Expense Management With Odoo 16

A well-managed expense budget is key to improving business efficiency within any organization, and a poorly managed expense budget can lead to frustration for everyone. An inefficient expense management process can cost you money, time, and energy, as well as frustrate your employees and management.

Expense module in Odoo is just as simple as it was eight years ago, despite Odoo having grown 10 times more. Odoo has added many features over the years, such as integration with next activities, email gateway integration, and mobile apps, which help employees and managers manage expenses more efficiently. And with Odoo-16, things continue to move in the same direction.

Let’s understand a few new features offered by Odoo expense, as well as a few general, generic enhancements to the user interface.

These features are the fact that Odoo expense now works with all taxes. In the past, you had to use taxes configured in a specific way. This is no longer the case. Now, Odoo has added a new assistant to enable split expenses. For example, if you have an expense that needs to be split around different taxation rates, such as alcoholic beverages versus meals in a restaurant receipt. Also, there are several smaller improvements made to the experience and the interface along the way.

Firstly, the expense products section has now been renamed to expense categories as it caused quite some confusion for employees when inputting their expenses. Another change that was introduced with Odoo-16 is that now there are several categories out of the box that make sense for most businesses, such as communication expenses, meals, gifts to customers or employees, etc.

In the past (with Odoo 15), you had to use taxes that were configured to be included in the price. This is no longer the case. You can select any tax that you want from your accounting system, but the expense application will still use them as if they were included in the price. That means that you don’t have to duplicate your taxes now to use them in Odoo expense, which was something that happened a lot if you were working in a business-to-business model, where most of your taxes were not price included.

One of the new settings that you can set up in the settings of your expense application is a default journal. In the past, every expense report had to choose or have its own, an expansion set, and the system will select the one for you, which made the most sense according to its rules. The problem, of course, was that you don’t always want the system to decide for you. Sometimes you want to have a sensible default, because you have created your expense journal, for example, in your accounting, for specific reasons.

With Odoo 16, you can also create en masse, several expenses at once by using drag and drop of PDF files. And if you use digitalization, it’s really useful, because it means that your employees just have to drop these values there and the expense dates and the amounts will be filled automatically. That way, they just have to fill in some details or some justification if they still need to. For example, if you have a business note that is for 60 euros and you do not want to re-invoice the customers for that at the moment, and if you look at the total of this expense, you will see that the 60 euros are not taxed homogeneously.

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In fact, some part is taxed at 21% and some part is taxed at 12%. Before Odoo16, what you had to do for these cases is simply input the expense twice in the system. That means duplicating everything, which can be a loss of time and energy for something that is rather simple. So Odoo has now added a splitting assistant that allows you to split your expenses according to different taxes.

This was mostly on the part of an employee. Now let’s go the manager part. The menus of the expense application are quite significantly simplified for managers. In the past, you used to have a menu for expenses that had to be validated, expenses that had to be posted or reimbursed, which meant that you had to do a lot of back and forth to find the data you wanted to find. Now, you can find the expense menu or expense reports in a single place from where you can manage everything. You can filter data in a gist by just filtering the statuses, employees, or category.

And something that Odoo changed and that is incredibly useful for managers in Odoo 16 is that now all the attachments, the documents that you provided as an employee to justify the expense are centralized on the expense report.

Odoo expense management has also simplified a little bit the reporting screens of the expense application. In the past, users used to have a lot of extraneous fields or confusing data which has been streamlined. There are also some generic changes to the Odoo graphs which can allow you to display cumulative graphs.

To Summarize it all –

• Odoo Expense now works with all taxes.
• We’ve also seen that we have a new expense splitting assistance to allow you to apply different taxes to different parts of an expense.
• We have the possibility to set up a default journal in the expense settings.
• As far as the experience and the interface are concerned, Odoo has reduced the amount of menus for managers.
• Odoo 16 has also simplified the screen and make it possible to do everything from one place for managers.
• The justification documents are now all centralized on the report itself.
• For employees, it has become easier with Odoo 16 to submit expenses by using the drag and drop feature in combination with the OCR.

Pragmatic Techsoft has many years of experience providing Odoo-ERP software for a diverse range of industries. We have helped our clients with customized Odoo ERP systems to achieve their specific business goals right from the earlier versions of Odoo. Our software solutions have propelled the business capabilities of numerous organizations across 50+ countries for over a decade. With a vast range of custom modules to accommodate different business functions, and competitive Odoo-pricing, you can optimize operations to their fullest potential. You can automate routine tasks and focus more on the things that need your immediate attention.

If you are planning to upgrade to Odoo 16 from any previous versions of Odoo, click here now to Talk to our Odoo experts.