Odoo Review 2024: Features, Pros & Cons
The two-month window for refunds might be limiting, especially if problems arise later. Bank reconciliation is a process that matches your bank statementlines, as supplied by the bank, to your accounting transactions in thegeneral ledger. Odoo makes bank reconciliation easy by frequentlyimporting bank statement lines from your bank directly into your Odooaccount.
Odoo Accounting’s key features
The release included the integration of WhatsApp and a substantially improved Point of Sale (POS) module by introducing features like self-ordering, a restaurant app, and a kitchen display app. Odoo also added meeting room management and front desk functionalities to modules. Odoo support both periodic (manual) and perpetual (automated)inventory valuations. The available methods are standard price,average price, LIFO (for countries allowing it) and FIFO. Odoo totals all your accounting transactions for your tax period anduses these totals to calculate your tax obligation.
Accounts Receivable and Payable¶
- Odoo makes bank reconciliation easy by frequentlyimporting bank statement lines from your bank directly into your Odooaccount.
- For the remaining 5%, the smart matching tool is extremely quick and convenient.
- Odoo’s unique value proposition is to be at the same time very easy to use and fully integrated.
- Any correction to customer invoices or vendor bills has tobe recorded in the next period.
- If you’re only planning to use Odoo Accounting and no other apps, then it’s completely free.
We carefully analyzed Odoo’s ease of use, value, overall learning curve, user experience and functionality. We also studied the technical details regarding Odoo Accounting’s adherence to financial best practices and double-entry accounting. what is the average Further, we reviewed user feedback and considered how the title compares to competitors, among other factors. But the company splits out functions into multiple apps, rather than housing them under one roof or pricing features as smaller add-ons.
This iscalculated by reporting the profit and loss balance to your balancesheet report automatically. Because of the open-source setup, the company’s software is a jack of all trades but a master at none. Many crucial features are absent or orphaned with minimal depth, leaving it up to you to build out what you need. For example, there are neither full-service tax filing perks nor any meaningful assistance with manual reporting. Compare this to QuickBooks, which seamlessly flows data to Intuit’s popular TurboTax software. Odoo’s support includes providing relevant guidelines and product documentation, resolving bugs, assisting with standard issues and handling questions related to accounts, subscriptions and billing.
No data entry!
By default, Odoo uses a single account for all accountreceivable entries and one for all accounts payable entries. You cancreate separate accounts per customers/suppliers, but you don’t needto. Yes, Odoo offers a free trial on its paid plans, allowing potential users to explore the features and functionalities before committing to a subscription. SEO optimization ensures higher search engine rankings, while comprehensive dashboards and analytics offer insights to drive decision making. The flexibility to connect the online store to other sales channels, such as POS or CRM, aligns with a broader omnichannel strategy, making Odoo’s eCommerce platform a compelling choice for businesses of all sizes. Odoo’s inventory and supply chain management is geared towards maximizing warehouse efficiency through innovative strategies.
You can send your follow-ups via different means, such as email, post, or SMS. During the Odoo Experience event in October 2022, Fabien Pinckaers announced that Odoo would make all applications available for free in the enterprise edition. Users can access several companies but always work in one company at atime. So, while the company maintains the core platform, many add-ons are crowdsourced. As a result, there can be variability in these tools’ quality, reliability and update frequency. It grants you flexibility and transparency to customize the software to meet your desires.
This breadth makes it suitable for businesses looking to manage multiple aspects of their operations within a single platform. The title is praised for its extensive features covering almost every aspect of accounting needs for businesses. This array includes accounts payable and receivable, payments, analytics, automated expense and revenue recognition, and integrations with other business tools.
Real-time tracking of stock movement and dynamic reporting tools enable total traceability and informed decision making. With Odoo, businesses find a simple yet powerful solution to enhance their warehouse organization and improve process time. Once the tax report has been generated for a period, Odoo locks it and prevents the creation ofnew journal entries involving VAT. Any correction to customer invoices or vendor bills has tobe recorded in the next period. This allows you toreport income / expense at the time transactions occur (i.e., accrual basis), or whenpayment is made or received (i.e., cash basis). Compared to Odoo, Sage 100 may offer more specialized features tailored to specific industries.