8.6
Editor’s Rating:
Best Overall
Xero: Dashboard
Xero
  • Automatic exchange rate updates
  • Integration with payment gateways
  • Support for international tax requirements
7.8
Editor’s Rating:
Best for Diverse Currency Support
QuickBooks Online: Sales Dashboard
QuickBooks Online
  • Automatic exchange rates
  • Integration with payments
  • Robust tracking features
9.1
Editor’s Rating:
Best for Multi-Entity & Currency Operations
Gravity Software: Dashboard
Gravity Software
  • Real-time analytics
  • Automated reconciliation
  • Mobile accessibility

To help you choose the right solution for your business, we found and ranked the best multicurrency accounting software in the market today.

1 Xero - Best Overall

Why We Chose It: Xero is distinguished by its multi-currency accounting capabilities, making it a top choice for businesses engaged in international transactions. Designed to simplify foreign financial complexities, Xero provides an all-in-one platform to track, report, and manage transactions across currencies.

A couple of its notable features include the automatic updating of exchange rates and full support for international tax requirements, from VAT to GST. Integration with renowned payment gateways ensures businesses can seamlessly accept payments in multiple currencies. Moreover, the facility to convert invoice amounts based on current exchange rates and the ability to add foreign currency accounts elevate the user experience, keeping businesses in sync with global operations.

Read our full Xero review.

Best Overall:
Xero

Xero: Dashboard
Xero: Expenses
What We Like
Automatic exchange rate updates
Integration with payment gateways
Support for international tax requirements
What We Don’t Like
No customer service phone number
One company per subscription
Limited mobile app functionality
Overview
Price Range: $$
Starting Price: $13/month
Client OS: Web
Deployment: Cloud Hosted

2 QuickBooks Online - Best for Diverse Currency Support

Why We Chose It: Boasting support for over 160 currencies, QuickBooks Online excels in providing a platform for businesses to effortlessly manage and track global transactions. Designed with international businesses in mind, it offers a blend of ease and accuracy, updating exchange rates daily and automatically converting transactions to the base currency.

QuickBooks Online shines in its provision to set up foreign currency accounts and its intrinsic support for international tax obligations, from VAT to GST. With a suite of customizable foreign currency features, businesses can cater to an expansive international customer base without the hassle of manual calculations.

Read our full QuickBooks Online review.


QuickBooks Online: Sales Dashboard
QuickBooks Online: Find an Accountant
QuickBooks Online: Track Mileleage
QuickBooks Online: Mobile Cash Flow
QuickBooks Online: Bank Reconciliation
QuickBooks Online: Dashboard
QuickBooks Online: Mobile Dashboard
QuickBooks Online: Customers
QuickBooks Online: Mobile Shortcuts
QuickBooks Online: Create Invoice
QuickBooks Online: Sales Vendors
QuickBooks Online: Bill Pay
QuickBooks Online: Banking
QuickBooks Online: Expense Dashboard
QuickBooks Online: Payroll Dashboard
What We Like
Automatic exchange rates
Integration with payments
Robust tracking features
What We Don’t Like
Limited users per plan.
Few industry-specific features
Comparatively expensive
Overview
Price Range: $
Starting Price: $30/month
Client OS: Web
Deployment: Cloud Hosted

3 Gravity Software - Best for Multi-Entity & Currency Operations

Why We Chose It: Gravity Software emerges as the top pick for mid-sized businesses seeking multi-entity and multi-currency accounting solutions. Addressing the intricacies of managing multiple currencies across diverse entities, Gravity consolidates this data efficiently, aiding companies to transcend the capabilities of platforms like Xero and QuickBooks.

Its automatic exchange rate update feature is not just about convenience but ensures real-time accuracy in financial reporting. The platform’s prowess in handling complex transactions and its comprehensive support for global tax compliance make it a frontrunner for businesses with a broad international footprint. Additionally, Gravity’s integration with popular payment gateways streamlines the invoicing and payment processes, allowing businesses to operate fluidly in any currency.

Read our full Gravity Software review.

