- 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.
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.
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.