Odoo Accounting is a comprehensive software solution for company financial management. This software has various features that help streamline the accounting process, reduce manual entry, and give the business real-time insight into cash flow.

This module has evolved thanks to Odoo's close collaboration with accounting firms and is still being adapted to the ever-growing requirements of companies. Since 2015, the number of developers has increased from 2 to 36 employees; since then, 788 new features have been created in Odoo Accounting! In addition, more than 500 companies in 175 countries are already using the accounting solution.

In this blog post, we'll take a look at the main features of Odoo accounting.

Odoo provides an easy and seamless transition from another tool. In Settings, you can import Excel files with contacts, chart of accounts, and journal entries.

Additionally, you can download Odoo blanks to prepare accurate data for successful reading and import.

Odoo Accounting allows businesses to create, manage and track customer invoices easily. For example, you can create invoices from sales orders, and the system will automatically populate the invoice with product information and prices.

In addition, you can send invoices to your customers directly from the system and set up recurring invoices, such as a monthly invoice that Odoo will automatically create every month.

The software comes with customizable invoice templates that can be changed to suit your company's branding and requirements.

In Odoo Accounting, you can also create and track vendor bills and pay them directly from the system. Here you can see bills that need to be approved, paid, and overdue. It helps you keep track of your spending and ensures that your bills are paid on time.

Odoo Accounting provides a real-time overview of the payment status of customer and supplier invoices. It helps you keep track of your cash flow and make informed decisions about your finances.

Expense management is an essential aspect of accounting, and Odoo software allows businesses to track expenses and categorize them to facilitate reporting.

Odoo Accounting comes with additional reports that give businesses insight into customer and vendor payments. The reports help companies track late payments and take the necessary actions to contact customers and vendors. In addition, you can set up automatic reminders so that Odoo notifies the customer when a payment is overdue.

Odoo Accounting can be integrated with various online payment gateways, allowing businesses to accept customer payments through multiple channels. This helps simplify payment processes and improve cash flow.

The accounting module has a field auto-fill feature that helps reduce manual data entry and speeds up the accounting process.

Odoo accounting also provides companies with a solution for calculating and accounting for the depreciation of assets.

Odoo Accounting allows businesses to reconcile their bank statements with accounting records. This ensures that financial statements are accurate and up-to-date.

Odoo 70 localization packages allow you to customize tax and other calculations according to national requirements.

We have implemented 3 types of reports in the Odoo system under the legislation of the Republic of Latvia: Balance sheet, profit or loss calculation, and VAT declaration. In addition, starting with Odoo version 15, OSS mode VAT declaration is available as a standard functionality in the accounting module.