Comments on: Multi-currency: Get it now, while it’s free http://blog.xero.com/2009/06/multi-currency-get-it-now-while-its-free/ Xero Accounting Software Thu, 09 Feb 2012 06:30:47 +0000 hourly 1 By: Xero review – 3 months post-implementation | Euroasia: Language, Culture and Travel http://blog.xero.com/2009/06/multi-currency-get-it-now-while-its-free/comment-page-1/#comment-2334 Xero review – 3 months post-implementation | Euroasia: Language, Culture and Travel Mon, 13 Jul 2009 11:11:36 +0000 http://blog.xero.com/?p=5755#comment-2334 [...] been pretty good with responding to my few support requests. They have also recently introduced multi-currency, which is a great [...] [...] been pretty good with responding to my few support requests. They have also recently introduced multi-currency, which is a great [...]

]]> By: Audit Software http://blog.xero.com/2009/06/multi-currency-get-it-now-while-its-free/comment-page-1/#comment-2238 Audit Software Wed, 01 Jul 2009 12:30:12 +0000 http://blog.xero.com/?p=5755#comment-2238 Cool, I haven't seen this software yet. Nice features. Cool, I haven’t seen this software yet. Nice features.

]]> By: Andrew Butel http://blog.xero.com/2009/06/multi-currency-get-it-now-while-its-free/comment-page-1/#comment-2228 Andrew Butel Tue, 30 Jun 2009 08:06:51 +0000 http://blog.xero.com/?p=5755#comment-2228 @Amusus - multi-currency functionality is something that a lot of businesses don't need, so shouldn't have to pay for it. We've built multi-currency into Xero in a way we've never seen before in small business accounting software, so once you've had a play - we hope you agree that its worth the extra cost - regardless of how many transactions you have. At this stage only accounts receivable, accounts payable and foreign bank accounts are being revalued automatically. We've built the capability to revalue other accounts but will progress this based on customer feedback. @Amusus – multi-currency functionality is something that a lot of businesses don’t need, so shouldn’t have to pay for it.

We’ve built multi-currency into Xero in a way we’ve never seen before in small business accounting software, so once you’ve had a play – we hope you agree that its worth the extra cost – regardless of how many transactions you have.

At this stage only accounts receivable, accounts payable and foreign bank accounts are being revalued automatically. We’ve built the capability to revalue other accounts but will progress this based on customer feedback.

]]> By: Amusis http://blog.xero.com/2009/06/multi-currency-get-it-now-while-its-free/comment-page-1/#comment-2222 Amusis Tue, 30 Jun 2009 05:27:13 +0000 http://blog.xero.com/?p=5755#comment-2222 Why would you charge for multicurrency capability in addition? That appears to be adding value, and then taking it right back. Companies are not inherently more profitable just because they sell overseas. The model of charging extra for extra features is one of the drawbacks of many systems, and Xero should consider not doing this. Improving your product with new features should be normal. Charging for it should not be, because you negatively affect the customer's calculation of value compared to alternative products (if others charge extra but Xero doesn't, that's better VFM). One question: would this functionality work for a company with foreign investments? i.e. could you create an asset or liability account in a foreign currency and have it automatically revalued? Why would you charge for multicurrency capability in addition? That appears to be adding value, and then taking it right back. Companies are not inherently more profitable just because they sell overseas. The model of charging extra for extra features is one of the drawbacks of many systems, and Xero should consider not doing this.

Improving your product with new features should be normal. Charging for it should not be, because you negatively affect the customer’s calculation of value compared to alternative products (if others charge extra but Xero doesn’t, that’s better VFM).

One question: would this functionality work for a company with foreign investments? i.e. could you create an asset or liability account in a foreign currency and have it automatically revalued?

