Odoo Accounting Software Review 2024

Table of Contents Table of Contents

1. Odoo Accounting Plans & Pricing
2. Odoo Accounting Overview
3. Features
4. Integrations
5. Odoo Customer Reviews
6. What is Odoo Accounting Good For?
7. Odoo vs Top Competitors
8. How We Test Accounting Software
9. How to Choose the Best Accounting Software
10. FAQs

Show Full Guide

Table of Contents

1. Odoo Accounting Plans & Pricing
2. Odoo Accounting Overview
3. Features
Show Full Guide
4. Integrations
5. Odoo Customer Reviews
6. What is Odoo Accounting Good For?
7. Odoo vs Top Competitors
8. How We Test Accounting Software
9. How to Choose the Best Accounting Software
10. FAQs

Odoo Accounting Plans & Pricing

Odoo offers three price levels. Both Standard and Custom include access to all Odoo apps and offer a free trial. For companies that only need an accounting app, the One App Free level may be the best place to start.

One App Free

Odoo’s most cost-effective plan for accounting is the One App Free option. It’s free forever with no hidden costs and includes an unlimited number of users. The accounting app comes with all core features such as security, daily backups, 24/5 support (Mon-Fri), and free access to Odoo’s online eLearning platform. For solopreneurs and small businesses looking for a full-featured SaaS finance tool requiring minimal financial investment, Odoo is a great option.

Standard

Trading up to the Standard plan gives you access to all of the 71 apps hosted on Odoo online, such as natural complements to Accounting like Expenses or Invoicing. Standard offers all the core features in One App Free but adds capability for small to mid-sized companies. It’s €19.90/user/month for the first year (then €24.90), so a firm with 10 Odoo users would pay €199 per month. In return, Odoo delivers a rich selection of DIY functionality without the fuss of learning and paying for a mix of products from different vendors. And because it’s all cloud-based, there’s no need for local implementation.

Custom

Odoo’s Custom top tier is currently available for €29.90/user/month for the first year, then €37.40. It comes with everything in the Standard plan but allows you to choose between hosting on Odoo.sh, Odoo Online, or from your own on-premises server. Custom also lets you manage apps for more than one company, and customize app user interfaces with Odoo Studio. For firms who want to take advantage of Odoo’s open-source code base and connect external applications, Custom also enables you to link with outside systems via an external API.

These features are designed to accommodate firms who want a greater level of security, bespoke customization, or need to manage multiple legal entities in one place. It’s geared toward large enterprises and those with very specific requirements — who also have the IT budget to fund them.

Odoo Accounting Overview

Features

The main features of Odoo’s accounting app include easy cost tracking, recurring invoice management, and auto-synchronisation of bank feeds. Multiple currencies are supported along with a choice of payment methods.

Odoo accounting also comes in a mobile app, making most of the desktop management and reporting capabilities available when you’re on the move.

Let’s take a closer look at some of the stand-out features of the app.

Accounts payable and receivable

A full-featured AR/AP module lets you generate invoices from a variety of templates that draw data automatically from sales orders, deliveries, timesheets, or subscriptions. Credit notes can also be auto-generated from customer bills or invoices.

A feature we found helpful in our testing was the credit limits. This allows you to set up an alert that is triggered whenever they’re exceeded, and the app’s journal functions make it easy to review, edit, and reconcile entries for purchasing, sales, banking, and cash.

Payments

If your business works with multiple direct clients this will be a lifesaver. By creating a dedicated portal for each customer, Odoo accounting enables you to offer self-service options like viewing, reviewing, and paying invoices online. Customers can e-sign documents, manage any subscriptions, track their order status, and even send you messages through the app. Payment integrations include Stripe, PayPal, Alipay, and Authorize.net, which is on par with competitors. For your company’s own bills, Odoo supports automated wire transfers through SEPA, and batch payments to simplify reconciliations.

Analytics

The app’s flexible analytics functionality enables you to see financial performance by project, contract, and department – and set different dimensions or axes for each one. We found the overview great, but to get good insights you have to make sure you’re tagging everything correctly – something we found a bit tiresome. However, when done correctly budgets can be tracked and compared against actuals, while a built-in widget allows you to create an analytics distribution on the spot directly from an invoice.

Expense and revenue recognition

You can create dedicated boards to track the depreciation of specific assets and generate amortization entries automatically. Multi-year contracts can be set to handle deferred revenue and expense entries automatically, giving you an up-to-date snapshot of recurring revenue and expenses whenever you need it. A cut-off feature also lets you adjust specific amounts in journal entries for different periods or mass edit multiple journal entries in one go.

