Following our comparison of Odoo to Xero, this article will explore how Odoo stacks up against QuickBooks, another major player in the accounting software market. Both platforms offer robust features designed to streamline financial management for businesses, but they cater to different needs and preferences.
Introduction to Odoo Accounting and QuickBooks
Odoo Accountingis a component of the Odoo suite, an extensive open-source enterprise resource planning (ERP) system that encompasses a broad array of business applications, including CRM, eCommerce, inventory, and more. Designed to integrate seamlessly with other Odoo applications, it offers a unified solution for businesses in search of an all-encompassing ERP system.
QuickBooks, conversely, is a specialised accounting software primarily aimed at small to medium-sized businesses. It is known for its ease of use, comprehensive financial reporting, and a strong focus on accounting functionalities, making it a popular choice for businesses seeking a dedicated accounting solution.
Feature Comparison
General Accounting
- Supported Countries: Odoo supports over 80 countries, offering a more global solution compared to QuickBooks, which is more limited in this aspect.
- Access Rights: Odoo allows for customisable validation steps, providing more flexibility in managing access rights within the system.
- Third-Party Integration: Both platforms offer third-party integration capabilities, though Odoo's open-source nature potentially offers a wider range of integrations.
Accounts Receivable
Odoo and QuickBooks both offer advanced features for managing customer invoices, including advanced taxes, multi-step payment terms, and outstanding payments reconciliation. However, Odoo stands out with its ability to batch send invoices by email, post invoices by standard mail, and its incorporation of email discussion as attachments, offering a more comprehensive solution in this area.
Accounts Payable and Bank & Cash
Both systems provide functionalities for managing vendor bills and payments, with Odoo offering additional features like billing control and fleet bills management. In terms of bank and cash management, Odoo supports more advanced features like import statements and automated currencies rate update, indicating a more robust solution for financial management.
Extras
Odoo excels in offering additional functionalities such as analytic accounting, budgeting, payroll, and valuation, showcasing its strength as a comprehensive ERP system beyond just accounting.
Usability, Pricing & Conditions
- User Interface: Odoo is praised for its intuitive interfaces and ease of setup, making it suitable for users with diverse technical backgrounds. QuickBooks, while offering a specialised accounting solution, is considered less user-friendly and can be challenging to set up.
- Pricing: Odoo now employs a unified subscription model, charging a flat rate per user per month for access to its entire suite of apps (Standard subscription). This streamlined approach can offer value to businesses seeking comprehensive ERP solutions with the flexibility to scale. In contrast, QuickBooks maintains its subscription model focused on delivering core accounting services, catering to those in need of a more specialised financial management tool without the extensive ERP features.
- User Satisfaction: Odoo and QuickBooks both have strong user satisfaction ratings, with Odoo slightly leading in some areas. This reflects the high quality of both platforms, though preferences may vary based on specific business needs.
Based on the detailed comparisons provided by Odoo, here's a comparison table highlighting the key features, usability, and conditions between Odoo and QuickBooks.
GENERAL ACCOUNTING
General Scope | Odoo | QuickBooks |
Multi-currency | Yes | Yes |
Consolidation | Yes | No |
Multi-User | Yes | Yes |
Multiple Journals | Yes | No |
Number of Languages | 85 | 5 |
Supported Countries | 80+ | 1 |
Access Rights | Odoo | QuickBooks |
Access Rights per Screen | Yes | Yes |
Access Rights per Field | Yes | Yes |
Customizable Validation Steps | Yes | No |
Third Party Integration | Odoo | QuickBooks |
Availability of an API | Yes | Yes |
Spreadsheet Integration | Yes | No |
Import: Excel or CSV | Yes | Yes |
Expert: Excel or CSV | Yes | Yes |
Customer Portal | Yes | Yes |
ACCOUNTS RECEIVABLE
Customer Invoice | Odoo | QuickBooks |
Proforma Invoices | Yes | Yes |
Multiple Taxes per Line | Yes | No |
Advanced Taxes (fixed, tax of taxes, etc.) | Yes | No |
Discounts | Yes | Yes |
Pricelists | Yes | Yes |
Multi-Step Payments Terms | Yes | No |
Cash Discounts | Yes | No |
Outstanding Payments Reconciliation | Yes | Yes |
Emails Discussion as Attachment | Yes | No |
Configurable Email Templates | Yes | Yes |
Send Invoices | Odoo | QuickBooks |
