Get Paid Faster With Odoo

S2, #22 - Learn how to use your Odoo 17 to regulate your Account Receivables. Meet our latest Portcitizen, Marlene Vicaire, and stumble upon a fun surprise (if you stick around until the end)!

Introduction

Welcome to season 2 of Odoo Trailblazer!

You love your customers. You really do. But sometimes, you wish they would love you back. And by love, you mean pay. Accounts receivable is a hassle that can make you question your relationships and your business.

So today, I’ll give you some Odoo invoicing tricks to make your invoicing process faster. As a bonus, I’ll share how you can track paid and unpaid services to make sure you’ll never miss getting paid for your dues. Our promises? We’ll make you an Odoo expert. So subscribe for exclusive pro tips, expert insights, and the latest news about Odoo!

Agenda

1. Odoo opinion of the week

2. Case study

3. Portcities news

4. Poem of the week

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Odoo opinion of the week: The benefit of the accounts receivable feature in the Accounting App

Imagine you sell $1 million worth of products or services every month, and your customers usually pay you in 60 days. That means you have $2 million of accounts receivable (AR) on your balance sheet, which is money that you have earned but not yet received. That’s the big issue. Time does not stop for your business just because your customers have not paid. You still have to pay your suppliers, employees, and other expenses, which creates abundant cash flow problems for your business.

Now, what if you could improve your collection process and reduce your average payment term from 60 days to 30 days?

That would mean you would receive your money faster and have less AR on your balance sheet. Your AR balance would decrease from $2 million to $1 million, which means you would have $1 million extra in your bank account. Your cash flow and liquidity would improve. Then, you could use that money to invest in your business, pay off your debts, or reward yourself.

But how can you achieve this? By using Odoo 17’s account receivable feature, which helps you create and send professional invoices, accept online payments, and track your receivables.

Odoo 17’s account receivable feature also gives you insights into your customers’ payment behavior, such as their average payment delay, their outstanding balance, and their credit limit. You can even set up payment reminders, follow-ups, and penalties to encourage your customers to pay on time.

Bonus content: Localization

In case you are thinking, “I wish I could clone myself 98 times to handle the tax headaches of my multinational empire.” ?? Well, I don’t have a solution for cloning, but I know how to reduce the tax headache. The Accounting module in Odoo 17 now comes with integrated document management and fiscal localization packages to comply with local and international standards.

Overall, the new Odoo version will give you more granular financial reports and speed up your operations to get paid faster.

Odoo tips: accounts receivables

In my opinion, here are the three best functions related to Odoo account receivable:

• Create invoices from the Sales Orders: Generate invoices based on the sales order lines and the delivered quantity. They are integrated with your Inventory or Service apps, so you can create invoices faster and more accurately.
• Send e-invoices from Odoo: Directly send PDF invoices via email to your customers. Feel free to include an online payment link, too. It only takes two clicks, but it improves your invoicing traceability.
• The Accounts Receivable report: Access the Aged AR report to track the overdue payments. On the other hand, use the Partner Ledger if you want to see the history of invoices and payments for your clients.

These are old features, but they will improve your efficiency and reduce your cash cycle. Suffice to say, they’ll make your life easier when collecting cash from your customers.

Case study

One of the most impressive examples of Odoo accounting is KPMG Belgium. Odoo helped KPMG in Belgium use Odoo online for their accounting outsourcing business (listen to the podcast here). Thanks to Odoo, they can now handle the accounting needs of about 2000 clients in Belgium.?

Odoo took this opportunity to improve its Accounting module for the Belgian market and accounting in general.

Portcities is following in their footsteps and working with a big accounting firm to launch Odoo Accounting in Japan. And that’s not all—there are still many other countries where Odoo Accounting is making waves ??

Portcities news

We are thrilled to welcome Marlene Vicaire, our new Group Head of Sales & Marketing. Marlene is a dynamic and lively person, and she’s ready to give you a glimpse of who she is ??

“Hi, Trailblazers! I was born and bred in Morocco before starting my career in France. Then, I decided to move to the APAC region (Australia, Hong Kong, and Singapore), where I spent the last 15 years. Before joining Portcities Group, I spearheaded a team of ~200 sales executives across different geographies in the development of scalable programs and revenue-generating campaigns at Salesforce. It was where I first utilized a unified and precision-oriented approach to overcome sales pipeline challenges. My key strengths are distilling complex concepts into clear and actionable recommendations, enabling customers to make informed decisions, and driving sustainable change within their organizations. Previously, I led an independent consulting business in digital transformation for various industries such as media, telco, retail, travel, and finance while fostering strong client relationships and achieving consensus in challenging environments. I'm looking forward to meeting you and bringing all my energy to make you even more successful this year!

?? Feel free to connect with me on LinkedIn.”

Poem of the week

Alright, Trailblazers… Get yourselves a box of tissues. You’ll need it. This is a touching poem for me, so I recommend reading the poem while listening to Romantic Piano Melody by Blacksmith ??

There once existed a perfect romance Between business and your balance sheet From time to time, Remember that every promise has a price Some need reminding once or twice Such is the bitter journey of cash collection Alas, even in love, there is sacrifice! Please master the art of collecting your cash Or your balance sheet will turn into ash You'll have to shut down your business And say farewell to your income bliss But don't fret; there's Odoo Invoice It's your loyal knight and best companion choice! It makes your invoicing breezy and fast Unlike love, it helps you get paid and make it last

Last but not least…

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