When it comes to picking an accounting platform for your money exchange business, you are wise to be very picky about your choices. There are many powerful accounting platforms on the market such as:
However, none of these solutions are suitable for handling the task for a Money Service Business (MSB). MSBs require an accounting software that is specifically made for their business, allowing them to handle hundreds of currencies and their stock value.
Most professtional accounting solutions (including the ones mentioned above) claim that they have "multi-currency" capability. However, this is not really the case as these solution don't treat 'foreign currency' as an inventory item. Even if currencies are declared as an inventory item, the accounting packages cannot automatically calculate accurate market value based on live market rates. Basically, they can provide reports by converting the values from one currency to another; however, they are not able to give you accurate figures in terms of inventory valuation. This is a major problem when it comes to accurate calculation of profit and loss.
CurrencyXchanger is made from scratch as a double entry accounting software. Any monetary transaction you can imagine, can be entered into CurrencyXchanger. You can define general ledger accounts and sub-ledger accounts in any currency and track these accounts in their respective currency. The system can automatically reevaluate the balances of these accounts in the local currency (home currency). The valuation is based on live market rates.
We have identified 10 major deficiencies in every professional accounting software on the market. We cannot claim that CurrencyXchanger is the only product on the market that overcomes the following challenges, but it is definitely the only one we know of.