Multi-Currency Accounting Software
2 entities almost 4,000 miles away from each other, in different time zones, trading in 2 different currencies, navigating compliance with 2 different VAT rates. How do you manage it all and continue to grow?
An essential tool for all international companies is an accounting system that can handle multiple entities and currencies with ease.
In this article, we’ll unpack a recent Sage Intacct migration project we completed and go into more detail about the product itself.
Meet The Client
Our client has achieved a lot of growth in the past few years, which ultimately meant their old accounting system was beginning to show its age.
They were looking for a new accounting software that could not only meet their immediate needs but also scale with the business through further growth.
With a head office in the UK and other locations as far as Dubai, the ability to access their accounts from any location and share financial data was essential.
We discussed the client’s needs and how the business works in depth. Given their ambitions to continue growing, we agreed Sage Intacct would be the best solution to carry the business forward.
Their wish list:
- Cloud system that could be accessed anywhere
- Integration with their operations software
- Set up for multiple currencies and VAT requirements
- Advanced multi-entity reporting tools
- Ability to handle a diverse range of projects with a high level of detail
How We Helped
Once everything was agreed, we rolled up our sleeves and got to work. Here’s an overview of the initial setup:
- 2 trading entities – UK and Dubai with dedicated VAT solutions
- Custom fields tailored to the types of projects they deal with
- Dashboards and reports set up specifically for their business
A key aim for this project was to establish an easier way to handle multiple currencies and VAT requirements. So, we built a custom UAE tax solution, which allows them to track VAT detail and report on VAT transactions for their Dubai entity.
As the business has niche requirements for their day-to-day operations, integration with their operations software was also key. Our team worked with the software provider to ensure seamless integration between both systems.
We assisted them with migrating the data from their old system and kept the client in the loop throughout the project with regular updates and check-ins.
Finally, we delivered training to make sure the team felt confident and ready to go.
A New Way of Working
Moving to Sage Intacct has unlocked a whole new way of working for the client.
One standout feature they’ve found useful is rules. These allow them to set mandatory fields and pre-populate fields based on the selected dimensions. This has reduced data entry time and potential mistakes.
Before, reporting was a tiresome job involving manually building reports in spreadsheets. Now, they can easily build reports, share data and compare performance across the business with a level of detail they couldn’t achieve before.
More About Sage Intacct
Successful businesses need the best technology to drive efficiency and growth. Sage Intacct is like the Rolls Royce of the accounting software world – powerful, reliable and built for the long haul.
Here are just a few more benefits of Sage Intacct:
- Cloud based and accessible from anywhere with an internet connection
- Manage all your entities and locations from one login, so you can easily move between them and roll everything into consolidated reports
- Uses daily exchange rates to automatically calculate currency conversions
- Automates inter-entity transactions to reduce manual input
- Has the capacity to easily handle large volumes of transactions
- Modular structure enables you to add functionalities as you grow
If trading in multiple currencies drains your time, have a chat with our team. We’ll show you how Sage Intacct can make multi-currency management effortless.
To discuss Sage Intacct with our experts, complete the enquiry form.
