Protect Yourself against Fluctuating Currencies

24 Jan 2017

As currencies fluctuate, make sure the Value of your Quotes and Sales Orders don’t.

I was listening to a conversation on BBC Breakfast the other morning when something caught my ear: No one is quite sure what the impact of Brexit will be on the strength of the pound.

This can create some uncertainty when generating Quotes if you operate using a number of different currencies. Lots of systems, including OpenCRM, have the ability to integrate with an Online Currency Exchange, giving you an accurate exchange rate at the end of each day.

This, however, can throw up some extra considerations needed on your part.

For instance, if I were to generate a Quote in US Dollars and the currency fluctuated, what effect will this have on my Quote? Would I earn more or, more importantly, would I earn less? Will I be trimming my margin all of the time? Will a good deal suddenly become a loss?

All of these questions are thing you need to keep in mind when working in a multi-currency system. Luckily, within OpenCRM there is the functionality to protect yourself from these fluctuations, let me explain.

When creating a Quote or Sales Order, whether it be in GDP, Dollars, and Euros etc (you can have a choice of up to 5 currencies) the conversion rate is locked at the point of creation and does not fluctuate as the currency exchange rates do. You would then make your Quote valid for a certain time frame – 7 Days, 30 Days etc, thus protecting yourself.

This gives you piece of mind when you’re considering working with another currency or you’re currently working with other currencies, that the Quotation/ Sales Order that you provide will remain at the same value for a period of time that you dictate and is not subject to change.

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