Poor oversight of FX can directly impact your client’s efficiency
One of the most pressing concerns for accountants is in recognising how a client can best manage their foreign exchange (FX) requirements.
Retaining effective control of FX commitments is essential for organisations of all sizes when engaged in cross-border international trade. It goes without saying, that poor oversight of FX can directly impact efficiency, competitiveness and the ability of a business to remain solvent.
For accountants operating in emerging markets the problem is magnified. Their clients, whether making payments, utilizing treasury functionality or receiving funds, typically are exposed to the risk and volatility that comes with trading in exotic currencies.
To make matters worse, local businesses across the high growth markets of Latin America, Asia and Africa are also subject to high charges and fees imposed upon them by incumbent banks and other such traditional providers, like Western Union.
It’s commonplace for an established provider to charge emerging market businesses upwards of 4-9% above the interbank exchange rate. This directly affects competitiveness, in effect translating to 4-9% less stock can then be bought by emerging market businesses.
Accountants in these regions often also help their clients resolve issues arising from red-tape and differing local business practices than can at times be a regulatory minefield. Such problems frequently lead to ineffective processes of payment and reconciliation.
For accountants active in supporting trade in and with emerging markets, trying to best protect a client’s bottom line, it can be an absolute nightmare.
Accountants recommending a client to Kwanji can earn 20%
Kwanji provides an instant solution to all these problems. Our online FX comparison platform empowers accountants across the emerging markets to better serve their clients needs, regardless of size or location.
Free to use, Kwanji connects emerging market businesses with real-time FX quotes from FCA regulated brokers in the UK and beyond in 7 seconds or less. International transactions can be executed in an instant, delivering massive savings and improving efficiency in a few clicks.
Kwanji is also partnered with leading cloud-based accounting software providers; Exact, KashFlow, Sage One and Xero. Kwanji’s online platform is designed for easy integration with our e-accounting software partners, allowing for seamless processing.
As an added bonus, accountants that recommend a client to Kwanji can earn 20% of our commission each time that client trades. It’s a win-win scenario. Emerging market accountant’s can unlock massive savings for their clients, better protecting and increasing their bottom line. Furthermore, they also open up a new valuable stream of revenue.
If you’re an accountant based in the emerging markets, why not help your clients by recommending Kwanji today?