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Odoo Accounting

Odoo Accounting

Overview

What is Odoo Accounting?

Odoo Accounting is designed to help companies manage their daily accounting with ease and simplicity. They even offer a global view of the state of their business at any time.All financial activities can be managed in one single app, with…

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Learn from top reviewers

Odoo Accounting, for when you need more.

Rating: 10 out of 10
August 9, 2021
IncentivizedVetted ReviewVerified User
We use Odoo Accounting to send invoices to customers and manage all of our accounting needs. I like that from v14 onward, you can preview journal entries before they are poste...
Continue reading
Jason Dueck
Vice-President - Information Technology
Vice President of Information Technology
Instrument Meter Specialties
Odoo Accounting1 year of experience

Odoo Accounting Strength and Capabilities

Rating: 9 out of 10
July 23, 2021
IncentivizedVetted ReviewVerified User
Odoo Accounting software is an easy, fully integrated, user-friendly, and affordable cloud-based accounting solution for small and medium businesses. My company provides Odoo ...
Continue reading
Ye Yint Moe
Consultant - Information Technology
Technical Support Engineer
MGEC Co. Ltd
Odoo Accounting1 year of experience
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Pricing

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Odoo Accounting

Odoo Accounting

N/A
Unavailable

What is Odoo Accounting?

Odoo Accounting is designed to help companies manage their daily accounting with ease and simplicity. They even offer a global view of the state of their business at any time. All financial activities can be managed in one single app, with Odoo Accounting, as well as automation for…

Entry-level set up fee?

  • Setup fee optional

Offerings

  • Free Trial
  • Free/Freemium Version
  • Premium Consulting/Integration Services

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Product Demos

Getting started | Odoo Accounting

YouTube

Odoo 14 Accounting Overview | A Complete Guide for Odoo Accounting | Odoo Accounting Demo

YouTube

Closing The Fiscal Year | Odoo Accounting

YouTube

Reports and Financial Statements | Odoo Accounting

YouTube

Analytic Accounting | Odoo Accounting

YouTube
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Product Details

What is Odoo Accounting?

Odoo Accounting is designed to help companies manage their daily accounting with ease and simplicity. They even offer a global view of the state of their business at any time.


All financial activities can be managed in one single app, with Odoo Accounting, as well as automation for primary day-to-day tasks. The Odoo app is synchronized with 24,000 banks, to make it easier to link a payment with a statement, based on the transaction in a bank account. Reconciliation can also be done by importing the statement files (OFX, QIF, CSV, or Coda). The new List view is built to give users greater visibility on document statuses and next activities.

Odoo Accounting Features

General Ledger and Configurable Accounting Features

  • Supported: Accounts payable
  • Supported: Accounts receivable
  • Supported: Cash management
  • Supported: Bank reconciliation
  • Supported: Expense management
  • Supported: Time tracking
  • Supported: Fixed asset management
  • Supported: Multi-currency support
  • Supported: Self-service portal
  • Supported: Global Financial Support
  • Supported: Primary and Secondary Ledgers
  • Supported: Intercompany Accounting
  • Supported: Localizations
  • Supported: Journals and Reconciliations
  • Supported: Enterprise Accounting
  • Supported: Configurable Accounting
  • Supported: Centralized Rules Framework
  • Supported: Standardized Processes

Inventory Management Features

  • Supported: Inventory tracking
  • Supported: Automatic reordering
  • Supported: Location management
  • Supported: Manufacturing module

Order Management Features

  • Supported: Pricing
  • Supported: Order entry
  • Supported: Credit card processing
  • Supported: Cost of goods sold
  • Supported: Order Orchestration
  • Supported: End-to-end order visibility
  • Supported: Order exception Resolution

Payroll Management Features

  • Supported: Pay calculation
  • Supported: Reimbursement management

Reporting & Analytics Features

  • Supported: Dashboards
  • Supported: Standard reports
  • Supported: Custom reports

Customization Features

  • Supported: Plug-ins

Security Features

  • Supported: Role-based user permissions

Odoo Accounting Screenshots

Screenshot of

Odoo Accounting Video

Discover the online accounting app that rocks and its new features, it will definitely change your life! It has all the tools you need to save time and grow your business while being 100% web based! 100% web based: - Multi Folder Dashboard - Document Management - Bank Inter...
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Odoo Accounting Competitors

