8.7
Editor’s Rating:
Best Overall
Xero
  • Automatic exchange rate updates
  • Integration with payment gateways
  • Support for international tax requirements
8.4
Editor’s Rating:
Runner-Up
QuickBooks Online
  • Automatic exchange rates
  • Integration with payments
  • Robust tracking features
8.8
Editor’s Rating:
Also Great
Gravity Software
  • Real-time analytics
  • Automated reconciliation
  • Mobile accessibility

In today’s globalized world, businesses need to be able to manage their finances across multiple currencies. The benefits of using multi currency accounting software are numerous, including:

  • Improved accuracy in financial reporting
  • Simplified compliance with international tax laws
  • Better visibility and control of finances
  • Increased efficiency in accounting processes
  • Enhanced business agility and global reach

We’ve reviewed 20+ software options and have found a few that stand out from the pack:

1 Xero

Xero’s multi currency accounting capabilities are designed to help businesses manage financial transactions in multiple currencies. It offers an integrated solution for tracking foreign currency transactions, generating multi-currency reports, and handling international tax requirements.

Xero offers a ranch of features to help businesses manage their international finances, including:

  • Multiple Currency Ledger Support: Allows businesses to manage transactions in multiple currencies.
  • Automatic Exchange Rate Updates: Automatically updates exchange rates to ensure accurate currency conversion.
  • Tracking of Foreign Currency Transactions: Allows businesses to track foreign currency transactions across all accounts.
  • Support for International Tax Requirements: Simplifies compliance with international tax laws by supporting VAT, GST, and other tax requirements.
  • Integration with Payment Gateways: Makes it easy to accept payments in multiple currencies by integrating with popular payment gateways.

Once businesses have set up their account with multiple currencies, they can add foreign currency accounts to track transactions in each currency. The software can convert invoice amounts to the customer’s currency based on the current exchange rate, and also convert the expense amount to the base currency.

Best Overall:
Xero
★★★★★
★★★★★
(3)

Dashboard
Expenses
What We Like
Automatic exchange rate updates
Integration with payment gateways
Support for international tax requirements
Overview
Price Range: $$
Starting Price: $13/month
Client OS: Web
Deployment: Cloud Hosted

2 QuickBooks Online

QuickBooks Online supports over 160 currencies, making it easy for businesses to invoice their clients in their preferred currency. Furthermore, QuickBooks Online automatically updates exchange rates daily, ensuring that businesses always have up-to-date currency conversion rates.

With QuickBooks Online, users can record transactions in foreign currencies and the software will automatically convert the amount into the base currency using the latest exchange rates. This not only makes it easier to manage multiple currencies, but also helps ensure accuracy and consistency in financial reporting.

In addition, QuickBooks Online allows users to set up foreign currency bank accounts and credit card accounts, which can be used to track all transactions in that currency. Users can also assign a foreign currency to their vendors and customers, making it easier to track invoices and payments in foreign currencies.

The software also allows for the creation of custom foreign currency accounts, which can be used to track expenses and income in different currencies. This is particularly useful for businesses that operate in multiple countries or have a large international customer base.

QuickBooks Online has built-in support for various international tax requirements. Businesses can easily calculate and track VAT, GST, and other taxes for different countries. QuickBooks Online also has built-in support for various tax forms, making it easy for businesses to stay compliant with international tax laws.

Runner-Up:
QuickBooks Online
★★★★★
★★★★★
(34)

Sales Dashboard
Find an Accountant
Track Mileleage
Mobile Cash Flow
Bank Reconciliation
Dashboard
Mobile Dashboard
Customers
Mobile Shortcuts
Create Invoice
Sales Vendors
Bill Pay
Banking
Expense Dashboard
Payroll Dashboard
What We Like
Automatic exchange rates
Integration with payments
Robust tracking features
Overview
Price Range: $
Starting Price: $30/month (50% discount available)
Client OS: Web
Deployment: Cloud Hosted

3 Gravity Software

Known as a multi-entity software, Gravity Software’s multi-currency accounting capabilities go hand in hand for those mid-sized companies who feel they’ve outgrown Xero and QuickBooks. Being able to handle multiple currencies for multiple entities can get confusing fast, and Gravity helps consolidate that information into one database.

Gravity will automatically update exchange rates, so businesses can track the value of foreign currency transactions in real-time. This feature saves time and reduces the risk of errors, ensuring accurate financial reporting.

Gravity Software also offers support for complex financial transactions involving multiple currencies. The software can track foreign currency transactions, including sales, purchases, and expenses, in multiple currencies, and convert them to a home currency for easy reporting. This capability ensures businesses can accurately track the impact of currency fluctuations on their finances.

Another unique feature of Gravity Software’s multi-currency accounting capabilities is its support for global tax compliance. The software can handle tax requirements for multiple countries, including VAT and GST, making it an excellent option for businesses with international operations. This feature ensures businesses can comply with international tax regulations and avoid penalties.

Gravity Software’s integration with payment gateways is another standout feature. This integration enables businesses to easily accept payments in multiple currencies, including credit card payments and PayPal transactions. This feature streamlines the payment process, making it easy for businesses to invoice customers and receive payments in any currency.

Also Great:
Gravity Software
★★★★★
★★★★★
(6)

Dashboard
Job Costing
Multi-Entity
Jet Reports
Inventory
What We Like
Real-time analytics
Automated reconciliation
Mobile accessibility
Overview
Price Range: $$
Starting Price: $300/user/month ($200 per additional user)
Client OS: Web
Deployment: Cloud Hosted

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.

