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.