Odoo Odoo has been undergoing remarkable expansion in Saudi Arabia (KSA), fueled by the nation's ambitious digital transformation strategies, which aim to enhance efficiency and innovation across various sectors. The government's business-friendly policies and initiatives to modernize industries are pivotal components of the Vision 2030 framework, which seeks to diversify the economy and reduce dependence on oil. As a result, Odoo is well-positioned to capitalize on the growing demand for integrated business solutions. This overview will delve into the factors contributing to Odoo's growth and the myriad opportunities that lie ahead in KSA.
Key Aspects of Odoo Localization in Saudi Arabia:
1. VAT Compliance
- Saudi Arabia implemented Value Added Tax (VAT) at 15%.
- Odoo's localization includes:
- VAT-inclusive and VAT-exclusive pricing.
- Automated VAT computation for sales, purchases, and invoices.
- Standardized VAT reports for filing with ZATCA (Zakat, Tax, and Customs Authority).
2. E-Invoicing (FATOORAH)
- Mandatory electronic invoicing as per ZATCA regulations.
- Odoo supports:
- QR code generation on invoices.
- Integration for Phase 2 compliance, including XML formatting for invoices.
- Seamless storage and submission of e-invoices.
3. Chart of Accounts
- A predefined Saudi-compliant chart of accounts is included.
- Customizable for specific industry needs while adhering to GAAP and ZATCA guidelines.
4. Arabic Language Support
- Full Arabic interface.
- Right-to-left (RTL) design for usability in Arabic-speaking environments.
5. Payroll Management
- Compliance with Saudi labor laws.
- Features include:
- Calculation of GOSI (General Organization for Social Insurance).
- End-of-service benefits (EOSB) calculations.
- Integration with MOL (Ministry of Labor) requirements.
6. Saudization
- Tools to monitor and manage Saudization quotas.
- Reporting features to ensure compliance with Nitaqat regulations.
7. Zakat and Taxation
- Supports Zakat calculations.
- Custom reports to align with Saudi financial reporting standards.
8. Multi-Currency Transactions
- Essential for businesses dealing in SAR and other currencies.
- Automatic currency conversion and reconciliation with exchange rates.
9. Banking Integration
- Compatibility with Saudi banks for direct transactions.
- Automated bank statement reconciliation.