Odoo Accounting Review (2023)

Pros

• Highly customizable
• Scalable
• Open-source
• Shipping integrations available

Cons

• Limited features
• Over-complicated pricing plans
• Limited invoicing features

What Is Odoo Accounting?

Odoo isn’t a simple bookkeeping tool; it is enterprise resource planning (ERP) software. Odoo is open-source software — meaning it can be customized and modified to fit your specific business needs. Itoffers over 40 different small business applications, and the software can be hosted online or on-premise. These applications, as well as the user-designed add-ons, allow the software to grow alongside your business. This review, however, will be focusing specifically on Odoo Accounting.

Odoo Accounting offers strong accounting with a full chart of accounts, fixed asset management and depreciation, accounts payable, basic reports, and more. For key features, such as project management, time tracking, and estimates, you’ll have to buy Odoo’s other applications. While this modular pricing model can seem expensive, Odoo is far cheaper than most of its ERP competitors.

For users looking only for a small business accounting solution, you can get more features for less money with other accounting programs. But if you are interested in a full ERP solution or are a developer drawn to the idea of completely customizing your software, Odoo could be a good option for your business.

Odoo Accounting Pricing

Rating: Good

Odoo offers 35 different open-source software applications ranging from accounting to CRM to POS and more (plus thousands of user-designed add-ons). A 15-day free trial is available for you to test out the software.

Odoo’s pricing scheme is a bit difficult to break down, as there are online and on-premise versions, and you can increase your plan pricing by signing up for additional applications and adding users. Discounts vary depending on the number of users you select. Discounts are also available if you opt for annual billing.

Odoo Online Free

Odoo Online Free is a cloud-based plan that costs $0/month. It includes:

• One Odoo application of your choice
• No customer support

Odoo Online Paid

The Odoo Online Paid plan costs $35/month for one user plus the cost of applications. Applications range from $15-$72/month, with Odoo Accounting priced at $30/month. In addition to Odoo Accounting, you can choose from applications like:

• Odoo CRM
• Odoo eCommerce
• Odoo Point of Sale
• Odoo Project
• Odoo Timesheets
• Odoo Inventory
• Odoo Events
• Odoo Email Marketing
• Odoo Helpdesk
• Odoo Appointments
• Odoo Subscriptions
• Odoo PLM Manufacturing

Visit Odoo’s website for a full list of applications and pricing.

Odoo Community

Odoo recommends its on-premise solutions for businesses with more than 50 users. Odoo Community is an on-premise solution that costs $0/month.

Odoo Enterprise

Odoo Enterprise is a locally-installed plan that is billed annually at$28/month for one user plus the cost of applications. Odoo Accounting specifically costs $24/month for a single user. Visit Odoo’s pricing page to calculate your exact annual payment. Discounts vary depending on the number of users you select. It includes everything from Community plus:

• Customer support
• Hosting

Extra Odoo Accounting Costs & Fees

There are a few additional add-ons you might want to consider when signing up for Odoo. This includes implementation for Enterprise subscribers, integrations, and the Odoo.sh Cloud Platform for hosting.

Odoo also offers Success Packs, which connect you with a personal Odoo developer to address your business needs. New users are eligible to receive 15% off their chosen Success Pack.

Is Odoo Accounting Easy To Use?

Rating: Excellent

Odoo Accounting is generally intuitive, and a recent redesign makes the software easier to navigate and more organized. Another nice touch is that the software walks you through how to use the features, making it easier to get started. Odoo offers a SaaS, web-hosted accounting program (Odoo Online) as well as on-premise options you can install on your computer (Odoo Community and Odoo Enterprise).

Odoo Accounting Features

Rating: Fair

Odoo Accounting offers most basic accounting features. However, for specialized features, such as project management, inventory management, time tracking, etc., you’ll have to purchase additional Odoo applications to receive the feature depth we’re used to in our reviews. You can go on a feature tour or schedule a demo of the software to see these features in action. For now, here’s what you’ll receive with Odoo Accounting.

Invoices & Estimates

In terms of invoicing, Odoo falls a little short when compared to other accounting software. There are limited invoice templates and customizations. Additionally, Odoo does not support recurring invoices.

However, the invoicing dashboard is easy to use and works well if you only need basic invoicing. Features worth noting include:

• 4 invoice templates
• Some customization options, including logos & headers
• Invoice reminders
• Set internal warnings for late customers
• Client portal
• Create payment links
• Supports 80+ currencies

Bookkeeping

While it may lack some of the more advanced features you’d find in other accounting software, Odoo Accounting has a number of features available to easily balance your books. Notable features include:

• Bank reconciliation for bank accounts & group payments
• Customizable chart of accounts
• Journal entries
• Live bank feeds
• Manually import bank statements via .csv, .ofx, .qif, or .camt
• Fixed asset management & depreciation
• Automated amortization entries
• Accounts payable
• Credit memos
• Internal chat
• Import contacts, items, & bills .csv or .xls
• Export financial information
• Mobile apps for iOS & Android

