Multiple Currencies Handling In CRM
Do you own a business with clients from around the world? If yes, then you might have customers from the USA, Europe, or Asia, who buy products from you. For example, if a customer from Asia goes to your website to buy something, and sees the price in USD. This might create a bad customer experience. From a sales perspective, it would be difficult for you to grow your business in any other region if your website only lists prices in USD.
The great news for such businesses is that CRM helps you handle sales reps in multiple countries dealing with multi-currency. When you sell your products internationally, it’s important to understand that you will have prospects using multiple currencies. The currency, or the accepted form of payment, changes depending on the location. And, for such scenarios, CRM should account for multiple currencies.
In most CRMs, you can add currencies to your account and then set an exchange rate with a comparison to your company’s base currency to track the number of your deals accurately. CRM allows you to update the currency property in a contact record. At the same time, the sales reps must see how much a deal costs in the company currency i.e the default currency that your company operates in. It helps the sales reps in the USA to create a report in USD, even if they have made sales in multiple currencies.
Moreover, in most CRMs, you are able to set up a corporate currency according to the currency of your corporate headquarters location. The admin of the account is able to maintain the list of active currencies and their conversion rates. You may need a certain type of account to unlock the multiple currencies feature in your CRM.
Here are a few CRMs that can handle multiple currencies.
With Dynamics 365, you can use multiple currencies by defining a base currency while setting up the organization or the instance. The base currency can not be updated. You can add additional currencies by simply going to settings and then business management. By default, 18 currencies will be defined. If you don’t see the required currency there, Dynamics 365 can create additional currencies either system or custom.
With Salesforce, you may use multiple-currencies in opportunities, reports. Quotes, and other data. You need to enable multiple currencies, add a company currency, and activate different currencies, to use this feature. Once you enable multiple currencies in Salesforce, it can’t be disabled for your organization.
To use multiple currencies in HubSpot, all you have to do is go to settings and add a currency. When you add a currency, you will need to know the exchange rates as well. For that, you may use Google search simply.
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January 15, 2021