OpenERP Accounting In India

India is one of the fastest growing economies in the world, and same for the IT market also. World biggest IT companies are in India and in top 100 fortune companies you can found office of them in India. The reason for this according to some industrialist is that in India the percentage of youth that is employed or ready to get employed is more than any other countries. Talking about OpenERP whose headquarter of development in India is in Ahmadabad (Gujarat), the market for OpenERP in recent time in India is growing with very fast rate. In the department of contribution in the enhancement and development of modules and functionality, we have good contribution.

In India few specific modules are in very demands like Sales, Purchase, Manufacturing and Accounting. Although India is called the hub of IT companies but manufacturing industries are not behind the frame in the matter of implementation of Open ERP, most of the ERP system in the world that are running are in manufacturing industries.

Industries want such a system that can easily configure, modified according to them and they can upgrade it whenever they want, specifically without any charges. This is the icing on cake OpenERP is a open source ERP system that you can download without any charges, use it and if you think this system fulfill your requirements then you can configured the existing system according to your firm or you can ask for specific development if you have any, that most of firm has, more or bit development configuration, that for which Open ERP charge you.

Features of OpenERP

The strongest feature of OpenERP is its accounting. Now a day Tally people also using OpenERP for managing their clients’ accounts, it’s amazing but it is completely true that OpenERP overshot the Tally for accounting.

Accounting in OpenERP.

  1. Reconciliation feature: You can reconcile your bills and payments.
  2. Double entry system: Double entry system give you feel of exact bank system.
  3. Multiple currencies: Support multiple currencies.
  4. Multiple companies: Support multiple companies, more than one chart of account is possible.
  5. Multi lingual: OpenERP is internationalized product and it come with multi-lingual support.
  6. Full and partial payments: It provides you the functionality of full and partial payments.
  7. Multiple Taxes: OpenERP support multiple taxes, child taxes and also tax on taxes.
  8. Fully automated process: Invoice is created as soon as purchase and sales orders are confirmed, it also provide efficient back tracking to track sales order or purchase order from invoice.
  9. Support with more than 50 extra module to enhance the accounting.
  10. Specific chart of account: According to country specific chart of accounts are available.
  11. Budget management: You can manage your budget according to users, projects etc, it give you the balance sheet according to your configuration.
  12. Bank interface: Completely automated interface with banks, to generate invoice and maintain the bank statements.

Indian chart of accounts OpenERP

Comparison between Tally 9 and accounting OpenERP

Only considered feature of Tally 9 for comparison

Features Description Tally 9 OpenERP
Payroll Salary structures Easily configure Easily configurable and effective to manage
FBT Challan management Automatic calculation Under development
VAT Composition Returns Voucher entry Support voucher entry & printing Full functionality of vouchers & reports
Excise for Dealers Purchase invoice & duty credit availed Generate invoices Generate invoices & full accounting entry
TDS TDS ledgers TDS ledgers As much as ledgers you can define
Synchronization Data transfer Between 2 or more location Can access from any part of world
E-mail Report & document directly Mail from tally Fully centralized system
Publish Print reports Html Html, PDF etc
Direct web browsing Access internet No need to switch applications Running on web or local system
Exchange data Data sharing Provide data sharing Fully centralized, can access from any where
ODBC connectivity Complement with MS word & MS excel Provide connectivity with limited ways Provide wide range of connectivity, with different API
Multilingual Support Multi language support Tally available in many different Indian language apart from english Internationalized product with more than 35 languages

After comparing OpenERP with Tally 9 with its own features, you can easily figure out why people want to switch to OpenERP from Tally, but obvious if someone beat you in your area of knowledge than no doubt he is better than you, taking into consideration that there is still some more points to be taken into account.

What about reimbursement?

What about reconciliation? And bank statements?

What about licensing? And number of users?

For all this question the only answer is OpenERP.

The other module that increases the functionality:

Sales management: Manage the sales of goods and services, fully integrated with accounting. In new version customers and suppliers are already integrated with sales and accounting. No need of any other module.

Purchase management: Manage the purchasing of goods and services, this module is also fully integrated with accounting.

Stock management: Manage the stocks, it is also a double entry system, provide full traceability.

CRM: Customer relationship management provides the functionality to build strong relationship with customer, with lead managements.

HR: Human resource management provides the functionality to manage the resources more efficiently. Time sheets and holidays managements are some feature of its.

Project managements: The success of any company depends, how good you are in projects and tasks managements, time utilization, resource consumptions and OpeneERP manage this very efficiently.

Various Functionality of OpenERP

OpenERP Dev at E-nova Technologies

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One Response to “OpenERP Accounting In India”

  1. [...] Daily Update wrote an interesting post today. Here’s a quick excerptThe strongest feature of OpenERP is its accounting. Now a day Tally people also using OpenERP for managing their clients’ accounts, it’s amazing but it is completely true that OpenERP overshot the Tally for accounting. … Related Posts:Yendo: A Useful Alternative For Small Business AccountingAccounting correction help | Intuit CommunityQuickBooks Tips and Tricks | QuickBooks Help: Intuit Academy …Intuit 2020 Report Depicts Future of the Accounting Profession …Business Accounting Software | Intuit And Salesforce Partner Up … Read the rest of this great post here Related Posts:Arrow Prayers: AccountingPragmatic Blog – OpenERP: OpenERP Bookkeeping and Accounting ServiceIntuit 2020 Report Depicts Future of the Accounting Profession …What's new in OpenERP 6.0 Accounting ? | Fred Blauer and …Mantavya Gajjar: Want to setup OpenERP Accounting module ? Posted in Uncategorized You can leave a response, or trackback from your own site. [...]

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