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Accounting is one of the most important things in any company whether it’s an MSME or a corporate giant everyone needs to maintain their accounting timely with security. Accounting is bound with sales, purchases, manufacturing, and much more. Businesses can use Odoo accounting to maintain and update all the records with proper analysis of the operations. The Odoo accounting module has the potential to track bills, management like project & inventory, and much more. Now in simple words, what is Odoo accounting module?
Odoo Accounting Module is one of the tools of the Odoo platform, it is specially designed to increase business productivity and growth. The module automates the work of accountants and enables tracking of the company’s cash flow.
At Oodles ERP, we provide Odoo integration services to fulfill specific business requirements. Our developers are skilled at implementing and customizing Odoo modules to drive business efficiency. If your company is growing and want to run for a long time, you should adopt the Odoo ERP modules in your banking. In this article, we will give you enough reasons that you will think and make your wise decision by injecting the Odoo accounting module into your banking/accounting.
Before we dive further, we are listing the benefits of the accounting module.
1. Provide access to the multiple-users
Odoo Accounting module handles multi-users access and with this feature, you can provide your accountant and business partner with multiple access rights these rights make sure the user is at their level of work so you can perform your operations on multi-levels.
2. Multiple-business support
If the user has multiple businesses in that scenario, Odoo automates their business in a single accounting system (all businesses reflect under one account). This feature helps you maintain your journals in a single place.
3. Cloud-based software along with mobile accessibility
One of the important features is that Odoo accounting has its support on the cloud so any user can access it from anywhere, any part of the globe. With its mobile applications, the user can monitor any report or track the activities. The intention behind this is the user can manage their accounts with ease at any time.
4. Data Security
Data security is something people are most concerned about. Odoo deals with all the modules on the cloud and cloud-based software security threats are common but data of the accounts are always secured which ensures the smooth functioning of the business.
5. Scalability
Odoo is also scalable for its software because Odoo launches an update every year if they do not maintain scalability. It harms our system at the time of upgrading our system.
With the understanding of the benefits (above mentioned), we are listing down the features of the Odoo ERP software module.
Key Features of the Odoo Accounting Module
1. Double-entry bookkeeping
Odoo will automatically create all the required journal entries for each of your accounting transactions- customer invoices, point-of-sale orders, expenses, inventory moves, and much more. Odoo uses the principles of a clerking system, all journal entries square measure mechanically balanced (sum of debits = total of credits).
2. Accrual and cash basis methods
Odoo accounting documentation supports both accrual and cash basis reporting. This ensures you report income/expense at the time transactions occur (i.e., increase basis), or when payment is made or received.
3. Multi-currencies
Every dealing is recorded within the default currency of the corporate. For transactions occurring in multiple currencies, Odoo stores each price worth within the currency of the corporate. Therefore, the value within the currency of the dealing. Odoo will generate currencies gains and losses once the reconciliation of journal things.
4. Multi-companies at the same time
Odoo permits one to manage many organizations at intervals with similar info. Every organization follows its own rules for its chart of accounts. You can get consolidation reports following your consolidation rules. Users will access many corporations however there is a catch, one can add one company at a time.
5. International Standards
Odoo accounting supports more than 50 countries and counting. The Odoo core accounting implements accounting standards that square measure common to all or any country. Specific modules exist per country for the specificities of the country just like the chart of accounts, taxes, or bank interfaces.
The above information reflects the benefits and features which showcase, how the Odoo ERP accounting module secures your banking.
Last thoughts
Odoo supports multiple country Charts of Accounts. That helps us to configure multiple types of taxes as per the country. Odoo accounting module enables businesses to maintain a record of financial transactions, process payments, audit statements and create, send, and reconcile invoices. At Linescripts Solutions, we deliver Odoo accounting services to streamline and automate financial transactions.
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