]]> By: Viv Morresey http://blog.xero.com/2009/06/multi-currency-get-it-now-while-its-free/comment-page-1/#comment-2191 Viv Morresey Wed, 24 Jun 2009 23:25:06 +0000 http://blog.xero.com/?p=5755#comment-2191 @Ben Kepes - re: number of users that actually need multi-currency (MCCY). Interestingly enough, the number of users that want it, is actually quite high and has been a desired feature, right from day one. We attribute this high desire and uptake, to the fact that people who get the 'online world' and SaaS model, seem to trade and transact all over the globe and therefore need to trade in various currencies. People have told us (a lot) that they want it, and see the value in paying for it. So I think we have done it right. We are giving it free to existing customers, and promoting a "get it free" for a period of time" - It's a win for us all. Ultimately, if they don't then they don't need to pay. Hopefully this helps to why we singled out MCCY as a different price point :-D Viv Viv @Ben Kepes – re: number of users that actually need multi-currency (MCCY).

Interestingly enough, the number of users that want it, is actually quite high and has been a desired feature, right from day one.

We attribute this high desire and uptake, to the fact that people who get the ‘online world’ and SaaS model, seem to trade and transact all over the globe and therefore need to trade in various currencies.

People have told us (a lot) that they want it, and see the value in paying for it. So I think we have done it right. We are giving it free to existing customers, and promoting a “get it free” for a period of time” – It’s a win for us all. Ultimately, if they don’t then they don’t need to pay.

Hopefully this helps to why we singled out MCCY as a different price point :-D

Viv

Viv

]]> By: Galen King http://blog.xero.com/2009/06/multi-currency-get-it-now-while-its-free/comment-page-1/#comment-2186 Galen King Wed, 24 Jun 2009 01:06:40 +0000 http://blog.xero.com/?p=5755#comment-2186 Fantastic. This is something we've been so excited about since it was first announced so well done! Awesome. Fantastic. This is something we’ve been so excited about since it was first announced so well done! Awesome.

]]> By: Rod Drury http://blog.xero.com/2009/06/multi-currency-get-it-now-while-its-free/comment-page-1/#comment-2182 Rod Drury Tue, 23 Jun 2009 18:46:18 +0000 http://blog.xero.com/?p=5755#comment-2182 Hi Sam, We do have a major overhaul of expense claims coming later in the year. I travel a lot and what I do is enter the overseas amount from my credit card when it hits. That way it is net of forex and fees. We want to make it easier to track expenses 'as you go' especially over mobile devices but that's not imminent sorry. Hope that gets you up and going. Rod Hi Sam,

We do have a major overhaul of expense claims coming later in the year. I travel a lot and what I do is enter the overseas amount from my credit card when it hits. That way it is net of forex and fees. We want to make it easier to track expenses ‘as you go’ especially over mobile devices but that’s not imminent sorry. Hope that gets you up and going. Rod

]]> By: Sam Johnston http://blog.xero.com/2009/06/multi-currency-get-it-now-while-its-free/comment-page-1/#comment-2178 Sam Johnston Tue, 23 Jun 2009 11:31:36 +0000 http://blog.xero.com/?p=5755#comment-2178 This is great news and may well be the thing that finally enables us to migrate (we're an Australian company but most of our invoices are in foreign currencies). Unfortunately it's not yet possible to enter expense claims in foreign currencies (I sincerely hope this is one of the "few neat things coming shortly for multi-currency that [you] couldn’t get tested in time") as working out how much the expenses were worth at the time they were made would be incredibly useful. Keep up the great work, Sam This is great news and may well be the thing that finally enables us to migrate (we’re an Australian company but most of our invoices are in foreign currencies).

Unfortunately it’s not yet possible to enter expense claims in foreign currencies (I sincerely hope this is one of the “few neat things coming shortly for multi-currency that [you] couldn’t get tested in time”) as working out how much the expenses were worth at the time they were made would be incredibly useful.

Keep up the great work,

Sam

]]> By: Simon http://blog.xero.com/2009/06/multi-currency-get-it-now-while-its-free/comment-page-1/#comment-2176 Simon Tue, 23 Jun 2009 03:56:07 +0000 http://blog.xero.com/?p=5755#comment-2176 Very nice work, you have another convert from MYOB! I operate as a sole trader in NZ and do a lot of work for companies in Australia, the multicurrency support is much, much nicer in Xero (as well as the rest of the system!) Very nice work, you have another convert from MYOB! I operate as a sole trader in NZ and do a lot of work for companies in Australia, the multicurrency support is much, much nicer in Xero (as well as the rest of the system!)

