Working with multiple currencies is almost as difficult as working with multiple languages. International companies end up investing a significant amount of time, staff, and resources to manage the extra obligations involved with currency exchanges. Worse, if their efforts are off in any way, it could cause accounting issues that directly impact the bottom line. For some companies, the complexity and consequences of working in multiple currencies actually inhibit them from moving into new markets.
Fortunately, the details of global commerce don’t have to be an obstacle. At CDH, we offer outsourced accounting services that are specifically designed to help companies excel on the international stage. One way we do that is by working with Sage Intacct, a best-in-class financial management solution that integrates all of accounting and finance onto one seamless platform. Outsourcing your accounting is already the ideal way to ensure everything from routine bookkeeping to strategic finance is being run perfectly. When those accountants are using Sage Intacct, though, issues related to multiple currencies become irrelevant. Here’s how:
Sage Intacct is considered a next-generation solution because it utilizes automation to handle the most time and labor-intensive accounting workloads. As a result, the vast majority of currency conversions happen automatically. Companies no longer have to wait for conversions or worry that errors are distorting the numbers, enabling them to act quickly and confidently at all times.
Reporting is a big job in one currency, and it becomes far more confusing when multiple currencies are involved. Sage Intacct makes reporting more efficient in countless ways, including by letting accountants work multiple currencies into one report or easily generate reports in new currencies. When a company’s financial health depends on seeing the numbers in different currencies, Sage Intacct provides a perfect perspective.
International companies must comply with the ASC 830/FAS- 52 regulations for currency conversions. All the multi-currency features in Sage Intacct are programmed to follow these rules automatically, making non-compliance a non-issue.
Real-Time Exchange Rates
Having to look up exchange rates manually is both a drain on time and a liability in terms of accounting accuracy. Sage Intacct updates the exchange rates the instant they change so that accountants are always working with the correct figures.
Since CDH works with so many international companies, we sought out technology that performs perfectly on a global scale. After an extensive search, we concluded that Sage Intacct was the smartest and strongest option in the industry. It facilitates effortless multi-currency accounting, among many other features and functions designed for companies with a presence in multiple countries.
Everyone on our team has mastered Sage Intacct and understands how to leverage it to the fullest. Our experts combined with best-in-class technology makes international accounting accessible, even easy, for any company with the ambition to go global. Contact us to learn more about our services, team, and Sage Intacct.