Odoo Accounting Services for Professional Services Firms

Odoo Accounting Services for Professional Services Firms — frequently asked questions

• How does timesheet-to-invoice automation work in Odoo?

  Consultants log time on projects in Odoo Timesheets, assigned to specific tasks under the right client project. At your billing cycle (typically monthly), Odoo aggregates timesheets by client + project + rate-card and generates pre-invoice drafts. Our team reviews each draft against the underlying timesheets, applies any contractual write-downs or write-ups, and sends the final invoice. WIP gets the relieved entry as invoices issue.

• What about WIP / unbilled revenue reporting?

  Time worked but not yet invoiced sits as unbilled revenue (WIP) on the balance sheet. We maintain Odoo's analytic accounting per project so WIP is accurate per project, per client, in real time. Monthly WIP aging report identifies WIP older than your threshold (typically 30 days) so you can chase billing delays. WIP-write-off rules configured per your policy on dead projects.

• Can you handle ASC 606 / IFRS 15 milestone revenue recognition?

  Yes — fixed-fee project engagements modelled in Odoo with deliverable milestones; revenue recognised per milestone (or proportionate to % of completion using cost-incurred-as-input method). Five-step model (identify contract → identify performance obligations → determine transaction price → allocate → recognise) maintained per engagement. Disclosure-ready footnote schedules prepared at year-end.

• Do you calculate partner profit-share + employee bonuses?

  Yes — we maintain the partner-profit-share + employee-bonus calculations in Odoo's Analytic Accounting. Typical schemes: partner pool = X% of firm profit, split by partner-class formula. Employee bonus = function of project margin, utilisation %, and firm-wide profit. Calculations run monthly or quarterly, accrual posted, and final settlement coordinated with payroll.

• How do you handle a hybrid revenue mix — retainer + T&M + fixed-fee?

  Three Odoo modules working together. Retainers via Odoo Subscriptions (automated recurring invoicing + deferred-revenue recognition over retainer period). T&M via Odoo Project + Timesheets (time tracking + invoice automation). Fixed-fee project engagements via Odoo Project with milestone-revenue rules. All three post to the same Odoo Accounting ledger.

• Can you handle multi-currency client invoicing?

  Yes — Odoo handles multi-currency at the journal-entry level. Invoice US clients in USD, UK clients in GBP, EU clients in EUR, UAE clients in AED — all from one Odoo instance. FX gain / loss captured at receipt event when the invoice is paid; month-end FX revaluation runs on open AR / AP / cash balances.

• What about expense reimbursement on client projects?

  Consultants submit expenses via Odoo Expenses (smartphone-photo OCR via our `tus_odoo_ocr_ai_invoice` integration), linked to the originating project. Each expense flagged as billable-to-client or absorbed-by-firm based on the project's expense policy. Billable expenses auto-added to next client invoice with markup if applicable.

• What KPI dashboards do you build?

  Standard dashboards: billable utilisation % per consultant + practice area + month, project margin per active engagement (real time), WIP aging per client + engagement, AR aging by client, project burn-vs-budget for fixed-fee engagements. Custom dashboards for firm-specific KPIs (e.g. lead-to-engagement conversion, revenue-per-partner) built as part of the engagement scope.