About Odoo

Category: Accounting Software
Odoo lets you do accounting services right in less time. Sync bank statements and reports, create professional invoices, manage bills and expenses, and automate 95% of reconciliations through their site and app. Easily integrate Odoo with other programs to better understand your finances.

Company: Odoo

Odoo is a SaaS company that runs a suite of business management software. Their tools include CRM, e-commerce, billing, accounting, manufacturing, project management, and inventory management. With over 7 million users worldwide, its software is built for businesses big and small.

In-Depth Analysis

0 Overall
Price 4.5
Ease Of Use 4.5
Features 4.0
Support 4.5

Pros

  • Highly intuitive and easy to use
  • Excellent reconciliation features
  • Mobile-friendly
  • Flexible and highly customizable

Cons

  • Average customer support
  • Complicated pricing structure

Odoo Comparisons

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Plans & Pricing

Unlike most other accounting software on the market, Odoo’s plans and pricing are not exactly straightforward. Also, given that the software is a suite of business applications, it comprises several applications with unique pricing structures. 

Ultimately, the overall cost of using this software is determined by the hosting you select. These hosting types include Standard Cloud Hosting, Self-Hosting, and the Odoo.sh Cloud Platform.

In addition to the regular pricing for this software, there are some other transactions you may need to pay for. These transactions are outlined below:

Additional Applications: $4-$20 per month

Integration with Shipping Solutions: $15 per month

Amazon Connector: $40 per month

eBay Connector: $26 per month

Additional Users: $10 per month per user

Success packs: From $1,150 per pack

Standard Cloud Hosting
$0
/mo
15-day FREE trial
Self-hosting
$36
/mo
15-day FREE trial
Odoo.sh Cloud Platform
$84.20
/mo
15-day FREE trial

Standard Cloud Hosting

This hosting is also known as Odoo’s free plan, and it is completely cloud-based. It gives you access to Odoo’s accounting and invoicing applications at zero costs – irrespective of the number of your users. Nevertheless, you’ll need to pay the cost of using any additional application your business may need at a later time. You also do not have access to detailed support from the Odoo support team.

Self-Hosting

To run your business using Odoo’s self-hosting option, you’ll need compatible systems for installation and use. The requirements for this compatibility are listed on their website.

This hosting also requires a monthly payment of $12 for access to the Odoo accounting application. $16 per month for the accounting application, $8 per month for the invoicing app, and $8 per user (with a $2 discount for new customers).

Odoo sh. Cloud Platform

Odoo sh. Cloud Platform is an advanced cloud-based hosting option that is ideal for large business owners. It features DNS and routes, email gateways, and staging and backup servers to enable business owners to use the platform online and still have their data backed up on featured servers.

The Odoo.sh cloud platform comes at a gross monthly rate of $84.20, with each user’s access costing $10. In addition, the Odoo accounting application costs $10, and the invoicing app goes for $5.

Since you’ll need storage space on this plan, server storage known as the Odoo.sh storage at $0.20 per GB is also included in the monthly sum. Finally, an Odoo worker will be attached to your business for implementation and functionality support. For each worker, you’ll pay $57.60 every month, and you can choose to have more than one worker attached to your business.

Ease of Use

While a few users may prefer stand-alone accounting software, Odoo didn’t trade intuitiveness for versatility. As a result, its accounting software is still easy to use. Users can quickly complete their accounting processes on the software with minimal errors.

Odoo has a cloud-based Standard platform which eliminates the need for complex implementation hardware requirements. This option only requires that users have internet access and a supported browser. However, to use the more advanced Odoo.sh Cloud Platform, you’ll need to have a system with certain specifications for proper installation and implementation.

Implementing the advanced Odoo option will not constitute a problem because an Odoo worker is included in the package. You’ll not need to hire external hands for implementation.
Odoo accounting also comes in a mobile application to help users complete accounting operations while on the go. You can deploy this app on iOS and Android devices.

Features & Functionality
General Features

Accounts Payable

Odoo accounting is an excellent platform for accounts payable operations. First, it includes features that allow you to digitalize your business bills, categorize your payments, and deposit each bill’s ticket for accurate reconciliation.

Odoo’s accounts payable tool includes employee expense tracking, supplier bill validation, and expense forecast features. These features help you pay your bills correctly and also monitor your expenses. You also have batch check printing and wire transfers options to make your AP operations more convenient.

Accounts Receivable

Honestly, Odoo accounting does make accounts receivable operations easier than you can find with a host of other more expensive software. The AR’s aged receivable balance and customer reports help you monitor your AR operations effortlessly.

Odoo accounting’s follow-up tools also come in very handy in reducing the awkwardness of credit collection. Each of your clients also gets to have a customized portal. And from this portal, they can monitor their orders with your business, check each invoice and complete each order’s payment with their credit cards or by scanning QR codes generated by the system. 

