{"id":34691,"date":"2021-06-24T13:15:35","date_gmt":"2021-06-24T13:15:35","guid":{"rendered":"https:\/\/ti.matrix-test.com\/?post_type=case_study&p=34691"},"modified":"2024-06-20T15:09:36","modified_gmt":"2024-06-20T15:09:36","slug":"streamlining-international-accounting-processes-with-odoo","status":"publish","type":"case_study","link":"https:\/\/targetintegration.com\/en_in\/case-study\/streamlining-international-accounting-processes-with-odoo\/","title":{"rendered":"STREAMLINING INTERNATIONAL ACCOUNTING PROCESSES WITH ODOO"},"content":{"rendered":"
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Overview<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Wescol Limited supplies a comprehensive range of industrial gas control equipment, providing solutions for cutting, welding, heating and gas distribution.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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CLIENT
<\/strong>Wescol <\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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SERVICES<\/strong>
Consulting, Implementation<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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PRODUCTS<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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INDUSTRY<\/strong>
Services<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Challenge<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Wescol were looking for a cloud-based, scalable,\u00a0software solution to help manage their business processes and operations in different countries. They also needed a system that would support\u00a0accounts\u00a0information\u00a0and transactions\u00a0involving multiple currencies.<\/p>

Wescol worked with\u00a0Target Integration\u00a0to address the following challenges:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Single Accounting Software for a Multinational Environment Setup<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Using Odoo installation with Accounting, and configuration of a multi-Company & multinational environment (manufacturing & purchasing in China & the UK)\u00a0 basic core configuration along with an exclusive individual chart of accounts was essentially required.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Composition of Inter-Company Transactions<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Wescol needed a robust solution for accounting and financial management, which\u00a0would work for multiple companies, with comprehensive and detailed reporting functionality\u00a0and analytics. \u00a0Multi-currency support was critical.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Consolidated Accounts Needed<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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With a multi-company setup, Wescol needed to be able to consolidate their individual accounts. In addition, the solution needed to support inter-company transactions, with customised monthly reporting and budget management.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Solutions<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Following consultation, Target Integration recommended the implementation of Odoo Accounting for Wescol\u2019s business processes in China and the UK, as it offered\u00a0an advanced and integrated system to support the delivery of information\u00a0and product sales across all regional areas.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Comprehensive Accounting Features<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Using Odoo, Wescol benefitted from a comprehensive accounting suite with many automated features. \u00a0These time-saving tools and functionality have ultimately helped Wescol in resolving the challenges of inter-company and multinational accounting processes.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Watch Individual Companies<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Using\u00a0Odoo ERP, Wescol was now able to manage their multiple manufacturing companies with one\u00a0cloud-based\u00a0Odoo accounting and finance system, whilst implementing\u00a0the software\u2019s multi-company rule\u00a0saved them both\u00a0time and effort.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Faster Invoicing<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Wescol experienced an improvement in their\u00a0profitability\u00a0through faster invoicing.\u00a0Target Integration\u00a0also ensured that\u00a0Wescol\u2019s cloud-based systems\u00a0supported the scalability of business operations\u00a0in a safe and secure environment.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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Results<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The implementation of Odoo has optimised multi-currency accounting operations for their multinational manufacturing client. This key feature for Wescol has enabled their accounting teams to set up bank accounts in other currencies and easily manage and report on transactions, in turn delivering a much simpler and clearer auditing process.<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Target Integration has helped Wescol to achieve its goal of operating\u00a0in different countries without the associated business process challenges they had previously experienced. Their teams are extremely happy with the implementation and the significant \u00a0improvements this powerful, yet user friendly delivers.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tEnquire now<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"featured_media":56522,"template":"","industry":[10],"client":[988],"class_list":["post-34691","case_study","type-case_study","status-publish","has-post-thumbnail","hentry","industry-manufacturing","client-wescol"],"acf":[],"yoast_head":"\nSTREAMLINING INTERNATIONAL ACCOUNTING PROCESSES WITH ODOO - TI<\/title>\n<meta name=\"description\" content=\"Overview Wescol Limited supplies a comprehensive range of industrial gas control equipment, providing solutions for cutting, welding, heating and gas distribut...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/targetintegration.com\/en_in\/case-study\/streamlining-international-accounting-processes-with-odoo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"STREAMLINING INTERNATIONAL ACCOUNTING PROCESSES WITH ODOO - 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