Integrated Accounting System

The features and advantages of an Integrated Accounting System

Need to know what is the Best ERP Solution for your Business?

Have you outgrown your current ERP or Accounting Solution? Let us help you decide. Inquire now for a Free Assessment.

Need to know what is the Best ERP Solution for your Business?

Have you outgrown your current ERP or Accounting Solution? Let us help you decide. Inquire now for a Free Assessment.

An accounting system by itself can deliver such great benefit to a business enterprise of any size in whatever industry. Imagine how much more an integrated accounting software will do.

An integrated accounting software offers all of the advantages of a standard accounting system, and provides an additional benefit that stand alone solutions cannot.

Here are the features and benefits of an integrated accounting system:

An integrated accounting system contains both core and non-core modules. Among the core modules included in the system are accounts receivable, accounts payable, general ledger, billing, stock inventory, purchase order, and bookkeeping. Similarly, the non-core modules that an integrated accounting system may include are debt collection, electronic payment processing, expense, inquiries, payroll, reports, timesheet, purchase requisition, reconciliation, drill down, journals, departmental accounting, support for value added taxation, among others.

The modules of the integrated accounting system have the same look and feel and are compatible with each other. This is what makes the seamless integration possible.

An integrated accounting system is relatively inexpensive, especially when weighed against the benefits that it would bring to the enterprise.

Such a system could be developed in house, or bought off the shelf, or even be a mix of the two.

The integrated accounting system, because it seamlessly allows information to flow from one module to another, enables company employees and executives to be more efficient at work. They do not anymore have to encode information twice, or ensure that the data inputted in one module is consistent with that used in another one. That precious time and energy is conserved and channeled to some other productive activity is one of the things that make an integrated accounting software stand out from among the rest.

In the same manner that employees across various departments are freed up from tedious and error-prone tasks that hamper their productivity, executives and decision makers also stand to benefit from an integrated accounting system. This is because the system is able to record and store information across periods of time. Hence, detailed and comprehensive analyses can be made at all levels using the wealth of information in the accounting system.

The company’s decision top officers can thus make strategic decisions based on accurate information fed to them by the integrated accounting system. They can rest assured that the financial picture painted by the system is correct and timely. They can then modify their plans or set new targets based on what the system gives them. As a result, the business is more poised to grow and become a significant player in the industry.

In fact, that the integrated accounting system can be used by a company of any size operating in any industry is one of its advantages. Flexibility is key in choosing an integrated accounting software. It could be used in many different ways and one does not even have to choose between an in-house developed system or an off the shelf variety. A hybrid system can be adopted, taking into consideration the unique characteristics of the company and the industry it operates in.

With an integrated accounting system, it becomes easy to trace exactly how and why the business performed as it did. Because of this, the company will be able to isolate concern areas and address these issues specifically. Decision makers will see immediately how one area affects the entire financial situation of the company.

Similarly, it also becomes easier to set targets. An integrated accounting software provides information per core function as well as aggregate results. Thus, companies would know what aspects of operations they need to strengthen if they want overall figures to grow by as much.

In the beginning, accounting systems were not integrated. This caused great inconvenience to those who have already decided to computerize the way they do business. Their problem was linking the various stages of the business together and making sure that no piece of information in lost in the transition. Often, what has been inputted in one module had to be double checked and re-entered into the next. Employees were prone to mistakes and/ or fatigue, resulting in inaccurate figures in the system.

The arrival of an integrated accounting system however changed all this. It provided the benefits of an automated system where information flows seamlessly from one function to the next. After all, no piece of information exists in isolation. Every piece was a result of something else and will also affect yet another thing.

Companies will take comfort in the fact that an integrated accounting system is now the norm and hence there are many products and resellers/ implementers to choose from. The technology has been around for a while, yes, but the key now is to choose the right form for one’s unique business needs. For example, what industry is one operating in? Is the regulatory environment dynamic in this field or are the laws and regulations evenly implemented? What is the taxing situation and are there any incentives given by the government to players in a particular field? All these will have an impact on the bottom line of a company.

Other questions include, is the business capital intensive and in how many years will operations begin to be profitable? How many branches are there, in what locations, and how are these different places (local or international) linked up so that a more accurate picture of the operation is painted? Likewise, how does the performance of a remote branch affect the performance as a whole?

Finally, manpower issues are also paramount, because ultimately it is the people who make the business grow or stagnate. It is thus important to ensure that they are comfortable with the tools given them by management in order to perform their jobs. Accounting software, like accounting itself, used to be only for those with long years of training in this function. In recent years, however, the integrated accounting software available have become less complicated and easier to learn, and even non-accountants will find, to their pleasant surprise, that they could use the software to achieve the company’s financial goals.