Cash and Bank

Odoo accounting’s cash and bank management feature empowers users for error-free reconciliation. In addition, its direct reconciliation proposition ensures that your payments (online, cash, and bank) are rightly matched with your invoices.

The software supports more than 15,000 banks and allows for automated bank feed, accurate register management, and multiple-format statement transfer. You also have system-generated reconciliation reports to help you during auditing.

Analytics

Analytic accounting hasn’t been more simplified than in the Odoo accounting software. With this feature, you can manage more than one analytic account, automate their structures, integrate and rightly distribute your entries across your accounts.

Asset Management

The Odoo accounting app features an all-encompassing revenue tool to help you identify, manage and grow your business assets.

Accounting Reports

Odoo takes account reporting a notch higher by ensuring that you can generate reports and synchronize them across multiple company profiles. From its customizable dashboard, you can automate the calculation of your P and L, annotate each report and set your users’ lock entry.

Tax Management

Odoo accounting also features an elaborate tax management tool that enables you to generate audit, journal, cash, and accrual tax reports. You also have access to a general ledger, balance sheets, and cash flow statements unique to your country of operation.

Features
  • General Ledger
  • Bookkeeping
  • Manages Accounts Payable/Receivable
  • Income & Expenses Tracking/Management
  • Account Reconciliations
  • Financial Reporting
  • Receipt Scanning
  • Invoicing
Track Expenses
Features
  • Record Expenses
  • Record Mileage
  • Generate Invoices
  • Recurring Expenses
Tax Preparation
Features
  • Tax Compliance
  • Manage Tax Calculations/Reporting
  • Accountant-Prep Friendly
Time-Saving Automations
Features
  • Automation of Invoices/Notifications
  • Suggests Transaction Matches
  • Purchase Order Automation
Add-Ons

Odoo’s vast integrations and customizations make it an excellent choice for businesses that thrive on flexibility. In addition, the entire suite features 39 other applications you can easily purchase to have all your business tools in one place.

You can also integrate the Odoo software with Google spreadsheets to make accounting less burdensome for your business. Its API also ensures that you sync your accounting tool with other third-party applications for improved efficiency. We can’t leave out the Odoo Studio app that allows you to build applications that are unique to your business – even without coding experience.

You can also integrate the Odoo accounting application with TaxCloud, VOIP, and eCommerce plug-ins like eBay and Amazon. You can also sync shipping services like UPS, EasyPost, FedEx, and DHL with the software. However, each of these integrations comes at an additional fee paid monthly.

Features
  • Payment Processing
  • Payroll Processing
  • Project Management
  • Time Tracking
  • Third-Party Integrations
Supported Devices
Features
  • Windows
  • Android
  • Linux
  • iPhone/iPad
  • Mac
  • Web-Based
Verdict

Odoo accounting makes for an ideal platform for business owners looking to scale their operations flexibly. If your business thrives on multiple digital solutions, this software’s integration and customization options will do you good. If you’re also looking for an averagely priced system, Odoo would be a great option.

However, if you run a large business, Odoo accounting may not meet up with your business’s need for more advanced accounting features like bookkeeping, financial reporting, and Treasury support. But then, you have up to 15 days to try the premium options of this software. Its features may well be all your business needs.

Murad Jaffery
Author: Murad Jaffery
Murad Jaffery is a chartered accountant specializing in the field of accounting and finance. He has been writing on these areas for nearly a decade, and is also an accounting tutor. He holds master’s degrees in accountancy and English literature. Murad enjoys traveling and reading.

Odoo User Reviews

M
Maria P
No employees
Used for: Less than 6 months
30 Mar - 2022

Great for non-accountants.

It's easy to use the Accounting app for me since I'm not an accountant. Their landing page provides a quick overview of any accounting activities that need to be completed. This includes both invoices awaiting payment and bills due to vendors. Connected to my bank accounts, it makes reconciling all my accounts easy. Standard reports and audits are built-in.

E
Eric N
02-10 employees
Used for: 2+ years
30 Mar - 2022

Terrific accounting solution

Accounting modules that are easy to use and understand. We have been using accounting modules for five years.

Cons

Upgrades are difficult due to changes between versions. Limited documentation is available.

P
Peter J
02-10 employees
Used for: 6-12 months
30 Mar - 2022

Robust and Intuitive

Things flow as they should. An overview with to-do items is provided with a hyperlink for easy completion. Entries can be edited or created easily. It has been very easy to add bills and create invoices, and the integrations with other Odoo apps have been very useful.

Cons

Finance reports, the Balance Sheet, and the GL cannot be edited.