About Odoo

Category: AR/AP
Using Odoo, users can manage a variety of business operations with one all-encompassing ERP suite. Business owners looking to scale their operations flexibly will find Odoo accounting to be an ideal platform.

Company: Odoo

Odoo is a digital business solution that offers users an all-encompassing ERP suite for several business operations. The company was founded by Fabien Pinckaers and is currently based in the U.S, with branch offices in several other countries.

This software has up to 40 business applications in its suite and can perfectly serve small and large businesses. In addition, you can decide to use it as a cloud-based application or a self-hosted software.

Its accounting application is pretty much like most of the accounting software you’ve come across. You can efficiently run your accounts payable and accounts receivable operations, analytic accounting, asset and revenue management, charts of accounts, and several other accounting procedures.

However, the open-source feature of this software distinguishes it from other similar software. This feature is the technology behind Odoo’s many customizations. Over 16,000 unique applications have been developed from their original applications to meet the different needs of businesses in several industries effectively.

In-Depth Analysis

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0 Features & Functionality
0 Ease Of Use
0 Customer Support

Pros

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

Cons

  • Limited AP/AR specific integrations
  • Complicated pricing structure
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
Free version
15-day Free trial
Self-hosting
$36
/mo/user
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.

Bill and Receipt Management

By including the Purchase App to Odoo’s accounting app, you can easily handle your purchase orders, and supplier bills. This tool also helps you complete bill, received products and receipt matching, as well as keep track of your expenses.

The Optical Character Recognition (OCR) of this feature also allows you to digitize your bills and receipts to reduce the workload and errors associated with manual processing.

Quick payment Methods

Odoo’s AP tool makes payable less demanding for your business. you can opt to pay via checks or by regionally-accepted bank transfers. You can also print checks, and automatically reconcile your payments with your bank statements.

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.

Invoice Management

With Odoo’s invoicing process, you can automate your invoices, or go manual – especially when you have to give a refund or a discount, modify an invoice, or generate invoice for a secondary product or service. This function also includes follow-up to help you receive your payments faster.

Deferred Revenue Account

Odoo’s accounts receivable tool also creates a deferred revenue account where you can record advance payments made by customers for goods or services you’re yet to deliver. The software manages this revenue by distributing it across multiple entries created and posted in draft mode until they can be included in the profit and loss statement.

Discounts, Credits Notes and Refunds

With Odoo’s accounts receivables, you can offer your customers cash discounts on invoices you send to them. You can also issue credit notes and partial or full refunds to your customers when goods are returned or damaged, services are rejected, or there is an error in the initial invoice.

Batch Payment and Multiple Records

Odoo’s AP and AR provide an efficient way to process several invoices and bills at the same time. The entire process can be controlled from the user’s dashboard, and payments can be sent or received in a few simple clicks. This feature also allows you to reconcile your payments with your bills and invoices at a later time.

Payment Terms Set Up

A payment term defining tool helps you detail the conditions upon which a sale is deemed completed. These terms can include the payment due date, discounts and a host of other conditions.

You can apply your terms to your bills, invoices, contacts and sales orders to ensure that your customers pay up correctly and timely. This feature also ensures that your accounts’ payables are not erroneous and are completed in time.

Features
  • 1099 Preparation
  • Accounts Payable
  • Accounts Receivable
  • ACH Payment Processing
  • Approval Process Control
  • Approval Workflow
  • Bank Reconciliation
  • Billing & Invoicing
  • Billing Portal
  • Bookkeeping Services Integration
  • Cash Management
  • Check Processing
  • Check Writing
  • Client Management
  • Contact Database
  • General Ledger
Advanced Features
Features
  • Financial Reporting
  • Mobile Payments
  • Multi-Currency
  • Online Invoicing
  • Recurring Invoicing
  • Quotes/Estimates
Billing Features
Features
  • Hourly Billing
  • Multi-Period Recurring Billing
  • Multiple Billing Rates
  • Project Billing
  • Recurring/Subscription Billing
Tax Preparation
Features
  • Accountant-prep Friendly/Accessible
  • Manage Tax Calculations/Reporting
  • Tax Compliance
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
Devices Supported
Features
  • Android
  • iPhone/iPad
  • Linux
  • Mac
  • Web-based
  • Windows
Pricing Model
Features
  • Monthly Payment
  • One-Time Payment
  • Annual Subscription
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 supports. 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.

Fakhar Imam
Author: Fakhar Imam
Fakhar Imam is a Cybersecurity and Academic Writer with a higher education degree in the Master of Sciences in Information Technology (MSc-IT). He is also experienced with writing VPN reviews, blogs, and articles. Moreover, he has written dissertations, whitepapers, e-books, and a lot more about cybersecurity and IT. Fakhar believes in providing a masterpiece of work on time.
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