The evolution of industries is inevitable. Accounting as an old social science is no exception to the rule. From slate to paper, from complex spreadsheets to simplified software, this transition is based on improving the access and order of business’s financial information.
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The approach, which involves using software and other technological tools for accounting, allows companies to capture financial transactions and update their records in real-time, as opposed to the traditional batch processing method. This way, the concept of Real-Time Accounting arises as a modern method where financial data is recorded and processed as it occurs, providing up-to-date and accurate financial information at any given moment and benefiting businesses thanks to:
- Improved financial visibility and control;
- Faster decision-making;
- Better compliance with accounting standards and regulations;
- Developing the habit and ability to monitor financial performance and identify growth opportunities.
Furthermore, the modern approach is particularly useful for businesses with complex financial operations and can help streamline accounting processes, reduce errors and inaccuracies, and improve overall financial performance.
Odoo is a comprehensive business management software with a standout feature of real-time accounting functionality. This adds incredible value to users, allowing them to rely upon the accuracy and timeliness of the financial data to guide their actions. These are some of the reasons for the partnership between Odoo and KPMG.
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KPMG - Who are they?
KPMG is one of the "Big 4" accounting firms, being recognised as a large and prestigious company in the industry. Formed in 1987 from the merger of Peat Marwick International and Klynveld Main Goerdeler, KPMG offers professional audit, tax, and advisory services to clients worldwide.
KPMG and Odoo: The Foundation of the alliance
