In the midst of the Fourth Industrial Revolution (Industry 4.0 or 4IR), more and more companies are seeking to digitize their accounting and automate their processes. According to a KPMG study, today 59% of companies use accounting solutions in the cloud, while 28% are starting to use artificial intelligence. To follow this trend, Odoo knows you need a holistic tool that allows you to digitize and automate your accounting without complicating your processes.
Total Integration
A company is a living organism. All departments are interconnected and work toward the same purpose: to make that organism move toward the same goal. Accounting is the central system that moves through each of the independent organs so that you always know what comes in, what goes out, how much you owe, and how much you will receive. You need to have the right information and tools to understand the health of your company and make the appropriate strategic decisions.
You must integrate the key areas of your business to optimize your operational processes and obtain complete, updated, and accurate information. That is why Odoo knows you need a system that allows you to see every corner of your business in real time.
Odoo is a fully integrated ERP (Enterprise Resource Planning) system. Your accounting is no longer limited to spreadsheets and becomes an essential part of this organism thanks to its integration with applications such as:
Sales: Your customer invoices will be automatically created from confirmed sales orders. Additionally, you can send this draft to your client in PDF format with the design you prefer.
Inventory: You can configure periodic and perpetual inventory valuations so you always know exactly how much money you have in your shelves. You can also configure how the price of your products will be calculated (standard price or average price).
Purchases: You have total control over what you purchase to your suppliers. In addition to being able to configure and carry out calls for tenders, when you create a purchase order, Odoo will consider data such as the purchase price and delivery time to automatically add the best option to your request for quotation.
eCommerce: All sales, payments, returns, refunds, shipments, and promotions will be reflected in your accounts automatically.
This is how Odoo centralizes and processes data from different sources so that you can focus on studying it and making the best decisions for your company.
Digitalized Accounting
Industry 4.0 comes in digital format, and more and more companies are choosing to leave paper behind to join this transformation. However, this transition is not easy; companies have invoices in printed and PDF format, as well as spreadsheets with essential figures for the monthly closing.
This can be an intimidating process, which is why Odoo gives you all the necessary tools for this transition to be not only simple, but also efficient and successful. Odoo has technology for data capture with AI, with a 98% recognition rate for invoices in PDF and image formats. You upload the invoice, and Odoo's AI processes the data so you only have to approve it.
Furthermore, Odoo allows you to import your bank statements in .ox, .wif, .csv, .o53, and .CODA formats. Odoo also has a connection with banking institutions such as Santander, Banamex, Banorte, Scotiabank, BBVA, BanCoppel, and many more so that your bank statements can be automatically imported into your database.
Odoo recently obtained ISO 27001 certification, so your data will always be protected. If you want to know more, read this blog.
Collections Under Your Control
Receiving and following up on your payments can be complex, on top of that, it can consume a lot of your time. You must find an adequate provider, link it to your online store, record that data in a separate document, and check all the invoices that remain unpaid. Worst of all, you have to do all of this manually.
Odoo understands the importance of knowing how much money is entering your company and how much is still pending. Therefore, it is compatible with online payment gateways such as PayPal, Mercado Pago, Stripe, and more, as well as bank transfer payments. All these transactions are automatically reflected in your invoices.
Furthermore, you will have a portal where your customers can view, download, and pay their invoices. From here, they can also manage the status of any subscription they have with you, sign documents, send you messages, track the status of their orders, and more.
You can also set up follow-up plans for delayed payments. These plans allow you to indicate the follow-up levels according to the accumulated days of delay, establish reminders that you will receive automatically, and write and design templates for the messages that will be sent to your customers. You can send these messages by email, SMS, or even snailmail, if you so choose.
Odoo gives you the control you need in an automated way so that you can analyze the real status of your company.
Real-Time Reports
Accounting has the arduous job of complying with the demands of tax regulations, but it also involves much more than that. Today, a company's accounting department must face audits, decision-making, the sustainability of the company, and more within a system that is constantly changing. To deliver these results, accountants must have the right data and, above all, the ideal tool to obtain it.
Odoo offers an extensive list of fiscal and accounting reports that are updated in real time, such as the profit and loss statement, balance sheet, cash flow statement, accounts payable, accounts receivable, tax reports, and more. You can add notes to each line of these reports, and you have control over the period you want to analyze. If you want to know where the value of one of the lines comes from, you just need to click on it to see the original general ledger or journal entry.
Are you worried that the report you need is not available? With Odoo, you can create your own reports from a generic main report or create a variant.
Near-Automatic Reconciliation
Reconciliation is a vital process for all companies to know which movement in their bank statement belongs to which payment that has been recorded in their books. Reconciliation gives you control over your cash flow, allows you to detect any problems with your balances, and comply with your tax and audit obligations.
Going through each line of your bank statement individually, and manually searching for the corresponding invoice is extremely time-consuming, and you need to invest that time in things that truly matter. Odoo can reconcile up to 95% of your invoices. For the other 5%, you can use the reconciliation tool with automatic suggestions, either partial or complete, from invoices or bank statements.
Automating standardized and repetitive processes not only saves you time, but money as well.
Worldwide Compatibility
If what worries you is not being able to comply with the tax obligations and laws of your country, you are in the right place. Odoo is an ERP that adapts to you, your processes, and your geographic location. Therefore, it includes all the fiscal, tax, and reporting configurations so that you can comply with the requirements of the different tax authorities in Latin America, such as:
SAT (Mexico)
SUNAT
ARCA
SII
DIAN
SRI
SAT (Guatemala)
DGI
By installing these localization packages in your database, you can manage all your accounting regardless of where you are. Furthermore, installing an Odoo fiscal localization will not generate additional charges for your subscription. Why charge for something that is so essential for you?
Furthermore, with Odoo's multi-company environment, you can open all the branches your company requires, in any country, and continue managing each one according to the specific geographic requirements.
Are you ready to join this industrial revolution?
Digitizing your accounting does not have to be complicated or expensive; if you only want to digitize your accounting, Odoo has a plan for 1 free app with unlimited users for life. If you are ready to take the next step, contact us to learn more about the Odoo accounting module. Don't stay behind in this new digital era.
