Introduction to Bill.com & Odoo Integration
Accounting is an organizational resource into which every organization puts enormous effort. Accounting management has a tiny margin for errors as a single mistake can put the organization into difficult legal situations. Businesses need to keep track of various B2B transactions, sales, and expenditures. These companies manage their financial transactions with different account-management software.
Small to large-scale businesses use Enterprise Resource Planning (ERP) Software to manage their organization’s resources. Odoo is one such ERP. It is a suite of open-source software. Odoo can handle organizational resources like finance, warehousing, e-commerce, and marketing.
All businesses have to manage a large volume of invoices and bills. Many software offer assistance to enterprises in managing these transactions. Bill.com is one such SaaS used for managing account payables and receivables. It automates the process of handling invoices and bills for an organization.
Bill.com is integral with different ERPs commonly used by businesses. Bill.com and Odoo Integration open up vast opportunities for boosting productivity. An enterprise gets to automate account management without porting to a different ERP.
This article is a guide to the integration of Bill.com and Odoo. We will take you through the process of integration and its benefits. Also, we will address some questions often asked in this aspect.
Features Of Bill.com
Bill.com has the Following Features:
- Bill.com offers invoice and billing services through a website-based and AI-powered Software as a Service company.
- It allows the generation of bills and automated payment of bills on Bill.com.
- It allows the storage of payment-related documents, like proofs and invoices.
- It integrates with various Enterprise Resource Planning software.
- It is well suited for small, mid-sized businesses or accounting firms.
- It offers different tiers of subscription to avail of its services. You can choose services related to payables, receivables, or both based on your needs.
Pricing:
Essentials:
The client can choose payables or receivables at a time @ $45/month. Integration is not available.
Team:
Apart from services in the Essentials plan, it offers integration with other ERPs @ $55/month.
Corporate:
Includes Payables and Receivables services in a single plan @ $79.
Custom:
Apart from services in the Essentials plan, it offers integration with other ERPs @ $55/month.
Users can only receive payments from other Bill.com users under the free tier.
Note:
For Integration with Bill.com, the customers (who bought our Bill.com Integration App), will require the application key. Please get in touch with the Silent Infotech Team to get access to the Application Key. Connect with our team on [email protected]
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Features Of Odoo ERP
Odoo ERP Offers the Following Accounting Features to its Users:
Management of Invoices
Odoo ERP allows the generation of invoices for sales, making printing or sending invoices to customers easier.
Customer and Vendor Management
Management of Customer and Vendor profiles becomes easier with Odoo. Their details get updated easily across third-party software directly from Odoo.
Easy Recording of Documents
Odoo records documents like invoices from vendors, contracts, and proof of payments for future use in generating reports.
Management of Recurring and Batch Payments
For regular merchants of a business, Odoo can set recurring payments at specified intervals and pay them timely. Multiple invoices from the same vendor can be grouped in a batch and settled together.
Scheduling Payments
Odoo has a scheduler feature that can set bills for settlement in the future. This feature can help avoid delays in bill settlements.
Integration with Bank Accounts
You can link your Odoo account with your bank account and reflect transactions directly into it.
Automation of Actions to Perform in Case of Payment Issues
Odoo can manage follow-ups on late payments and send payment reminders.
Generate Reports for Accounting, Sales, and Taxes
Businesses need to reconcile their data from time to time. Odoo helps enterprises in the analysis of data by generating various reports. These reports can easily be fetched to other Odoo apps for data warehousing.
Are You Looking To Integrate Bill.com With Your Current Software? Silent Infotech can help.
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The Mechanism of Bill.com and Odoo Integration
The working of Bill.com and Odoo Integration has two aspects. They can interact to manage Vendor profiles and Account payables and Receivables. Let us break these aspects down.
Vendor Management
Businesses need to keep track of transactions with a multitude of Vendors. Timely payments play a crucial role in maintaining healthy relations with vendors. To keep track of the vendors and their bills, Odoo and Bill.com work together to automate the process.
The workflow of vendor management is as follows:
- Vendor profiles are created in Odoo and shared with Bill.com.
- These vendor profiles contain information about vendors like names, contact information, physical address, and bank details for payments.
- Bill.com has a separate database for vendor profiles with unique bill IDs.
- These Bill.com IDs get shared with Odoo for future transactions with the vendor.
- Any change in the vendor profile in Odoo gets communicated to Bill.com.
- Bill.com generates bills only for vendors integrated with it
The next aspect is the management of bills and invoices.
Payable & Receivable Management
Great stories are for everyone even when only written for just one person. If you try to write with a wide, general audience in mind, your story will sound fake and lack emotion. No one will be interested. Write for one person. If it’s genuine for the one, it’s genuine for the rest.
Odoo integration with Bill.com gives automated payment management. You can generate bills and schedule payments for future dates. After creating a vendor profile, any bills forwarded by them get paid automatically. The process involved is as follows:
- Bill received from vendors first entered Odoo. It generates a final bill by attaching necessary documents about the vendor that gets forwarded to Bill.com.
