Intacct, a provider of cloud ERP software, and OANDA, a provider of multi-asset trading services and foreign exchange solutions for individuals and businesses, have extended their partnership on foreign exchange data services. The terms of the new agreement renew the trust in OANDA’s Exchange Rates API and solidify the OANDA Exchange Rates as the default rates in the Intacct cloud ERP system.
Intacct makes it easy for companies of all size to manage the financials for multiple locations and entities, whether their business structure is simple or complex, domestic or global. For companies that need to automate conversions for transactions or need to report in multiple currencies across the globe, everything related to managing multiple currencies is automated in Intacct to increase accuracy and reduce the time for multi-entity, multi-currency consolidation.
OANDA’s exchange rates are considered the gold standard in foreign exchange data, trusted by audit firms, tax authorities, and companies around the world. Intacct uses OANDA’s up-to-date exchange rates to automatically create currency conversions and revaluations. The platform gives instant access to information on currency gains and losses, and allows organizations to easily produce reports in the headquarters’ currency or each entity’s local currency. Companies can also access historical exchange rates for more than 38,000 currency pairs.
“One of the most powerful features of Intacct is its multi-currency management and global financial consolidations,” said Craig Stack, CFO of ProKarma, a global IT solutions company. “We have three entities, each with its own currency. The consolidation process before Intacct was a very painful process that took approximately 30-40 hours a month. Now, our consolidation process in Intacct is essentially the push of a button.”
Vatsa Narasimha, OANDA CEO, commented, “One of the key goals for our Solutions for Business division here at OANDA is to provide corporations with automated access to accurate foreign exchange information directly from their ERP, treasury, finance or accounting system. We believe that only by leveraging trusted, reliable, and accurate currency data, can finance professionals run their businesses, fully confident their numbers are correct. This partnership accomplishes exactly that by enabling Intacct’s fast-growing user base to source the exchange rate data they need, whenever it’s needed.”
“Intacct is the cloud ERP system of choice for multi-entity, multi-currency environments. Our customers use Intacct to reduce their consolidation times from a hundred hours to seconds and present the results in a real-time dashboard with full multi-currency support,” said Rob Reid, CEO of Intacct. “Our partnership with OANDA is a key part of delivering this industry leading functionality that is core to the modern data-driven CFO. The extended relationship reflects both a commitment to OANDA and a commitment to delivering to our customers the best possible solution.”
To learn more about Intacct’s multi-entity and global consolidations capabilities, please visit https://us.intacct.com/consolidation-accounting-software