MULTI-CURRENCY CLOUD ACCOUNTING
Businesses today are global. It is natural for companies to have their value chain spread over different jurisdictions. Multiple locations mean the use of various currencies for transactions. Your reporting currency (what the tax authorities need) may differ from the currency in which you transact. For instance, your customers could be paying you in dollars while your registered entity might be in England or Europe, thus creating underlying transactions in two different currencies.
Reflecting the transactions in their source currency can be complicated. It’s not just about plugging Forex differences; good software can do this well. It’s more about creating a system that’s consolidated yet simple to track operational transactions. We have been doing this for half a decade and understand that your financials need to reflect what actually happens on the field.
Evalua8 Value Proposition
1. Create a Xero account for your company with multi-currency facility. Xero is a premium cloud accounting software that allows multiple logins from different jurisdictions at the click of a button. It allows the use of multiple currencies while keeping reporting currency consistent.
2. Customise reports to suit management and / investor reporting – including but not limited to receivables tracking, supplier management and tax reports.
3. Source currency coding of original transactions
4. Check and create a verifiable audit trail for supporting the transactions. This includes but is not limited to vetting and attaching supporting documents relevant to the transaction on Xero when an entry is passed. Tax authorities around the world has requirements for document maintenance.
5. Publish a set of comprehensive monthly management reports that can be accessed by stakeholders anywhere, anytime.
Accounting as a science does not change. The implementation is unique. We focus on giving a solution that suits the requirements of a client without compromising the sanctity of data being presented.
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