Maximise Roi With Odoo Erp For Accounting

By Author: Alex Forsyth
Total Articles: 153
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Managing business accounts from single worksheets or notebooks are now long gone. For your business grow, you have to think about new software implementation which can meet your requirements. You need to implement Odoo ERP for accounting which is state-of-the-art accounting software that tracks your finances with utmost accuracy. The software helps you fulfil all your accounting needs like payments and invoices, bank reconciliations, reports and much more. 
 
The best part is that the standard accounting functionality built into an extra-ordinary application from Odoo accounting covers all areas of accounting and can handle a variety of complexities. The recording of transactions in the ledger is simple to understand. It can cover end-to-end Order-to-Cash and Procure-to-Pay process. The easy integration with other modules helps to gather data and allows accurate reporting with a variety of parameters.
 
Analytic accounts of Odoo Accounting:
Odoo analytic accounts provide standardisation comprises user, service or documentation. It is often presented ...
... as a foundation for strategic enterprise decisions. Odoo analytic can also be a useful management tool, at the centre of most system processes. Which allows users to run ad-hoc reports and in-depth data analysis to increase efficiency and reduce time consumption for business activities.
 
Customisation of Partner Credit Limit :
Odoo has Customisation of Partner Credit limit module which allows you to set a credit limit on your customer. The process is very simple. You need to assign a customer credit limit first after that the user will be able to create a sales order or Invoice for this partner until the total open amount of receivables do no cross the Credit Limit. Accountant approval will be required if the customer crossed their credit limit. 
 
Discounts generation: 
Though Odoo accounting doesn’t support Early Bird discounts, you can be designed this functionality in a way that makes it possible to offer early-bird discounts and record accounting entries seamlessly. This helps you to splits the invoice into multiple lines which allows your business to easily understand and track their improvement in cash flows. 
 
Tax cloud: 
This integration allows businesses to calculate the sales tax for every address in Australia and keeps track of which product types are exempt from sales tax and in which states each exemption applies. It can also calculate sales tax in real-time for every province and special jurisdiction in Australia.
 
Gift Card Program and its Accounting Treatment:
In western countries, gift card sales and redemption are very popular. Though Odoo accounting hasn’t offer this opportunity as a recognised Odoo partner, any Odoo ready partner company can customise this feature for that business who needs this feature. It also enables revenue recognition functionality for selling a gift card.
 
Payment currency freezes:
This module allows you to process payments in the selected currency. It enforces to pay with company currency and if you select the journal with a different currency it will calculate exchange difference and this module eliminates unnecessary foreign exchange when you can pay the amount with selected currency.
 
Conclusion:
Hope after reading all, You will enjoy the benefits of replacing your year's old account management solution that has been holding back business growth. You may find productivity with Odoo ERP in Australia especially accounting module which will have improved, cost savings have been achieved. To get better results, you can consult with Odoo ready partner company, who will guide through free demonstration and reference.
 
Alex Forsyth, with immense knowledge and hands-on experience, he is known as a master of Odoo ERP implementation. He is working at Envertis, known as Odoo ready partner in Australia, delivers high-end Odoo ERP customisation and CRM services for the betterment of any business process.