4 interesting insights after analysing 55 million transactions

Foreign currency, how common is it actually in an accounting system? Together with Basecone (part of Wolters Kluwer), we went to investigate.In today’s dynamic business arena, labour shortage is at the top of the agenda of many companies and accounting firms. Optimising processes so that fewer manual actions are involved is therefore essential. Savings in terms of required human labour, error probability reduction and faster insight are then naturally particularly appealing.

Automation can certainly lend a helping hand here. The combination of advantages, such as labour savings due to less manual work, error-free import and process optimisation, only further underline the need. Efficiency, time savings and accuracy are therefore at the heart of any successful automation strategy.

iQurrency contributes to the goals of accounting and administration firms and their clients by automatically reading foreign exchange rates on a daily basis. Despite this, I often hear from accounting firms that foreign exchange does not play a role for themselves or their clients. Curiosity drove me to investigate this further, albeit with some disappointment.

The most logical starting place was the source itself: invoices. This is where my research quickly led me to Basecone. Basecone aims to make accounting and administration firms more efficient by automating and digitising the flow of documents. From paper to digitally controlled accounting, without the hassle. Like iQurrency, Basecone offers links to various accounting systems, making the workflow even more transparent.

Our visions quickly turned out to align. I shared my curiosity and experiences with Basecone, who fortunately turned out to be just as curious. We decided to explore together, with the strict condition that all data were and are completely anonymous and untraceable.

Some “discoveries” from the viewed anonymous data over an entire calendar year, with a total of 55 million(!) transactions processed:

• Of all transactions processed by Basecone in a year, 3% are in a foreign currency;
• Foreign currencies occur in 6% of all administrations of;
• Foreign currencies occur in 25% of all accounting firms.
• Within these 25% client environments, up to 25% of all these transactions are in foreign currency.

You can see that once a client environment involves foreign currency then immediately a significant proportion of all transactions are in foreign currency.

Also curious how much you can save with Basecone and iQurrency?

Feel free to contact us or Basecone!