There are several definition of what constitute a 'Currency Exchange System'. In this context, we are referrring to a computerized system that automates a Money Exchange Business. This is also know as a Currency Exchange Software, Money Exchange Software, or Foreign Exchange Software.
- To keep track and control your daily monetary transactions
- To keep customer records on file along with their transactions
- To view profit and loss made on each currency and in total
- To minimize human errors and prevent common mistakes leading to loss
- To get management and financial reports at the touch of a button
- To better manage your inventory and have an exact idea about average cost, rates, market value, break-even rates and other key factors
- To automatically update your currency buy/sell rates without having to constantly follow market fluctuations
- To stay in compliance with new government regulations without worrying about the continuous changes and updates
- To provide better and faster customer support
- To handle larger sales volume more efficiently
- Penalties for non-compliance are high AML audit deficiencies can be costly. Not having proper record-keeping software can prove to be a common problem amongst MSB. If your business is still managed with pen and paper or with an excel spreadsheet, you don’t have proper automated system for your record-keeping in place which can lead you to be fined in your next AML audit. Penalties for non-compliance can range from $50 to $500,000. Recently, a money services business in Brampton, Ontario, was issued a penalty of $52000, for committing eight non-compliance violations.
- Lowering the Risk of losing your bank account
Another risk of not having proper automated systems in place, is the risk of losing your bank accounts. You must have an AML program in place or you will lose your bank account almost guaranteed. Losing your banking relationship can be one of your costliest mistakes.
- Becoming more efficient in your operation
CurrencyXchanger will save you time and money every day. A computerized system will make your workflow more efficient by servicing more customers in less time. Some of these activities include: automatically checking customers against the sanction lists,
or auto-publishing currency rates on your website, or not having to worry about following the market rates.
- Prevent loss due to human errors or theft
The system will prevent human errors and theft. In the world of finance, you can never be too lax about your control process. The blind teller proof module in CurrencyXchanger helps managers detect unwanted behaviour by staff and human errors every day.
- Save on Accounting fees
Accounting for multi-currency operations is a very complicated and time-consuming matter. If you don’t have a proper system in place, you will have to pay your accountants weeks of high hourly rates. CurrencyXchanger can prepare all important financial statements for your accounting with a touch of a button. This will save you thousands of dollars every year in accounting fees.
- Improve Your Credibility In Your Customer's Eyes
Having a computerized system and handing your customers a neat and professional-looking receipt will leave a positive and lasting impression. You will notice that change from the first day of using CurrencyXchanger in your business. On the contrary, if you use a manual system, your customers will see you as an out-dated or old-fashioned business.
- Investment in Technology is the right Investment
Purchasing a powerful system for your business is an investment in your business. It will increase the net asset value of your business. Purchasing a software to operate your business effective is 100% tax deductible. Furthermore, banks and lenders will be happy to help you automate your operation if they know you are investing in technology.
- Auditors Love CurrencyXchanger
If you ever get audited, you will be grateful that you have a system that can quickly respond to any queries within seconds. Some of our customers who were audited by the govenment for tax purpose were praised by their auditors for using CurrencyXchanger. Every time a customer gets a periodic audit, we receive a 'thank you' call. In fact our system is well-known amongst auditors in the Canadian and US market.
- Management Reports
Getting management reports from CurrencyXchanger is very easy. With a push of a button you can see how much you made, your cost of goods, your revenue from sales, your expenses, and your inventory valuation. You can print these reports every day for comparison purpose.
- Build Customer Loyalty and Repeat Business
Customers don’t trust companies that don’t have proper systems in place. When your operation becomes streamlined, customers are happier and get a better service which leads to return customers and referrals for your business.
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