Barack Obama once said:
‘Globalization is a fact, because of technology, because of an integrated global supply chain, because of changes in transportation. And we are not going to be able to build a wall around that’
So as the world comes closer through technology, international trades and multi-currency reporting are going to be an imminent part of any business.
But managing multiple currencies isn’t just a finance task—it’s a strategic function. Whether you’re a CFO, a Manager, or a business owner scaling globally, understanding and streamlining your multi-currency reporting is key to accurate financial health, compliance, and growth.
In this guide, you’ll learn:
- The key challenges of multi-currency reporting
- Methods for handling currency conversion
- How to stay compliant with international standards
- Tools and platforms that simplify the process
- Advanced strategies like hedging and treasury management
Let’s get into it.
Why do you need multi-currency support for your business?
Imagine finding a perfect pair of shoes online, adding them to your cart, but when you check out, your currency isn’t supported. Disappointed, you abandon the purchase and move on.
Wouldn’t that be undesirable?
Now imagine your customers being in that position. Not only will you lose on sales but you may also lose on potential customers.
Hence, it’s needless to say that creating a customer friendly payment support system will enrich your business for the long run.
To dig deep , let’s understand what multi currency support is…
A report by Forrester Research stated that 25% of Europeans along with 30% of US consumer buy goods cross border online. However, many e-commerce companies don’t have the right tools to provide this support to customers.
For people who are not proficient with technology, it’s tricky to grasp the intricacies of the domain. Simply put, multi currency technology enables users to pay for products in the currency of their country.
People are either required to change the currency (which can be a tedious task) or look for other sites that offer the same products or services.
Many times changing the currency to euros, dollars or any other currency can discourage customers simply because of the tedious process. It may feel like a dead end to some customers.
To combat this problem there are various companies working towards creating a solution to eradicate this user experience.
Let’s talk about them in detail below.
How multi-currency payments support work?
Setting up multi-currency depends on your payment gateway and eCommerce platform. While most shopping carts don’t offer built-in support, there are ways to enable it.
Let’s explore how to set up multi-currency support using popular payment gateways like PayPal, Stripe, and Braintree.
PayPal multi-currency setup
Paypal has a fairly simple process to accept international currencies. The first thing you want to do is remove the blockage from your settings.
- Step 1: Log in to your Paypal account
- Step 2: Click the business profile icon next to log and click on profile and settings
- Step 3: Click on my selling tools
- Step 4: Untick the block payments from users who have non-US (UK etc) PayPal accounts”.
This will allow the currencies to be converted automatically, so every time a customer pays in a foreign currency, it will automatically get converted to the currency that you hold.
Stripe multi-currency setup
For Stipe, adding currencies is fairly simple, all you have to do is install the Stripe Multi Currency Addon.
Note: It is only compatible with WordPress websites. To begin with, download the plugin and follow the below steps:
- Step 1: Go to the add new menu under the plugin interface
- Step 2: Upload the plugin
- Step 3: Click on install now button and activate the plugin
After installing the multi currency accounting software, you would need to configure the settings to enable multi currency transactions.
- Step 1: Click on the settings menu under Stripe payments
- Step 2: Select the multi currency tab
- Step 3: Mark the enable multi currency box
- Step 4: If you wish to customize the conversion fee then you can do so, or else it will stay at 2% by default.
- Step 5: Mark the show currency select box on each product. This option allows customers to choose the currency they wish to pay in.
- Step 6: Select the currencies that you wish to offer to the customers to pay in and save changes.
You’re all set to deal in international transactions!
Braintree multi-currency setup
To access multi currency in Braintree, you will have to integrate your Braintree account with your website, but before you do that, you need to configure settings in your Braintree account. Follow the steps below:
- Step 1: Login to your Braintree account
- Step 2: Once logged in, select the gear icon/settings icon on the top & select business
- Step 3: Click on +new merchant account
- Step 4: Enter your merchant account ID and make it the default account
- Step 5: You can select or deselect accept Paypal, this is an optional step
- Step 6: Choose your currency and click Save
You can follow the same steps to add multiple currencies. Integrate your account with your website’s apps and you’re all set.
Key challenges in multi-currency reporting
Nothing comes without problems. You may have a good multicurrency support tool but how effective is it in terms of multi currency reporting?
While enabling multi-currency payments is crucial, managing accounting and reporting across multiple currencies can be challenging. Here are some common issues businesses face:
- Exchange Rate Fluctuations
Currency values change daily, which complicates accounting and requires careful tracking. - Complex Calculations
Manually calculating exchange rates can result in errors, leading to inaccurate financial reports. - Time-Consuming Processes
Managing transactions in various currencies is a time-intensive task for businesses without automated tools.
The end result of manually doing multicurrency accounting looks something like this..
However fortunately, to tackle these problems various companies have come up with tools that effectively provide solution and ease in business.
Top multi-currency reporting tools
The good news is that there are several tools available to simplify multi-currency reporting and accounting.
Let’s check them out!
Putler
Putler is a multichannel analytics tool that pulls in data from multiple sources (Payment gateways/stores/shopping carts/eCommerce platforms) and provides you both unified as well as independent reports from each.
