Accounting is probably the most vital and essential issues with every business. Proper accounting management may have a direct effect on the company profit and will reduce losses. Managing the accounting tasks of an company is not too easy particularly if it is done manually. Manual accounting management can also increase the probability of errors which enables it to adversely affect the corporation revenue as well as the overall business performance. Now, here comes the role of the ERP for managing accounts. And in it, Odoo ERP stands apart to be the top ERP solution for accounting management.

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

Here are definitely the features in the Odoo 15 Accounting module, outlined by a professional in Odoo in Australia.

Dynamic accopunting management:

Odoo version 15’s Accounting module assists in clean and dynamic accounting management. The dashboard in this module has easier and advanced accounting management features. The dashboard guides a gamers with the accounting procedures and provides grouping and filtering options. With this feature, it is possible to manage the taxation statements and even configure the accounting periods. You can also record the first balances and place up the charts of accounts. Considering the reviews in the accounting charts, you can even set the default taxes for sales and buying transactions. In simple words, you may say that this well-organised dashboard gives use of most from the accounting operations.

Easy integration using the other modules:

For managing the accounting tasks, you’ll need different data from your 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 in this Accounting module, you may efficiently manage your customers’ invoices, payments, credit notes, batch payments, direct debit mandates, check in reports, products and customers. The customers’ list can be updated and new clients can be included with the list at the same time. The follow-up reports from the customers as well as the invoices might be easily executed.

Vendor accounting management:

The financial tasks and also the accounting operations which might be related to the vendors’ accounting may 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 switch any goods, you are able to choose the refund options and ask for to refund the exact amount. Making payments and tracking the status with the same can be made easy using this Odoo 15 accounting module. You can update the seller list too.

Dynamic financial statements:

At the ‘Accounting’ tab of the new module, users will also have a take a look at various financial statements. Ledger and journal entries associated with sales, purchases, cash, back payments, etc., may be easily viewed and checked with this particular. You can also create automatic transfer entries which enable it to view the automatic transfers made before too. You may also create multiple budgets and will check and track the budgets periodically. Managing deferred revenues and expenses is usually done through Odoo 15 Accounting module likewise.

To conclude, Odoo version 15’s Accounting module is usually considered because perfect and comprehensive solution for digitising accounting operations. With the advanced top features of this module from the ERP, managing your company accounts might be a piece from the cake.

CFOs are aware that it is imperative upon businesses to switch the way they operate by digitizing core processes. Such transformation continues to be seen to increase the performance and reach of organizations. George Westerman, Research Scientist at MIT’s Sloan School, dramatically puts becoming follows. When digital transformation is conducted right, it’s like “a caterpillar starting to be a butterfly,” however when done wrong, “all you could have is a really fast caterpillar.” So the writing is around the CFOs screen, but jane is unsure how to start the transformation initiative – which processes should be suited for digitization?

Showing early brings about peers and management is very important to gain support for digital transformation inside organization. Demonstrable benefits, ease and speed of implementation, low barriers to entry, and enterprise wide impact are some of the factors that lend credibility with a successful digital transformation project. Markers honestly, assist to pave the way for larger digital thrusts with significant capital investments and senior management attention. As digital transformation partners a number of finance leaders, we’ve observed that spend management digitization delivers impressively on these managerial metrics. Platforms, suites, and solutions addressing this territory pass by different names but largely belong to the Procure to Pay (P2P) umbrella. P2P solutions work with a common platform that connect all stakeholders included in sourcing and procurement. This platform based approach reduces silos of miscommunication and non-communication and catalyzes collaboration throughout the organization is actually vendors. From the perennial missing invoice that has been in someone’s drawer to your e-invoice that routes itself on the right desks automatically. That’s the form of enablement that P2P solutions offer. Faster error free cycles, better vendor relationships are definitely the performance enhancements of digitizing spend management.

When business processes get digitized, you can find fewer cases of deviations from policy. In fact, it really is the digitization of policy that’s what metamorphoses caterpillars into butterflies. Companies have policies on spend management that could be quite complex due to changes and addendums after some time, and also the need for situation specific making decisions. Today’s sophisticated P2P software have rules engine which can be programmed to accommodate most spending policies, approval processes, and integrate using the DOA matrix. With automation, the bulk of spending instances might be managed essentially because of the system with management teams emphasizing exceptions and special cases.