Separate Accounting and eCommerce Systems will Cost You Money
How Odoo can Help You Make More Money by Simplifying Processes and Automating Tasks
Any online business owner can effectively manage their accounting using Odoo. Both eCommerce and Accounting apps are completely integrated, with a centralized database that is updated in real-time.
Odoo’s all in one software eCommerce and Accounting modules are amazing solutions on their own, but together they open a realm of possibilities you never thought possible.
Odoo eCommerce application.
Most ecommerce businesses have an ecommerce platform for their stores and an independent system to manage their finances. They waste time manually recording all their customers’ website purchases in the accounting software.
Odoo Accounting Dashboard.
If you have one platform to host your website and a separate system to handle your accounting, mistakes are bound to happen. It’s very inefficient because the time you spend looking for the correct information, you could have used to solve your customer’s problem.
And that’s assuming the information is correct and up to date. If that’s not the case, you have an unhappy customer.
The manual labor of business owners: why do you type in the same information over and over again?
While you waste time copying information from one place to another - in an effort to keep everything consistent and updated - you take time away from more productive tasks. Perhaps the systems you use are really good at their job, but the extra work you have to do is tiring and dull.
You’ll have to make the time to review the updates many times to make sure it’s accurate. Otherwise, you won’t be able to track your income, expenses and budget properly, or provide receipts.
A new campaign will have to be put on hold until you have all the information about your customers' habits. A customer has to wait a few hours before you can provide a simple answer because your data is scattered in different places. And important business decisions will take longer, as you compile all your relevant data from different sources.
In other words, opportunities will be lost and customers’ trust in you will waver.
There is also the danger of inaccuracies or loss of information in the process. Sometimes you’ll just be tired and, after a while, copy information from the wrong place or enter the wrong data, for example a value of 31 instead of 13, without noticing.
Typing even just one wrong value will affect the final result. This in turn, will lead to audits and penalties or the loss of tax benefits. The last thing you need is the IRS or HMRC poking around and finding new ways to make you owe them money.
So, it’s time for change, with accounting software for ecommerce business ventures.
- Access information from anywhere with the mobile app.
- Save time with automated processes and easy reconciliation.
- Take control of your bills and expenses.
- Live bank feed and import of statements (OFX, QIF, CSV, Coda).
Accurate data can increase your revenue up to 95%
You already know that acquiring a new customer is a lot more expensive than retaining your existing customers. It is five to 25 times more expensive to convince someone new to buy your product. And why would you spend up to 25 times more, when retaining your customers is cheaper and more profitable?
A Harvard Business Review article claims that “increasing customer retention rates by 5% increases profits by 25% to 95%”. Don’t let a misplaced invoice or a mistake in a record take away your profitable customers.
For ecommerce, where you don’t have face-to-face interaction with your customers, providing the best experience and customer service are key to retain your customers.
Not only that, but they’re more inclined to choose a business where they’re recognized by name, by their history and preferences. You must have all the collected information about each customer, at hand.
Let’s pretend that you have a retention rate of 10% and your monthly income is an average of £2,000. To increase your retention rate by 5%, you’ll have to spend £100 every month. We’re going to be conservative and say this will increase your profits by only 25%.
By the end of the year you’ll have invested £1,200 on customer retention, and over that time the usual £24,000 turned into £30,000. Not bad, right?
If you manage to increase it by 95%, even better. That’s £3,900 every month, £46,800 after 12 months.
If your customer retention continues to grow, your yearly income will as well. However, if you can’t keep your customers because of bad business decisions and misplaced information, you’re losing £6,000 every year (or worse, £22,800).
Having a fully integrated accounting software for ecommerce business like Odoo will help you retain customers and increase your yearly income.
Easily design your pages by dragging and dropping elements in the page.
Improve your customers’ shopping experience with interactive tools and access to information.
Know exactly where your product is. Track every stock move from supplier to customer.
Boost your sales. Upsell and cross-sell products, create promotions and more.
Make multiple shipping and payment methods available to your customers.
Sell on Amazon and eBay.
Why an Integrated System is the Best Option
A system where you no longer needed to go back and forth between platforms just to locate a piece of information, or had to insert information manually into different systems just to keep it consistent.
Sounds like an expensive thought, doesn’t it?
An Egyptian company, Ariika, chose Odoo as their ecommerce and accounting systems. They were managing their online business with WooCommerce and QuickBooks for ecommerce and accounting, respectively. These systems couldn’t support their vision “as it was not capable of managing all the information, the purchase orders, the inventory and reordering rules”.
After implementing Odoo as all in one software ecommerce companies can use, Ariika saw cuts in their monthly costs, enjoyed the benefits of automated work and benefited from simplified business processes. But, what makes it the best accounting software ecommerce merchants can consider, is that Odoo doesn’t have opportunity costs.
They found new revenue potential by controlling and adding new fields in their website as they wanted. This allowed them to open a new store with an ROI three times higher than expected.
“With Odoo, the business process has been simplified and a lot of the work automated. This leaves Hassan time to think about how to expand the supply chain, or increase the revenue streams in the UAE, or to come up with any other lucrative ideas.”
Ariika is not the only brand that benefited from Odoo’s accounting software for ecommerce business apps.
Fruity Chutes, thanks to the accounting app, has an overall vision of expenses and can filter them to have a more detailed insight. Odoo helped them “reduce the time spent on routine tasks and focus on what really matters: developing meaningful relationships with their customers.”
Nordika was able to take control of their business processes and reduce the manual efforts with automated and streamlined systems. They were able to track their inventory in real-time and get forecasts to manage procurement.
“Odoo provided us with the freedom to engage more with our customers. Not just from the time we save on business-related issues, but because of the tools Odoo provides we can communicate more effectively and solve more customer problems. We have saved so much time with their integrated solution.”
Dr. Juergen Kienhoefer, CEO & Founder of Wireless Cables. Source: Odoo.com
“Before Odoo we found ourselves overwhelmed with trying to keep track of our business through multiple spreadsheets.”
Gene Engelgau, CEO & Founder of Fruity Chutes. Source: Odoo.com
Want to know how Odoo’s accounting software for ecommerce business can help YOUR company? OdooGAP helps with customized setups.
To answer the last question, Odoo is an open source software, which means that you’ll never have to pay license fees on top of your subscription.
As you can see, an integrated system is a better solution than two or more independent systems. Odoo will help you simplify, streamline and automate your business processes. You can spend your time developing relationships with your customers and finding new opportunities to grow your online business.
5 reasons why you should make a change to Odoo
- Save money. No licensing fees. Forever.
- Your information in one place. Information is updated across all systems in real-time.
- Apps that adapt to you. Customize and personalize apps, modules and features to your liking.
- Easily scalable. Add new apps and modules as your business grows.
- Constantly evolving. You don’t need to wait around for an upgrade.
Today is the day to choose Odoo
Now, you’ll have to choose if you will continue wasting money on incomplete systems or invest in a flexible solution that replaces all the other systems. If you think you won’t choose Odoo because it doesn't cover a need that is essential for your business, think again.
There’s already all in one software ecommerce brands can benefit from. In addition, we at OdooGAP can develop a new feature because this software is flexible and easily adaptable. Odoo is an open, complete solution that will take your business to the next level.
We’ll give you a free assessment, with no strings attached, to understand your business needs.
On top of that,you’ll be able to access our own HMRC VAT module.
So, all you have to do is click on the button below and fill out the contact form. After we received your contact request, we’ll get in touch with you to plan how we’ll apply Odoo to your business.
Claim your free assessment. No strings attached.