Odoo Accounting Localisation: New Features for Australian Business
Odoo consistently seeks ways to enhance its offerings for clients. In a recent development, Odoo has introduced a set of new features within the Odoo Accounting module, specifically tailored for the Australian market. Customers in Australia using Odoo 16 or higher can now access new localised features within the Accounting app. These updates seamlessly comply with the Australian Taxation Office (ATO) regulations, bridging the gap between your Odoo system and the requisite legal requirements.
This blog post aims to shed light on the latest advancements in Odoo Accounting designed for Australian businesses. Let’s explore how these updates can benefit your business.
Key New Features for Australian Businesses
PEPPOL (Pan-European Public Procurement Online) is renowned for its role in facilitating secure electronic document exchange, such as e-invoices, purchase orders between businesses, governments. Odoo now offers seamless integration with the A-NZ PEPPOL A-NZ BIS Billing 3.0, enabling users in the Australia and New Zealand region to streamline business processes. This integration helps businesses effortlessly format, generate, and export files such as customer invoices and credit notes directly from the Odoo platform.
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Notably, these documents are created and exported in full compliance with PEPPOL standards. Businesses can now navigate the intricate landscape of electronic document exchange with ease, boosting efficiency, reducing errors, and ultimately improving customer relations.
Standardised taxation document formatting
Responding to user feedback, Odoo has enhanced the formatting of taxation documents. Odoo users in Australia can now effortlessly generate exportable PDF taxation documents, including invoices, vendor bills, and credit notes, with greater precise indications.
This improvement shows Odoo’s commitment to enhancing user experience, promoting efficiency, and ensuring compliance for its Australian businesses.
New stock valuation configurations
The default chart of accounts in Australia has undergone a comprehensive review concerning product categories. Besides, Odoo now supports Anglo-Saxon accounting by default.
Image source: Odoo.com
This method allows you to accurately recognise both costs and income for businesses at the time they occur, rather than when the associated cash flows are in or out of a business. Anglo-Saxon accounting is well-suited for some business models that have frequent sales and inventory turnover as it aligns with their day-to-day operations.
Efficient handling of exchange differences
Odoo users in Australia can now seamlessly record gains and losses resulting from currency exchange differences in dedicated accounts, in compliance with ATO regulations.
This feature not only provides a more precise representation of forex profits and losses for international transactions but also significantly aids in managing assets and liabilities denominated in foreign currencies.
Enhanced localised features
Starting from Odoo 16, Odoo will be establishing a new server in Australia, ensuring even shorter loading times for its Oceania-based services. Moreover, Odoo has refined taxes, tax groups, and fiscal positions for improved data organisation and management. Companies can also conveniently add their Australian Business Number (ABN) and Australian Company Number (ACN).
Local fiscal period auto-configuration
Odoo's localisation module simplifies fiscal period management for Australian businesses by automatically setting the fiscal year's last day to June 30.
This feature ensures seamless alignment with the Australian financial year while guaranteeing compliance with the Australian Taxation Office (ATO) regulations. Beyond compliance, it eliminates manual adjustments, allowing businesses to focus on strategic financial activities.
Expanded payment integration options
Odoo is now seamlessly integrated with AsiaPay for streamlined profit handling across various payment platforms.
Moreover, “Buy Now, Pay Later” options with Afterpay, humm, Zip Pay, and Paypal in 4 are available for Australian users. Besides, you can take advantage of the ABA file export for batch vendor payments and Odoo’s EFTPOS integration with Stripe for added convenience.
More features coming in the future
These are just a few of the features in the pipeline. Odoo is committed to enhancing its services in Australia. This includes efforts to transform Odoo into a PEPPOL access point and SMP, which will streamline the reception of bank sync data through Open Banking standards to serve Australia more efficiently.
Moreover, Odoo is currently working on internalising payroll to reduce dependence on third-party integrations. Also, stay tuned for the upcoming Odoo integration with StarshipIT in Odoo 17, enabling you to manage your couriers such as Australian Post, LMX, and DHL.
Implementation and Upgrade to Odoo 16 to enjoy Odoo Accounting in Australia
We hope that you find the latest updates about Odoo Accounting in Australia valuable. For Australian businesses looking to simplify their accounting processes, ensure precise compliance with legal regulations, and boost operational efficiency, Odoo 16 presents an ideal solution. If your current Odoo system is running on an older Odoo version, it's certainly worth considering an Odoo upgrade to unlock the latest features and advantages in Odoo Accounting.
Embarking on an upgrade journey can be a daunting task, but with a trusted partner by your side, it becomes a seamless experience.
If you’re seeking a reliable approach to embrace Odoo Accounting’s latest updates, please don’t hesitate to reach out to us. Our team of experts is readily available to guide you on the best ways to address accounting challenges, ensuring that you remain competitive and well-prepared for the future.
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