Automated payment management: what innovations does Odoo 18 bring?

The Odoo business management system is regularly updated to respond to evolving user needs. The latest version, Odoo 18, released in October 2024, introduces a range of new tools valuable for both small businesses and large enterprises. One of the most relevant enhancements is automated payment management powered by artificial intelligence (AI) and optical character recognition (OCR).

In this article, we take a closer look at these Odoo 18 updates and the potential value they can bring to your business.

Automated payment management with Odoo 18 for greater business efficiency

Many of our clients successfully using Odoo would confirm that it significantly simplifies the management of business processes, from warehouse operations to accounting. With the automated payment management tools introduced in Odoo 18, these processes can become even faster and more efficient.

This functionality leverages OCR technology together with rapidly advancing AI capabilities. Below are the key features available within the Odoo ERP system.

Automatic bank statement processing. This function enables automated import and processing of bank statements. OCR then identifies textual information in invoices or other documents and creates the corresponding records.
Use of AI. Artificial intelligence analyses bank statement data to suggest the correct invoices for reconciliation or highlight detected discrepancies.

Automatic payment matching. Based on information such as payment amount and other bank statement data, the system automatically matches payments to the relevant invoices and marks them as paid.
Automatic invoice creation. Where recurring payments occur, for example monthly, invoices can be generated automatically. If automatic bank import is not available, statements can simply be uploaded into Odoo.
Furthermore, this and other functionalities, including manufacturing management, are designed with intuitive usability in mind. Both new and experienced users can adopt the system smoothly. Whenever questions arise, the Sandas team is ready to provide professional support.

The role of AI and OCR in Odoo 18

Artificial intelligence (AI)

Artificial intelligence is a smart system capable of automatically analysing documents and their data, making independent decisions, and continuously learning from user actions.

Matching bank transactions even with invoices that were prepaid or partially paid.
Recognising key information from PDF documents, quickly allocating payments, and registering received funds.
If payment reference data does not match any existing invoice, AI suggests creating a new record or marking the payment as an advance.

These are only some examples of how AI enhances accuracy, speed, and process reliability in Odoo. Importantly, AI continuously learns. When users adjust AI-generated actions, the system improves future accuracy.

Optical character recognition (OCR)

OCR is a technology that not only enables editing of information from scanned PDF invoices, receipts, and other documents but also automatically populates accounting entries and supplier invoices.
While it may sound complex, in practice the process is straightforward, which is a core principle of the Odoo user experience.

The user uploads a scanned document into the relevant Odoo ERP model.
Using OCR, Odoo extracts the required information, such as amount and date.
The corresponding invoice fields are populated automatically.
The user simply reviews the data and makes corrections if needed.

Benefits of automated payment management in Odoo 18

Below are the key reasons why upgrading to Odoo 18 with AI- and OCR-powered automated payment management can benefit your business.

Automated payment management significantly reduces manual work, freeing up time for higher-value activities.
Less manual processing means fewer errors. AI and OCR in Odoo 18 further improve payment recognition accuracy.
All finance-related actions, from invoice issuance to payment registration, are handled within a single Odoo environment.
Automated payment management and other Odoo capabilities are suitable for both small businesses and large enterprises.

Each Odoo release brings additional value to users. Automated payment management powered by AI and OCR is a strong example of how Odoo 18, aligned with the latest technologies, helps organisations work faster, more accurately, and with greater operational control.