Odoo Vs QuickBooks – Comparison between Odoo and Quickbooks
One of the main frustrations that business leaders complain about when it comes to non-ERP accounting solutions is the need for time-consuming workarounds. ERP solutions eliminate workflows and offer flexible and robust customization options. It provides Invoicing, Accounting and Receipt scanner services and charges customer for specific features. Businesses searching for an affordable online accounting software can offer at an affordable price. In this blog, we will discuss Quickbooks and Odoo.
- In 2005, Odoo was founded as a company that focuses on SME business and competes with companies such as Oracle, SAP to name just a few. Odoo offers over 30 applications on its enterprise platform, including ERP, accounting, warehousing, crm, project management, marketing, HR, Websites, e-commerce and POS applications. A community of more than 20,000 active members contributes to a wide range of business needs. Quickbooks, created in 1994. It has 330+ supported apps, 1+ million subscribers, 50,000+ professional advisors.
- QuickBooks provides a wide range of accounting software tailored to meet the needs of businesses of various shapes, sizes, industries and entities. Odoo is an open source software with various versions that can be installed locally or hosted in the cloud. It has a modular approach that offers a range of apps to perform a variety of business functions. This helps to grow companies to start with limited functions and expand them as their needs develop.
- Some of QuickBooks features focus on tracing and managing transactions between customers, vendors and employees. The most important features of Odoo accounting include synchronization of banks, invoice and expense management, invoicing and reconciliation, and much more.
- Odoo works best for SMEs, while Quickbooks works best for small businesses.
- QuickBooks allows you to focus on accounting and excel in certain functions that your competitors cannot. Odoo is a bit different from the accounting software programs. Firstly, it is not a simple accounting tool, but Enterprise Resource Planning (ERP) software.
- The Quickbooks accounting software is designed to solve issues for all types of companies. While Odoo accounting can be better adapted to a particular company.
Below table contains the comparison between Quickbooks and Odoo.
General Accounting
| QuickBooks | Odoo | |
| Multi-Currency | Yes | Yes |
| Multi-Company Consolidation | Yes | Yes |
| Multi-User | Yes | Yes |
| Multiple Journals | Yes | Yes |
| Multi-Language Support | No | Yes |
| Access Rights per Screen | No | Yes |
| Access Rights per Field | Yes | No |
| Customizable Validation Steps | No | Yes |
| Availability of an API | Yes | Yes |
| Google Spreadsheet Integration | No | Yes |
| Import: Excel or CSV | Yes | Yes |
| Export: Excel or CSV | Yes | Yes |
| Customer Portal | No | Yes |
Accounts Receivable
| QuickBooks | Odoo | |
| Proforma Invoices | Yes | Yes |
| Multiple Taxes per Line | No | Yes |
| Discounts | Yes | Yes |
| Price lists | Yes | Yes |
| Multi-Step Payments Terms | No | Yes |
| Outstanding Payments Reconciliation | Yes | Yes |
| Emails Discussion as Attachment on Invoice | No | Yes |
| Configurable Email Templates | Yes | Yes |
| Generate a PDF Invoice | Yes | Yes |
| Batch Send Invoices by Email | No | Yes |
| Post Invoices by Standard Mail | Yes | Yes |
| Aged Receivable Balance | Yes | Yes |
| Per Customer Statements | Yes | Yes |
| Automated Follow-up Letters | No | Yes |
| Automated Follow-up Actions | No | Yes |
| Unpaid Fees and Penalties | Yes | No |
| Third-Party Debts Recovery | No | No |
| Credit Cards | No | Yes |
| PayPal | Yes | Yes |
| Automated Recurring Invoices | Yes | Yes |
| Contracts / Subscriptions Management | Yes | Yes |
| Recurring Business KPI 3 | No | Yes |
| Alerts for Contract Renewal | No | Yes |
| Automated COGS Entries | No | Yes |
| Automated Deferred Revenues | No | Yes |
Accounts Payable
| QuickBooks | Odoo | |
| Billing Control (Purchase Orders / Receptions) | No | Yes |
| Multiple Taxes per Line | No | Yes |
| Purchase Agreements | No | Yes |
| Multi-Step Payment Terms | No | Yes |
| Aged Payable Report | Yes | Yes |
| Print Checks | Yes | Yes |
| Automate Wire Transfers (SEPA) | No | Yes |
| ACH Transfers | No | No |
| Employee Expenses Report | No | Yes |
| Expenses Validation Flow | No | Yes |
| Assets Management | Yes | Yes |
Bank & Cash
| QuickBooks | Odoo | |
| Bank Interfaces | Yes | Yes |
| Import Statements: QIF | Yes | Yes |
| Import Statements: OFX | Yes | Yes |
| Import Statements: CSV | Yes | Yes |
| Import Statements: Coda | No | Yes |
| Import Statements: Camt.053 | No | Yes |
| Deposit Tickets | Yes | Yes |
| Bank Reconciliation Reports | Yes | Yes |
| Automated Currencies Rate Update | Yes | Yes |
Extras
| QuickBooks | Odoo | |
| Analytic / Cost Accounting | Yes | Yes |
| Multi-Level Analytic Accounting | No | Yes |
| Multiple Plans | No | Yes |
| Optional Tags per Entry | No | Yes |
| General Budgets | Yes | Yes |
| Analytic Budgets | No | Yes |
| Payroll | Yes | No |
| Standard Price | Yes | Yes |
| Average Price | Yes | Yes |
| FIFO & LIFO | No | Yes |
| Perpetual Inventory Valuation | No | Yes |
Reporting
| QuickBooks | Odoo | |
| Profit & Loss | Yes | Yes |
| Balance Sheet | Yes | Yes |
| Cashflow statement | Yes | Yes |
| General Ledger | Yes | Yes |
| Tax Reports | Yes | Yes |
| Tax Audit Report | Yes | Yes |
| Pivot Table on Multiple Dimensions | Yes | Yes |
| Customizable Reports | Yes | Yes |
| Customizable Dashboards | Yes | Yes |
| Annotate Reports | No | Yes |
| Customizable KPI’s | No | Yes |
| Predefined Executive Summarys | Yes | Yes |
| Perpetual Fiscal Year Closing | No | Yes |
