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
Request For Our Accounting Software ServiceFor over 5 years, we have implemented QuickBooks and Sage 50 for several companies under Retail, Manufacturing, Oil & Gas, Real Estate & Construction, Travels, Hospitality,Legal, Co-operatives, NGOs, Financial & Service Sectors.
- Mbaire Services Nigeria Ltd(Construction)
- Chisco Transport Limited(Transport)
- Lounge38(Hotel and Bars)
- CTRL System Technologies Limited(Procurements)
- Aristokrat 360 Limited(Creative & Media Agency)
- Alpha Pharmacy (Health Care & Supermarket)
- Ericsson Nigeria Multipurpose Co-operative Society (Co-operatives)
- Fastanet Limited (ICT and Security)
- Britanic Maritime (Maritime Service)
- CEO Business Limited (Salary Advance, Credit Finance and Loan)
- OneHealth Pharmacy (Health Care)
- Widdi Pharmacy (Health Care)
- Olpharm Pharmacy (Health Care & Distributor)
- Hawkes Legal(Legal)
- Kantessa Limited(Fashion Store)
- OPI Nigeria International Limited (Oil & Gas Servicing)
- Zenilum Company Limited (Oil & Gas Servicing)
- Extol Security Services Limited (Security and Guard Services)
- Lilygate Hotel(Hospitality)
- Benstel Nigeria Limited(Bottle Water Production & Distribution)
- Paraclete Nigeria Limited (Bottle Water Production & Distribution)
- Lakia Construction Limited (Real Estate Development)
- Josien Holdings Limited(Distribution)
- Aisha Buhari Foundation (Futured Assured)(NGO)
- Doheney HR Services(HR)
- Insights Limited(Health Consultant)
- Biddel Oil & Gas Limited (Oil & Gas)
- System Intelligenz Limited(Contractor)
- MagTech Information Security (IT)
- Infusion Cakes Nigeria (Bakery)
- SCERA Nigeria (NGO)
- M.D School (Private School)
- Travel Options (Travels)
- Logos Travel Support & Solutions Ltd (Travels)
- Melcurt Nigeria Limited (Oil and Gas Engineering and Pipeline Construction)
- Starlight Nigeria (Retail)
- Temple Private School (Education)
- Value Mart Supermarket (Retail)
- Transweb Bureau De Change (Financial Service)
- Vektro Food Limited (Manufacturing & Retails)
- Orient Petroleum PLC (Oil & Gas)
- Plus More
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.
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