]]> By: Bryan http://blog.xero.com/2009/06/multi-currency-get-it-now-while-its-free/comment-page-1/#comment-2173 Bryan Mon, 22 Jun 2009 15:27:38 +0000 http://blog.xero.com/?p=5755#comment-2173 This is the one feature I've been waiting for before officially signing up. I work out of Canada and do business with the U.S. Great too see it's ready to go. Looking forward to joining the Xero crowd. This is the one feature I’ve been waiting for before officially signing up. I work out of Canada and do business with the U.S. Great too see it’s ready to go. Looking forward to joining the Xero crowd.

]]> By: Rod Drury http://blog.xero.com/2009/06/multi-currency-get-it-now-while-its-free/comment-page-1/#comment-2172 Rod Drury Mon, 22 Jun 2009 10:59:02 +0000 http://blog.xero.com/?p=5755#comment-2172 As any software platform matures there is the opportunity to provide great value at various price points. We also want to keep things very simple. This is our first move in that strategy. We also believe that we should support our existing customers who have supported us - so for anyone who is an existing Xero customer (or becomes one before September 1) will have multi-currency for free, for life. Internally we call this the 'gym pricing model' and we think it's important for the SaaS industry that customers have price certainty, and that we reward loyalty. We have a few neat things coming shortly for multi-currency that we couldn't get tested in time. It's exciting we have the hard stuff done and we can now put the icing on the cake. Keep that feedback coming. Rod As any software platform matures there is the opportunity to provide great value at various price points. We also want to keep things very simple. This is our first move in that strategy.

We also believe that we should support our existing customers who have supported us – so for anyone who is an existing Xero customer (or becomes one before September 1) will have multi-currency for free, for life.

Internally we call this the ‘gym pricing model’ and we think it’s important for the SaaS industry that customers have price certainty, and that we reward loyalty.

We have a few neat things coming shortly for multi-currency that we couldn’t get tested in time. It’s exciting we have the hard stuff done and we can now put the icing on the cake. Keep that feedback coming.

Rod

]]> By: Paul Lattimore http://blog.xero.com/2009/06/multi-currency-get-it-now-while-its-free/comment-page-1/#comment-2169 Paul Lattimore Mon, 22 Jun 2009 08:38:25 +0000 http://blog.xero.com/?p=5755#comment-2169 Heartily agree with Mr Kepes. User pays, people, and who cares when the value far exceeds the cost. Xero are running a business not a charity. Heartily agree with Mr Kepes. User pays, people, and who cares when the value far exceeds the cost.
Xero are running a business not a charity.

]]> By: Ben Kepes http://blog.xero.com/2009/06/multi-currency-get-it-now-while-its-free/comment-page-1/#comment-2168 Ben Kepes Mon, 22 Jun 2009 08:35:06 +0000 http://blog.xero.com/?p=5755#comment-2168 @Ben (another one - not me) I disagree with both you and @Lancewiggs. The number of users that actually need multi currency is, I imagine, a tiny proportion of the total user base. As such it makes perfect sense (and given the amount of work multi currency is) to charge multi currency as a seperate model. True some providers have this as core functionality but personally, having used and reviewed pretty much every SaaS accounting application out there, I'm relaxed about this move... more here - http://www.cloudave.com/link/xero-releases-multi-currency-and-first-hint-of-tiered-pricing @Ben (another one – not me) I disagree with both you and @Lancewiggs. The number of users that actually need multi currency is, I imagine, a tiny proportion of the total user base. As such it makes perfect sense (and given the amount of work multi currency is) to charge multi currency as a seperate model. True some providers have this as core functionality but personally, having used and reviewed pretty much every SaaS accounting application out there, I’m relaxed about this move… more here – http://www.cloudave.com/link/xero-releases-multi-currency-and-first-hint-of-tiered-pricing