Also Great:
Gravity Software

Gravity Software: Dashboard
Gravity Software: Job Costing
Gravity Software: Multi-Entity
Gravity Software: Jet Reports
Gravity Software: Inventory
What We Like
Real-time analytics
Automated reconciliation
Mobile accessibility
What We Don’t Like
Not for Small Operations
No In-house Payroll
Mandatory Microsoft Licensing
Overview
Price Range: $$$
Starting Price: $375/user/month
Client OS: Web
Deployment: Cloud Hosted

What is Multi-Currency Accounting Software?

Multi-currency accounting is the process of recording financial transactions in more than one currency. This can be challenging for businesses that operate in multiple countries or engage in international trade. However, it is also essential for businesses that want to accurately track their financial performance, make informed decisions, and comply with accounting regulations.

The Challenges of Multi-Currency Accounting

One of the biggest challenges of multi-currency accounting is exchange rate fluctuations. Exchange rates can vary significantly over time, which means that the value of transactions recorded in one currency may change when converted into another currency. This can make it difficult to accurately track financial performance, as well as calculate profits, losses, and taxes. Another challenge is currency conversions.

Converting one currency into another requires knowledge of exchange rates and a thorough understanding of the accounting principles involved.

Finally, accounting for multiple currencies can be complex, as it involves tracking transactions in different currencies, reconciling accounts, and preparing financial statements in accordance with accounting standards.

Benefits of Multi-Currency Accounting

Despite the challenges, multi-currency accounting offers several benefits.

Firstly, it can increase accuracy by ensuring that financial transactions are recorded in their original currency, and then converted into the reporting currency for financial reporting purposes. This can provide a more accurate picture of a business’s financial performance.

Secondly, multi-currency accounting can improve financial reporting by providing a more comprehensive view of a business’s financial performance across different countries and currencies. This can help businesses make informed decisions about their operations and investments.

Finally, multi-currency accounting can enable better decision-making by providing accurate and up-to-date financial information, as well as facilitating the analysis of financial performance across different currencies and countries.

Implementation of Multi-Currency Accounting Software

Implementing a multi-currency accounting system requires careful planning and preparation. This involves identifying the accounting standards and regulations that apply, as well as selecting the appropriate accounting software and financial management tools.

It also involves data migration and setup, which can be a complex and time-consuming process. Businesses need to ensure that their data is accurately transferred from their existing accounting system to the new multi-currency accounting system.

Finally, businesses need to provide training and support to their staff to ensure that they are able to effectively use the new system and comply with accounting standards and regulations.

Overall, implementing a multi-currency accounting system requires a significant investment of time and resources, but can ultimately provide significant benefits for businesses that operate in multiple currencies.

All Products

No products found
Xero Screenshot

Xero

★★★★★
★★★★★
(3)
A contender against QuickBooks Online, Xero is a popular solution for its user-friendly interface, affordability, and unlimited users per subscription. It’s a cloud-based, double-entry accounting software that offers bank reconciliation, financial reporting, and basic invoicing and billing.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$13/month
Client OS
Web
Deployment
Cloud Hosted
QuickBooks Online Screenshot

QuickBooks Online

★★★★★
★★★★★
(56)
QuickBooks Online is the most popular financial software on the market. This cloud-based accounting solution enables tracking of sales and expenses, generating estimates, customer management, and seamless collaboration with external accountants.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$30/month
Client OS
Web
Deployment
Cloud Hosted
Gravity Software Screenshot

Gravity Software

★★★★★
★★★★★
(6)
Gravity Software is a scalable, cloud-based multi-entity accounting solution on the Microsoft Power Platform. Ideal for mid-market companies and multi-entity businesses outgrowing solutions like QuickBooks, it supports 1 to 500 users.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$375/user/month
Client OS
Web
Deployment
Cloud Hosted
FreshBooks Screenshot

FreshBooks

★★★★★
★★★★★
(5)
FreshBooks is well-recognized in the accounting world and stands as a competitor to QuickBooks Online. It’s a simple cloud accounting software that allows you to invoice clients, track expenses, and accept payments.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$19/month
Client OS
iOS, Android, Web
Deployment
Cloud Hosted
Oracle ERP Cloud Screenshot

