Multi-base Currency

Introduction

Consolidating multiple base currency entities can be particularly complex due to the challenges around every changing exchange rate. Cloud accounting systems can automate the consolidation process and translate multi-currencies.

Typical Problems

Due to the complexities involved with multi-base currency consolidations many systems lack the functionality to perform the required processes and will require manual effort.

Excel-based work is often needed to produce consolidated reports and can be prone to human error with the interpretation of different data from multiple sources leading to miscalculations.

Solutions

Cloud accountancy solutions are built to allow multiple base currency entities within the same environment and a live exchange rate can be used throughout the same environment when transacting

Additionally, predetermined custom rates can be used to aid performance management by allowing a consistent rate period on period to track real performance without the volatile impacts of FX altering results.

Pre-configured and custom reporting automatically allows real-time multi-base currency consolidated data.

Benefits/ROI

One system to avoid multiple logins or environments and subsequently multiple, conflicting data sources.

Automatic tracking of exchange rates, which in turn reduces time and effort.