Times have changed, and so have the ways we perform tasks. From agriculture to textile, manufacture to business, every field now operates digitally. Dedicated software and applications not only reduce task execution time; they are also accurate and provide the facility to store data in the cloud for easy and quick access whenever and wherever. Realizing this shift in trends, app and software developers work tirelessly to keep up with new demands and impress users with innovative technologies and cutting-the-edge innovations in software development. One such software that has proven to be the best for accountants and auditors is ODOO. The developers themselves, and third-party users, frequently discuss the benefits of ODOO for accountants who vouch for its efficiency and accuracy.
What is ODOO
To keep the business world connected to the digital world, software developers have introduced Enterprise Resource Planning or ERP. In simple words, ERP is a network of systems in an organization controlled by people of a specific company. ERP allows different departments of an organization to manage their respective tasks and interact with other departments through a single application. Several developer companies develop apps for ERPs.
However, the most popular and most widely used among businesses is ODOO, On-Demand Open Project. ODOO is a software platform that provides apps for every type of business need. ODOO covers requirements such as building websites, managing sales, marketing, inventory management, accounting, and more. It means that companies can now use a variety of necessary applications and interact with all of them.
How ODOO Works
ODOO for accounting performs several efficient tasks that are automated and quick. Every transaction, including customer invoicing, inventory movement expenditures, the point of sale, etc. is immediately added to Odoo 12. It Supports accrual and cash basis accounting systems, allowing firms to record any revenue or cost at the time of transaction. ODOO Facilitates the creation of real-time financial reports, management reports, performance reports, cash reports, and other information for businesses. It simplifies the procedure of importing bank statements straight from the bank to the Odoo account by speeding up the bank reconciliation process. It eliminates year-end journals and rollovers by automatically calculating current year profits.
Benefits of ODOO for Accountants
By incorporating this innovative technology into the scope of their work, Accountants can get the most out of their work without investing a considerable amount of time on financial sheets. The benefits of ODOO for accountants are limitless, but this article outlines some of them:
Reconciliation
The Odoo platform’s reconciliation capability allows accountants to reconcile the company’s bank accounts and other reputable platforms in real-time. The Odoo platform’s accounting module is adjusted to synchronize the company’s bank statements with the platform in real-time at regular intervals. This feature will help customers stay up to current with real-time information by speeding up the reconciliation process.
Invoicing
The Odoo platform accounting application enables users to create invoices for product and service sales at various stages of the business. Invoicing can be generated straight from the sales receipt and communicated to customers through email or handed over in person. Additionally, the Odoo platform allows users or field personnel to produce invoices for service times and parts utilized straight from the field.
Reporting in Real-TIme
The module continuously analyses many elements of the business, such as profit and loss, sales data, invoice information, etc. that the platform will provide in the form of reports. These analytical data inform users about the business’s operations and enable them to prepare accordingly. Various filters and groupings sort the data based on different metrics. Several basic forms of the platform allow seeing accounting reports of the company through graphs, charts, and tables.
Accounts Ledger and Balance Sheet
The module allows the user to establish and manage ledgers according to industry standards. These might be the same ones that were kept in corporeal form in the beginning. The ledger reports are sorted and explained according to the user’s requirements. Furthermore, the platform enables users to design and manage charts of accounts, such as payable and receivable accounts, that may be customized for the company’s varied credit and debit activities.
Follow-up on Payments
The accounting module of the Odoo platform allows users to track down payments not paid by clients. This feature allows users to send out warning messages and displays the amount owed by consumers to businesses.
Changes to the Fiscal Year
The fiscal years determine the company’s operational position after the period. The Odoo platform’s accounting module allows users to construct fiscal years based on days and months, and other elements of standardization. The financial year description of the authorities also determines the fiscal year settings. The Odoo platform alerts users when they are completely out of payable and receivable accounts at the end of the fiscal year and if any money is not allocated to a chart of accounts, an additional miscellaneous account is established.
Multiple Currencies and Payment Terminology
Odoo’s accounting capability allows users to define numerous payment choices, such as direct payment and down payment, depending on a specific sum or a certain percentage. Odoo’s down payment feature is a useful tool for clients and will open up the enormous commercial potential for the firm.
Conclusion
If your company does business in many countries, the Odoo platform allows you to set up numerous currencies. This technology will be extremely useful in transactions and will assist the corporation to bring in the most revenue.
BS Auditing has fully incorporated ODOO in its work-frame and allows companies to make the best out of this technology. This makes BS Auditing one of the most sought-after Accounting firms in the UAE. Feel free to contact us:
• Office # 0641, Tamani Arts Offices, Business Bay, P.O. Box 111390, Dubai, UAE
• +971 4 570 7357
• +971 58 108 5690
• info@bsauditing.com