Odoo Accounting Technical Details

Deployment TypesOn-premise, Software as a Service (SaaS), Cloud, or Web-Based
Operating SystemsWindows, Linux, Mac
Mobile ApplicationApple iOS, Android, Windows Phone, Blackberry, Mobile Web
Supported CountriesFrance, Germany, United Kingdom, Italy, Spain, Switzerland, Netherlands, Greece, Poland, Ukraine, Austria, Belgium, Sweden, Croatia, Norway, Iceland, Denmark, Czech Republic, Republic of Ireland, Hungary, Finland, Bulgaria, Cyprus, Luxembourg, Serbia, Albania, Slovenia, Belarus, Lithuania, Slovakia, Macedonia, Estonia, Montenegro, Monaco, Latvia, Vatican City, Moldova, Gibraltar, Bosnia, Andorra, Liechtenstein, Faro Islands, San Marino, Isle of Man, Jersey, Guernsey, Aland Islands, India, China, Bhutan, Armenia, Iraq, Azerbaijan, Bahrain, Bangladesh, Bhutan, Brunei, Cambodia, China, Cyprus, Georgia, India, Indonesia, Iran, Israel, Kazakhstan, Kuwait, Kyrgyzstan, Laos, Lebanon, Malaysia, Maldives, Mongolia, Myanmar, Nepal, North Korea, Oman, Pakistan, Palestine, Philippines, Qatar, Russia, Saudi Arabia, Singapore, South Korea, Sri Lanka, Syria, Taiwan, Tajikistan, Thailand, Timor- Leste, Turkey, Turkmenistan, United Arab Emirates, Uzbekistan, Vietnam, Yemen, Antigua and Barbuda, Bahamas, Barbados, Belize, Canada, Costa Rica, cuba, Dominica, Dominican Republic, El Salvador, Grenada, Guatemala, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Saint Kitts and Nevis, Saint Lucia, saint Vincent and the Grenadines, Trinidad and Tobago, United States of America, Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Suriname, Uruguay, Venezuela
Supported LanguagesAlbanian, Amharic, Arabic, Basque, Bosnian, Bulgarian, Burmese, Catalan, Chinese, Croatian, Czech, danish, Dutch, English, Estonian, Finnish, French, Galician, Georgian, German, Greek, Gujarati, Hebrew, Hindi, Hungarian, Indonesian, Italian, Japanese, Kabyle, Khmer, Korean, Lao, Latvian, Lithuanian, Macedonian, Mongolian, Norwegian, Persian, Polish, Portuguese, Romanian, Russian, Serbian, Slovak, Slovenian, Spanish, Swedish, Telugu, Thai, Turkish, Ukrainian, Vietnamese
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Comparisons

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Reviews and Ratings

(11)

Community Insights

TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!

Odoo Accounting has proven to be an effective solution for users who have experienced frequent system outages and delays in their previous accounting systems. With its straightforward user experience and easy integration with other systems, this software has streamlined accounting processes and saved users a significant amount of time. Users have found it beneficial for daily accounting tasks, future forecasting, and generating reports such as profit and loss statements. The ability to access company data online and generate instant reports has been highly beneficial, providing users with a clearer view of their accounting status including sales, purchases, and stock valuation.

One of the key advantages of Odoo Accounting is its flexibility, which has helped users manage gaps in GAAP compliance and address SOX-2 requirements. With its integration with Odoo CRM modules, accountants are able to share information with sales and operations teams, facilitating smoother collaboration within the organization. Additionally, the software's internal accounting capabilities allow users to track every operation within their company.

Users have also praised the software's integration capabilities with other systems, such as sales and inventory, which has saved them a significant amount of time. It has been particularly helpful for accurately tracking project profits and conducting further analysis. Furthermore, the software's multicurrency and multicompany capabilities have met customers' requirements for diverse operations.

In addition to its functionality, users appreciate the web-based application, integrated features, and time-saving functionalities of Odoo Accounting. Its customizable access rights have been advantageous for users in terms of security and control over their financial data. Overall, Odoo Accounting has provided comprehensive solutions for various accounting needs while improving overall efficiency in financial management.

Easy to Use and Learn: Many users have found Odoo Accounting easy to use and learn, allowing them to handle their small business accounting without needing to hire someone else.

Wide Range of Features: Users appreciate the multitude of features in Odoo Accounting, stating that it meets their needs well. They highlight the build-up of configurations and features in Odoo Accounting, which allows for easy customization and scalability for both small and large companies.

Integration with Other Apps: Users value the integration of Odoo Accounting with other Odoo apps, such as Sales and Purchase. They also appreciate the ability to connect it to bank accounts for easy reconciliation.

