ODOO – ACCOUNTING
Accounting is a vital department in every company that keeps it running if it is well managed. Accounting is the act of collecting, organizing and interpreting financial data. In the business world, one needs to know where money is being spent, how much profit is being gained from the expenditure and if there are losses being made how can it be converted to profits instead. Basically accounting is bunch of numbers that get added or subtracted depending on if you are making money or paying bills.
Why is accounting important? Accounting is important for so many reasons. Just to highlight a few:
Planning a Budget helps businesses to make techniques, save money and realize expenses that exceed the budgeted amount.
Banks and Lenders: In order to get a loan from a bank or any other financial institution you will be required to present your financial status.
Informing Investors on the financial status of the company.
Among other benefits, in order to achieve these benefits you need to have a proper accounting system. Odoo ERP system contains an Accounting module that has made account very easy and saves a lot of time.
Odoo accounting has features that make your accounting easier and faster. With odoo you can create customer invoices that are professional and straight forward in less than 5 minutes. You can receive payment for these invoices online. You can send remainders to your debtors in just a few clicks and you can easily keep track of all your bills with no hustle anymore.
With Odoo you can easily create reports of your cash flow to note if your company is making profits or losses and you can easily keep track of your cash is flowing in your company.
Odoo you can help manage your bills, expenses and you can save time and automate 95% of reconciliations with Odoo system. Odoo system gives your company has a huge competitive advantage and your company can never go wrong with Odoo.