Fiduciaries
In Odoo, "Fiduciaries" refer to accounting firms, bookkeepers, or companies that manage clients' financial records, assets, and money while adhering to fiduciary responsibilities such as transparency, accountability, and acting in the best interest of their clients.
Odoo offers specialized tools and features tailored for fiduciaries to efficiently handle multiple client accounts, ensuring compliance with accounting standards and legal regulations.
Activating Fiduciaries (Accounting Firms) Mode
Fiduciaries can enable
Accounting Firms Mode by navigating to:
Accounting ⇢ Configuration → Settings → Accounting Firms Mode.
When activated, this mode unlocks features designed to streamline accounting processes:
* Editable Document Sequences: Document sequences become editable for all documents, allowing flexible numbering to meet client-specific or legal requirements.
* Total (tax incl.) Field: Automatically creates accounting lines with proper accounts and taxes, enabling faster and error-free data entry.
* Pre-filled Invoice and Bill Dates: Invoice Date and Bill Date fields are auto-filled to save time when recording transactions.
Key Features and Benefits for Fiduciaries
* Client Management: Manage multiple clients within a single Odoo environment, storing client-specific data, financial records, and tax information.
* Reporting and Compliance: Generate comprehensive financial reports (
P&L,
Balance Sheet, VAT reports) and ensure regulatory compliance with up-to-date tax configurations and audit-friendly processes.
* Automation: Automate routine operations like invoice production, bank reconciliation,
tax calculations, and reminders to increase efficiency.
* Document Management: Utilize Odoo’s Document Management System (DMS) to organize
client invoices, contracts, and receipts and support paperless operations.
* Collaboration & Client Portal: Offer clients secure access to view their financial documents and reports and facilitate real-time collaboration through messaging and approvals.
* Security & Access Rights: Apply granular user roles and permissions, ensuring clients only access their data and fiduciaries maintain appropriate control.
Fiduciary Responsibilities and Odoo's Support
Fiduciaries have a moral and legal duty to act in their client's best interests. Fiduciaries are supported by Odoo by:
* Ensuring transparent and compliant financial management.
* Providing tools for accurate and efficient accounting.
* Offering automation and reporting to reduce risks and improve service delivery.
Odoo’s Fiduciaries (Accounting Firms Mode) is a crucial feature designed for accounting firms and fiduciary service providers, enabling them to manage client accounts efficiently, comply with fiduciary duties, and deliver high-quality accounting and advisory services.