Cons:

  1. Lack of automation in bank reconciliation and other reconciliations: Users have expressed dissatisfaction with the lack of automation in bank reconciliation and other reconciliations, stating that it requires manual effort and is time-consuming.
  2. Frequent system crashes: Many users have reported frequent system crashes, which hinder their ability to effectively use the platform. They often have to rely on technical support for remote assistance with invoicing and would like this issue to be resolved.
  3. Expensive for small companies: Some users find the software to be expensive, especially for very small companies. They suggest more affordable pricing options or discounts tailored to smaller businesses.

Users of Odoo Accounting have provided several recommendations based on their experiences. The three most common recommendations are:

  1. Start with a fresh implementation and work through compliance requirements: Many users recommend starting from scratch and going through the necessary steps to ensure compliance with accounting regulations. This approach is suggested to avoid any issues that may arise from existing implementations.

  2. Utilize configurable features before customization: Users suggest taking advantage of the configurable features available in Odoo Accounting before considering customization. This can help streamline processes and reduce the need for extensive modifications.

  3. Try a demo database to understand efficiency: Many users recommend trying out a demo database provided by Odoo. This allows users to explore the features and functionality of the software, providing a better understanding of its efficiency and suitability for their business needs.

Overall, these recommendations highlight the importance of careful setup and configuration, utilizing available resources such as demos, and considering compliance requirements when using Odoo Accounting.

Reviews

(1-2 of 2)
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Odoo Accounting, for when you need more.

Rating: 10 out of 10
Incentivized
August 09, 2021
JD
Jason Dueck
Vice President of Information Technology
Instrument Meter Specialties (Electrical & Electronic Manufacturing, 1-10 employees)
Vetted Review
Verified User
Odoo Accounting
1 year of experience
View profile
Use Cases and Deployment Scope
We use Odoo Accounting to send invoices to customers and manage all of our accounting needs. I like that from v14 onward, you can preview journal entries before they are posted. This is very helpful. The automated emails for late payment are beneficial and save a lot of time. In addition, syncing data with our bank accounts is also very helpful. I really enjoy the integrations with other apps, such as the Odoo Sales app. Transactions such as credit card payments are entered into the general ledger and taxes are automatically processed according to our fiscal position rules.
Pros and Cons
  • Email notification
  • Journal Entries
  • Credit Card Payments
  • Syncing Bank Statements
Likelihood to Recommend
I found out that a tile store near me uses this app. Odoo Invoicing is well suited to most businesses. Perhaps somebody with very little accounting background would find it difficult to use. That said with customer support options and the online training videos they offer, this could be overcome in most cases.
Odoo Accounting Feature Ratings
General Ledger and Configurable Accounting (18)
66.66666666666667%
6.7
Accounts payable
100%
10.0
Accounts receivable
100%
10.0
Cash management
100%
10.0
Bank reconciliation
100%
10.0
Expense management
100%
10.0
Time tracking
N/A
N/A
Fixed asset management
N/A
N/A
Multi-currency support
100%
10.0
Self-service portal
100%
10.0
Global Financial Support
N/A
N/A
Primary and Secondary Ledgers
N/A
N/A
Intercompany Accounting
100%
10.0
Localizations
100%
10.0
Journals and Reconciliations
100%
10.0
Enterprise Accounting
100%
10.0
Configurable Accounting
100%
10.0
Centralized Rules Framework
N/A
N/A
Standardized Processes
N/A
N/A
Inventory Management (4)
N/A
N/A
Inventory tracking
N/A
N/A
Automatic reordering
N/A
N/A
Location management
N/A
N/A
Manufacturing module
N/A
N/A
Order Management (7)
28.571428571428573%
2.9
Pricing
N/A
N/A
Order entry
N/A
N/A
Credit card processing
100%
10.0
Cost of goods sold
100%
10.0
Order Orchestration
N/A
N/A
End-to-end order visibility
N/A
N/A
Order exception Resolution
N/A
N/A
Payroll Management (2)
N/A
N/A
Pay calculation
N/A
N/A
Reimbursement management
N/A
N/A
Reporting & Analytics (3)
100%
10.0
Dashboards
100%
10.0
Standard reports
100%
10.0
Custom reports
100%
10.0
Customization (1)
N/A
N/A
Plug-ins
N/A
N/A
Security (1)
100%
10.0
Role-based user permissions
100%
10.0
Return on Investment
  • Low cost
  • More Automation
  • Centralized Management
Alternatives Considered
Odoo Accounting is a big step up from Quickbooks, especially with the other apps. You see, Odoo Accounting can be used by itself, but is meant to be used with other apps such as Sales, Website, eCommerce, Inventory, Purchase, CRM, and more. The real benefit comes with the integrations with these apps.
Other Software Used
Usability
10
Odoo gave us a lot more for our money and was well within our budget, unlike the competition. There is a reason why Odoo has more than 1,000,000 users worldwide.
Support Rating
9
Odoo has two forms of support.
  1. Success packs where you get a Single Point of Contact (SPoC). This is great.
  2. Free support tickets. This is not stellar, and is only applicable within the standard framework. They will not support customizations for free. That said, I have found that they generally can help me out.

