Top Accounting Software for MSBs (Money Service Businesses)

When it comes to picking an accounting platform for your money exchange business, you are wise to be very picky about your choices. There are many powerful accounting platforms on the market such as:

However, none of these solutions are suitable for handling the task for a Money Service Business (MSB). MSBs require an accounting software that is specifically made for their business, allowing them to handle hundreds of currencies and their stock value.

The Major Problem with Professional Accounting Software

Most professtional accounting solutions (including the ones mentioned above) claim that they have "multi-currency" capability. However, this is not really the case as these solution don't treat 'foreign currency' as an inventory item. Even if currencies are declared as an inventory item, the accounting packages cannot automatically calculate accurate market value based on live market rates. Basically, they can provide reports by converting the values from one currency to another; however, they are not able to give you accurate figures in terms of inventory valuation. This is a major problem when it comes to accurate calculation of profit and loss.

CurrencyXchanger is made from scratch as a double entry accounting software. Any monetary transaction you can imagine, can be entered into CurrencyXchanger. You can define general ledger accounts and sub-ledger accounts in any currency and track these accounts in their respective currency. The system can automatically reevaluate the balances of these accounts in the local currency (home currency). The valuation is based on live market rates.

We have identified 10 major deficiencies in every professional accounting software on the market. We cannot claim that CurrencyXchanger is the only product on the market that overcomes the following challenges, but it is definitely the only one we know of.

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10 Things Your Accounting Software Can't Do That CurrencyXchanger Can

  1. Keep track of accounts in 180 different world currencies
  2. Buy and sell from the same customer in the same invoice
  3. Treat foreign gcurrency as an inventory item
  4. Sell inventory that you haven’t bought yet without affecting your P&L
  5. handle double entry transaction that balance on different dates
  6. calculate the value of your currency inventory based on market rates
  7. Setup dynamic buy and sell rates for your currencies calculated based on market rates
  8. Monitor your transactions against fraud or money laundering
  9. keep information about beneficiary bank accounts in different currencies
  10. Post a transaction with a past or future dates