Some businesses still receive The Business Times daily, but that does not mean it should be used to dot the exchange rates down. Aladdin has built in exchange rate functionality that will allow you and your team to do foreign transactions seamlessly.
At midnight every day, our system performs multiple behind the scenes tasks, one of which is to get the latest exchange rates from the world bank database, ensuring you don’t have to worry about looking up exchange rates when having to work with them.
On a basic level, there is a search function on the front-end where you can look up any past exchange rate if you need to check the exchange rate that was used on a transaction. On a more integrally advanced level, the currency that you want to use can be selected on a quote and the system will do the rest for you.
Quotes and source documents will all be raised in the applicable currency, making communication with your overseas clients easier. On the business and reporting side of things, the premium and related amounts will be available in both the foreign currency and your reporting currency, allowing you to report on multiple currencies in multiple ways. The currency used on the transaction is saved in the system, so you do not have to keep track of the rates used. Banking transactions from the system can also be performed in the currency of your choice, with one or more bank accounts set up to transact in. Inter-bank transactions is also catered for on the system with an easy to use exchange function.
If you want help in changing your exchange rate ways, contact us.