Since Putler effortlessly works with multichannel systems it is well versed in handling over 36 currencies and take care of all currency conversions automatically.
All you need to do is select your preferred base currency and Putler will make sure all your transactions are auto converted to that base currency based on the ongoing exchange rate. In short, no more currency conversion hassles or manual efforts.
Not just multichannel and multi-currency, Putler has a ton of other features that makes it a crowd favorite.
Pros:
- Has 6 different payment gateway integrations including Stripe, Paypal, Braintree and more.
- Also very compatible with shopping carts and eCommerce systems.
- Provides multi currency support for 36 currencies.
- Base currency can be changed in a single click, such ease is not provided by other tools.
- Generates detailed reports on product, sales, subscription, visitors, customers etc.
- Provides 153+ key business metrics.
- Works for both eCommerce as well as SaaS businesses
- Has key features like – RFM, segmentation, forecasting, goal setting, team sharing etc.
Cons:
- No mobile app.
Price:
Putler provides a 14 day free trial. No credit required while signing up.
Base plan starts at $20/month. View Putler’s Plans
Chartmogul
Chartmogul is a subscription reporting and analytics tool that provides a detailed report on consumer data. It is one of the best tools that businesses can use to get a detailed analysis about their subscriptions
Pros:
- Provides a detailed overview of your revenue
- Supports 169 currencies
- Mobile analytics support
- Various segments and helpful overview of customer behaviour and lifetime value
- Provides trends and graphs of your business
- Customizable
Cons:
- Complicated interface might take users time to get used to
- Lack of additional data integrations which can hamper correlation with MRR and other user metrics
- No currency data support for currency fluctuations
- Tedious data configuration required to change base currency
Price:
Freemium model, base plan from $99/month.
Baremetrics
Baremetrics is one of the well-known subscription analytics tools. This tool is well known to provide insights, forecasts, engagement metrics for businesses.
Pros:
- Integrates with 6 payment providers including Stripe, Google Play, Recurly etc.
- Has one of the most user friendly interfaces
- Provides segmented insights like Cancellation insights, MRR, LTV, Revenue Churn, Trial Conversion Rate, Benchmarking etc
Cons:
- Requires dropping an email to customer support to change base currency
- Lacks wide scope of companies for comparison of data
- Although they provide full analytics service, multicurrency change isn’t one of their core services, finding your way around those metrics may be tricky.
Price:
The pricing of your plan is estimated basis your MRR
However, if your MRR is 0 then your base plan starts from $108/m.
How do you set up multi-currency reporting in Putler? (Step-by-step)
It’s a fairly straightforward process.
- Sign up for Putler
- Connect your data sources to Putler.
(Putler has over 17+ ready integrations to choose from. Incase your data source isn’t directly integrated within Putler, Putler has an option of inbound API which can pull in data from any system by following some simple instructions.) - Next, select your preferred base currency.
NOTE: This is the currency you wish to see all your reports in. - Putler will then pull in data from your data sources and do the currency conversion and show you reports in the base currency.
How does Putler handle multiple currencies? [Example]
Let’s take an example to understand this better.
Suppose you have 3 websites, one serving the US region, second the Europe region and third serving India. And you’ve connected all 3 stores into Putler. Putler will get transactions in all three currencies: Dollars, Euros and Rupees.
Now if you’ve selected Dollars to be your base currency, Putler will automatically apply the relevant exchange rate and convert euros and rupee transactions to dollars and show you reports in dollars.
Benefit: This completely eliminates any human intervention and any manual errors due to it.
Final Thoughts
As your business scales globally, multi-currency reporting becomes a necessity—not an option. Mismanaging it can distort your financials, while mastering it opens up clean insights and strategic agility.
Let Putler be your co-pilot in multi-currency success. Try it now →
Need help setting up multi-currency tracking for your store? Drop us a message—we’d be happy to help!
FAQ
Is multi-currency right for my business?
If you’re expanding globally, offering multi-currency support is essential. Without it, you risk losing out on sales from international customers.
What is multi currency reporting/accounting, and why is it important?
Multi-currency accounting refers to the process of tracking and managing transactions in different currencies. It’s crucial for businesses operating globally because it provides a consolidated view of financial performance across various markets. This practice ensures accuracy in financial reporting, helps with strategic decision-making, and keeps you aware of how exchange rates impact your business.
For businesses engaging in international trade, multi-currency reporting is equally important. It offers insights into revenues, costs, and profitability in local currencies, giving you a clearer picture of your business performance across different regions.
What are the tax implications of selling in multiple currencies?
Tax rules vary by country, so consult with an accountant familiar with international tax laws to ensure compliance.
How do I handle refunds and returns in different currencies?
Refunds should be processed using the same exchange rate applied during the initial purchase, to avoid discrepancies. Make sure your refund policy is clear to customers.
What are the best practices for multi-currency invoicing?
Always clearly state the currency and exchange rates used in your invoices. Ensure your invoicing software supports multi-currency billing for streamlined accounting.