Integrations

Odoo says that the accounting app works seamlessly with all of its 70 applications and we found this to be true. For Sales, Inventory, Purchasing, and E-commerce apps this is especially true as these apps work natively with each other. According to Odoo, this better enables users to create invoices automatically, work in periodic or perpetual inventory modes, manage bills from suppliers, and have inline transactions reported automatically to their relevant accounts.

If you’re looking to integrate Odoo with external platforms you have a handful to choose from, which Odoo offers on their website directly. However, unlike many other of the best accounting software, you won’t be able to integrate with QuickBooks or any other well-known name on the market.

Odoo Customer Reviews

Users rate Odoo highly on review sites like G2, where it’s tallied a 4.3 out of 5-star score.

Ease of use and the option to integrate immediately with other Odoo apps appear frequently in assessments by users. Some are less enthusiastic about the lack of automation in bank reconciliations, and others say the app becomes pricey when you opt for one of the two paid (per user, per month) plans.

What is Odoo Accounting Good For?

While Odoo’s platform of apps is designed to suit the varied needs of larger organizations, by opting for the One App Free plan, Odoo becomes a cost-effective accounting tool with robust core functionality. That makes it perfect for sole traders and small businesses with simple needs and small software budgets. As those businesses grow and branch into different areas, Odoo can grow with them and add apps and capabilities as and when they’re needed.

Odoo vs Top Competitors

Odoo vs QuickBooks

Odoo compares favorably to QuickBooks, which has been around since 1994. Both offer comparable features for accounting and financial management. However, Odoo’s ability to seamlessly add integrated apps makes it a more comprehensive business management platform. Unlike QuickBooks it is built on open-source standards, offering a wider range of new features and bespoke integrations. QuickBooks, on the other hand, is great at what it does. It’s a specialist solution that arguably offers more granular functionality.

Find out more in our QuickBooks review.

Odoo vs FreeAgent

While FreeAgent can’t match Odoo’s potential for app integrations, as a standalone accounting solution it does offer payroll, something Odoo Accounting lacks (on the basic One App Free plan, at least). That’s a significant bonus, though one you’ll have to pay for. In addition to comparable accounting functionality, it gives users the power to generate monthly payslips automatically. And for UK firms, year-end P60s can be generated for each employee.

Odoo vs Patriot

Like Odoo Accounting, Patriot lets you generate unlimited invoices and add as many customers as you need. But functions like creating estimates, automating processing of recurring invoices, or customizing invoice templates require an upgrade to its premium plan. Patriot is also geared towards users in the USA. Customer support is only free for US users.

Learn more in our in-depth Patriot review.

How We Test Accounting Software

Techopedia is a leading authority on business technology. Our independent reviews of SaaS platforms, applications, and services are designed to help small business owners make better buying decisions.

When we review an accounting software product, we look for positives and negatives in six areas:

• Pricing – What are the different price tiers and what’s included/excluded
• Features – Core features and those available at different price levels
• Integrations – We look at how easily an accounting solution can be integrated with complementary solutions and blend into an existing workflow
• Automation – We ask how many repetitive, time-consuming tasks the product can take on
• Ease of use – We look at the interface, range of menu options, effort needed to implement, and how much training is required for new users
• Third-Party Reviews – We consider what hands-on users saying about the product on respected platforms like Capterra and G2

How to Choose the Best Accounting Software

Choosing the right accounting software can impact critical business essentials including financial performance, profitability, and cash flow. If you’re thinking of trying a new accounting solution or investing in one for the first time, here are some key considerations:

• Pricing – Opt for a solution that aligns with your budget while facilitating future growth. Seek out software with flexible pricing structures, ensuring gradual increments between different plans.
• Features – Effective accounting software should encompass essential bookkeeping tools and services, aiming to streamline various tasks. Look for platforms that consistently update their offerings to keep users competitive.
• Scalability – Choose software that adapts to your growth, offering the flexibility to add features as needed at a cost that suits your evolving requirements. Opt for solutions with tiered plans and optional add-ons to accommodate scalability.
• Ease of Use – Evaluate the simplicity of features through how-to guides and videos before committing. Take advantage of free trials to gain firsthand experience with the software interface.
• Integrations – Your ideal solution should seamlessly integrate with your current tools and anticipated future ones. Look for accounting tools that provide options for payroll, communication, and HRIS integrations, ensuring compatibility.
• Customer Support – Rapid and professional assistance is crucial in overcoming obstacles. For financial portals, reliable customer support is vital, as you depend on both the software and the staff to manage your books effectively.

FAQs