Contact Management

Odoo Accounting’s Contact Management feature isn’t as advanced as you’d find with some programs. However, it is easy to add contacts and vendors, and there are a number of fields that you can use to record information. Here’s what to expect with this feature:

• Add customers and vendors
• Add contact information
• Upload images
• Add internal notes
• Set default sales/purchasing settings

Inventory

Odoo Accounting has a very basic inventory feature. For a full-fledged inventory feature (with low stock reminders, COGs calculations, etc.), you’ll need to purchase the Odoo Inventory application. Odoo Accounting includes:

• Mark sold/purchased items
• Record basic information about items
• Add sales/purchase information to items
• Set tracking categories
• Add images of your items

Time Tracking

Time tracking is not included with Odoo Accounting. If you wish to use this feature, you will also need to sign up for the Odoo Timesheets app for an additional cost.

Project Management

Project management is not a feature you’ll find with Odoo Accounting. However, you can sign up for the Odoo Project app for an additional cost.

Reporting & Budgeting

Odoo has the basic accounting reports and analytics you would expect from accounting software. A budgeting feature is also available. However, this feature can be confusing and could be reworked to be more intuitive. Here’s a breakdown of all reporting and budgeting features:

• 16+ reports including balance sheets, profit and loss statements, ledgers, & cash flow statements
• Analytic reports
• Budgeting
• Budget analysis report

Tax Support

Odoo Accounting doesn’t have much going for it in terms of tax support. The sales tax feature, while workable, is a bit underdeveloped. You can only set one default sales tax rate, which you cannot adjust on invoices unless you add an item line and manually calculate the sales tax total. One way to work around this is by adding default tax rates to each client to override the set tax rate.

Odoo Accounting Customer Service

Rating: Poor

With Odoo’s customer service, answers are hard to come by. Email support is reserved for general information. As far as phone support, this is used for “emergencies and functional questions.” There’s also no support for the free version of the software, and IT support and training cost extra. Odoo’s one saving grace is its comprehensive and thorough help center.

Odoo Accounting Integrations

Rating: Excellent

Odoo offers 40 software applications altogether, covering a wide range of small business industries. Odoo has an API for developers and an Odoo Studio application for users who want to build custom apps but have no coding experience.

In addition to these applications, Odoo offers a few third-party integrations and an incredibly large app marketplace. Odoo and its users have collectively created 37,000+ applications through the Odoo API. These developers have created apps and modified the Odoo software to fit the needs of hundreds of small businesses. You’ll find capabilities, such as dental clinic management, a website booking calendar, a Magento connector, and even Sudoku. You’ll also find more traditional third-party integrations, such as USPS, UPS, FedEx, and eBay integrations. Explore Odoo’s marketplace yourself to learn more.

Odoo Accounting Reviews

Rating: Good

Reviews for Odoo as a company are overall positive. The software receives 4.1/5 stars on Capterra (based on 476 reviews). It’s a bit harder to find reviews specific to Odoo Accounting, but there are a few out there. On G2, Odoo Accounting only has 52 reviews, but the application receives 4.3/5 stars for those reviews. While most reviews are positive, there are also several complaints worth noting.

Negative Odoo Accounting Reviews & Complaints

• Customer support is hard to reach
• Customer support options are limited
• Expensive monthly cost
• Weak mobile apps

Positive Odoo Accounting Reviews

• Integrated system with apps in one place
• Modular pricing structure
• Easy to use
• Good for developers

Is Odoo Accounting Secure?

Rating: Good

If you use Odoo Enterprise, you are responsible for your network and your computer’s security. For its web-hosted solutions, Odoo keeps your data secure with:

• 256-bit SSL encryption
• Regular security audits
• Servers in multiple undisclosed locations
• Server facilities with controlled access
• Data backups of records are kept for three months

The Final Verdict: Is Odoo Accounting Worth It?

Odoo is a great, easy-to-use, and affordable option if you are looking for open-source ERP software. The software is ideal for developers who want the freedom to custom-design their software. It is also a good alternative to more expensive ERP solutions, such as NetSuite, since Odoo is both cheaper and easier to use. However, if you’re just looking for accounting software, a program such as QuickBooks or Xero is likely a better fit unless you are anticipating a lot of growth and will require Odoo’s application collection in the future.

In terms of actual accounting features, Odoo Accounting does well with features, such as a chart of accounts, bank reconciliation, fixed asset management and depreciation, and more. But Odoo Accounting’s reports and additional features that you would usually see in accounting software (project management, time tracking, etc.) are lacking. Considering Odoo’s pricing structure, it makes sense — the company wants you to buy multiple applications. Another drawback is Odoo’s limited customer support. There are all things to keep in mind before committing to Odoo. If you are interested in the software,be sure to use the free 15-day trial to see if it’s a good fit for your business.

Odoo Accounting FAQs