Odoo Accounting Strength and Capabilities

Rating: 9 out of 10
Incentivized
July 23, 2021
YY
Ye Yint Moe
Technical Support Engineer
MGEC Co. Ltd (Information Technology & Services, 11-50 employees)
Vetted Review
Verified User
Odoo Accounting
1 year of experience
View profile
Use Cases and Deployment Scope
Odoo Accounting software is an easy, fully integrated, user-friendly, and affordable cloud-based accounting solution for small and medium businesses. My company provides Odoo implementation and consulting services to other companies. The services that my company mainly offers are Odoo ERP implementation from the client's existing legacy systems, consulting to enable the mapping of the client's existing business processes with Odoo modules and functionalities, Odoo developments, training the client's staff, documenting and analyzing client's business requirements etc.
Pros and Cons
  • Simple and easy to use Integrated Accounting Software
  • Affordable subscriptions option for cost saving
  • Highly customizable options available
Likelihood to Recommend
Odoo Accounting is well suited for small and medium businesses that want to use an affordable cloud-based accounting solution with a simple, easy-to-use, intuitive, and user-friendly interface. For someone who does not have the strongest accounting knowledge with GAAP, Odoo Accounting solution will be familiar with the system easily after a couple of hours of technical training by Odoo consultants. Odoo Accounting will be not suitable for the complex accounting and invoicing processes within its standard functionalities without doing custom codes through its Odoo studio to fit with the requirements.
Odoo Accounting Feature Ratings
General Ledger and Configurable Accounting (18)
63.33333333333333%
6.3
Accounts payable
80%
8.0
Accounts receivable
80%
8.0
Cash management
80%
8.0
Bank reconciliation
80%
8.0
Expense management
80%
8.0
Time tracking
N/A
N/A
Fixed asset management
80%
8.0
Multi-currency support
80%
8.0
Self-service portal
N/A
N/A
Global Financial Support
80%
8.0
Primary and Secondary Ledgers
70%
7.0
Intercompany Accounting
70%
7.0
Localizations
70%
7.0
Journals and Reconciliations
70%
7.0
Enterprise Accounting
N/A
N/A
Configurable Accounting
80%
8.0
Centralized Rules Framework
70%
7.0
Standardized Processes
70%
7.0
Inventory Management (4)
72.5%
7.3
Inventory tracking
70%
7.0
Automatic reordering
70%
7.0
Location management
70%
7.0
Manufacturing module
80%
8.0
Order Management (7)
61.42857142857143%
6.1
Pricing
80%
8.0
Order entry
80%
8.0
Credit card processing
70%
7.0
Cost of goods sold
70%
7.0
Order Orchestration
N/A
N/A
End-to-end order visibility
70%
7.0
Order exception Resolution
60%
6.0
Payroll Management (2)
70%
7.0
Pay calculation
70%
7.0
Reimbursement management
70%
7.0
Reporting & Analytics (3)
46.66666666666667%
4.7
Dashboards
70%
7.0
Standard reports
70%
7.0
Custom reports
N/A
N/A
Customization (1)
80%
8.0
Plug-ins
80%
8.0
Security (1)
70%
7.0
Role-based user permissions
70%
7.0
Return on Investment
  • Single platform for your business need
  • Fully Automated Streamline Business Processes
  • Integration with 3rd party applications
Alternatives Considered
Odoo Accounting is a simple, easy-to-use, and user-friendly accounting solution in terms of cost efficiency and the knowledge to use it. Odoo has a wide range of applications available and very customizable according to its modular structure. In addition, it is not very complex to use for the users and will be familiar with the system interfaces within a short period.
Other Software Used
Usability
8
I believe Odoo Accounting software is an easy-to-use, intuitive and user-friendly accounting software that can be available in both free community versions and enterprise versions. In terms of the software subscription cost-effectiveness and overall functionalities, Odoo Accounting will be a good choice for the small and medium businesses that want to change their existing legacy systems into a more modernized and cost-saving fully integrated cloud-based solution because of its user-friendly interface and easy to map with their existing business processes effectively.
Support Rating
7
I think we can get the various support from Odoo official support for Enterprise version and Odoo regional communities or partners for the variety of technical support such as Odoo version upgrade for the existing Odoo version that already deployed. However, there is one thing to consider before upgrading to new Odoo is the modification or customization that needs to be compatible and properly working with the new version upgrade.
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