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/ Wed, 17 Mar 2010 15:37:55 +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.

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