As we continue to look at Odoo applications that will be valuable while we set up a new food service industry business, we find ourselves needing another tool to make our restaurant run smoothly.
We last looked at Odoo's Inventory application and this week will be taking a peek into Accounting.
Odoo Accounting has all the pieces you would expect: budgets, ledgers, chart of accounts. Odoo makes it easy to generate customer invoices or vendor bills from within the application. Setting up bank accounts is a snap, as is the entire reconciliation process. Creating payment terms couldn't be easier and using follow-up levels to make sure we get paid can be completely automated. Follow-up levels are a great tool to remind our customers or vendors of past due invoices and bills that can be configured to add any unsettled invoices to our emails which saves us a bunch of time.
So if all the normal functions are there, what sets Odoo's application apart from those other guys like Quickbooks or Xero? Well for starters, Odoo is much more than just accounting software as it offers more than 30 different applications and tons of custom modules to be used with. Odoo is not just for keeping track of all of the important numbers that make up our business, but rather a full on piece of Enterprise Resource Planning (ERP) software.
What that means is that yes of course we can keep track of the money being owed and paid to us, our expenses, even our fiscal positions. But if we use everything Odoo offers at our disposal, we could follow journal entries back to their related source documents whether that be in Sales, Purchases, or Manufacturing. If we use everything offered to us, we won't need several pieces of software to completely run every aspect of our business, Odoo has us covered.
Odoo is also open-source, and that means that anyone who can speak (or type) the right language can make any custom modification necessary for our business. As a matter of fact, Hibou itself has created plenty of such customization modules.
Enough jibber-jabber, let's take a quick scroll through Odoo's Accounting application.
I'm only scratching the surface here, but fear not! We offer hands-on training to teach you to use the tools that Odoo gives us. You can schedule an appointment and set up a time to explain your unique business needs or ask for a quick demo of Odoo's apps. We also have Accounting documents in our ever-growing library of documentation, where we post Odoo version-specific explanations and workflows of the many components to many Odoo applications. If that still isn't enough, we also offer Courses!