Odoo Accounting Overview
Odoo Accounting, by Odoo, is an accounting software solution that helps organizations save time, manage expenses, and get paid faster. The all-in-one accounting application allows organizations of every size to automate financial management processes. Odoo’s customers come from an extensive array of industries that include retail, construction, agriculture, telecommunications, and real estate. The fully integrated accounting system features a streamlined accounting dashboard that gives operators clear overviews of bookkeeping tasks as well as their organization’s finances.
Odoo is a software vendor that supplies a line of open-source applications that cover nearly every aspect of running a business. More than 7 million users around the world use Odoo, from single users up to large enterprises. Odoo’s software offerings include solutions for sales, website management, inventory, marketing, and human resources (HR); more information can be found on the Odoo website.
What Is Odoo Accounting?
Odoo Accounting is an open-source accounting software system designed to help organizations of every size automate many accounting tasks and financial management processes throughout the business. The easy-to-use application facilitates most accounting procedures with coverage for invoicing, bill management, reporting, forecasting, and more. Odoo Accounting features a central accounting dashboard that gathers financial data from every area of operation and automates journal entries as transactions occur, which in turn increases accounting accuracy and consistency across departments throughout the business.
Odoo Accounting can be fully integrated with external software systems through application programming interface (API) support. The system also comes fully integrated with the rest of Odoo’s software solutions, allowing users to craft custom application suites that help them tackle their organization’s particular goals and challenges.
What’s Included in Odoo Accounting?
Odoo Accounting comes with a fully integrated set of features for organizations to monitor and manage their finances. Users can easily create invoices, automate follow-up notifications, and get paid faster through external payment processing integrations, including with Authorize.net and Paypal. There is also a customer self-service portal that allows clients to track their orders, as well as view and pay active invoices. Odoo Accounting comes with a customizable reporting dashboard that features a series of out-of-the-box and custom reporting tools. The system also supports integration with a multitude of financial institutions around the world for convenient and streamlined reconciliations. It also includes a smart reconciliation tool that automatically collects journal entries throughout the organization and reconciles them accordingly.
Benefits of Using Odoo Accounting
Odoo Accounting enables users to establish custom accounting practices with an easy-to-use accounting system that automates journal entries. The integrations with third-party payment processing solutions help users get paid faster by making it convenient for customers to pay their invoices online. The system’s automatic notifications help cut down on late and missed payments as well. Another advantage of Odoo Accounting is the automatic bank reconciliation feature, which boosts accounting accuracy and saves time.
Odoo Accounting Pricing
Odoo Accounting’s pricing structure is largely dependent on how you choose to implement the system.
Please note that Odoo Accounting is one of many individual modules available on the open-source Odoo platform. There is also a selection of premium integrations available for additional fees, and you can visit the Odoo website for more details.
- Cloud hosting: Free
- Hosting on the Odoo.sh Cloud Platform: $75 per user per month
- On-premises installations: $720 per user per year (Local installation is only offered on an annual billing plan)
Odoo Accounting Comparison
Several open-source accounting software solutions are sold on the market today, including Zoho Books, GnuCash, TurboCASH, and FrontAccounting.
Odoo Accounting Reviews
Users that shared their opinion of Odoo Accounting online seemed to be pleased with it. Reviewers felt it was easy to operate, highly configurable, and many users appreciated that it streamlined accounting practices across the board, with many reviewers specifically mentioning that billing and invoicing became more efficient.