Odoo Accounting
Move to the fastest online Accounting Software and keep your Books Organized!
Jason Randy
Founder & Odoo Consultant, S4 Solutions, LLC
Impressed with Aktiv’s development skills, but their commitment to understanding our goals truly exceeded expectations.
5/5
verified Customer
Overview: Odoo Accounting Software
Manage, Monitor, and Analyze your figures to grow your business.
Odoo didn’t trade intuitiveness for versatility; its accounting software covers all the accounting essentials offering ease of use.
The Odoo Accounting app enables financial efficiency for your business providing you access to the most flexible dashboards, reports, analytics, high-level overviews, or specific business activity.
Accounting in Odoo supports multi-language, multi-currency, and multi-company, so users can easily manage international or distributed business units/subsidiaries with real-time knowledge and visibility.
Moreover, Odoo’s cloud-based platform enables your staff to access everything from anywhere on the go, offering fine-grained controls, robust authentication, and encryption.
Odoo Accounting Core Features
Modern User Interface
Based on the Google Material Design trend, Odoo Accounting offers a fast and modern user interface with an easy setup and configuration progress bar.
Reduce data entry
Odoo Accounting automates everything for you- invoice printing/sending, bank statement registration, payment follow-up, and more saving your time and manual efforts.
Bank Interfaces
With automated reconciliation, you can speed up the accounting process by automatically syncing your financial data, like bank statements in Odoo.
Customer Invoice
Odoo Accounting lets you create invoices that are easy to build, fully featured, and customizable.
On-the-fly Payment Reconciliation
While creating invoices, Odoo quickly highlights outstanding invoices so you can see if a customer is paying bills on time, thereby avoiding late fees.
Credit Card Payments
Odoo Accounting supports online payment through credit cards and gateways like Authorize.net, Ingenico, PayPal, Adyen, etc.
Automated Payment Follow-ups
Odoo sends emails, follow-up letters, and tasks automatically to save your hassles for the credit collection process.
Aged Receivable Balance
Get a clear overview of overdue payments and treasury forecasts.
QR Codes
Odoo accepts payment through QR code scanners with customers’ banking app.
AI-powered Invoice Digitization
Upload your scanned PDF or image format files to vendor bills, and Odoo’s OCR and AI technologies will encode and automatically generate their invoices.
Forecast Expenses
Odoo uses your past expense data to estimate your company’s future bills to pay.
Organize Payment Flows
Create your own payment flows with optional validation steps.
Sync Bank Feeds
Odoo supports 15,000 banks across the globe, so you can sync your bank feeds automatically from the bank to the system.
Manage Cash Registers
Odoo keeps track of every cash transaction with opening and closing.
Payroll
Odoo offers a standard Payroll module or flexibility to integrate with an external payroll provider, which automates the recording of payroll.
Smart Reconciliation Tool
Odoo Accounting app automatically matches 95% of invoices and payments, and the smart reconciliation tool does the remaining 5% super-fast.
Multi-support
Odoo Accounting supports multi-currency, multi-companies, multiple users, and multiple journals. You can get updated currency rates daily, automate business flows with inter-company rules, offer different access rights, and organize documents into several journals, respectively.
Business Intelligence Reports
Multiple standard reports are available to analyze Profit and Loss, cash flow statements, cash reports, aged payable/receivables, etc. Odoo also offers standard reports and charts of accounts for 80+ countries. All of these could be exported to Excel and PDF.
Customizable Dashboards
Odoo Accounting allows you to create your own dashboards by assembling custom reports for any period using filters and dynamic calculations for specific fields.
Perpetual Fiscal Year Closing
Now you don’t need to report balance sheet accounts into the next fiscal year as Odoo performs automatic calculation of Profit and Loss for chosen dates, all you need to do is write the handling of earnings for closure.
Advanced Taxes Management
Odoo Accounting supports a wide range of tax computations- price included/excluded, percentage, grid, tax on taxes, partial exemptions, etc.