We’ve explored the challenges and benefits of multi-currency accounting, as well as the key considerations for implementing a multi-currency accounting system.

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)
We recommend Xero for its user-friendly interface, affordability, and unlimited users per subscription. Xero is responsive and intuitive, with core accounting features in billing, invoicing, purchasing, and expense tracking.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$13/month
Client OS
Web
Deployment
Cloud Hosted
FreshBooks Screenshot

FreshBooks

★★★★★
★★★★★
(5)
We like FreshBooks’ ease of use, accessibility, and pipeline approach to simple accounting tasks. For example, you can easily convert a proposal or estimate into an invoice or project.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$15/month
Client OS
iOS, Android, Web
Deployment
Cloud Hosted
QuickBooks Online Screenshot

QuickBooks Online

★★★★★
★★★★★
(34)
We like QuickBooks Online for its robust integrations, intuitive user interface, and powerful invoicing.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$30/month (50% discount available)
Client OS
Web
Deployment
Cloud Hosted
Oracle ERP Cloud Screenshot

Oracle ERP Cloud

★★★★★
★★★★★
(4)
Oracle Cloud Enterprise Resource Planning (ERP) is an integrated suite of business modules designed to suit your ERP needs. The cloud applications assist with your business functions of finance, project management, procurement, risk management, and other day-to-day activities. The software can be scaled depending on what applications are needed, how many users require access, the number of transactions you process, and more. Formerly known as Oracle Fusion, some of the advanced capabilities of
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
Open Systems Accounting Software Screenshot

Open Systems Accounting Software

★★★★★
★★★★★
(3)
OSAS is a powerful, award-winning accounting and business management system for Windows, Linux, UNIX and Mac users. OSAS is flexible and easy to customize to your requirements. Built on a long track record of successful implementations, OSAS accounting and distribution applications are easy to learn and use. A proven industry leader, OSAS will meet your needs and expectations now and in the future. OSAS version 7.5 features over 100 design changes, enhancements, and new features intended to
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Client OS
Windows, macOS, Web
Deployment
Cloud Hosted
CurrencyXchanger Screenshot
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 bill payment platform that: Provides accounts payable to approve, pay and sync bill payments; Provides accounts receivable to send invoices and get paid faster; and Allows for credit and expense management to get credit, control budgets, and manage expenses with Divvy.. Bill.com is specifically designed to automate the most tedious operations of any small business: Payables and Receivables. The web-based nature of Bill.com will enable you to work on your financials from anywhere in
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$39/user/month
Client OS
Web
Deployment
Cloud Hosted
Sage 50c Accounting - US Screenshot

Sage 50c Accounting - US

★★★★★
★★★★★
(22)
We like Sage 50c for its powerful job costing and sophisticated financial reporting. This software allows you to customize reports specific to your industry, including construction, distribution, and manufacturing.
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 Pro Screenshot

AccountEdge Pro

★★★★★
★★★★★
(7)
AccountEdge is a complete small business desktop accounting and management solution for your Mac or Windows office, with everything you need to create and track sales and purchases, run payroll, track and build inventory, bill for time, and manage contacts. AccountEdge is all you need to run your business easily and efficiently. AccountEdge is available for a 30 day free trial. @youtube Accounts Payable; Accounts Receivable; Budgeting, Planning & Forecasting; Commission Tracking; Customer
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$399 (perpetual license)
Client OS
Windows, macOS
Deployment
Cloud or On-Premises
Enterprise 21 Screenshot
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 Suite Screenshot

Adagio Accounting Suite

★★★★★
★★★★★
(2)
Adagio Accounting is a multi-ledger, modular accounting system that provides best-in-class audit controls and financial reporting capabilities. It is designed for small and mid-sized businesses that process significant volumes of transactions — where batch processing provides additional error prevention and audit functions that don’t exist in real-time systems. Adagio controls the creation and management of electronic forms such as invoices, statements and checks, providing clients with a path
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$950 (perpetual license)
Client OS
Windows
Deployment
On-Premises
Accounting Seed Screenshot

Accounting Seed

★★★★★
★★★★★
(3)
We would recommend Accounting Seed software to companies which already use Salesforce as a primary business platform. Highly customizable fields make it possible to handle unique financial data.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$250/month
Client OS
Web
Deployment
Cloud Hosted
Gravity Software Screenshot

Gravity Software

★★★★★
★★★★★
(6)
Gravity Software’s cloud-based accounting solution is designed for businesses that have either outgrown their entry level accounting software (e.g.: QuickBooks, Xero) or legacy accounting apps (e.g. Sage 50, PFW, Dynamics GP), but are not ready to upgrade to an expensive enterprise app like Sage Intacct or NetSuite. Gravity is the only accounting solution written from the ground up on the Microsoft Power Platform. Gravity Software’s big claim to fame is to be able to consolidate multiple
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$300/user/month ($200 per additional user)
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 and/or PC clients, or in the Connected on Demand hosted cloud . The application offers exceptional audit trail and security to help save time and avoid errors in tasks like financial accounting, inventory management and production, and order entry. Connected is offered in two configurations: Core Accounting and Enterprise.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$1,499 (perpetual license)
Client OS
Windows, macOS
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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