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Multi-currency: Get it now, while it’s free

Multi-currency in Xero is now available. This has been one of our most highly anticipated feature releases. We’ve spent thousands of hours on analysis, design, coding and testing to come up with a powerful solution that is easy to use.

multicurrency

As a way of saying thank you to our early customers, if your business is on a Xero billing plan before 1 September 2009 multi-currency will be free forever as long as you remain on that billing plan. Starting 1 September multi-currency will cost an additional monthly fee (see the multi-currency page for details). So sign up now, while it’s free!

Instant and effortless (the Xero way)
This marks a really important step forward for people who do international business. Until now, doing multi-currency has been a complex and time consuming process. You really needed to be an expert to work out your gains and losses.

If you’re a small business with foreign currency exposure Xero can now mange this for you. Xero automatically does foreign currency conversions for you in real-time, so you know how much money you’re gaining or losing on all your international transactions. No other small business solution can match the simplicity and precision that Xero gives you.

Unlike other solutions on the market, Xero does way more than simply let you raise an invoice in a over 160 currencies – Xero revalues your numbers in real-time and eliminates the major hassles of doing foreign currency accounting.

The following video shows how comprehensive, yet simple, multi-currency in Xero is…

Here are simple instructions for setting up multi-currency. For in-depth details, please read the release notes.

We’ll be making additional enhancements to multi-currency over the next few weeks, so we really look forward to your feedback.

Update to the Terms of Use
Please be aware that the Xero Terms of Use have been updated to include XE.com terms, which cover the use of the currency data feeds.

 

21 comments

Campbell Yule
22 June 2009 #

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!

Ben
22 June 2009 #

Awesome! I agree with @LanceWiggs though – there shouldn’t be an extra fee for this.

James Riddell
22 June 2009 #

Rad.

Marie
22 June 2009 #

But please back it out until it is properly volume and performance tested please.

Rod Drury
22 June 2009 #

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

Craig Walker
22 June 2009 #

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

Craig Walker
22 June 2009 #

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

Ben Kepes
22 June 2009 #

@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

Paul Lattimore
22 June 2009 #

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.

Rod Drury
22 June 2009 #

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

Bryan
23 June 2009 #

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.

Simon
23 June 2009 #

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!)

Sam Johnston
24 June 2009 #

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

Rod Drury
24 June 2009 #

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

Galen King
24 June 2009 #

Fantastic. This is something we’ve been so excited about since it was first announced so well done! Awesome.

Viv Morresey
25 June 2009 #

@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

Amusis
30 June 2009 #

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?

Andrew Butel
30 June 2009 #

@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.

Audit Software
2 July 2009 #

Cool, I haven’t seen this software yet. Nice features.

[...] been pretty good with responding to my few support requests. They have also recently introduced multi-currency, which is a great [...]

audit recoveries
29 June 2014 #

looks good , even now

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