When trading internationally, fluctuating exchange rates can have a big impact when it comes to calculating sales order values with margins, profitability and competitiveness all affected. For companies pricing orders in foreign currencies, it can be vital to ensure the exchange rate being used is accurately and regularly updated.
Thanks to recent development, customers can now receive scheduled currency updates direct from two different websites, XE (http://www.xe.com) and Currency API (http://currency-api.appspot.com/). There are a couple of key differences between the two services, with each one being suitable for different kinds of businesses.
TWO WAYS TO KEEP UPDATED
Currency API provide exchange rates to 4 decimal places for 16 different world currencies. This is a free service which is updated daily, so is ideal for smaller businesses or those that trade in a couple of the main currencies. XE on the other hand offers exchange rates to 8 decimal places for virtually all of the various currencies. This feed is ideal for larger companies or businesses that trade quite heavily in a range of different currencies.
To utilise one of these exchange rate services within OrderWise, users will need to visit the Global System Settings and click on Currency Updates. Within these settings customers can select either XE or Currency API to feed from and then enter the necessary website URL in the box provided. Then within the System module, a scheduled service task can be set up so that each business can choose how often they want to receive their currency update.
This new feature ties in with new development that was brought in last month that allowed users to run a system utility that recalculated exchange rates applied to sales orders. By using these two services together, users can ensure both open sales orders and newly created sales orders with foreign customers are kept right up to date with the latest exchange rates.
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To discuss your requirements in more detail contact us today on 01522 704083.