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Accounting is one of the most vital and essential aspects of every business. Proper accounting management can have a direct impact on the company profit and can reduce losses. Managing the accounting tasks of a company is not that easy especially when it is done manually. Manual accounting management can even increase the risk of errors and can adversely affect the company revenue and the overall business performance. Now, here comes the role of an ERP for managing accounts. And in this case, Odoo ERP stands out to be the best ERP solution for accounting management.

Odoo’s latest version, Odoo 15 comes with a separate, new, and improved Accounting module for automating and efficiently managing the accounting calculations, making this faster, easier and reducing the risk of errors and data redundancy.

Here are the features of the Odoo 15 Accounting module, outlined by an expert in Odoo in Australia.

Dynamic accopunting management:

Odoo version 15’s Accounting module helps with clean and dynamic accounting management. The dashboard of this module is equipped with easier and advanced accounting management features. The dashboard guides the users with the accounting procedures and offers grouping and filtering options. With this feature, you can manage the tax returns and even configure the accounting periods. You can also record the initial balances and set up the charts of accounts. Considering the reviews of the accounting charts, you can also set the default taxes for sales and purchase transactions. In simple words, you can say that this well-organised dashboard gives access to most of the accounting operations.

Easy integration with the other modules:

For managing the accounting tasks, you may need different data from the other modules as well. And this new Accounting module of Odoo 15 allows easy and quick integration with the other modules.

Customer accounting management:

At the ‘Customers’ tab of this Accounting module, you can efficiently manage your customers’ invoices, payments, credit notes, batch payments, direct debit mandates, follow up reports, products and customers. The customers’ list can also be updated and new customers can be added to the list as well. The follow-up reports of the customers and the invoices can be easily executed.

Vendor accounting management:

The financial tasks and the accounting operations that are related to the vendors’ accounting can 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 can be now automatically generated. Also, in case you want to exchange any goods, you can choose the refund options and request to refund the amount. Making payments and tracking the status of the same is also made easy with this Odoo 15 accounting module. You can update the vendor list as well.

Dynamic financial statements:

At the ‘Accounting’ tab of this new module, users can also get a view of various financial statements. Ledger and journal entries related to sales, purchases, cash, back payments, etc., can be easily viewed and checked with this. You can also create automatic transfer entries and can view the automatic transfers made before as well. You can even create multiple budgets and can check and track the budgets periodically. Managing deferred revenues and expenses can be done through Odoo 15 Accounting module as well.

To conclude, Odoo version 15’s Accounting module can be considered as the perfect and comprehensive solution for digitising accounting operations. With the advanced features of this module of the ERP, managing your business accounts will be a piece of the cake.

FICTION: Offshore banking can’t be that good because they can’t really pay the high interest rates they offer. If they could really pay those rates then U.S. banks would try to be competitive and have the same interest rates.

FACT: Examine closely the financial statements of any U.S. Bank. You will see that their “gross” profits against customer deposits can range from 25% to 40% — but — they have laws written in stone to limit the interest amount they can pay customers on their deposits. The U.S. banks place their earnings into unnecessary frills and non-productive expenditures like fancy buildings etc., while offshore banking facilities don’t do this and share their profits with their customers.

FICTION: Offshore banking isn’t regulated, so you are at risk of losing all money deposited with them.

FACT: The truth is that every country in the free world has regulations, rules and laws governing financial institutions and banks. Those regulations, rules, and laws, however, are much less restrictive than the “protectionist” U.S. banking regulations, rules, and laws and allow the offshore banking industry better opportunity to earn much greater profits for their investors and depositors.

FICTION: Offshore banking facilities are not insured by the F.D.I.C.

FACT: Some of the banks are but not that many. If they are, they must comply with the same protectionist banking regulations and rules as all the other F.D.I.C. insured banks. But, the majority of offshore banking facilities are insured; one way or another.

Depositor insurance programs similar to the F.D.I.C. program have been established in some countries, so that the banks in those countries have their deposits insured. Independent insurance companies insure the deposits of offshore banking facilities in other countries AND unlike the F.D.I.C., insure 100% of the banks deposits; not just those under $100,000. (By the way, some of the banks in the U.S. insure their deposits with independent insurance companies and many banks in the U.S. are not F.D.I.C. insured)

Offshore banking is “self-insured” for the most part which means those banks have a liquidity factor equal to 100% (or more) of the deposits on the books. Those banks have $1 (or more) in liquid assets for every $1 held on deposit. Therefore, there is no bank run because they can cover any depositor demand.

Self-insured offshore banking is actually more secure than F.D.I.C. insured U.S. banking. Why? Because the F.D.I.C. insured U.S. banks are permitted to maintain a liquidity factor equivalent to approximately 10 percent of their public deposits. (Is it any wonder why more U.S. banks fail each year than in any other country?)

Which kind of bank would you feel more safe having your money in? An offshore banking institution which as one dollar in cash for every dollar on deposit, or a U.S. bank which as ten cents in cash for every dollar that shows up on the deposit statement they give their clients?

FICTION: Offshore banking isn’t as big or strong as U.S. banking.

FACT: Of the strongest and largest big banks in the world (in assets), one bank ONLY is located in the United States:

Here are the safest offshore banks in the world, according to a ranking done in 2007 after examining their total assets in US dollars. This ranking is compiled from balance sheet information included on AllBanks.org

1 UBS AG Switzerland 2 Barclays UK 3 The Royal Bank of Scotland Group UK 4 Deutsche Bank AG Germany 5 BNP Paribas SA France 6 The Bank of Tokyo-Mitsubishi UFJ Ltd Japan 7 ABN AMRO Holding NV Netherlands 8 Societe Generale France 9 Credit Agricole SA France 10 Bank of America NA USA

2008/2009 UPDATE AFTER THE FINANCIAL COLLAPSE OF 2008

Germany’s largest bank, Deutsche Bank AG, reported a fourth quarter loss of about $6.3 billion. A year earlier, the bank posted a profit of about $1.3 billion (1 billion euros), Bloomberg reported.

Royal Bank of Scotland is expected to post losses of as high as £1.7 billion.

Bucking the trend is a bank not even on the list above and that bank is Standard Chartered bank which is expecting to post profits of 1.3 billion pounds. I have a contact who can help you open an account at this bank for your company if you desire to do so. The account would be in Hong Kong.

Another bank I know about is rated AAA by an independent rating service and if you are not from the U.S. or if you are from the U.S. and have a foreign LLC or IBC to open the account with then you can deposit $15,000 and get involved in their borrow low and deposit high program which has earned depositors as much as 100% per year on their deposit. It is easy to open an account there.

FICTION: Offshore banking must not be very good, or more facilities would advertise their services in newspapers and magazines in the U.S.

FACT: Offshore banking in general is restricted by law from advertising in magazines, newspapers, radio and on T.V. unless they come under the same protectionist rules and regulations that are placed upon U.S. banks. Knowing that, you should be cautious about doing business with any offshore banking facility that publicly advertises in the U.S. media. Because you can be very sure that they have sold-out to the U.S. banking establishment and that establishment will end up selling you out to those who make the rules.

FICTION: Offshore banking is only for the wealthy.

FACT: About 25 years ago, that may have been true. But I know of about three offshore banking facilities that will allow you to open an account for as little as $500. One of these is in the Asia, another in Europe, and another in Latin America.

FICTION: Opening an account at an offshore banking facility is too difficult, and it is very difficult to get a withdrawal when you need it.

FACT: Opening an account at an offshore banking facility is easy because you just follow the instructions they give to you. Getting your money out only requires a request that you fax or email with an attachment included.

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