Balance
Sheet
Your current year earnings are automatically reported to your balance sheet without you having to close/open fiscal years.
Country-specific Statements
Odoo lets you generate region-specific statements such as Intrastat reports, VAT statements, P&L/BS of the country, listing of VAT-subjected customers, etc.
Fully integrated with other functions
Get accounting entries automatically produced based on timesheets, supplier bills, work orders, etc.
Renewal
alerts
Odoo Accounting sends automated alerts to your Salesperson when contracts need to be renewed.
Customer Portal
Odoo’s Accounting customer portal lets customers change their plans, order upgrades, or downgrade/unsubscribe.
Assets Management
Track inventory to asset, generate periodic depreciation statements and automatically update asset register in just a few clicks.
Revenue Recognition
Review multi-year contracts, automate deferred revenue entries, and get recurring revenues on dashboards to help your business with financial projections.
Google Spreadsheet Integration
Connect Google Spreadsheet to Odoo SaaS and automatically pull data from Odoo to create your dashboard in your Spreadsheet.
Tax cloud Integration
Apply the correct tax rates in real time for every state, city, and special jurisdiction in the United States.
Consolidation
Leverage closing, historical, average exchange rates, or data from other financial systems and combine financial information from multiple companies to generate consolidated statements.
Flexible Import-Export
Use the Built-in import-export tool to mass import or export through Excel sheets.
Why choose Odoo for Accounting?
Fully Integrated with other Odoo App
Stop recording transactions manually; Odoo Accounting system is fully integrated with Inventory, Sales, Purchases, Projects, and Documents to increase financial efficiency.
Get Paid Faster
With a convenient customer portal, automated follow-ups for payment, multi-currency support, and multiple payment providers, Odoo ensures you get paid in less time.
Analyze your figures to grow your business
Odoo offers instant, generic, dynamic reports to allow you to manage your financial and legal statements accurately.
Fiscal Localization Packages
Odoo Accounting supports 70+ localization packages, explicitly pre-configured for your country’s- charts of accounts, taxes, electronic invoicing, and fiscal positions to apply the right tax rates and accounts automatically.
Accounting for Fiduciaries
Odoo integrates the Documents app to deliver information thoroughly and effectively with effortless document management, a detailed client dashboard, and a collaborative system for unlimited users.
AI-powered Invoice Automation
Odoo’s AI system recognizes the document’s layout and grabs appropriate data to process the vendor bills. You can also scan multiple bills/documents at once with AI-powered Invoice automation and image and metadata recognition through the OCR engine.
How will Aktiv help you with Odoo Accounting Implementation?
We have helped customers like you in Odoo Accounting erp software implementation to help them manage daily accounting activities with proper configuration across the system.
Be it managing a Chart of accounts, Journals, Assets, Taxes, Fiscal Position, Fiscal year, Bank and payment configuration, Report Configuration, or any sort of customizations we manage it all for your business on Odoo.
Contact our Certified Odoo Consultants to talk about your Accounting needs.
60+
Odoo
Professionals
Certified
Odoo
Consultants
500+
Odoo
Implementations
15+
Industries
Served
FAQs
How can Odoo Accounting App help you?
• Creating and sending invoices.
• Forming quotes and estimates
• Recording expenses
• Completing tax returns
• Keeping a check on the cash flow or profit and loss
• Automating manual data entries
• Creating budgets and forecasts
Does Odoo Accounting meet US GAAP standards?
Yes, Odoo Accounting supports US GAAP standards.
Does Odoo Accounting support multi-currency?
Yes, Odoo supports multiple currencies with live exchange rates.
Which Payment Providers are supported by Odoo Accounting?
Odoo supports leading payment providers like Stripe, Authorize.net, Ogone, PayPal, Adyen, Alipay, and many more.
Can I import/export data to and from Odoo Accounting?
You can easily import/export data to and from the Odoo Accounting app.
Does Odoo Accounting provide an Asset Management tool?
Odoo lets you track assets, depreciation boards and generate amortization entries automatically in just a few clicks.
