Accounts Payable & Receivable with Odoo and Bill.com Integration

Why Automate Both Payables and Receivables?

Accounts receivable and accounts payable automation for small businesses can be highly beneficial in bringing business transformation. When AP and AR are integrated into Odoo and Bill.com, it helps to gain a more centralized approach to the business cash flow. 

Some of the top benefits of accounts receivable accounts payable automation are as follows:

1. Ensures Timely Vendor Payments

Automated accounts payable workflow can ensure that the invoices will be reviewed, approved, and paid on time. This helps to strengthen vendor relationships, which can pave the way for getting discounts in the future. Furthermore, through this, late fees and penalties can be waived. 

2. Improves Customer Collections

Accounts receivable automation sets up reminders for customer collections. With a sped-up invoicing process and streamlined follow-up, businesses can collect faster payments from customers while reducing outstanding balances significantly. This reduces days sales outstanding too. 

3. Avoid Cash Shortages and Overages

Accounts receivable and accounts payable automation for small businesses helps to get real-time insights, helping to predict cash flow. The increased visibility can drive accuracy, making forecasting easier. As a result, it can be highly efficient for smarter decision-making for upcoming expenses and investments. Improved financial planning can help to overcome cash shortages and overage risks. 

4. Reduce Human Errors and Fraud

Manual data entry can increase the risk of duplicate payments, fraudulent transactions, and even missing invoices. This can disrupt the entire business function. Automation can standardize the workflow with role-based access and built-in system integrations. Not only does this play a crucial role in reducing business risk, but it also maintains financial integrity. 

5. Maintain Audit-Readiness and Compliance

Automated accounts payable process can ensure regulatory compliance. A digital audit trail with timestamped approvals and payment records backs the transactions. Furthermore, all the records are audit-ready, bringing consistency across documentation and policy enforcement. This makes it easier to present the documents in case of tax audits, internal compliance checks, or investor reviews. 

Accounts Payable (AP): Odoo + Bill.com

Bill.com generates the invoices and syncs all the data with Odoo after integration. This accounts payable automation for small businesses reduces the risk of manual errors such as double or duplicate entries, paving the way for efficient bookkeeping.

Key Features:​

1. Automated Invoice Capture

The invoices received from vendors are digitized on Bill.com’s OCR, and data is synced to Odoo. 

2. Custom Approval Workflows in Odoo

Odoo is already configured for multi-level approvals based on department, vendor, and amount. Once the digitized version of the invoice is received, the set workflow is triggered.

3. Real-Time Payment Scheduling

Invoices approved in Odoo will have payment scheduled via Bill.com using the accepted payment methods (wire, ACH, checks). Depending on your business cash flow, you can set up the payment to be manual or automatic.

4. Audit Trails and Compliance

All the actions, like invoice approval, rejection, or payment, are logged and tracked in Odoo and Bill.com for better compliance for future audits.

Accounts Receivable (AR): Odoo + Bill.com

For accounts receivable, Odoo initiates the action, and Bill.com proceeds with the process of customer interaction and payment. The data collected in Bill.com throughout the invoice lifecycle is then linked back to Odoo to maintain transparency of business financial records. 

Key Features:

1. Automatic Invoice Generation in Odoo

Invoice is automatically generated in Odoo as per subscription, services, and orders. Then, the invoice is sent to Bill.com automatically. 

2. Customer-Friendly Payment Options

Bill.com provides customers with various options for payments. Automated payment reminders are sent for upcoming or overdue invoices.

3. Real-Time Payment Reconciliation

After the payment is received in Bill.com, the data is synced to Odoo and reconciled with the generated invoice.

4. Customer Communication Logs

Customer communications like payment follow-ups and reminders are tracked via Bill.com and then synced to Odoo. 

Combined Workflow Overview

Silent Infotech integrates a combined workflow for the accounts receivable and accounts payable process. This includes:

Accounts Payable:

• Vendor sends invoice
• Invoice captured by Bill.com and synced with Odoo
• Odoo begins the approval process flow
• Bill.com pays the approved invoice
• Payment confirmation on bill.com synced with Odoo

Accounts Receivable:

• Odoo prepares customer invoices. 
• The invoiceBill.com sends the invoice. 
• Customer payment is made via Bill.com. 
• Payment received and confirmed information synced in Odoo. 
• Confirmation status updates in both systems.

Accounts Payable and Receivable Solutions | Silent Infotech

The Odoo professionals at Silent Infotech streamline the entire automated accounts payable process for businesses. This maintains your financial workflow while reducing errors. Here's how the experts do it:

1. Invoice Syncing

Through invoice syncing, it is ensured that the details flow between Odoo and Bill.com simultaneously. Whether the data is being dealt with accounts payables to vendors or accounts receivables from customers, every data is synced in real-time. This reduces the risk of duplicate entries and updates financial records in both systems. 

Invoice syncing is done by:

• APIs are used to implement the two-way logic syncing. 
• Invoice details (vendor names, tax codes, and invoice numbers) are mapped between platforms. 
• Duplicates, mismatches, and other exceptions are handled with proper alerts. 

2. Custom Approval Chains

Since standard rules do not always work for the process, automation can be of great help. The automated accounts payable process through Odoo will be updated via the custom approval process. The details will appear in the internal controls of the business. 

Depending on the business requirements, customization in Odoo's workflow will determine the validation of each invoice. Therefore, multi-level approvals will also be based on vendor category, invoice amount, and project budget. 

Key features of custom approval chains help in sending automated reminders and escalations for pending approvals. Furthermore, businesses get real-time updates. The workflow is specified based on department or location. 

3. Payment Reconciliation 

The payment process is simplified, automated, and reconciled across both systems. Whether the payment is made via Bill.com or Odoo, information will be collected and synced with the other platform. Therefore, accurate cash flow is maintained through auto-matching of payments. 

The real-time reconciliation system is reflected in Odoo. Both partial and complete payment information is synced. Different types of payment methods are supported, such as wire transfers, credit cards, ACH, and more. 

4. Multi-currency Setup

Businesses operating globally often need a multi-currency setup. Odoo and Bill.com simplify the complex multi-currency setup. Through the integration, various components can be tracked, such as exchange rates, currency-specific workflow, and gains and losses. 

For multi-currency features, Silent Infotech helps with

• Automatic exchange rate updates
• Currency-specific journals and accounts
• Country-specific payment compliance and routing
• Gains and loss calculations

5. Audit Controls

Compliance is essential for businesses across regulated industries for accounts payable process. Odoo-Bill.com integration plays a key role in getting comprehensive audit access. Every action by the AP automation companies is traceable. This helps to drive control for protecting sensitive financial data for approving or changing transactions. 

The compliance tools by Silent Infotech help in

• Getting detailed activity logs and audit trails in the systems. 
• Documents version history and tracks changes. 
• Role-based permission for every workflow stage. 
• Secures access policies aligning with industry regulations (like GAAP and SOX)

Conclusion

With streamlined Odoo and Bill.com integration, Silent Infotech aims to automate the accounts receivable accounts payable process to make it easy for your business. Through this integration, you get complete control over your business. As every process is automated, the risk of manual errors is significantly lower. With the saved time of repeated tasks, you can focus on the core functionalities of your business. Thus, partnering with Silent Infotech can optimize and simplify the financial workflows of your business.