Hi all,
I have a client who is setting up a business that will have lots of USD transactions. There is a good possibility that there will be US investors, who may want reporting in USD as well
He's also setting up a subsiduary in India.
The business is IT so there will be lots of R&D type work - most of it being carried out in the Indian subsidiary.
I'm looking at both Xero and Quickbooks as options. It needs to be pretty standard package as there will be an accountant in India managing the subsidury.
Given those two options - which do AW readers think is most appropriate. My initial review is that Xero is the most likely candidate.
Any feedback is welcomed - especially if I've missed any obvious choices
Replies (3)
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I can't speak for QB, but I've found that Xero deals with multi currency better than any other package that I've looked at. It has a live link to up to date exchange rates so it automatically updates the sterling value of each currency transaction.
The reporting currency is defined at the outset as far as I can remember, and I'm not sure that it's possible to report in other currencies. You might want to check that out if it's important to you
I do like Quickbooks but it multicurrency when doing currency revaluations is awful. I heard Xero is much better to deal with multi currency
You could consider AccountsIQ, it handles multi-currency accounting really well at an individual entity and group level. https://accountsiq.com/consolidation/