Organizations of all sizes are expanding their footprints across borders. The success of your company’s global network shouldn’t be impacted by the cost and complexities of making and receiving international payments.
While globalization brings new options for reach, it also creates challenges for your Accounts Payable team. Manually ensuring both your approval matrix and invoices are in the correct currencies for processing and payment can be tedious and time consuming – not to mention inconsistent, with fluctuating exchange rates and a 24/7 market. DataServ can help.
Our Global Approval Matrix allows you to set up currency controls in your invoice approval process. By configuring a “currency of record” for your approval matrix in advance, you will already have the right approvals in place for invoices in any currency. When an invoice in a different currency is entered into our platform, the amount is automatically converted to the currency of record based on the current exchange rate, and that amount is used to determine if additional approvals are necessary. If the invoice amount or currency changes, the exchange rate and converted amount will automatically update, ensuring that the invoice will receive any additional required approvals.