Oracle ERP Cloud

★★★★★
★★★★★
(4)
Oracle ERP Cloud is a cloud-based, comprehensive ERP suite offering advanced capabilities like AI automation, real-time analytics, and regular updates. It covers various business functions including financial, project, and supply chain management. This software is designed for businesses looking to streamline operations, enhance efficiency, and reduce IT costs.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$175/user/month
Client OS
Web
Deployment
Cloud Hosted
Giddh Screenshot

Giddh

Giddh, a service from Walkover, offers a suite of online accounting software and tools. Giddh can handle invoicing, bank reconciliation, reports and analysis, client contact information and communication tools, inventory, and more. It’s a great service for small businesses or for a company’s first accounting system. It lets users import Excel sheets onto its system, syncing previous data, and consolidating them to one location going forward. Bank Reconciliation; Multi-Currency Tools; Import
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$11/user/year
Client OS
Windows, macOS, Android, Web
Deployment
Cloud Hosted
CurrencyXchanger Screenshot

CurrencyXchanger

CurrencyXchanger POS is one of the most popular software systems for Foreign Exchange. Its simplicity and flexibility is second to none. If clients are thinking about automating their bureau de change for the first time, this product will change their business forever. The POS Edition is the best choice for currency exchange outlets in airports, travel agencies, in-store exchange outlets, and other businesses that offer currency exchange service to their customers. For newcomers in the field of
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$999 (perpetual license)
Deployment
Cloud Hosted
Banana Accounting Screenshot

Banana Accounting

Banana Accounting offers a range of simple accounting and productivity software. Banana Accounting uses a familiar, Excel style layout to help users navigate and operate the software. And all formulas are pre-built into balance sheets, budgets, charts of accounts, and more. Invoicing; Multi-Currency Tools; Cash Manager; Financial Forecasting; Tax Management; Document Management; and Contacts/Client Manager. Banana Accounting can be purchased outright for $115/licensing fee.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$115 (perpetual license)
Client OS
Windows, macOS, Linux, iOS, Android
Deployment
On-Premises
Clear Books Screenshot

Clear Books

★★★★★
★★★★★
(1)
Clear Books is an accessible, online accounting software built for small businesses, contractors, and freelancers. This easy-to-use online accounting software is designed for UK-based small businesses, contractors, freelancers, and sole trade. Easily create and send invoices, track bills and expenses, prepare taxes, share access with certain individuals, and more. @youtube Invoice and Quote Generator; Bill and Receipt Tracking; Bank Feeds and Uploads; Reporting Tools; Dividends Tracker; Project
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$12/month
Client OS
Windows, macOS, iOS, Android, Web
Deployment
Cloud Hosted
Clickentry Screenshot

Clickentry

Clickentry is a cloud accounting solution for small and medium-sized businesses. Clickentry offers easy-to-use tools to help with invoicing, expense claims, multi-currency accounting, purchase orders, fixed assets, and more. Invoicing; Inventory; Bank Reconciliation; Expense Claims; Purchase Orders; Multi-Currency; Customer Login Portal; Customer Quotes; Budget Reporting; and Batch Processing. Clickentry starts at $10/month. Clickentry does offer a free version. And Clickentry does offer a free
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$10/month
Client OS
Windows, macOS, iOS, Android, Web
Deployment
Cloud Hosted
ProfitBooks Screenshot

ProfitBooks

★★★★★
★★★★★
(1)
ProfitBooks is a simple and intuitive accounting software built for small and growing businesses. With ProfitBooks, you can create invoices, manage taxes, track inventory, and much more with no accounting knowledge. Purchase Management; Manage Sales Orders; Inventory Management; Customer & Supplier Management; Multi-Currency; Create Invoices; and Payroll. ProfitBooks offers both free and paid versions. ProfitBooks is free for startups.
Client OS
Windows, macOS, iOS, Android, Web
Deployment
Cloud Hosted
Bill.com Screenshot
Bill.com is a billing and invoicing software with customizable invoicing, AR/AP management, and mobile app functionality. The platform simplifies managing vendor payments and invoice tracking. Bill.com supports electronic payments via various methods, including ACH, credit card, and international wire transfers. The mobile app allows for easy payment approvals and invoice management.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$39/user/month
Client OS
Web
Deployment
Cloud Hosted
Sage 50cloud Accounting Screenshot

