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Odoo 17 Accounting and Xero are two popular accounting software solutions designed to help businesses manage their financial operations. Odoo 17 Accounting is a comprehensive, all-in-one solution that integrates various business applications, while Xero is a cloud-based accounting software focused on financial clarity and ease of use.

Key Features Odoo 17 Accounting

• Highly customizable with a modular app system
• Seamless integration between various business functions (e.g., accounting, inventory, sales, and purchasing)
• Advanced features for larger companies, including multi-currency support and centralized rules framework
• Supports global financial reporting and compliance
• Offers a wide range of modules, including payroll management, security, reporting and analytics, and customization

Xero

• User-friendly interface and easy learning curve
• Real-time financial data and cash flow management
• Automated bank reconciliation and invoicing
• Supports multi-user access and customizable user permissions
• Integrates with third-party apps for extended features

Pricing

Odoo 17: Accounting: Pricing varies depending on the edition and modules chosen, with a starting price of $13/month (Early) and up to $50/month
Odoo 17: $50/Month includes Accounting, Contacts, CRM, Email & Social Marketing, Inventory, Point Of Sale, Manufacturing and the entire suite of Apps.
Xero: Pricing starts at $13/month (Starter) and goes up to $36/month (Premium)

User Ratings

• Odoo 17 Accounting: 9.1/10 (Usability)
• Xero: 8.8/10 (Usability)

Read our Odoo vs Xero Whitepaper

Our Consolidation App creates financial statements based on mapping accounts from different companies. You can even import trial balances from other financial systems and consolidate Odoo and non-Odoo company information.

It streamlines the process of accounting consolidation between different companies and supports advanced features such as:

• multiple periods and sub-periods

• groups and subgroups (like a standard financial report) to roll up balances
  

• restating based on several currency conversion methods - closing rate, average rate and historic rate (actual rate)

• flexible ownership / control scenarios - when less than 100% of a company's balance or income needs to be consolidated

• quick account mapping when charts of accounts are not identical between companies

• ability to exclude accounts and/or entire journals so intercompany transactions are pre-eliminated

• multiple adjustment columns (not impacting the GL) to further modify the consolidated balances, add late information, etc.
  

• sub consolidations for complex multi-tier, parent/child/grandchild or peer/subsidiary business unit organizational structures

• quick re-calculation if any of the underlying ledger data is updated

• ability to define consolidations prior to having audited underlying financials

• exportable to Excel with a single click
  

The best approach we have found is in phased steps. How are you doing consolidated reporting? How Many Corporate Entities do you have. These questions will typically guide the approach which a lot of the time, suggests a four stage initiative:

•  1. Assess your chart of accounts to map to Odoo accounting
•  2. Transition your cart of accounts to Odoo
•  3. Duplicate your current consolidated reporting OR Establish new reporting
•  4. Phase-in Odoo By Corporate Entity

We develop a custom plan for your company addressing your requirements & is within your budget contraints.

Odoo automates business processes like approvals, notifications, reminders, reconciliations, and more. This reduces time spent on administrative tasks and eliminates reliance on spreadsheets. Odoo workflows enhance productivity across sales, purchases, inventory, accounting, projects, and other operations.

If you're only planning to use Odoo Accounting and no other apps, then it's completely free albeit without support.

However for all the other apps, when you sign up with Odoo.com you get a free 14 day free demo. As a certified expert partner, we can extend that time if more time is needed.