Bureau de change is a business that buys and sells foreign currencies to customers. The business is driven by everyday rate fluctuations which could lead to profit or loss: when you buy at a lower rate from your bank and resell at a higher rate to the customer, you make a profit which is the difference between the bid/ask price – commonly referred to as spread and vice versa.
Managing a Bureau de change in the midst of uncertainty is quite cumbersome especially when you want to ascertain your overall profit/loss position at the end of financial year.
See – How I implemented QuickBooks for BDCs
If you are looking for the best financial management software for your BDC, these tips will help the best product:
- A good accounting software designed for your BDC should help you track Dollars, Euros, Pounds and other currencies as products with quantity available on hand, buying rate as unit cost and selling rate flexible to reflect different prices offered to different customers.
- It should also track all profit or loss figure on each transaction.
- The software should also help show your printable sales/purchase report on a daily, weekly and monthly basis.
- At the end of the day, week or monthly, you should also view your overall currencies at hand with value: just like stock report showing closing stock, unit cost and value.
- Financial reports like Profit or loss, statement of financial position (balance sheet), cash flow statement should also be a breeze.
- If there are more than one staff on ground, your accounting software should also allow multiple users access to the central data file without stress.
While these are some of the deliverables of a good software designed for Bureau De Change, you can also connect with our support centre for more enquiries if you have specific needs.
Send a mail to info@accountingsoftware.com.ng