Sage 50cloud Accounting

★★★★★
★★★★★
(23)
Sage 50c is accounting software that includes functions such as accounts payable and receivable, general ledger reporting, and inventory management. Additionally, the solution offers features like sales tax reporting, automated W2s, and precise tax calculations for employee withholdings.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$439/user/year
Client OS
Windows
Deployment
On-Premises
BS1 Accounting Screenshot

BS1 Accounting

★★★★★
★★★★★
(2)
BS/1 Accounting is a small business accounting software providing an integrated accounting system that includes accounts payable, accounts receivable, a general ledger, inventory control, and sales analysis. The software is typically used by small to medium-sized businesses. Multi-currency features facilitate selling and purchasing internationally. Payables and receivables are tracked separately for each currency. Also the GL system shows revenue and expenses converted from foreign currency to
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$139 (perpetual license)
Client OS
Windows
Deployment
On-Premises
AccountEdge Screenshot

AccountEdge

★★★★★
★★★★★
(9)
AccountEdge is a small business accounting software that helps business owners organize, process, and report on their financial information so they can focus on their business. Its feature set includes accounting, integrated payroll, sales and purchases, contact management, inventory tracking, time billing, and more. There are separate pricing plans for Mac and Windows users, though the monthly subscription for the first license is still $20. A 30-day free trial is available; no credit card is required.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$20/month
Client OS
Windows, macOS
Deployment
On-Premises
Enterprise 21 Screenshot

Enterprise 21

Enterprise 21 ERP software is a fully-integrated ERP system for small and mid-market manufacturing and distribution organizations. Designed to facilitate industry best practices, Enterprise 21 includes comprehensive software functionality to manage the enterprise’s complete business operations. The Enterprise 21 ERP software solution delivers fully-integrated sales order management, procurement, inventory management, warehouse management, financial management, advanced planning, customer
Client OS
Windows, Web
Deployment
Cloud Hosted
Adagio Accounting Software Screenshot

Adagio Accounting Software

★★★★★
★★★★★
(2)
Adagio Accounting software stands out for its ability to efficiently manage high-volume transactions, which is a significant advantage for businesses experiencing limitations with entry-level accounting software. Its cost-effectiveness makes it an attractive option for small to medium-sized businesses. The software offers flexibility in posting transactions to different periods, a feature that enhances its appeal to accountants and bookkeepers.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$950 (perpetual license)
Client OS
Windows
Deployment
Cloud or On-Premises
Accounting Seed Screenshot

Accounting Seed

★★★★★
★★★★★
(3)
Accounting Seed, a full accrual accounting app on Salesforce, offers real-time financial tracking throughout the business lifecycle, from marketing to financial statement production.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$250/month
Client OS
Web
Deployment
Cloud Hosted
Connected Accounting and ERP Screenshot

Connected Accounting and ERP

★★★★★
★★★★★
(4)
Connected Accounting and ERP is a business management application designed for small to midsized companies. Connected can be deployed on traditional networks, with both Mac or PC clients, or on the Connected on Demand cloud. Both versions include audit trail and security to help save time and avoid errors in tasks like financial accounting, inventory management and production, and order entry. Other top features are income statements, balance sheets, customer and vendor lists, inventory management, and purchase orders.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$1,499 (perpetual license)
Client OS
Windows, macOS
Deployment
Cloud or On-Premises
Blue Link ERP Screenshot

Blue Link ERP

★★★★★
★★★★★
(1)
Blue Link ERP is a cloud based software that caters primarily to small and mid-sized wholesalers and distributors, offering features for accounting and inventory management. It is also suitable for retail and e-commerce operations. Key features include warehouse management, lot tracking, document management, barcode scanning, contact management, customer relationship management (CRM), point-of-sale, and product matrix.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Client OS
Windows, Web
Deployment
Cloud or On-Premises

We searched and searched, but we couldn’t find any products in our database that match your criteria. Perhaps our team of software experts can help? They’d be happy to provide a list of free recommendations that meet your exact requirements.

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