Need an Integrated Accounting System for your business? Call us for more information! We offer a FREE DEMO and CONSULTATION so you could asses our Accounting System’s critical features, pricing and how it could help you and your business.

Contact Us >>

LET'S TALK ABOUT YOUR PROJECT

Follow Us on Social Media

FASTTRACK

MANILA
10/F The Valero Tower, 112 Valero St.,
Salcedo Village, Makati City, Philippines 1227

CEBU
2/F AMV Bros. Building, 9 F, Cabahug St.,
Mabolo, Cebu City, Philippines 6000

DAVAO
4/F Topaz Tower, Damosa IT Park,
J.P. Laurel Ave., Lanang, Davao City,
Philippines 8000

SINGAPORE
8 Cross St., #24-03/04 Manulife Tower,
Singapore (048424)

ABOUT US

Our Expertise
About Fasttrack
Blog
News
Careers
Awards

OFFICE HOURS

Monday to Friday
9:00 AM to 6:00 PM

Follow Us on Social Media

Odoo CRM is designed to improve how you manage client interactions and generate income. As part of the Odoo ERP package, it offers a comprehensive set of tools that are both strong and easy to integrate with other corporate functions. Here's what makes Odoo CRM stand out:

Benefits of Odoo CRM

Enhanced Customer Relationships: Odoo CRM Odoo CRM helps businesses improve their customer relationships by providing enhanced features and functionalities. Odoo improves customer relationships by providing a unified platform for keeping track of interactions, managing communications, and analyzing customer behavior.
Increased Sales Efficiency: By implementing automated lead management, follow-up reminders, and customizable sales pipelines, you can enhance the efficiency of your sales process. Enhance the productivity of your sales team and accelerate the process of closing deals.
Data-Driven Insights: Using data-driven insights, you can gain valuable information about your sales success through real-time analytics and reporting. When making decisions, it's important to consider lead conversion rates, sales projections, and customer trends.
Seamless Integration: Odoo CRM can be seamlessly integrated with other Odoo modules, including Sales, Marketing, and Accounting. This integration creates a cohesive system that improves operational efficiency.

Key Features of Odoo CRM

Lead and Opportunity Management: Collect and nurture the leads across multiple sources and use the provided stages to manage Opportunities through the Pipelines and convert into the actual sales.
Automated Workflows: Use some workflows and follow-up alerts to ensure that you interact with the prospects and customers at the right time.
Customizable Dashboards: It also offers the options of personalizing the CRM dashboard and you can decide which information has to be provided on the home screen for easy access by your team members. This makes it much easier to deal with KPIs or any other factors that need monitoring in the course of running the business.
Advanced Reporting: They should be able to produce comprehensive reports and analysis of the various activities carried out in relation to sales, issues to do with the customers, and styles of pipeline to be followed in order to come up with the right strategies.
Email Integration: You can integrate Odoo CRM to your email accounts so as to deal with interactions and communications from inside the CRM interface.
Mobile Access: Use Odoo CRM on your device and help your sales team when they are traveling.

Odoo CRM Pricing

Odoo CRM has an open-source price structure, which means that organizations will work according to the companies’ subscribed plan. The cost model is designed so that only the required modules and the number of users are taken into account.

Odoo Community (Free): he tools of the CRM are available in the Community version and this is why the pricing strategy of the Community edition is reasonable for small businesses or companies that are still in the process of making
Odoo Enterprise (Paid): As for the organisations requiring additional functions and support, there is Odoo Enterprise, available with the paid option. The cost depends on factors such as:

Number of Users: Pricing is based on the number of person who will be using the CRM.
Selected Modules: Additional modules and features can be included in your package, and these greatly impact on the pricing plans.
Hosting Options: There are two options to opt for: Cloud hosting with Odoo Online or on-premise, which influences the whole price.

How Can Odoo Accounting Enhance Your Financial Management?

Streamline Your Accounting Processes

Odoo Accounting is your best and much-needed solution in the management of your finances efficiently. Divided into tabs, and with tabs’ properties easily found and accessed, it becomes quite simple to deal with invoicing, expenses, and accounting.

Automated Invoicing and Payments: Simplify your company’s work by generating and delivering invoices in a few easy steps. Record payments, make recurring invoices and decrease mistakes to help save time.
Expense Management: Add, categorize and capture your expenses with ease to ensure you minimize on costs and unnecessary expenses on finance.
Integrated Financial Reporting: Obtain real-time reports and online analytical tools which would reveal the details of financial situation and results of the business.

