When your company grows financially and gets bigger in size, it becomes necessary for you to monitor your financial accounts precisely and review them all at a regular interval. Odoo Consolidation module is particularly effective in this regard. It helps simplify the consolidation process.
Subsidiary firms generally have several financial accounts that are consolidated with the parent company during the consolidation process.
What Is Consolidation?
The consolidation process includes the merger of more than one element into a single entity in accounting. Have to say, it is indeed a complex procedure because it requires special monitoring while merging.
After the consolidation of financial statements, the assets and liabilities of the subsidiary firms are handed over to the parent company. It takes total control over the subsidiary firms.
Earlier, the consolidation process used to be done manually by the people associated with accounting and financial departments. As a consequence, they develop confusion and lead them to make errors.
Now, it is time to explore the features and benefits of Odoo consolidation module in this blog.
Efficiency always pays off. Hence, efficiency is essential for the growth of all kinds of businesses. With the Odoo Consolidation module, it becomes much easier for you to view the reports in detail, making your review process quicker. All financial statements of subsidiary firms are clearly visible to you.
Allow Easy Formation of New Consolidation
Creating a new consolidation analysis is not a tough task in the Odoo Consolidation module. It is an easy job. You don’t need to invest much time to create a new consolidation. It is so simple. Simply click on the CREATE button. You will get a new page after clicking on the create button. Enter the name of the consolidation and target currency in the specified fields.
In the dashboard, you can view each aggregated account data, through which you can get easy access to the records. Odoo consolidation module helps you go through all the records directly from the dashboard.
Previously, consolidation took a considerable amount of time to complete. However, after the introduction of the Consolidation module, the process of consolidation witnessed celerity, which in turn saves you a lot of time.
Easy to Create a New Account Group
The Consolidation module helps you with creating a new account group. You can use the Edit button to edit the details if required. The creation of the account group makes it easy for you to analyze the reports quickly. Consolidated accounts are grouped into different account groups and subgroups. You can choose the parent account group where all accounts will be saved.
The consolidation module of Odoo is the perfect fit for companies with multiple subsidiaries located in different countries. With the help of this module, authorized persons can consolidate finances in a proper way.