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.

The Saving and Credit Co-operative Organizations has one big advantage that most of the financial institutions don’t have, and that is their customers are the owners of the organization. For this case the customers of the organization will care much on the growth of the SACCOs since the growth of the organization means their growth, Hence with other options available, it is expected from them to choose their SACCOs before any other financial institution.

The primary key of the formulation of the SACCOs is to alleviate poverty in the community by giving the unbanked population access to financial services. SACCOs do provide loans, keep savings like any other banks that are available in that community. From a purely financial point of view, SACCOs offers a higher rate of interest on savings and a lower rate of interest on loans than banks.