Every industry focuses on its accounting function because if they don't, they face various challenges such as inaccurate financial reporting, financial losses, a decrease in revenue, and other worst scenarios than these. This is why accounting management is very crucial for every business, with the effective management of your business's finance and accounts you can keep a tab on every activity related to the monetary aspect. All things considered, using a robust open-source accounting system can help you in managing all the facets of accounting and finance. One of the greatest things about an open-source system is that it is suitable for all sizes of businesses, including SMEs, startups, as well as large enterprises.
Flawlessly handle everything associated with accounting like Accounts Receivable (AR), Accounts Payable (AP), Banks, Invoices, Billing, Taxes, etc. Moreover, take care of all the expenses in the company as well as the budgets of various projects. Keep track of each and every financial activity and record in the system to get a clear overview of accounting and financial reports. Also, an open-source accounting system can be customized as per your organization's requirements.
Odoo accounting management is one of the most advanced and smart accounting software that matches with the needs of every category of business. We offer Odoo accounting module which allows you to create invoices and send them to your customers within a second just in a click. There is no compulsion of printing invoices, though you can print them as well. Also, this system can connect directly to banks and various payment gateways. Bank synchronization allows you to keep a record of each transaction in real-time as well as speeds up the process. This easy to use system allows your customers to pay offline as well as online as per their convenience. In addition, this open-source accounting system integrated with most of the Odoo modules such as sale, purchase, inventory, and more.
Another key point, this system not only covers the customer side but also takes care of the vendor side. Now you can manage and control vendor billing by recording vendor bills quickly. You just have to select the purchase order and associated vendor, Odoo will fill the rest of the details automatically. This easy to use the system will provide you with the precise accounting and finance reports right from legal statements to executive summaries. One more thing, this open-source accounting management app is available on tablets, smartphones, desktops, and laptops.
Manage customer invoices and get a clear overvi ew of the invoicing process. Know how to set up cash discounts and enhance customer experience through it. In this system, you can set up payment terms and use this feature easily. This system is enriched with a lot of features where you can edit or refund an invoice. Further, record customer payments in the system as well as register credit card payments on invoices. This facility enhances customer satisfaction. The most important part about customer payment is that you can set up follow-ups for pending payments. And automate the follow-ups with plans.
Now, comes another facet of the accounting system, accounts payables in which vendor billing/supplier billing has involved. This system allows you to manage vendor bills. Manage and organize purchase receipts and keep a record of each payment, so that you can get a clear overview of all of your purchases. Integration with the purchasing application allows you to track the entire purchase history. It allows you to pay by Checks as well as you can pay several bills at once. Also, keep track of employee expenses.
Odoo accounting allows you to set up a new bank account and manage a cash register. You can also manage all the bank transactions in foreign currencies because Odoo is based on the advanced framework and has a lot of powerful and unique features. Easily synchronize Odoo with your bank where you can import all kinds of bank statement files. This further supports bank reconciliation.
Create new taxes as well as set any of them as default taxes. It lets you adapt taxes as per your customer location. We offer very effective accounting system with tax handling capabilities in the US, UK, Australia, UAE, and India. Moreover, manage cash basis tax as well.