Transforming BSEZ's Accounting and Project Management with Odoo ERP Solution
BSEZ, was facing accounting challenges, sought solutions to address advanced payment, loan management, and other basic accounting difficulties. They also identified the need for a Project module to streamline their daily operations and tasks. To tackle these issues, the Odoo ERP platform proved to be the perfect fit for managing their business operations efficiently.
To cater to BSEZ’s unique needs, we successfully implemented and customized Odoo, taking advantage of its user-friendly interface and extensive functionalities. Our objective was to deliver a tailored solution that seamlessly blended ease of use with comprehensive capabilities, empowering BSEZ to overcome their accounting and operational hurdles with ease.
- BSEZ required an ERP solution to automate their accounting processes and project tracking.
- Challenges included tax and TDS calculations, advanced payment tracking, loan management, and multi-currency reporting.
- The company opted for Odoo as their ERP system of choice.
- Basic accounting difficulties encompassed various tasks, such as bill generation, payment processing, and customer invoicing, which were performed manually and prone to errors.
- BSEZ needed a system that could handle advance payment management, which involved tracking payments made by clients before invoice generation.
- Loan management presented a challenge, requiring automated processes to handle loan installment schedules and payment tracking.
- The absence of a project module led to inefficient tracking and management of daily operations and tasks.
BSEZ lacked an ERP solution and relied on manual methods for bill generation, payment processing, customer invoicing, and initial asset depreciation.
To automate their accounting system, we (Brain Station 23) implemented Odoo as a comprehensive solution.
The initial challenges included tax calculation and TDS calculation, which were configured based on different product types. Furthermore, BSEZ required a loan management system and an advanced payment tracking system.
Tax Calculation and TDS Configuration: The initial problem of tax calculation and TDS calculation was addressed by configuring the system to accommodate the different tax calculation methods based on the product types.
Vendor Bill Payment and Tax Integration: We developed a customized payment system in Odoo to handle vendor bill payments and tax submission. We simplified invoice (challan) issued by the government for tax payments, streamlining the entire process from bill payment to tax deduction and payment submission.
Loan Management System: We developed a customized loan module to automate loan installment schedules and payment tracking. This module ensured timely payments of principal amounts by running loan installment schedules continuously.
Advanced Payment System: A new system was introduced based on accounting rules and regulations to manage advance payments made by clients. This system enabled the tracking of payments given before invoice generation.
Multi-Currency Functionality: As BSEZ used both USD and BDT currencies, the ERP system incorporated multi-currency features. We regularly updated exchange rates and provided a log of currency exchange adjustments, ensuring accurate financial reporting and loss adjustment.
Standard Operating Procedures and Project Module: To streamline the company’s regular processes, including task creation and approvals, an ERP-based project module was implemented. The system incorporated a hierarchical based approval system according to their requirement, ensuring efficient tracking of projects from start to finish. This module automated regular activities, making the overall process more visible and structured.
- Increased Efficiency: Automation of manual processes such as bill generation, payment processing, and customer invoicing reduces the time and effort required for these tasks.
- Accurate Tax Calculation: The configuration of the ERP system allows for accurate tax calculation based on different product types. This ensures compliance with tax regulations and eliminates errors in tax calculations.
- Streamlined Vendor Bill Payment: The customized payment system in Odoo simplifies the vendor bill payment process. The issuance of challans for tax payments to the government ensures transparency and adherence to legal requirements.
- Improved Loan Management: We created a customized loan module to automate loan installment schedules and payment tracking. This module ensured timely payments of principal amounts, reducing the risk of missed payments and associated penalties.
- Effective Advanced Payment Tracking: The introduction of an advanced payment system to manage advance payments made by clients based on accounting rules and regulations. This system allowed tracking of payments before invoice generation. Thus, provides better control and visibility over advance payments, reducing the chances of payment inconsistencies.
- Enhanced Multi-Currency Support: Since BSEZ used both USD and BDT currencies, our ERP system incorporated multi-currency features. It provided regularly updated exchange rates and a log of currency exchange adjustments for accurate financial reporting and loss adjustment.
- Streamlined Standard Operating Procedures: To streamline their regular processes, we introduced an ERP-based project module that simplifies task creation, approvals, and overall project management. It ensured efficient tracking of projects from start to finish, making the overall process more visible and structured.
- By implementing Odoo ERP, BSEZ witnessed a remarkable transformation—from tedious manual processes to streamlined efficiency.
- Automation improved their productivity and efficiency in the accounting department.
- ERP ensures precise tax calculations, ensuring compliance and eliminating errors.
- Customized payment system simplifies vendor bill payments and ensures transparency.
- The project module streamlines project tracking, improving coordination simplifying the overall project management process.
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Services We Provide
Brain Station 23 is focused on delivering tailored services to meet the unique needs and expectations of their clients. Here we provided ERP Solutions to our client.