooth running of the company without any financial losses. Any error happening in the accounting area will directly affect the financial stability of the company. So accurate accounting is unavoidable for any company. Now to aid the accounting activities of a company, the software has to be used, if it is an ERP software things get even better. Odoo accounting is very capable accounting software which can make your business run smoothly without many hassles.
There are many features which make Odoo a very capable accounting software. Synchronized transactions, Payment connectivity, instant invoice creation, mail sending, simplicity in integration with many other Odoo apps and reports are some of the very distinctive features Odoo accounting holds.
Double entry: Odoo accounting automatically creates an additional entry for each of the accounting transactions like customer invoices, the point of sales, inventory movement expenses etc. For this double-entry bookkeeping system is put into practice. With these journal entries are fully stabilized.
Cash basis and accrual: Accrual and cash basis methods are supported in Odoo accounting. With this income/expense at the time of transactions or payment can be reported.
Multi-company support: Odoo accounting is robust enough to manage several companies, group of companies can be managed with just few clicks.
Multi-currency support: The Odoo accounting also provides multi-currency support. In case if you have to make a transaction with other countries, Odoo accounting can be made use of with full automated currency exchanges.
International standard: Odoo accounting is being used to more than 50 countries world-wide thus making it internationally suitable and standard. For each country, specific modules are there to meet their standards.
Accounts receivable and payable: A single account is used in Odoo accounting for all receivable and payable account entries. There are options to create separate accounts based on customers also.
Financial reports: Real-time financial report creation is also made possible with Odoo. Various reports like management reports, performance reports, cash reports etc. can be created using Odoo accounting software.
Automatic Bank reconciliation. Odoo supports bank reconciliation and makes the task easy by importing bank statements directly from your bank to Odoo account. Odoo accounting speeds up the bank reconciliation process altogether.
Tax calculation: Odoo accounting provisions with the easy calculation of taxes via using details of accounting transactions for a tax period, whether is VAT or With-holding taxes Odoo can do.
Inventory valuation: Odoo also helps in inventory valuation. Both manual and automatic valuations are possible in Odoo accounting software.
Retained earnings: The part of income which you have with you from doing your business is called retained earnings. With Odoo accounting the current year earnings are calculated automatically. This eliminates the possibilities of year-end journals and rollovers.
Odoo accounting for your businesses
Here are various features Odoo accounting has to offer exclusively for your financial department / business as whole.
Chart of accounts: The Odoo accounting chart of accounts deals with the balance sheet or P&L accounts.
Journal entries: The financial documents associated with a company is recorded as a journal entry in Odoo accounting.
Reconciliation: The process of matching credits and debits by linking journal items of an account is also made possible in Odoo accounting.
Bank reconciliation: The bank reconciliation process can easily be done using Odoo accounting software.