Accounting and Finance Management
Finance management of any company operations will be trickier as numerous parameters involved in the management as it revolves around the entire company operations. An efficient management tool for the accounting and the financial aspect of the company will provide the accountants in the finance managers with a release of burden from then shoulders. Odoo provides the user with an excellent, efficient and reliable finance and accounts management for the company.
Odoo accounting and finance management operates with numerous main modules as well as supporting modules which will add up to the management features. In addition, these modules are interconnected with other modules of the platform to be indulged with the entire company operations. The reliability and the real time data operations and management are the key aspects of the Odoo platform which can be well executed in the financial aspects of the company with Odoo.
The salient features of Odoo accounts and financial management are:
- Quick reconciliation.
- Automated synchronization
- Batch operations
- Third party device and software integration
- Follow ups operations on payments
- Payment automation
- Automated alerts and warnings
- Business intelligence integration
- External payment gateway integration
- Analytical and quantitative reporting
- Data exporting and import functionality.
And many more which makes the Odoo platform stand high among its competitors.
The methodology of the Odoo accounting modules operation is sophisticated and it provides a full supervision over all the accounting aspects of the company. The following are the terminologies on which Odoo manages to operate.
Double entry bookkeeping
Maintain record of every financial operation on journal and maintains double entry bookkeeping for the company financial data.
Accrual and cash basis method
This allows the users to keep the record of income and the coast at the instance of the transactions exchange operations takes place in Odoo
This allows the user to manage multiple companies in the platform which have separated financial terminologies of operations, ledgers, chart of accounts and other accounting aspects.
Odoo being an internationally used management software supports more than fifty currencies of the world. In addition, the user can define a new one in the platform with the help of an expert developer and as per the standard and regulations.
Accounts receivable and payable
The Odoo platform allows the users to manage the operations of accounts receivable and payable which can be defined under the cart of accounts section of the platform. In addition, the payment for each customer, vendor and even product can be configured based on the operation
Generate budgetary reports
- Performance reports (Profit and loss, budget variants etc.)
- Position report (Balance sheet, aged reports etc.)
- Cash report (Bank summary)
- Detailed report (Trial balance, ledger reporting etc.)
- Management reports (Budget, executive summary etc.)
Bank reconciliation feature of Odoo will allow the users to import bank statements of the company directly into the platform.
The inventory valuation of the feature of the Odoo can be configured to be operated automatically or can be done manually.
Easy retained earnings
The earnings of the company can be automatically ascertained by the Odoo automatically in real time for the present year. This is achieved by the constant report generation of the profit and loss operations of the company by Odoo.