While the number of currencies in the world is going down, rather than up, they can fluctuate very rapidly and are difficult to keep track of.
Expense reports that have various categories of expense denominated in multiple different currencies can truly be a nightmare to untangle – both in terms of the hours spent on them and the potential compliance issues that they raise.
What is the solution? Technology that permanently adapts to the challenge.
Incorrect Currency Conversions On Expense Reports Can Ruin Your Perfect Ledger
According to the latest available research, there are 180 different currencies in the world today. These different currencies circulate across 193 different states and dependencies. Each one represents a market with distinct opportunities.
Even with two dozen different countries using the Euro, that’s a lot to keep up with!
When dealing with conversions from other currencies, there are many different factors to take into account. For example, the conversion rate of a currency at the time a charge was made may be different from the conversion rate when the books are being drawn up.
With so much data to keep up with, the best way to ensure flawless expense reports is by using software that can handle the challenging calculations for you.
As your business grows, it is very likely that you will come into contact with a wider range of currencies, each with diverse value. Mistakes that might only total a few cents in your local currency can cost you millions if they lead to audit issues.
Automation Drives Ease Of Use On Global Travel Expense Reports
Even if you don’t operate in many markets, you probably have a vanguard of top stakeholders whose work on your behalf takes them around the world. Travel expenses can be notoriously difficult to document, even when everyone involved puts in their best effort.
The answer is clear: ExpensePoint comes with the ability to manage and monitor multiple currencies at the same time. In fact, you can even add up items from multiple currencies.
Sound financial controls – and overall financial compliance – rely on your ability to reduce simple human error as close to zero as you can.
With software, even the most complex and time-consuming calculations don’t require a mathematical genius to get right every time.