Ensure Compliance and Accuracy

Ensure your financial data is accurate and compliant with regulations through Odoo Accounting’s advanced features and support. The system helps you stay on top of financial requirements and make data-driven decisions.

Regulatory Compliance: Ensure your accounting stays compliant with local tax laws and standards through automated updates and built-in compliance tools.
Detailed and Customizable Reports: Produce numerous accounting reports that covers its operations and prepares balance sheets and statements of revenues and expenses.
Expert Support: When using Odoo Enterprise, expect to get support and updates then it will enhance the execution of the accounting flows.

Integrate Seamlessly with Other Business Functions

Odoo Accounting is specially programmed to integrate with other modules existing in the Odoo ERP system thus making the business operations easier. The linking of other important modules like Sales, Inventory, and Purchasing make financial data to be well integrated in every aspect of your business. The logical connected approach mentioned above means no data isolation, cuts on duplications and a complete vision of your financial and operational results. As a result, with the help of Odoo Accounting, which is one of the company management tools interconnecting the financial processes with other business processes, you can easily improve the potential of your business due to the effective management of the company finances and, as a consequence, receive improved data for strategic decision making.

What Are the Distinct Features of Odoo Software?

User-Friendly Customization Features

Some of the flexibility Odoo has is easily customizable user interface makes it possible for users to customize the software. Make changes with ease to the basic configurations, designs, and structures in order to adapt well to the needs of your organization.

Intuitive Customization: The functionality of Odoo is very user-friendly; it’s possible to make alterations in important elements of the software such as reports, dashboards, and workflows as necessary.
No Coding Required: Functionality has been created which allows easy modification of different features and interface layouts without worrying about complicated programming languages.
Adapt to Your Needs: Adapt the various features of the software to the company’s functions and needs, thus improving its functionality.

Advanced Odoo Security and Data Protection Features

Odoo’s advanced security features protect your business data with strong safeguards. These include role-based access controls, encryption, and regular updates to secure information from threats.

Role-Based Access Controls: Set permissions and access levels to ensure that sensitive information is only available to authorized users, with robust security features tailored to your needs.
Data Encryption: Protect your data using encryption features that secure it both in transit and at rest, safeguarding your sensitive information.
Regular Security Updates: Benefit from ongoing security features, including regular updates and patches that address potential vulnerabilities and enhance overall protection.

Support for Diverse Business Models Features

Because of its extended options and industry-specific add-ons, Odoo adapts to numerous business models. These features allow the businesses irrespective of the nature of the industry to plan and carry out their activities effectively.

Industry-Specific Modules: Take advantage of specialized options that are in modules manufactured for specific sectors such as manufacturing, retail and services industries.

Flexible Functionality: Use Odoo in a way that could change its setting depending on the different business types and their requirements.

Comprehensive Solutions: Use Odoo’s capabilities for efficient management of business operations and promote various activities.

As for the convenience, functionality, and flexibility, Odoo ERP system is fantastic to implement for various types of businesses and scale them up. The two-cost structure which is Odoo Community and Odoo Enterprise makes it easy for businesses of all types and sizes to find the most suitable option to fit the business needs as well as the budget.

Some of the specific features about Odoo that make it a very effective tool are that besides being modules unto themselves, CRM, Accounting, and a lot of other business functions are built into the platform and by being connected, they improve productivity, allow for efficiency by having access to real-time data. Customization for easy accessibility, robust security and multi industry functionality makes the system a perfect tool for various companies to use in a bid to enhance their operations for the enhancement of growth.

Whether you are a startup or large enterprise Odoo is uniquely positioned with its flexibility and all encompassing features to revolutionize how your business is run and expanded.

Finding it hard to run your business with a manual set-up?

Having difficulty tracking your monthly expenses and cashflow?

Are your tax payments up to date?

We have the right business software solution package for you!
Odoo ERP, streamline your entire business on one platform—simple, efficient, and affordable.

Our Starter Packages Include everything you need:

(3) Licenses with 1-year subscription, cloud server hosting, unlimited online support, and maintenance.
Implementation Services

Get in touch with us to explore tailored solutions that fit your unique needs. Our team of experts is ready to guide you through a seamless Odoo implementation and help you optimize your operations for maximum efficiency.

Don’t wait—schedule your personalized consultation today and take the first step toward transforming your business with Fasttrack!