Managing budgets is an essential part of running a business. Budgets help people become more intentional with the way money is spent and direct people to organize and prioritize their work to meet financial goals. They allow you to plan your desired financial outcome and then measure your actual performance against the plan. Odoo manages budgets using both General and Analytic Accounts.

A budget is used for a financial plan for a defined period, normally a year. Budgets can be defined based on multiple criteria, such as departments, cost centers, cost types, commodity groups, users, and combinations of these. Some budgets are designed to be flexible budgets, while others are static budgets.

Effective budget management not only contributes to better cash management but also helps control financial results, increase financial control and performance measurement.

Upon selection process for your new ERP system, you will likely come across to know about open-source ERP. In general, ERP systems are expensive and some can cost well into the millions, depending on your implementation needs and the size of your company. Free and open source ERP can seem to be an instant bargain. Look before you leap. Open source might be exactly what your business needs, but understand the details first.

Chart Of Accounts(COA) is simply a list of all accounts, a company/firm or organization might need to record all its various business transactions. It helps to make good financial decisions based on the information that it shows. Chart of accounts in Odoo is included in the accounting field which deals with the balance sheet or profit and loss accounts.
All the financial activities fall under some basic nature. The nature of financial activities represents different aspects of the company’s financial situation.
In Odoo, account types are automatically created when installing a chart of account. By default, Odoo provides a lot of chart of accounts, It allows to install one related to the specific country. Therefore, no need to create new account types. The most common basic nature of financial activities are Assets, Liability, Equity, Income and Expense.

Using sales management software offers wide-ranging organizational benefits for your company, and can help it to achieve its competitive and profit goals. The best sales management software aids in business budgeting and planning to improve a small business’ overall success. Read on to learn the many advantages of effectively using sales management software.

Odoo Accounting software can revolutionize businesses – saving time and money while freeing up resources for more important work. It’s something we’ve always believed, and it’s confirmed by financial directors and Accountants of SMEs and big-multinational companies

In particular, cloud-based software can help accountants save up to three hours a day, ensuring better value for their clients. Can cloud-based Odoo accounting help your firm? definitely, Yes.

For Tanzanian businesses and entrepreneurs, you can consult Singo Africa Limited, an official Odoo partner to help you implementing your Odoo instance in few days and be ready to grow your business with beautiful accounting software.