Sell Globally with Multiple Currencies

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Picture these real-time business scenarios,

  • A big company from Japan is ready to buy your products in bulk, but can pay only in Japanese Yen and not in your local currency.
  • Your supplier (say diamond or gold mining company) from South Africa insists you to raise the Purchase Order only in Rand.
  • You’ve a large sales organization spanning across several countries with head quarters in United States. And in each country you’ve agreed do business in the local currency while obtaining license from the government agencies.
  • You’re running a B2C e-commerce portal to sell designer women’s brands, jewellery and accessories not only to the US customers but to an international audience.
  • You’re in a highly competitive segment and all your competitors are selling products in different currencies to acquire the market share.

Whether Small, Medium or Large, your company will experience one or many of the above scenarios either due to Government regulations or by your business model. Hence your CRM and Accounting software must support the sales transactions & receivables/payable in multiple currencies. Keeping in mind the business needs of companies who deal with such scenarios, we at Zoho CRM offer complete support for multiple currencies to all users of Enterprise Edition.

Let’s quickly take a look at some of the key features of multi-currency support,

As an Administrator you can,

  • Choose the Home Currency for your company.
  • Activate a list of currencies for your sales reps.
  • Update currency conversion rates periodically.

As a Sales rep you can,

  • Use the desired currency while entering amount field in potential or other modules.
  • Generate quotes, sales orders, invoices and purchase orders in different currencies.
  • View sales pipeline report in your home currency.

For detailed description, refer our online help. To make the multi-currency roll-out easier for your company, we’ve also published implementation guide and compiled a few FAQ.

Eating your own dog food: Multi-currency at Zoho Corp.

Zoho Corporation has offices in United States, India, Japan, China, and Singapore selling both on-premise and online software to tens of thousands customers in more than 150 countries. Even though our fiscal currency is USD, customers from India, Japan, China and Singapore, buy products only in Indian Rupee (INR), Japanese Yen (JPY), Chinese Yuan (CNY) or Singapore Dollar (SGD) respectively. As our Sales team across regions use a single Zoho CRM account to track sales activities, implementing multi-currency became very important.

As soon as this feature was ready for the Beta testing, we activated it in our company’s CRM account. Previously, our regional sales managers were manually converting the quoted amount to USD whereas the Finance team were raising invoices in local currency. Now, all of them are directly entering the amount only in the local currency. We also track the consolidated sales pipeline in home currency at the organization-level.

We hope that you’ll find this new feature very useful to go global & grow your business. Please give it a try and let us know your business scenarios, suggestions, and experiences in the Comments box. We will be happy to improve this feature further based on your feedback.

Happy Selling!

Multi-Currency Enhancements in Zoho Invoice

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When we launched Zoho Invoice last year it was one of the few affordable online invoicing services to support multiple currencies. However, there were some limitations and we have been pleasantly surprised by the number of users seeking improvements. This upgrade addresses these limitations to a large extent. So let’s quickly get down to the details:

Currency decimal places – It’s configurable!

Prior to the upgrade, irrespective of the currency in which you operate the amounts were rounded to two decimal places. This doesn’t go well with customers in a few countries. Let me give you an example of Japanese Yen (JPY) that does not  have decimal places. Previously, when you raise an invoice totaling 100 Yen, the amount would appear as 100.00 in the invoice. Japanese customers tend to confuse 100.00 with 10000 Yen.
With this upgrade, you can configure the decimal places for JPY to 0 so that the .00 after 100 would no longer rear its ugly head. I am sure our friends in Japan will like this feature. We also hope our beloved customers in the Middle East and elsewhere who operate in currencies with 3 decimals will benefit.

Quantity Decimal Places –  Precision Personified

Zoho Invoice now supports six decimals places for quantity on an invoice. All amounts in the invoice will be formatted to display up to the decimal places you have specified. If you are a telecommunication company who calculates customer calls in minutes to the 4th decimal or any other business not happy with the restriction of 2 decimals, you can try out Zoho Invoice now – the quantity decimal places should no longer be a deal breaker. With this, your invoices should look more accurate and better.

Invoice Creation – Service/Item Prices in Foreign Currency

We have also made changes to the way the item prices are shown while creating/editing invoices in foreign currency. Henceforth, if the  invoice currency is different from your base currency item prices will be displayed in the invoice currency even while creating/editing the invoice. Previously, while creating invoices the item price were shown in base currency even though while viewing or sending the invoice they get converted to the invoice(foreign) currency. The amounts in invoice currency are calculated based on the exchange rate that you enter.

This upgrade lays the foundation for more exciting things to come from Zoho Invoice. We are in the midst of  a hot Indian summer and one way to beat the heat is by delivering some cool stuff for our customers. Stay tuned.