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What is Invoicing?
What is it and how invoicing works? Read the whole article to understand this completely.
More and more companies are resorting to automating their processes in order to save time, save money and improve overall efficiency in their AC (accounts payable) department.
Automatic invoice processing is one of those processes that is being widely looked at. So what is invoicing in business exactly? An invoice can be explained as a document (bill) with the itemized list of goods/products/services rendered by the business owner (seller) to the client (buyer).
Usually, an invoice or bill is issued consists of details such as in accordance to get paid within a stipulated period of time. It is a proof of sale and generally includes the total amount due, due date, contact information of the businesses involved, discount, tax information and place of delivery.
Importance of Invoicing for firms
Invoices are used as a source document for business accounting. They are helpful for recording all the sales transactions a business makes with its clients. Invoices are used by businesses for a variety of purposes like to request timely payment from clients, keep track of sales, inventory, or businesses selling products; to forecast future sales using historical data, and record business revenue for tax filings
How Invoicing Works With Odoo
Odoo online invoicing is made easy as you can easily manage contracts, create recurring invoices,
bill timesheets, and get paid faster at the same time! The following points below are some of the features of Odoo invoicing:
- Easy conversion of quotes into invoices
You can now turn Quotes into Invoices with minimal effort using Odoo invoicing software. From paying the bill automatically based on sales orders, delivery orders, contracts, or time and material to easily being able to create invoices based on the quotes you have sent to your clients; Odoo invoicing offers a plethora of options to opt for and make good use. You can also send professional looking invoices directly to your clients in just a click, or automatically send them by email as a PDF attachment or print and send them by mail.
2. Faster Payment
You can get paid faster with the software’s online payments and automated follow-ups.
Accept online payments via Paypal, Ingenico, Buckaroo, Stripe, Authorize.net, Atos Worldline or Adyen, and eliminate the hassle of sending reminders for late or outstanding payments. Automated follow-ups are simple to configure and help to streamline billing to make payments quick and easy.
3. Simpler Accounting System
With Odoo invoicing, you can simplify your accounting by keeping track of bank account movements and the status of invoices.Use the status overview to help keep track of drafts, paid and unpaid invoices, and automatically record all transactions from your bank accounts by importing and reconciling your bank statements.
4. Sales Analysis
The software allows you to analyze your sales by accessing insightful data to get the big picture.
Get direct access to key information with dynamic and customizable dashboards. Make your own definition and analyze your invoicing by product, customer, salesperson, etc.
5. Odoo invoicing is efficient and versatile
You can create customer invoices by issuing clear, complete and professional invoices in seconds; print or send invoices by email by printing a hard copy of your invoices to send them by post or send them by email; issue refunds by creating credit notes and manage reimbursements; create multi-company rules as you automatically mirror orders and invoices in multi-company setup (Create a sales orders in company A and automatically Odoo generates a Purchase Order in company B); address autocomplete by entering a valid VAT number and Odoo will autocomplete the name and the address of the customer (Europe only); manage supplier invoices by recording supplier invoices in the system to manage payments and integrate them into accounting; handle recurring invoices by setting the frequency of invoicing for products in accordance with contract specifications; make easy customers payments as batch deposit is available.
Customer Statements: manage the follow-up from a single simplified interface. Odoo Invoicing has a 3-Way matching payments. You can compare what you have received with the vendor bill to release an invoice for payment.
6. Handle payments
Over viewing invoices can get you a broad view on all invoices and filter them by status.
The app allows you to import bank statements by automatically linking payments to your bank accounts with existing invoices by importing your bank statements into the system. Synchronization with 24000 banks mostly in US, Australia and New-Zealand. Importation of files in format: OFX, QIF, CSV, CODA.
It allows the use of multiple currencies so customers could pay in their currency with an automatic currency converter and record gains and losses for each conversion. It automatically updates currency rates base on a chosen frequency: daily, weekly, monthly. The app allows offline payment by sending your invoices by email and add a link to Authorize, Paypal, Ingenico, Buckaroo or Adyen to get paid quickly, easily and securely.
It also automates follow-ups by creating steps and automated actions to be taken by the system in case of a payment issue. Odoo invoicing also allows batch payments; you can select multiple vendor bills and pay them all at once or work to credit a batch of customers via SEPA Direct Debit or credit card tokens.
Who Are We?
Syncoria is a digital transformation solution based in Canada. We have been providing business solutions all over the world for over 14 years. Odoo is one of our ready partners who specialize in integrated business solutions. Inventory management is one of Odoo’s specialties. Odoo has over 3 million happy business owners all over the world. Your inventory, CRM, accounting, HR and every other need is Odoo’s priority. Feel free to consult Odoo for any business related questions and estimates.