Accounting is the system of recording financial transactions with both numbers and statements. The process though is tedious and intricate, yet it is the backbone of any firm hence it requires people who have adequate knowledge and capabilities for this post.
Accounting consists of managing records, keeping track of transactions, dispersion of funds, and much more. Managing all these fields manually requires a good deal of time. Moreover, manual accounting if done carelessly is riddled with staggering mistakes. Such carelessness may result in errors which potentially would cost even more time to fix, and the vicious circle continues.
After some time, technology takes over the throne of being more precise and efficient. Odoo ERP is yet another suitable solution for your business accounting needs. It has proven itself to be the most efficient software that takes away your problems and solves them in the best way possible. It solves all the problems that typically occur during accounting.
Here are some major aspects that would be discussed in this article. They are as follows:
- Issues faced by accountants
- Solutions to these issues – How Odoo can be the answer to these problems
- Tips for better accounting
Issues Faced by accountants and how Odoo helps accountants
Digitization and Automation
A typical accountant has to manage all the data entries, reports, files, accounting and reporting, and other processes that are very time-consuming, and managing accounts and finances manually may produce unexpected, and sometimes completely false results. If your firm lacks appropriate tools to overcome time-consuming processes, then you’ve to perform unnecessary and additional work.
Then, how Odoo helps accountants?
Odoo provides a module called Accounting, that digitally deals with data records, files, reconciliations, payments, updating records, and much more. This module digitally manages all these fields and produces error-free results. It allows users to perform particularized data analysis and generate ad-hoc reports. The module produces more efficient results in shorter periods. It provides the most possible way to boost the productivity, income, and expenditures of the organization
Reporting for Accounting
The major problem faced during creating a report is that it is an intricate and very time-consuming process. Secondly, simple reporting does not provide enough details so alternative dynamic reporting is done which is even more time-consuming. Thirdly, inserting and editing reports in the spreadsheet is a great hassle.
Odoo provides Reporting module for time-saving and efficient reporting. Choosing Odoo’s Reporting module over a manually created report can benefit the organization in many ways. Creating a report manually can cause errors that would cost a lot of time to eradicate. Therefore, Odoo produces error-free reports that can be furthermore dynamically customized as per requirements.
Miscommunication or poor internal communications lead to mishaps which furthermore lead to devastating and enormous losses incurred at the company. The conflict between two employees of different departments can be a reason for inter-departmental miscommunication. Also, sometimes people who belong to different regions, cultures, and even different languages happen to work in the same organizations and fiction due to miscommunication can be tricky to deal with and can produce enormous losses to the organization.
Odoo’s Discuss is a module that is used for conversions particularly, and discussion at large. This helps in effective team discussions. You can chat with your colleagues from anywhere. This module allows you to create public channels and private groups. Moreover, you can allow only selected employees into the group. It also allows you to customize notifications as per requirement. These features offer a great package for effective and efficient communication mitigating any issues arising from miscommunication.
Data Safety and Security
In general, an accountant has to work hard to maintain all records, and files; keeping financial data safe which also comes under the duties of an accountant. An accountant spends most of the time manually maintaining these fields and keeping data updated. Securing the data is extremely important for any financial organization.
The accountant can benefit the business by using the Odoo Accounting module. The accountant can make transactions in just a few clicks. This module also helps in making transactions, updating records, and managing accounting and finance. Creating and processing invoices is also made easier as the Odoo accounting module allows saving a template for invoices. All this data is also kept safe for internal use and sharing when the need arises.
6 Tips for better accounting
- Digitization and automation are the key to success for the business as the technology shoulders human responsibilities and performs them even more efficiently. Odoo shoulders owner responsibilities digitally by performing all the time-consuming processes in mattes of seconds and producing precise results.
- Instead of hiring people for every single task, apply business management software (such as Odoo ERP) which would cost a fraction of hiring employees and it would bring out even more satisfactory and long-lasting results. Odoo provides application forms digitally to the job contestants and it helps the HR department to review the applications easily.
- Bookkeeping is a practice necessary in tracking all the income and expenditures of the company. Odoo provides a dedicated module titled Accounting which provides bookkeeping facilities. Moreover, it stores data in cloud storage which is a safer place to protect and save data.
- The company records must be updated regularly to acquire required results and to perform transparent discussions about the current scenario of the firm. Odoo provides the facility of writing and updating records easily and efficiently.
- It is extremely important to keep the firm tax paid. It is so that to save the organization from future hurdles and penalties from the tax officials. Odoo efficiently computes the taxes and allows you to pay them by going through the simplest tax-paying methods.
- Projecting a general budget for a whole year can be very beneficial as all expenses already come under the sight of investors and can be handled smoothly throughout the year. Odoo keeps track of every penny that is used on a certain task which allows the organization to ponder each, and every fund being utilized properly.
There were uncountable problems that were faced by the accountants in their jobs. Accountants would spend a lot of time making unnecessary and inefficient calculations to bring out the required results. The results were sometimes not accurate and that would cause damage to the business. Odoo provides an accounting module that helps the accountants in every possible way turning out the organization to be more fruitful. Hence it is proved that technology has taken over the oath of being more precise and efficient.