Every business starts its venture locally, aiming to expand its branches globally. It is the dream of every business owner to set their business footprints globally. Post pandemic businesses are growing globally by expanding their presence virtually. Some businesses even started their branches across the globe physically and operating international vendors and customers. This blog will help you understand the usage of multi-currency ERP, also how you can handle foreign transactions with Odoo multi-currency modules of project management tool, and the benefits of Odoo ERP.
A global market opens wide opportunities and income streams for investors and Entrepreneurs. We all agree that having global customers can result in more profits, but we also need to accept the fact that it is challenging to manage foreign transactions. So what can be the solution for this? The answer is Multi-currency ERP.
Whether small or big, they usually have international customers unless and until it is a regional product. With the ease of cross-border shipping services, delivering goods and services is no longer a great deal. One can partner with a shipping fulfillment dealer to outsource the products, but the difficulty arises when handling transactions with different currencies. The value of the currency will vary from time to time and place to place, so we need a perfectly efficient system to make it easy to handle these. And one such system was the Odoo ERP management system.
Odoo is an open-source ERP system. It is the most advanced and sophisticated ERP available in the market. Being robust and flexible, Odoo is the go-to choice for businesses. It is scalable to multiple verticals of a business. With the help of Odoo ERP, several operations can be automated in the industry. It is one of the most affordable ERP systems. Odoo is extensively customizable and can be easily integrated with several third-party applications.
Odoo helps you manage all the financial, accounting, database operations based on multi-currencies from a single software. This platform helps in speeding up the business processes and increases efficiency. Several times businesses face various hurdles specifically for their needs; at such times, it is hard to get a solution for this with a conventional ERP, whereas Odoo ERP can help you by providing several unique customization features that suit your needs. Most of the time, it is not needed to download entire modules of a system, but you are forced to do so by other ERP software, but Odoo gives you the freedom to choose. You can download only the modules which you need from Odoo ERP.
Isn't these features are enough for the business? We would say it's more than what you need. Odoo offers beyond the needs. Now let us have a look at the benefits of Odoo ERP for multi-currency transactions so that you can understand why we suggest Odoo ERP for you.
Benefits of Odoo ERP for multi-currency transactions
Efficient Global operations
For instance, let's assume that you operate your business across the USA, UAE, UK, and South Africa. Now you have to manage transactions of all these countries with their respective currencies. The multi-currency handling features of Odoo helps to manage any number of currencies. By enabling this feature, one can easily manage all multi-currency and multi-country operations right from the dashboard. The international market opens up new opportunities for a business, no matter if it is looking to expand or starting a new one. So, with Odoo, the efficiency of your global operations increases rapidly.
Consolidated Global accounts for a business.
Multi-currency ERP like Odoo can help a business easily consolidate its financial documents and accounts of multiple countries under one system. The currency translations, foreign transactions management is more straightforward with Odoo ERP than any other ERP system.
Updates on exchange rates
Currency exchange rates change from time to time; it is very much needed for a system that can automatically update them regularly. An Odoo ERP can be easily enabled to update the exchange rates. It can set and revise the rates, which can speed up the business operations.All accounting and foreign transactions can be handled sophisticatedly with Odoo ERP.
Auto conversion of foreign currency
Suppose you are finding it challenging to convert Dollars to pounds or Pounds to Rupees. In that case, you should definitely need an intelligent and smart foreign currency conversion system like Odoo ERP. Once you enable the features of currency conversions in Odoo ERP, it can easily support multi-currency management. You can handle international sales, purchases, employee exchanges right from Odoo ERP.
As we know, exchange rates change every day. It may create challenges while maintaining such difficulties. Suppose a person from the UK ordered a product today from an Indian company and it will be delivered within a week. While confirming the order, the exchange rate will be based on the day of purchase, but it might be different on the day of delivery, so, to maintain fixed rates and avoid such confusions, Odoo ERP comes with a feature to fix the rate as on the day of the transaction.
To leverage all these benefits from Odoo into your business, you should integrate an Odoo ERP. If you have already implemented Odoo ERP, then you simply need to incorporate multi-currency configurations on your Odoo ERP. Choosing the right partner for the implementation of Odoo is very challenging, but with us at Sitaram Solutions, you can keep a break from those challenges.
We, Sitaram Solutions, are the leading Odoo service partner worldwide. We have hundreds of international customers, and we are also Using Odoo multi-currency modules to make operations ease so who can better understand your requirements of multi-currency handlings more than us?
Our expert team of Odoo developers is the master in the implementation of Odoo ERP. We offer various services like Odoo consultation, Odoo implementation, Odoo development, Odoo Migration, Odoo Integration, and Odoo support. We have a specialized and dedicated team for every department. Our customers choose us because we are committed to delivering the best. We make a promise of taking your business to the next level with Odoo by providing world-class services.
Thinking Odoo, Think Sitaram solutions!
To get the manual currency exchange rate module click here: Manual Currency Exchange Rate in Odoo
Thanks for paying attention!!