Since
2005, Odoo- the leading enterprise ERP is making its services and
product quality better with continuous enhancements, new additions, and
unnecessary features deletions. In the series of changes, the company
has recently rolled out its stable Odoo 13 enterprise version with lots
of new features to its major modules such as accounting, document
management, IoT, and OCR module.
In
this blog, we will shed light on the accounting module, its features
and the long-awaited positive changes made to it. They are:
What the heck accounting module is?
For
the accounting firms or individual accountants, the accountants often
remain entangled in certain manual tasks that eat up a lot of time and
effort, which in turn, don’t let them perform to the peak efficiency.
That’s where the accounting software comes under Odoo ERP software is an
incredible tool that allows the accountants to do more in less time by
handling daily business activities through a range of tools. Odoo has
put a lot of effort into making the accounting module seamlessly manage
different customers, invoicing, reconciliation, bills, and pretty more.
A bunch of features that are making the accounting an indispensable tool:
It’s time-savvy
The
module with intuitive and modern UI is easy to set up and enable the
mobile extension for all accounting services. The automated alerts, bank
statements syncing, and automated reconciliation reduce data entry
needs, thereby making things done in minimum time.
Invoicing
The
full-featured and easy-to-create invoices support advanced payment
terms such as cash discounts or partial reconciliation. Besides, the
automated suggestions for outstanding payments eliminate the
reconciliation needs.
Easy payments
The
support for online payment for the credit cards, automated follow-ups
for the credit collection process and the capability of the customers
tracking the payment through the customer portals enable accounting
firms to get paid at speed. Additionally, the aged receivable report
illustrates the overdue payments and advanced customer statements help
in understanding every customer use case, which helps in taking the
right decisions.
Account payables
It
allows the firms to digitize the vendors’ bills through OCR and AI
technology, stay certain for the correct bill payment with the
continuous comparison of Purchase Order, the Vendor Bill, and the
Receipt, and forecast the expenses with future bills estimation.
Bill payment- a matter of a few clicks!
The
multiple ways to pay the bills- print checks in batches for the
proposition received for supplier bills to pay, automate payments to
suppliers according to schedule with SEPA, and the deposit tickets track
make the work easier.