]]> By: Craig Walker http://blog.xero.com/2009/06/multi-currency-get-it-now-while-its-free/comment-page-1/#comment-2164 Craig Walker Mon, 22 Jun 2009 06:45:13 +0000 http://blog.xero.com/?p=5755#comment-2164 Xero performance is much improved. Some maintenance tasks needed to be accelerated due to the different ways we're using the database with multi-currency that didn't show up in our earlier performance testing. Hopefully Xero is back to normal snappiness - please contact support if you have any more issues. Thank you all for your patience and keep those multi-currency love stories flowing! Craig Xero performance is much improved. Some maintenance tasks needed to be accelerated due to the different ways we’re using the database with multi-currency that didn’t show up in our earlier performance testing.

Hopefully Xero is back to normal snappiness – please contact support if you have any more issues. Thank you all for your patience and keep those multi-currency love stories flowing!

Craig

]]> By: Craig Walker http://blog.xero.com/2009/06/multi-currency-get-it-now-while-its-free/comment-page-1/#comment-2163 Craig Walker Mon, 22 Jun 2009 04:43:41 +0000 http://blog.xero.com/?p=5755#comment-2163 Just for those that are following the progress on the performance issues, we've almost completed our maintenance tasks so hopefully everything will be back to normal soon. A few people may have experienced application errors while these tasks were running. We apologize for any inconvenience this has caused. Craig Just for those that are following the progress on the performance issues, we’ve almost completed our maintenance tasks so hopefully everything will be back to normal soon. A few people may have experienced application errors while these tasks were running. We apologize for any inconvenience this has caused.

Craig

]]> By: Rod Drury http://blog.xero.com/2009/06/multi-currency-get-it-now-while-its-free/comment-page-1/#comment-2162 Rod Drury Mon, 22 Jun 2009 03:41:36 +0000 http://blog.xero.com/?p=5755#comment-2162 Hi Marie, we are experiencing performance issues on our production databases. The team is working hard on this now. The application has been extensively tested but it is difficult to predict absolute performance in our live environment. We have identified a number of actions we can take and we are working through these over the next 24 hours. We appreciate your patience and apologize for any inconvenience. Rod Hi Marie, we are experiencing performance issues on our production databases. The team is working hard on this now. The application has been extensively tested but it is difficult to predict absolute performance in our live environment. We have identified a number of actions we can take and we are working through these over the next 24 hours. We appreciate your patience and apologize for any inconvenience.

Rod

]]> By: Marie http://blog.xero.com/2009/06/multi-currency-get-it-now-while-its-free/comment-page-1/#comment-2160 Marie Mon, 22 Jun 2009 02:12:02 +0000 http://blog.xero.com/?p=5755#comment-2160 But please back it out until it is properly volume and performance tested please. But please back it out until it is properly volume and performance tested please.

]]> By: James Riddell http://blog.xero.com/2009/06/multi-currency-get-it-now-while-its-free/comment-page-1/#comment-2158 James Riddell Sun, 21 Jun 2009 23:12:49 +0000 http://blog.xero.com/?p=5755#comment-2158 Rad. Rad.

]]> By: Ben http://blog.xero.com/2009/06/multi-currency-get-it-now-while-its-free/comment-page-1/#comment-2156 Ben Sun, 21 Jun 2009 21:22:28 +0000 http://blog.xero.com/?p=5755#comment-2156 Awesome! I agree with @LanceWiggs though - there shouldn't be an extra fee for this. Awesome! I agree with @LanceWiggs though – there shouldn’t be an extra fee for this.

]]> By: Campbell Yule http://blog.xero.com/2009/06/multi-currency-get-it-now-while-its-free/comment-page-1/#comment-2154 Campbell Yule Sun, 21 Jun 2009 19:38:44 +0000 http://blog.xero.com/?p=5755#comment-2154 Best news of the year! Congrats to the entire team - I know this has been a major milestone and a lot has gone into it. Will send further comments once I'm all set up! Best news of the year! Congrats to the entire team – I know this has been a major milestone and a lot has gone into it.
Will send further comments once I’m all set up!

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