- Bill.com generates a bill and an ID for it.
- This Bill ID gets linked to Bill.com Vendor ID.
- Odoo has a scheduler that regularly checks Bill.com for paid and unpaid bills.
- The scheduler pulls these bills and updates their payment status. It schedules new ones for payment in the future.
- Bill.com processes the payment on the due date, and the scheduler updates the payment status of the bill.
Integrating Odoo with Bill.com also allows you to receive payments from your clientele. It involves the creation of a customer profile that gets shared with Bill.com. It generates invoices for receivables. After the settlement of these invoices, the payment status changes. This way, you can manage your accounts easily with Odoo-Bill.com integration.
Are you looking for a reliable Odoo Developer to help with Bill.com Integration?
Look no further, Silent Infotech team can help you with custom integration. Our Odoo Expert can help with Bill.com integration.
What are the Benefits of Bill.com-Odoo Integration?
Using Bill.com and Odoo integration offers many benefits to enterprises. Take a look at some of them:
Automated Account Management :
The process of managing account payables and receivables, keeping track of payments, and storing documents get automated with the Odoo-Bill.com integration. Less need for human intervention allows businesses to divert human resources to other aspects of the enterprise. Automation saves time and makes the process of accounting fast. All the data regarding vendors and payment status gets synced in real-time, reducing the scope of errors. Automated storage of documents builds an error-free ledger for future reference.
Easy Management From Odoo ERP:
Businesses do not need to manage bill.com databases separately. Customer and merchant profile management and syncing payments between the two software get easily handled from Odoo ERP.
Automated Follow-ups for Invoices :
The integrated system allows businesses to automate actions in case payment issues arise. Enterprises do not need to pay attention to every minute detail regarding payments and let the system handle them.
Automated Bill Payment:
Missing payments to vendors is a blunder for any business. Moreover, the timely collection of payments from customers is crucial to maintain cash flow. Odoo integration with Bill.com allows business firms to schedule recurring and non-recurring payments for every vendor and avoid missing any payments.
Conclusion
Account management gets easy with the integration of Bill.com with Odoo. Both software work together to reduce the need for human intervention in account management. With the automation of the process, a firm can allocate time and resources to other aspects of its business. Odoo-Bill.com integration offers a robust automated system for receiving payments from customers and making payments to vendors. The process of integration of Odoo and Bill.com is simple and smooth. Many online services offer assistance in the integration of Odoo with Bill.com.
Better payment management maintains the trust of vendors and the business and lets it flourish. For better accounting, using Bill.com with Odoo integration is an excellent decision for any business.
FAQs Related to Odoo - Bill.com Integration
You can either create a vendor bill or upload vendor bills in the form of pdfs to Odoo. If you want to create a Vendor bill manually, you can do so from the application dashboard. If you have received invoices from vendors in pdf format, you can create a vendor bill just by uploading the pdf to Odoo. Further, you can fill in details from the uploaded pdf to the bill window or choose for digitalization of the invoice. Using AI, Odoo reads the invoice details from the pdf and generates a new vendor bill. You can also add different documents to it. In the case of Odoo-Bill.com integration, vendor bills get automatically pushed to Bill.com.
Enterprises can send payment invoices to their customers via emails and collect payments through payment-processing services like Paypal, Atos Worldline, and Stripe. It can be a pain to send reminders to customers in case of late payment. The process gets automated with Odoo, where you can send regular follow-ups to customers whose bills are unpaid. These follow-ups can include automated emails and letters. A business needs to create a template for follow-ups. The system handles them itself after exceeding the due date.
For mid-size businesses, the Corporate and Custom plans are suitable as you can avail of receivable and payable services under one subscription plan. If you are a small business that does need Bill.com only for invoice generation or bill payments, you should go with smaller subscription plans.
Bill.com is a legitimate and secure service that businesses can use for managing account payables and account receivables without worries. It uses Transport Layer Security(TLS) and encryption to send and receive data.
Enforcing strong password protection and Two-factor Authentication, Bill.com keeps user data secure on its servers. Any session gets logged out automatically after a period of inactivity. The service has to undergo SOC 1 and SOC 2 Type II Audits annually. The third-party vendors for credit card payments are PCI-certified. Also, Bill.com has taken measures to avoid the illegal use of its services.
Choosing a subscription plan depends on the needs of your business. The Essentials plan @ $45 is suitable for enterprises that do not need to integrate Bill.com with other software and need the service for managing payables or receivables. The integration feature is not available in this tier. Also, its services are for only payables or receivables under a subscription. The Team plan @55 offers services similar to the Essential plan along with integration with third-party software available. You can use the service with ERPs like Odoo that manage your business resources.
Jignesh V
Jignesh Vaghasiya, COO of Silent Infotech, is a technology visionary with a passion for innovation. He has deep technical expertise and a commitment to client success to drive the company's growth. His relentless pursuit of new technologies, combined with his process-focused approach, has led to innovation and technology implementations that boost business outcomes. Jignesh's ability to connect with people makes him the ideal partner for onboarding new clients and fostering strong business relationships.
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