When you run a business, your accounting software should be able to handle all the currencies and languages involved.
But what if it can’t? That would mean having to lug around an extra set of books for each language or currency that matters. And then there’s the issue of trying to convert one currency into another in order to get an accurate picture of how your business is doing.
It doesn’t have to be this way though. You ought to select the right multi-currency accounting software.
But how do you choose the right multi-currency accounting software? What should you look for when making your choice?
The fact is that there are many factors involved in making this decision, and these days, it can be difficult to know where to start.
Below we will discuss a few of the most important criteria when selecting a multi-currency accounting solution.
1. Does it have the right features?
You should start by asking yourself what features you need from an accounting system.
- What currencies does my company use?
- Does my business have multiple locations or employees who work remotely?
- Do I need to track stock levels by location or job?
- Do I handle any invoicing/sales in foreign currencies?
The bottom line is the software should support the major currencies you’re likely to use along with their corresponding language.
2. Does it automatically detect currencies?
Good multi-currency accounting software should automatically detect the currencies that you’re using and offer to convert them into your default. This way, you would avoid having to manually re-enter all those transaction data.
The more currencies the software can recognize and translate, the better.
3. Is it flexible?
You should also look for a multi-currency accounting solution that is flexible.
For example, look for software that allows you to easily change your daily conversion rates so that you can get a more accurate picture of the flow of funds in your business.
You should also look for software that can automatically pick up the current exchange rates as they change.
4. Is it easy to use?
Choose software that is intuitive and user-friendly. The learning curve shouldn’t be too steep because the last thing you need when working with accounting is to have to spend too much time figuring out how to use it.
The ideal multi-currency accounting software should make it easy for you to work with the data in your business–whether you’re checking, reporting or consolidating your earnings.
5. Can it report in multiple currencies and languages?
Finally, you should consider how useful it would be if your multi-currency accounting software could provide reports in multiple languages and currencies.
The ability to generate financial reports in your business’s primary currency and language can help you better understand the activity of your company.
But what if you need to get the financial reports in the local language and currency of your foreign subsidiaries?
So you should not only choose a multi-currency system that can report in multiple currencies and languages, but the software should be able to separate your data by location, branch or project.
Conclusion
When you choose the right multi-currency accounting software, nothing should stand in your way of making effective business and financial decisions.
Additionally, your productivity should improve considerably because you won’t have to spend so much time re-keying transaction data.
So choose wisely, and you’ll be able to move forward with your business in a way that will empower you to make more effective decisions and ultimately boost the overall success of your company.
About SunSystems Multi-Currency Accounting Software
Infor SunSystems is a powerful financial management solution trusted by thousands of global organisations with multi-company setups.
Infor SunSystems checks all the boxes above. It provides true dual base currency processing and the ability to maintain different transaction currencies on a single transaction.
This feature allows you to buy, sell, and store items in any currency, maintain parallel currencies accounts, bank in other currencies, make payments in other, and report back to overseas parent companies in the currency of your choice.
Get in touch with us today to learn more about how innovative our multi-currency accounting software can revolutionise your business.