New accounting features take the foreign exchange pain out of cross border retail.
SAN FRANCISCO, Calif. and BRISTOL, UK – 20 October, 2016: Brightpearl’s integrated accounting and retail inventory management service has new multi-currency accounting features that enable retailers and wholesalers to buy, sell, and bank in any foreign currency but still manage the business centrally in the same software. Multi-currency support comes as standard in Brightpearl and eliminates the complexity and cost international trade creates if you are using a competitor’s single currency solution.
Derek O’Carrol, CEO, Brightpearl said: “The world’s most successful merchants trade internationally. But far too many retailers and wholesalers stay away from international markets because of the foreign exchange cost and financial reporting hassle it can create. This is particularly true at times of significant fluctuation in the currency markets like we have seen recently, particularly in Europe. If you have an accounting solution that only gives you a one currency view of your business that will never truly reflect what’s in the bank as accuracy will be affected by daily changes in foreign exchange rates. That uncertainty, and additional hassle, is a major turn off for too many businesses and seriously limits their long-term growth potential.
He continues: “We felt it was time to remove this admin block and make it easier for many more businesses to exploit the opportunity presented by international markets. Trading, accounting and reporting in multiple currencies shouldn’t be a reason you don’t look across borders for new customers or suppliers.”
Key features of Brightpearl multi-currency accounting:
Brightpearl has combined retail management software with automated accounting into a single subscription-based service to specifically meet the needs of independent retailers and wholesalers. No need to buy and manage separate specialist accounting and retail management software.
Merchants can buy from overseas suppliers, sell to customers and bank in any currency and the activity is automatically recorded in their financial reporting. They can manage all customer and vendor accounts in any preferred currency, and recognize the value of all debt directly alongside all other accounting activity in the same up-to-the-minute company-wide report. No manual translation necessary.
You can find out more about Brightpearl’s multi-currency accounting capabilities here.
Brightpearl is powerful and simple to use accounting, retail and inventory management software designed specifically for small and medium-size retailers and wholesalers. Brightpearl helps customers grow, expand and compete with larger rivals by streamlining sales and supply chain functions across multiple online and offline channels. Brightpearl’s cloud-based software and services enable omnichannel merchants to manage the heart of their business by combining purchasing, inventory management, CRM, order processing, accounting, fulfillment, and reporting into a single reliable platform. Founded in 2007 with offices in the U.S. and UK, Brightpearl is used by more than 1,400 merchants around the world. For more information, visit www.brightpearl.com or @BrightpearlHQ.
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