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:
- MYOB
- Simply Accounting
- Wave Accounting (web based)
- XERO (web based)
- Sage
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 professional accounting platforms (including the ones mentioned above) claim to offer “multi-currency” functionality. However, this is not entirely true. These solutions do not treat foreign currency as an actual inventory item. And even when they do, traditional accounting systems cannot automatically calculate real market value based on live exchange rates.
They may convert values from one currency to another, but they cannot deliver accurate inventory valuation — a critical requirement for precise profit and loss calculations.
CurrencyXchanger is built from the ground up as a full double-entry accounting platform. Any financial transaction you can imagine can be entered into the system. You can create general ledger and sub-ledger accounts in any currency and track them in their native value. The system can automatically re-evaluate all balances in your home currency using 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 that solves these problems — but it is the only one we know that does.
Things Your Accounting Software Can't Do That CurrencyXchanger Can
- Keep track of accounts in 180 different world currencies
- Buy and sell from the same customer within the same invoice
- Treat foreign currency as an inventory item
- Sell inventory you haven’t purchased yet without affecting your P&L
- Handle double-entry transactions that balance on different dates
- Calculate the value of your currency inventory based on market rates
- Set up dynamic buy and sell rates calculated from live market prices
- Monitor transactions for fraud or money-laundering activity
- Store beneficiary bank account details in multiple currencies
- Post transactions with past or future dates