Every business needs to perform accounting operations. Not only that but critical thing is these accounting operations need to be performed accurately. Any mistake can lead an established business towards loss. Thereby, there have been introduced numerous accounting software in the market to minimize human effort in the accounting operations and avoid human errors.
QuickBooks is an accounting software, however, Odoo is an ERP that also offers accounting features. Odoo is basically a suite of applications and features to assist businesses in their everyday tasks and operations.
In this article, you will find the comparison of these two platforms (Odoo vs QuickBooks) for accounting operations (revenue recognition, bookkeeping, accounts receivables, sales tax tracking, and a lot more).
Feature Comparison of Odoo and QuickBooks
Here are the core accounting features offered by both QuickBooks and Odoo:
1. Bookkeeping
Every business needs to do financial transactions, however, maintenance of their records is important. Both QuickBooks and Odoo Accounting offer the feature of Bookkeeping. Businesses can use QuickBooks to record and monitor financial transactions such as revenue, costs, invoices, bills, and payments.
When it comes to Odoo, it also offers bookkeeping. From invoicing and billing to reporting and analytics, Odoo allows users do everything in its accounting module. Nonetheless, the flexibility of Odoo makes it more suitable for businesses that have complex accounting needs and large-scale operations.
2. Accounts Receivable and Accounts Payable
Through the creation and distribution of expert invoices to clients, the monitoring of payment deadlines, and the management of collections, QuickBooks aids businesses in managing their accounts receivable.
Odoo also offers account receivable feature by allowing users generate account statements, send payment reminders, and providing aging reports that categorize outstanding receivables based on their due dates.
3. Financial Reporting
To analyze business health and financial standing, businesses need to consult financial reports. QuickBooks offers its users a range of prebuilt reports much as profit and loss statements, balance sheets, cash flow statements, and tax reports.
Just like QuickBooks, Odoo also offers a robust financial reporting features. First, it asks users to define the chart of accounts by defining the account structure. Then, the user can get prebuilt financial reports just like in QuickBooks. However, Odoo is consider more robust when it comes to the customization of these reports. It is a comprehensive ERP system that offers standard financial reports along with other modules for integration and more extensive reporting capabilities.
There are many other accounting features that Odoo and QuickBooks offer including inventory tracking, budget forecasting, tax preparation, and integration with third-party software.
Odoo Accounting Vs QuickBooks: Price Comparison
Odoo has different pricing plans from free to custom pricing. However, in the free pricing plan, there are limitations to the access of features. Coming towards the paid plans, in contrast to QuickBooks, which is typically $20/month, the Odoo Accounting program would cost $24/month/user.
Overall, startups and small to medium-sized businesses adopt QuickBooks for its robust features and affordable rates. Large and established enterprises need sophisticated features of customization. Thereby, they prefer Odoo rather than QuickBooks. Otherwise, QuickBooks is the best option for those having budget limitations and the need for efficient accounting features. Also, it is not that QuickBooks does not allow customization at all. The customization in QuickBooks is comparatively less than Odoo.
Customer Size Comparison
Both Odoo and QuickBooks offer and cater to small, medium, and large enterprises. However, small businesses and startups mostly prefer QuickBooks for its affordable rates and the range of accounting features.
However, if you need more customization, then again, Odoo will be the best for you.
Training & Customer Education
Platform like Odoo and QuickBooks need to offer their customers training and education sessions. They are complex software. Though they are robust when it comes to automated accounting management, all customers who are going to use them are not equally tech-savvy. So, training needs to be offered to them. So, both Odoo and QuickBooks offer training to their customers, but Odoo offers in-person training that QuickBooks does not.
Conclusion
After discussion on Odoo vs QuickBooks comparison 2023, it is evident that both platforms are worth considering when it comes to accounting features. However, if you are looking for experts who can offer you integration services for Odoo or QuickBooks, then Techloyce is the one where you need to come. We have provided many businesses Odoo and QuickBooks integrated business solutions for accounting. Also, you can be at ease, these accounting platforms are flexible enough to integrate with other software. So, in the future, if you need any integration or payment gateway, the system will easily accommodate that.
So, waste no more time, and call us for Odoo QuickBooks integration.
