Reasons Why You Should Choose Odoo ERP 17 Accounting Software for Your Business

Reasons Why You Should Choose Odoo ERP 17 Accounting Software for Your Business

Odoo 17 goes beyond traditional accounting systems, providing businesses with an efficient financial management solution in its latest update.

Explore Latest Features and Improvements in Odoo ERP 17

In Odoo 17 Accounting, the introduction of real-time features allows users to instantly access and understand their financial information. This promotes a dynamic and proactive approach to handling finances. With features like automatic reconciliation, easy-to-use bank synchronisation, and intuitive dashboards, Odoo empowers organisations to make well-informed decisions quickly. It sets a new benchmark for efficiency and transparency in the field of accounting software.

Let’s Explore the Features that make Migrating to Odoo ERP 17 Accounting

Odoo’s accounting module serves as an all-encompassing solution to oversee financial transactions, and produce precise financial reports. With its crucial features and capabilities, it efficiently manages a variety of accounting tasks within an organisation.

Explore the Features that make Migrating to Odoo ERP 17 Accounting

Fiscal Localisation Packages:

Country-specific fiscal localisation packages in Odoo are specific modules that come pre-configured with taxes, fiscal positions, chart of accounts, and legal statements tailored to each country. With Odoo 17 Accounting Localisations, 9 new countries have been incorporated, bringing over 400 new features. 

Integrated Document Management:

Integrated Document Management allows you to send multiple PDF documents via email. Once activated on the journal, Odoo will automatically separate vendor bills from the PDF files. The integration of the Documents App with Accounting ensures efficient organisation of your bills. Simply scan all your documents, and they will be linked to your preferred journal automatically. Additionally, Odoo has introduced keyboard shortcuts for faster document splitting: – 

  • Ctrl + K for an overview
  • Shift + Arrow to navigate between different pages
  • S to split or unsplit documents

Streamlined E-invoicing Process:

Odoo has joined the PEPPOL network’s P access point, enabling users to send invoices, and bills directly through the platform. Effortlessly send and receive these financial documents by registering on the Pan-European Public Procurement Online (PEPPOL) network. This facilitates compliance with electronic invoicing regulations in various countries.

Intelligent Bank Reconciliation:

  • Bank synchronisation: Say goodbye to manual bank statement imports; Odoo seamlessly integrates with 28,000 banks worldwide!
  • OCR & AI matching: Automatically match 95% of transactions with financial records using Optical Character Recognition (OCR) and artificial intelligence.

Eliminate Data Entry Hassles:

The advanced AI-powered invoice data capture boasts a 98% recognition rate, requiring users only to validate the invoice. In Odoo 17 Accounting, the app is now mobile-friendly. Capture expense receipts by taking pictures, and let Artificial Intelligence fetch and map the relevant information to the respective fields. 

Payment Fraud Protection:

To safeguard users against scams, Odoo verifies vendor bank account numbers to determine whether the recipient is trustworthy or not. If one identifies a vendor as risky, Odoo will issue a warning during the transfer creation process.

Branch Management:

Effectively handle accounting for business units or branches within multi-company hierarchies: – 

  • Generate distinct tax reports
  • Customise branding components for PDFs and invoice layouts
  • Provide more detailed access rights
  • Seamlessly integrate with the existing company and environment

From Peppol e-invoicing to creating vendor bills through OCR-based document scanning, smart reconciliation, and tax return functionalities, Odoo Accounting offers a plethora of features.

Effortless Configuration of Accounting Reports:

Tailoring the layout of your accounting reports has never been easier. A straightforward drag-and-drop functionality allows you to move entire sections, define parent lines, and add indents to emphasise hierarchy in your reports.

Invoice Discount Allocation:

This feature enhances transparency and efficiency in managing discounts applied to invoices. When one applies a discount to an invoice, one can easily handle various discounts (such as sales discounts, received discounts, etc.) separately. By categorising discounts based on the type applied, this ensures that sales revenue and associated income accounts remain unaffected by the discounting process. This approach prevents the consolidation of all discounts into a single account.

Enhanced Asset Management:

In the previous version, the ability to import the status of an asset (active, retired, disposed of) was possible, but in Odoo 17, this feature has been removed. Now, users need to manage the status of assets manually within the system.

However, despite the removal of the import status feature, Odoo 17 introduces the functionality to bulk import assets, aiming to streamline the earlier time-consuming manual process. This change is geared towards making asset management more efficient and user-friendly, particularly for businesses dealing with a large number of assets.

Accurate Sales Tax Calculation: 

Above all, Odoo ensures precise sales tax calculation by utilising the warehouse address as the ship-from location when computing taxes. This precision is crucial, particularly when handling diverse tax rates and regulations that may vary based on the destination where the goods are shipped. 

Odoo 17 brings powerful upgrades to financial management, focusing on simplicity, automation, and compliance. With features like precise date-time exceptions, smoother bank synchronisation, and more, Odoo ensures a flexible and user-friendly accounting solution. In conclusion, Odoo 17’s accounting features promote transparency, efficiency, and compliance, making it an essential tool for businesses of all sizes. And if you need Odoo Accounting to streamline your accounting tasks, reach out to us at Envertis and talk to our expert consultants to share your requirements today!