What's the key to being a successful accounting professional today? One answer, according to the American Institute of Certified Public Accountants: "Understand emerging technologies."
As the AICPA explains, "It's critical to stay abreast of and utilize new computer applications and systems as necessary."
A great example is the software that's now available to assist companies dealing with foreign currency. In the past, processing foreign currency added time-intensive steps to the accounts payable process. Today's technology is helping to streamline things.
On the Money: Choosing the Right Application
It's important, however, to find the right application for your organization's specific needs. Every company is different, so a solution that can vastly improve efficiency for one may be of little use to another. For instance, some companies deal mainly in U.S. dollars, while others use many foreign currencies, regardless of where the company resides.
Here's a sampling of some of today's most useful technology for foreign currency processing:
- If your dealings with international vendors are fairly limited and straightforward, Bill.com could be the solution. Bill.com allows you to make all international payments by check. Learn more.
- Tipalti, which can be used in more than 190 countries and can make payments in 120 currencies, lets clients pay international vendors via global Automated Clearing House (ACH). Sign up for a guided product tour.
- TransferMate takes another approach. It enables you to upload a payment file from your accounting software into TransferMate and process mass international payments. Also available: a QuickBooks Online add-on for international payments.
So if foreign currency is bogging down your business, don't despair. By doing a little research — or with input from your accounting services provider — you can probably find a digital solution that's just right for you. And that will allow you to dedicate more time to helping your business grow.