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Strengthen financial health using Odoo Accounting

  • 10 Dec 16
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An organisation needs a tool, besides a good CFO, to maintain its financial health.

A real time financial information system shows a transparent and accurate information. It helps to derive how good an organisation has done in past. It describes the present financial situation and helps to predict future financial stability by providing useful guidance.

All the above information help to take the right strategic decision at right time, to maintain and improve the financial health of the organisation.

An integrated accounting + ERP system would be a great help to capture and interpret financial data, interact with banking operations, to maintain accounting receivable and payables, to generate and analyse financial reports, to forecast cash flow, to close fiscal year etc.

Odoo Accounting can fulfil these aims by providing easy-to-use functionalities. Few of them are described below:

  1. Accounting Dashboard to know real-time Financial activities.

  2. Get paid quickly and accurately.

  3. Track and control over payables.

  4. Government compliance.

  5. Information Security.

  6. Manage overseas business.

  7. Versatile reports.

  8. Closing fiscal years.

 

  1. Accounting Dashboard.

    • Accounting dashboard gives department wise, summarised financial information.

    • It helps to know and predict financial situation for any department and eventually for an organisation in a whole.

    • As an example, Direct Sales department is going to generate $57K revenue in the next month with operating cost of $32K.

  2. Get paid quickly and accurately

    • You can quickly generate and send customer invoice with various simplified ways like Print, Send by Email.

    • Get paid through banking interfaces and payment gateway. Automated follow-up features of Odoo can be used to receive payments on time.

    • You can maintain the strong track record of payment history of your clients without missing any single invoice to get paid.

  3. Track and control over payables

    • Odoo makes transactions transparent enough to priorities and tracks your vendor’s bill payment activities.

    • You can issue payment advice timely manner and make sure all vendor's bill are paid on-time.

    • Integrated communication features of Odoo allows the internal and external discussion to control and track payment activities.

  4. Government compliance

    • Odoo provides various localisation modules to follow best practices to be government compliance, taxation reports is one of the examples.

    • Odoo allows flexibility to design localised Chart of Account(COA) to assure that the ‘Balance Sheet’ and ‘Profit and Loss’ reports must have right value at the right place.

  5. Information Security

    • Different level of users can access Odoo according to the access rights given to them.

    • It allows you to scale your accounting operations (Bill generation process) with lower level users.

    • Higher level user (Kind of CFO) has the complete picture about all the financial activities and dynamic reports for quick guidance.

  6. Manage overseas business

    • Odoo allows the use of multi-currency in most of the operations.

    • You can generate financial records and submit accounting reports in official currency

    • Let your customer and supplier enjoy doing business with you through their own currency.

  7. Versatile reports

    • Dynamic and real-time financial reports help to take deep insight about what is going on, how is going on -  in terms of financial activities and operations.

    • Odoo’s reports show account payable and receivable with the timeline, Balance Sheet, Profit and loss report, Journal entries with various filters, taxation reports etc.

  8. Closing fiscal years

    • You can close the fiscal year by accurately transferring amount to the next fiscal year.

    • The ease of closing fiscal year in Odoo helps a lot to focus on other fiscal activity at the end of the financial year.

You can visit this LINK to know more about Odoo accounting.