Outsource Accounting these days is catching pace. Companies, nowadays are opting more for it.. it allows companies handle their business more efficiently by eliminating the burden of manual accounting that involves a lot of paper work.
Outsource Accounting involves an application software that reads and manages all their accounts. Market is full of these kinds of accounting softwares, each one having their own specific kinda of features. Some are available free, some are by subscription. But choosing which one will be best suitable for your business is the real task.
We narrows that path for you and is here with two best of their kinds of softwares; Odoo and Xero and their brief comparison.
Xero is an online based accounting software. It manages your cashflow,schedule payments, invoices, account payable etc. in real time. It also tracks your sales and purchase.
Odoo is a management software that provides you with a complete package of applications that is needed in a business. Like from managing accounts and invoices to managing customers relations, making websites, managing e-mails etc.
- Features they provide: Xero allows you manage your cash flow. It schedule payments and organise your expenses. It generates online invoices and keeps a track of it.
Odoo helps your create and manage your e-commerce website. It manages your bills, invoices and accounts. Keeps an eye on manufacturing and inventory department.
- Suitability: Odoo is a management software that has wide range of applications, whereas Xero is an accounting software. The size of the firm is what matters most. More the complexity business involves, more it need a high-end management. So, Odoo is best suitable for companies and big firms and Xero is suitable for small and medium scale enterprises.
- Compatibility with other applications: Xero integrates your accounts with more than 700+ third party business applications easily. On the other hand, Odoo has its own range of applications for business management for different purposes.
- Ties with the bank: Xero and Odoo, both the software integrates and reconcile your bank transactions to. It helps them to make payments timely and avoid double payments.
- Customer Relationship Management: Odoo has this feature of CRM I.e. Customer Relationship Management. it helps the company to build and run smooth relationship with their clients and customers.It integrates the services provided by the company. Being an accounting software only, Xero does not provide you with this feature.
Company opting for accounting software must consider some of these factors like size of the firm, nature of the company, before choosing any software for their business.