Accountant officers and organizations use accounting software to handle financial tasks. It helps enterprises to manage their daily accounting effectively and to save a lot of time by improving record-keeping. These solutions are designed to increase business productivity.
Developers create increasingly user-friendly accounting apps providing different features based on the scale of operations and company type. Big organizations usually choose adjustable ERP systems with a huge number of features and multiple possibilities for integration, while small and medium businesses prefer scalable solutions to keep pace with the company's growth and changing requirements. As of today, accounting software advanced in development and propose a diversified set of functions, which can satisfy all needs of small and medium businesses.
Business Accounting in SMEs
Handling finances is a tedious and challenging process for SMEs because very often it requires dealing with a range of aspects from managing account payables/receivables to tracking data flows, and those are often compounded by restricted resources and a volatile environment. SMEs can benefit from accounting solutions because it provides great automation for manual operations helping businesses save time and simplifying various processes such as making entries or issue of financial statements. Accounting apps can be fully integrated into the ERP or existing technical environment of the company.
There are three types of accounting solutions. The first type – cloud-based accounting software – is based online and offers the same features that traditional apps do for lower prices making them a good choice for SMEs. The second category – on-premise accounting solutions – is set on the local servers of the customers with limited access. Big companies and governmental organizations usually choose on-premise accounting software because of its reliability and security. Hybrid accounting solutions combine the advantages of on-premise and cloud software alike and are considered to be the most convenient option for both big enterprises and SMEs.
Main advantages of Accounting Software
Being customizable and providing vast automation opportunities, Odoo accounting solutions can improve the workflow within an organization as well as provide comprehensive access to accounting data for all users.
Prevent mistakes and inaccuracies
Integrated Odoo software will reduce errors which are regular during different manual operations. Adjustability and user-friendliness will allow stress-free usage and ease of operations with accounting data. It will save valuable time for accounting officers through automation and help to maintain the financial indicators of the company by avoiding mistakes in operations and wasting time for its remediation.
Scalability and flexibility
Odoo accounting suite provides a unified platform which covers tools for efficient operations with the possibility to adjust apps according to the specifics of business processes and their scale not being afraid about complicated tools which might be needed in case of changes or expansion of activities. Odoo apps will help to ease accounting and finance operations and keep you up to date with frequent updates.
Key functionalities and reports
Odoo accounting package includes apps for the management of accounting, expenses, invoicing and consolidation tasks. Odoo features encompass budgeting, accounts payable/receivable, auditing, forecasting, entries/sales/purchases journals, reconciliation, as well as tailored and very often automated reporting for profit and loss, balance sheet, aged payables/receivables, general/partner ledgers, tax reports, and many more.