Is Owwel accounting software?
Owwel keeps the books of a trading business as the day happens: accounts receivable, bills and accounts payable, FIFO inventory valuation with the real cost of goods sold, daily reconciliation of cash, mobile money and bank, shareholder equity, and financial statements. The books are built from the sales, purchases, expenses and stock movements already recorded, so nothing is entered twice.
How does Owwel work out the cost of goods sold?
First in, first out. Each delivery is a batch with its own unit cost, sales draw on the oldest batch first, and the cost of goods sold uses the cost of the batches actually sold. Profit and loss then subtracts that real cost from revenue.
Can Owwel track bills and what I owe suppliers?
Yes. An expense can be left unpaid and settled later, in part or in full, from any account. Suppliers have purchase orders, purchase invoices and payments, and each supplier's ledger shows what is still owed.
Can I reconcile M-Pesa and bank accounts in Owwel?
Yes. Each M-Pesa till or paybill, bank account and card terminal is an account of its own. At the end of each day Owwel checks the cash you counted and each account's balance against what the day's trading says, and flags any difference as a minor variance or one to investigate.
Does Owwel handle several companies and currencies?
Yes. Each branch keeps its own books in its own currency. Growth includes up to 3 branches, Professional up to 10, and Enterprise up to 5 businesses with unlimited branches. A consolidated report shows every branch side by side, with totals kept per currency rather than converted.
How are shareholder profits and director's loans recorded?
Shareholders have their capital and ownership on record, and a profit distribution can never exceed the profit available, so capital is never paid out. Each distribution is withdrawn or reinvested as capital. Money an owner puts in or takes out, including director's loans, is recorded apart from sales and profit in the finance module on the Enterprise plan.
Can my accountant work in Owwel?
Yes. Give your accountant their own login with the permissions you choose. They work from the same records the business keeps: every sale, bill, expense, transfer and stock movement, the audit trail of who changed what, and statements that print or export as PDF.
Which financial reports does Owwel produce?
Profit and loss, an income statement, an owner's report as PDF, a reconciliation summary, revenue, expense, cash, inventory and stock detail reports, sales performance, customer statements, supplier ledgers, a shareholder profit statement and consolidated reports across branches.
