Odoo Accounting Software In Australia: A Beginner Guide With User Reviews & Real-World Cases

When looking for a flexible and complete financial management solution, Australian companies are finding that Odoo Accounting software is a solution worth trying. We'll explore Odoo Accounting's core features, user feedback, and real-world cases in the Australian market.

By evaluating its potential, we hope to offer you insightful analysis if you're considering using this software to improve productivity, accelerate growth, and simplify accounting procedures.

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Introducing Odoo Accounting

Odoo is the world’s most popular open-source ERP that offers a comprehensive suite of apps to integrate key business functions, including accounting.

Read more: Odoo Inventory review & Odoo Manufacturing review. 

1. What is Odoo Accounting software?

For accounting management processes, Odoo developed key modules that help streamline a company’s financial management processes. These specialised modules include Odoo Accounting, Invoicing, Expenses, Documents and Sign.

Specifically, the Odoo Accounting module is a centralised platform to manage and optimise your specific accounting operations, from invoicing and billing to bank reconciliation and financial reporting.

Local business? Streamline your transactions with Odoo E-Invoicing Peppol integration.

2. Advantages & disadvantages of Odoo Accounting (by current users)

We have compiled reviews of current Odoo Accounting users on G2 and Trustradius from diverse positions: managers, accountants, senior executives, developers, and other professionals. Many users work in medium and small companies across different industries, presenting a broad range of use cases and industry needs.

All things considered, for any small to medium firms aiming for a cost-effective and fully integrated accounting tool, Odoo Accounting is a great option with high scalability. Although it has many advantages such as rich features and seamless integration, others should be aware of the challenges regarding setup and configuration complexity.

Pros & cons of Odoo Accounting by current users

3. How much is Odoo Accounting Software

The Accounting app is only available in the Odoo Enterprise edition. Therefore, to use Odoo Accounting, you have 2 options:

• Option 1 - The 1-App Free plan: This means that you can only use the Accounting app (with unlimited users but fewer features than the Paid plans) and no other apps. However, there is an exception if the app you choose requires the use of other apps (i.e., Accounting and Invoicing are interdependent) you can use all those interdependent apps together under this Free plan.

Source: Odoo

• Option 2 - The Paid plans: In these plans, you pay a monthly (or annual) fee to use Odoo Accounting software along with any other apps you need. This fee depends on two key criteria: (1) the number of users added and (2) the apps or customisation level included. Learn more in Odoo Guide For Beginners. Advanced features like on-premise hosting, online store integrations, invoicing custom fields, or API access are only available in the Custom plan.

The other edition - Odoo Community, does not include Odoo Accounting software. It only includes Invoicing and Expenses apps. This edition is free and open-source, however, self-hosted and limited in features.

Get a precise pricing quote for Odoo with our local experts.

Overall, Odoo offers very simple and transparent pricing and features. A simple business with non-complex accounting workflows could work with Odoo Standard. However, if your organisation operate with advanced accounting functionalities, you definitely should consider Odoo Custom.

6+ Best Features Of Odoo Accounting Software (With Localisation)

1. Odoo Accounting localisation for Australians

Odoo has recently updated the Accounting app with a lot of new features designed specifically for Australian businesses, available to users of Odoo 16 or later. These updates help align your Odoo system with legal requirements and accelerate the Australian Taxation Office (ATO) standards compliance.

Odoo has a huge commitment to enabling more exciting features for the Australian market. This can be converting Odoo into a PEPPOL access point and SMP, streamlining the reception of bank sync data via Open Banking standards.

And what are the key features of the Odoo Accounting module? Let’s find out below.

2. 6+ Key features of Odoo Accounting

#1 Effortless Invoicing & Bill Management: Odoo Accounting software simplifies your financial operations, from professional invoice creation to customer payments management.

Feature highlights:

• Design professional invoices with pre-built templates; create invoices automatically based on sales orders, subscriptions, or timesheets.
• Leverage Odoo AI to encode your scanned invoices (PDF or image).
• Provide your customers with many payment options such as Stripe and Paypal gateways.
• Generate credit notes, create limits for sales credit, and automate payment follow-ups.

#2 Globalised Accounting & Multi-Currency Support: Odoo Accounting allows you to control your finances anywhere you are, serving multiple currencies and countries.

Feature highlights:

• Use Odoo Accounting with pre-configured tax, accounts chart, and legal document settings in multiple countries.
• Control every subsidiary in a single system, with integrated data and automated processes.
• Optimise global transactions with daily updates on exchange rates.

#3 Automated Bank Reconciliation & Cash Flow Management: Leverage Odoo’s robust tools to reconcile your bank accounts and control the cash flow effectively.

Feature highlights:

• Integrate and import your bank statements in different formats (.OFX, .CSV, etc.); and import transactions automatically into Odoo.
• 95% of invoices and payments are automatically synced with Odoo.
• Track cash transactions quickly with starting and ending balances.

#4 In-depth Reporting & Advanced Tax Management: Optimise your tax compliance and get more insightful data into your business operations.