Generate a PDF Invoice | Yes | Yes |
Batch Send Invoices by Email | Yes | No |
Post Invoices by Standard Mail | Yes | Yes |
Online Payments | Odoo | QuickBooks |
Credit Cards | Yes | Yes |
PayPal | Yes | Yes |
SEPA Direct Debit
| Yes | No |
Customer Statements | Odoo | QuickBooks |
Aged Receivable Balance | Yes | Yes |
Customer Statements | Yes | Yes |
Automated Follow-up Letters | Yes | No |
Automated Follow-up Actions | Yes | Yes |
Unpaid Fees and Penalties | Yes | Yes |
Third-Party Debits Recovery | No | No |
Recurring Revenues | Odoo | QuickBooks |
Automated Recurring Invoices | Yes | Yes |
Subscription Upsell / Renewal | Yes | Yes |
KPIs: Churn, MRR, Upsells, etc | Yes | No |
Alerts for Contract Renewal | Yes | No |
Miscellaneous | Odoo | QuickBooks |
Automated COGS Entries | Yes | Yes |
Automated Deferred Revenue | Yes | No |
ACCOUNTS PAYABLE
Vendor Bills | Odoo | QuickBooks |
Billing Control (Purchase Orders / Receptions) | Yes | Yes |
Multiple Taxes per Line | Yes | No |
Purchase Agreements | Yes | No |
Multi-Step Payment Terms | Yes | No |
Fleet Bills & Disallow Expenses | Yes | No |
Peppol / UBL Support | Yes | No |
Artificial Intelligence | Odoo | QuickBooks |
Bills OCR Recognition | Yes | Yes |
Learning Intelligence | Yes | No |
Payment Data from OCR | Yes | No |
Real Time OCR (<10 minutes) | Yes | No |
Vendor Payments | Odoo | QuickBooks |
Aged Payable Report | Yes | Yes |
Print Checks | Yes | Yes |
Automate Wire Transfer (SEPA) | Yes | No |
ACH Transfers | Yes | No |
Expenses | Odoo | QuickBooks |
Employee Expenses Report | Yes | No |
Expenses Validation Flow | Yes | No |
Mobile App for Expenses | Yes | Yes |
Miscellaneous | Odoo | QuickBooks |
Assets Management | Yes | Yes |
Bank & Cash | Odoo | QuickBooks |
Bank Interfaces | Yes | Yes |
Import Statements: QIF | Yes | Yes |
Import Statements: OFX | Yes | Yes |
Import Statements: CSV | Yes | Yes |
Import Statements: Coda | Yes | No |
Import Statements: Camt.053 | Yes | No |
Deposit Tickets | Yes | Yes |
Efficiency | Odoo | QuickBooks |
Reconcile while Matching | Yes | Yes |
Misc. Operations while Matching | Yes | Yes |
Automated Rules | Yes | Yes |
Bank Reconciliation Reports | Yes | Yes |
Automated Currencies Rate Update | Yes | Yes |
EXTRAS
Analytic Accounting / Grouping | Odoo | QuickBooks |
Analytic / Cost Accounting | Yes | Yes |
Multi-Level Analytic Accounting | Yes | No |
Multiple Plans | Yes | No |
Budgets | Odoo | QuickBooks |
General Budgets | Yes | Yes |
Analytic Budgets | Yes | Yes |
Payroll | Odoo | QuickBooks |
Payroll | Yes | Yes |
Valuation | Odoo | QuickBooks |
Standard Price | Yes | Yes |
Average Price | Yes | Yes |
FIFO | Yes | No |
Perpetual Inventory Valuation | Yes | No |
REPORTING
Legal Statements | Odoo | QuickBooks |
Profit & Loss | Yes | Yes |
Balance Sheet | Yes | Yes |
Cashflow Statement | Yes | Yes |
General Ledger | Yes | Yes |
Tax Reports | Yes | Yes |
Tax Audit Report | Yes | Yes |
Reports | Odoo | QuickBooks |
Pivot Table on Multiple Dimensions | Yes | Yes |
Customizable Reports | Yes | Yes |
Customizable Dashboards | Yes | Yes |
Annotate Reports | Yes | No |
Customizable KPI’s | Yes | No |
Predefined Executive Summary | Yes | Yes |
Perpetual Fiscal Year Closing | Yes | No |
USABILITY, PRICING AND CONDITIONS
UI | Odoo | QuickBooks |
Full Web Interface | Yes | Yes |
Mobile App | Yes | Yes |
Android App | Yes | Yes |
iPhone App | Yes | Yes |
Marketplace | Odoo | QuickBooks |
App Store / Add-ons | Yes | Yes |
Other (integrated) solutions | Odoo | QuickBooks |
eCommerce | Yes | No |
Expenses | Yes | Yes |
Inventory | Yes | Yes |
Manufacturing | Yes | No |
Operations (project, timesheet, etc.) | Yes | Yes |
Human Resources | Yes | No |
Document Management | Yes | No |
Subscriptions | Yes | No |
Point of Sale | Yes | Yes |
Purchase | Yes | Yes |
Sales | Yes | Yes |
Subjective Ratings | Odoo | QuickBooks |
Navigation and Search | 5/5 | 4/5 |
Data Entry | 5/5 | 4/5 |
Reconciliation Tool | 5/5 | 3/5 |
Mobile App | 4/5 | 4/5 |
Reports Flexibility | 4/5 | 4/5 |
Pricing and Conditions | Odoo | QuickBooks |
Monthly Pricing | Free | $27 |
Number of Users | Unlimited | 3 |
Contract Duration | Monthly & Yearly | Yearly |
Free Trial | Yes | Yes |
User Satisfaction | Odoo | QuickBooks |
Rating on g2Crowd | 4.3/5 | 4/5 |
Rating on GetApp | 4.2/5 | 4.3/5 |
Rating on Capterra | 4.1/5 | 4.3/5 |
Brand Exposure | 3/5 | 5/5 |
Both Odoo Accounting and QuickBooks offer robust solutions tailored to different business needs. Odoo stands out for businesses seeking an integrated ERP system with comprehensive accounting and beyond, while QuickBooks is ideal for those prioritising a specialised, user-friendly accounting software. The choice between them should be guided by your specific requirements, including the need for customization, scalability, and ease of use.