Online accounting software company Saasu has launched a foreign currency feature that lets users pay overseas invoices through the OzForex Group payments platform. The integration saves Saasu users up to 5 percent in exchange rates and fees related to international money transfers, Saasu said in a press release.
Businesses can also book foreign-currency payments in advance through OzForex. The FX platform uses risk management tools to help avoid currency fluctuation losses which can typically add up to thousands of dollars per year.
The integration is the first of its kind for online accounting software and is intended to minimise errors, save time and reduce administration costs in dealing with overseas suppliers.
How It Works
The user must first sign up to OzForex and link their Saasu account using their login details. Foreign currency invoices in Saasu will then include an option to “Pay with OzForex” under the payments drop down menu.
This takes the user to the OzForex platform which lists all the unpaid foreign currency invoices in Saasu and generates a quote to pay them, either individually or altogether, even if in multiple currencies. There is a financial incentive to bundle invoices together as transfers over A$10,000 waive the A$15 fee.
The user can accept the quote to pay the invoices, which are automatically updated to paid status in Saasu.
The integration replaces the common scenario of re-entering payment details for foreign currency invoices manually in an online banking platform and then converting and reconciling the payments later in the accounting software.
“Being able to pay foreign currency invoices easily and instantly, at highly competitive rates, will really take the pain away for the thousands of Australian businesses with foreign operations,” Marc Lehmann, CEO of Saasu, said in the release.
OzForex rates were the cheapest among all providers compared in a review in August by financial services comparison site, Mozo. Funds are received in average within one to days, OzForex claims.
“Currency volatility represents major uncertainty for many businesses. With the Australian dollar losing 30 percent of its value over the past couple of years, many Australian companies paying for goods and services overseas are facing sharply increased costs. Pre-booking deals or using forex hedging tools can help avoid bill shock later on,” Simon Griffin, chief commercial officer, OzForex, said in the release.
Saasu created a video showing how the integration works.