Feature highlights:

• Create precise financial statements that enable in-depth audits. 
• Odoo performs a variety of tax calculations, produces tax returns that comply with national laws, and offers an audit trail for tax returns. 
• For taxation, report your income and spending based on cash flow.

Maybe you’re interested: Integrating Odoo with Power BI for advanced data analytics.

#5 Multi-dimensional Analytic Accounting & Budgeting: Utilise powerful analytics and financial planning tools to make better business decisions.

Feature highlights:

• Automatically organise your analytics accounts regarding projects, divisions, and others.
• Leverage the Analytics JS widget to allocate revenue and expenses from invoices.
• Set budget goals, track performance and analyse results across multiple budgets.
• Adjust all analytic items in mass without having to open individual invoices.

#6 Integration & Scalability: Leverage Odoo’s core apps ecosystem or seamlessly integrate the platform with your preferred solutions to scale up when your company grows.

• Full integrated Odoo core apps: When using Odoo, you can leverage a centralised business management solution with integrated workflows between Odoo Accounting and other modules such as Invoicing, Expenses, Documents, or Sign.

Learn more: Adopt OCR to automate your document processing.

• 3rd-party apps integration: Leverage the Odoo App Store with a variety of custom app providers for a higher customisation level.
• Simple import/export: Quickly and simply import/export large data volumes with built-in tools or Excel.

Odoo Accounting In Action: Streamlining Australian Businesses

1. Fencing Components - An Australian Manufacturer

Fencing Components (FC) is an Australian manufacturing company that serves a variety of client groups, from self-builders to major organisations. Before Odoo, FC struggled since they relied on separate software to perform various accounting tasks. As a result, the company encountered sales data, a lack of visibility into inventories, and ineffective invoicing processes.

Odoo Accounting: A Streamlined Solution

Fencing Components decided to use Odoo Accounting to navigate these difficulties. Odoo Accounting software offers a centralised platform that optimises multiple financial management processes. This enhanced their overall financial management and decision-making capabilities while also saving them both time and resources.

2. Corematic - An Australian Engineering Consultancy

Corematic is an Australian engineering firm that specialises in robotics and machine learning solutions. It had to face the traditional SME issues of resource restrictions and operational efficiency. Before Odoo, Corematic relied on several solutions for various functions, leading to inconsistent data and tedious workarounds, hindering financial tracking, project management, and productivity.

With Odoo, Corematic made major advancements by integrating multiple modules, such as Project, Accounting, Inventory, and CRM. Odoo minimised human data entry and allowed for smooth data flow across various business activities. Plus, Corematic upgraded processes with Odoo, improving project insight, finances, and overall performance.

Odoo Accounting - The All-In-One Bookkeeping Solution

Odoo Accounting software provided a single platform for all accounting activities, transforming Corematic's financial administration. It created an in-depth overview of the business's financial performance by integrating with other Odoo modules, including Sales Expenses, and Inventory.

Odoo Accounting Software Vs Other Solutions

Choosing the right accounting software is a must for any business. Although specialised software like QuickBooks and Xero provide crucial accounting features, their lack of integration and customisation options could limit business growth. Sage, while more feature-rich, may not be as versatile as it may be.

Odoo sets itself out as a one-stop, flexible platform. Its extensive level of customisation and effortless integration across multiple business operations make it a competitive option for organisations with evolving requirements. Since it's open-source, Odoo and its Accounting software encourage an active user base and guarantee ongoing adaptation and progress. Nonetheless, specialised accounting software might be more beneficial for companies with highly specific accounting needs. Learn more in the Odoo Accounting Whitepaper.

Customise Your Odoo Accounting Software With Havi

With Odoo Accounting software, Aussie companies can manage their financial operations on a reliable and adaptable system. It can speed up procedures, increase accuracy, and improve overall financial management thanks to the extensive feature set, intuitive interface, and integration capabilities. For a personalised consultation on how Odoo Accounting can transform your business, please get in touch with Havi Technology - your trusted Odoo Partner in Australia.

Odoo Accounting Software - Frequently Asked Questions

1. Is Odoo Accounting software free?

Odoo Accounting is free only when you don’t intend to use any other apps of Odoo (the 1-App Free plan). Otherwise, you need to purchase Odoo Standard or Custom to use Odoo Accounting. When choosing Odoo Standard or Custom, you can leverage the seamless integration of Odoo Accounting with other core apps such as Inventory, Invoicing, Expenses, or Documents. You can also take advantage of more customisation and integration levels with the Odoo Custom plan.

2. Does Odoo Accounting integrate with my existing software?

Odoo has robust integration capabilities. However, to precisely figure out if Odoo Accounting can be integrated with your preferred software, please consult with our Odoo specialists to examine and evaluate the integratiblity between Odoo and your software.

3. How to set up Odoo Accounting?

The Accounting Overview page will greet you with a step-by-step onboarding message and a wizard to assist you in getting started once you first launch the Odoo Accounting software. You will go through four key steps:

• Company Data
• Bank Account
• Accounting Periods
• Chart of Accounts

Please refer to Odoo Documents to get the official setup guide or consult with our Odoo expert team.