In the last decade, digitalization has become a dominant trend in nearly all industries, and the accounting sector is no exception. Digital accounting involves the application of advanced technologies in bookkeeping, document processing, cost tracking, and the preparation of financial statements. Since accounting is one of the key segments of business operations, it is essential to understand how digital tools can enhance and optimize its processes.
Digitalization in accounting brings numerous benefits to all participants – from accountants and managers to clients themselves. One of its greatest advantages is undoubtedly time savings. Real-time access to documents, automatic posting, and integration with banks and tax systems significantly accelerate workflow and increase efficiency. Automated accounting software reduces the risk of human errors, thereby improving the accuracy and reliability of financial reports. Additionally, data storage on secure servers or in the cloud provides users with a high level of protection against data loss and unauthorized access. Finally, the application of digital platforms in accounting allows clients and managers to have instant insight into the financial situation, contributing to greater business transparency and better decision-making.
Today, a wide range of business solutions for digitalizing operations are available on the market, with increasing focus on Odoo. This is a comprehensive business software solution used by over four million users and 100,000 businesses in 120 countries worldwide. Admoneo group also uses this platform to provide our clients with a simple and up-to-date way to monitor their business operations – in real-time and from any device. Odoo consists of a series of interconnected modules that enable the management of all aspects of business – from supply and sales, to projects, human resources, customer relations, marketing, and accounting. It is precisely this modular structure that makes Odoo an extremely adaptable and effective solution for integrated business process management.
The accounting module within the Odoo system enables accountants to perform their tasks faster, more accurately, and more efficiently. Odoo, among other features, uses Optical Character Recognition (OCR) technology and artificial intelligence to automatically recognize the content of scanned documents. Thanks to these technologies, the system can extract key data from uploaded images or scanned invoices – such as the supplier, tax ID, invoice number, issue and due dates, amount, and more – and automatically input this data into the accounting software. This significantly speeds up and simplifies the posting process. Another important feature within the accounting module is the ability to synchronize with banks. The software can directly connect to the user's bank and automatically import bank statements into its database, allowing users to easily monitor cash flow without needing to log into online banking or wait for paper statements.
Odoo users have the ability to easily access key financial reports, such as the balance sheet and profit and loss statement, at any time and from any device. This quick access enables better monitoring of business performance and greater control over financial results, while real-time cash flow tracking simplifies liquidity management and the allocation of financial resources. In addition, Odoo provides comprehensive solutions for managing sales, purchasing, inventory processes, and stock analysis, as well as the capability to create and edit a website. The platform also enables the automatic generation of tax forms and all legally required reports, allowing entrepreneurs and accountants to optimize business processes and make informed decisions.
Sources:
e-Sustavi. Odoo - world open source solution. Retrieved from https://www.e-sustavi.hr/poslovna-rjesenja/odoo/
Odoo S.A. Odoo Documentation. Retrieved from