Every business needs a secure accounting software that can enable them to monitor their progress, record assets and liabilities, maintain ledgers to evaluate the economic position of a company. With Odoo 12 Accounting businesses can record their transactions; process payments; create, send, and reconcile invoices; and audit statements. The software is connected to sales, Odoo Invoicing, manufacturing, inventory, subscriptions, POS, eCommerce, sales, expenses, and more for providing complete accuracy. 

Let’s explore some basic features of Odoo Accounting 

1. Invoices and Payments

Odoo Accounting software enables businesses to manually create and send invoices through an invoicing app or a sales app. The software also facilitates accountants to split an invoice into multiple payments or payments into multiple invoices. With Odoo accounting module businesses can even process their payments through payment gateway connectors, credit cards, debit cards, wire transfers and more. It supports main payment gateways like Authorize.net, Ingenico, Paypal, Adyen, etc. 

2. Reconciliation

Odoo Accounting module makes it easier for businesses to reconcile their invoices with banks and other systems in real-time. Odoo synchronizes directly with your bank accounts to get bank statements imported automatically in Odoo in every 4 hours. 

3. Reports

Businesses constantly monitor their accounting reports to evaluate profit and loss, cash flow, tax audit statements, and more. Odoo allows businesses to easily create these reports using internal data. Businesses can also customize their dashboard data with shows charts and KPIs important to them. 

Let’s Explore Some Benefits of Accounting with Odoo 12 Accounting Software   

1. Oddo creates an additional entry of every transaction like invoices, the point of sales (POS), customer invoices and more. The double-entry bookkeeping software is put into practice to stabilize journal entries. 

2. Odoo 12 Accounting supports accrual and cash basis methods to report income or expense at the time of evaluating transactions. 

3. Robust software efficiently supports and manages transactions of multiple companies. It facilitates users to receive instant access to their account details on-the-go using smartphones or tablets.  

4. The accounting software provides multiple currency support in more than 50 countries to facilitate the smooth exchange of services. 

5. It enables businesses to create cash reports, financial reports, management reports, performance reports in real-time. 

6. Odoo speeds up the bank reconciliation process to transport bank statements from your bank to the Odoo bank account. 

7. Odoo automatically creates draft invoices by evaluating sales orders, timesheets or delivery orders. 

8. It also suggests outstanding payments automatically at the time of creating an invoice so as to prevent accountants from reconciling it later.

9. Automatically proposes follow-ups letters, emails, and tasks to ease the credit collection process. 

Latest Additions  in Odoo 12 Accounting Software
 

1. OCR Feature for Maximum Accounting Efficiency: Recently updated Odoo 12 Accounting software has OCR (optical character recognition ) feature to scan receipts and bills. The feature is added to prevent an accountant from manually entering the data and achieve maximum accuracy. 

2. Document Management- The recently added DMS (Document Management Module) feature facilitates accountants to search for  new documents through tags and folders. 

3. Bank Synchronization: Odoo’s recently collaborated with 15,000 banks from the US, Canada, and New Zealand. Businesses can get their bank statements synced with their bank accounts automatically with Odoo 12 Accounting Software. Unsupported banks can use OFX, QIF, CSV or Coda files to import statements easily. 

Odoo 12 accounting software can micro-manage every financial activity of a business. It facilitates businesses in maintaining a check on bank balances, accounts receivable, and accounts payable. The software includes different modules that provide multi-currency support, double-entry bookkeeping, inventory valuations, and more. Odoo 12 Accounting software updates from time to time with new features and functionalities for enhancing customer experiences. 

Are you planning to integrate Odoo 12 Accounting software to your accounting firm or business? We, at Oodles Technologies, are an Odoo development company that provides user-friendly applications for various businesses using Python and PostgreSQL. We offer custom Odoo ERP solutions to automate your reporting tasks and provide timely updates on finance reports, sales reports, etc. We enable businesses to implement the latest technologies to stay ahead of the curve. Our ERP solutions increase coordination between separate departments to meet emerging organizational challenges. The aim of our ERP development services is to improve customer loyalty and build long-term relationships.