Accounting is among the most vital and essential facets of every business. Proper accounting management will have a direct influence on the company profit which enable it to reduce losses. Managing the accounting tasks of the company is not too easy specifically when it is done manually. Manual accounting management will even increase the likelihood of errors which enables it to adversely affect the corporation revenue plus the overall business performance. Now, here comes the role connected with an ERP for managing accounts. And in this example, Odoo ERP sticks out to be the most effective ERP solution for accounting management.
Odoo’s latest version, Odoo 15 features a separate, new, and improved Accounting module for automating and efficiently managing the accounting calculations, causeing this to be faster, easier and reducing the chance errors and data redundancy.
Here include the features in the Odoo 15 Accounting module, outlined by an authority in Odoo in Australia.
Dynamic accopunting management:
Odoo version 15’s Accounting module supports clean and dynamic accounting management. The dashboard in this module provides you with easier and advanced accounting management features. The dashboard guides you with the accounting procedures and supplies grouping and filtering options. With this feature, you’ll be able to manage the taxes and even configure the accounting periods. You can also record your initial balances as well as set up the charts of accounts. Considering the reviews from the accounting charts, also you can set the default taxes for sales and buy transactions. In simple words, you may say that this well-organised dashboard gives usage of most with the accounting operations.
Easy integration while using other modules:
For managing the accounting tasks, you’ll need different data on the other modules at the same time. And this new Accounting module of Odoo 15 allows simple and fast integration with all the other modules.
Customer accounting management:
At the ‘Customers’ tab of the Accounting module, it is possible to efficiently manage your customers’ invoices, payments, credit notes, batch payments, direct debit mandates, follow-up reports, products and customers. The customers’ list will also be updated and customers can be put into the list at the same time. The follow-up reports from the customers plus the invoices could be easily executed.
Vendor accounting management:
The financial tasks plus the accounting operations which can be related to the vendors’ accounting might be also managed easily through this new and advanced Odoo 15 Accounting module. Depending on the products delivered and ordered from and to the vendors, vendor bills may be now automatically generated. Also, in case you want to interchange any goods, you may choose the refund options and also to refund the total amount. Making payments and tracking the status from the same can also be made easy on this Odoo 15 accounting module. You can update the owner list at the same time.
Dynamic financial statements:
At the ‘Accounting’ tab in this new module, users will also gain a look at various financial statements. Ledger and journal entries relevant to sales, purchases, cash, back payments, etc., is usually easily viewed and checked with this particular. You can also create automatic transfer entries and will view the automatic transfers made before too. You may even create multiple budgets and will check and track the budgets periodically. Managing deferred revenues and expenses could be done through Odoo 15 Accounting module too.
To conclude, Odoo version 15’s Accounting module might be considered because perfect and comprehensive solution for digitising accounting operations. With the advanced top features of this module with the ERP, managing your small business accounts would have been a piece with the cake.