Cochran Coyle posted an update 4 months, 4 weeks ago
When the English language is used for describing the processes involved in computer software, it is called "ODOO Accounting". The term ODO is a shortened form of ODOO Integrated Business Operating System, which is the standard and widely used by all computer companies to refer to the in-house implementation of ERP software. ODO for ERP means that it is an acronym for the acronym of Enterprise Resource Planning (ERP).
When the term ODOO accounting is used, it is a euphemism for ERP, since the actual functioning of this type of software has nothing to do with the word "accounting". In essence, it can be described as software that contains accounting functions but adds revenue and expense functions to make accounting easier.
For those who are unfamiliar with the acronym of ERP, it stands for the acronym ERP – Enterprise Resource Planning. ODO was the acronym for the Enterprise Resource Planning, which is a management system for the use of the two companies involved.
It is useful in that it allows the company organization to have multiple revenue streams, where the revenues might not be commensurate with the cost involved in their operations. This will allow the company to track a more accurate balance sheet, which may also be used for developing the actual profit and loss statement.
It’s very important to mention it is not just the use of the term"ODOO Accounting" for ERP which is being criticized. There is even a case of the then Prime Minister of India, Dr. Manmohan Singh, who had promised that, the manner in which ERP was used in the U.K. companies to increase their profits was akin to cheating a partner!
Unfortunately, Dr. Singh’s complaints about the unfairness of the ERP program did not go unanswered. The British government, in particular, was highly annoyed by Dr. Singh’s remarks, and they put the British Medical Association in contact with him, and asked him to apologize. But Dr. Singh chose to ignore them.
One thing to note about "ODOO Accounting" for ERP is that this term could very well be a little misused. When referring to the acronym "ERP", the business organizations using it would still refer to it as the English language acronym, "ERP". However, if the acronyms are understood correctly, the company would refer to it as "ODOO Accounting".
If this company uses an ERP software package to handle its financial planning, the company would need to have both a company and personal finance account separately. Once the accounting software is operational, these accounts would interact with each other, so that accounting procedures can be completely automated and the result can be easily shared between them. The information can be visualized in terms of graphs and tables and this is a simplified version of what the entire process would look like.
Because of the different names used for ERP, it is a little difficult to figure out exactly what is involved with it. Although there are many resources available online, one of the things that stand out the most is when people are asked if they understand how the software works. The answer would be: It is hard to say.
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Since so many people refer to the acronym "ERP" as "ODOO Accounting", there is the danger that companies might refer to it as the English language acronym, when it should actually be called "ODOO Accounting" for ERP. Although this acronym has been around for a long time, it would be very helpful if the acronym "ERP" would be used.
The point of clarification is that the process of using both "ERP"ODOO Accounting" for ERP should be done when a software package is already in place. This is the only way to avoid confusing the company and making them find it very difficult to implement the software.