This Accounting Platform Can Make Your Business Multinational

Do you have a business to grow across borders? But not a big fan of math, yet you still have to do your accounting? Then this is for you.

Pymlo is an innovative cloud accounting provider founded under the idea of creating the simplest accounting solution for startups and SMEs in ASEAN (The Association of Southeast Asian Nations) countries to support their domestic and international success.

The Puzzle

As we all know by now — with ASEAN countries beginning to encourage international trade and businesses, it certainly provides more growth and business opportunities for SMEs around the region.

However, there are certain challenging issues to be considered regarding this unique region and financial management of international businesses — which are: different languages, different currencies, and different accounting standards.

The Missing Piece of The Puzzle

So let’s break it down and go through the main three challenging issues in details.

1) Languages

We know communication is a big part of a successful business, but members of ASEAN countries have their own native languages. Besides English as the common international language, none of these countries share any other common language between them.

Moreover, accounting is difficult to handle in a native language, hence you may have to make it into one or several different languages to effectively communicate.

The developers of Pymlo saw the need of removing that language barrier by making their platform’s presets and features multilingual.

An example of their effective multilingual feature is issuing a customer’s invoice in foreign languages — the user can easily convert their invoice into another language through presets created by developers. Not only that, the whole platform comes in multilingual form — like Google or Facebook, so different offices across borders can easily share their accounting duties together.

2) Currencies

If you’ve travelled more than one country in a row, you know well how unprofitable and inconvenient exchanging currencies can be. Now, imagine doing that on a daily basis for your business.

Trading always involves currency conversions. For SMEs this step was difficult and quite hazardous to handle in every transaction — due to the fluctuations and fees involved.

However, with Pymlo solves this issue by supporting multiple currencies, linked to real time rates, as well as users can easily setup their base rates to issue invoices and payments. Furthermore, any reporting statements can also be converted into different currencies to enhance flexibility.

3) Accounting Standards

Let’s be honest. Who likes taxes and unaware changes in policies or regulations?

Tax codes and brackets are often complicated and vulnerable to changes — especially for foreign businesses due to political, or economical interests between nations.

In addition, different countries may have different local accounting standards to optimize their tax laws, policies, and regulations — which are often not widely published, unless a person does separate research or follow up with the representative government body.

Pymlo focuses on simple accounting solution for small businesses for their growths. The developers of Pymlo understood this potential blind spot, thus created presets on taxes and accounting standards based on their financial expertise to seamlessly meet their users’ need. Also, these presets are updated on regular intervals to provide accuracy.

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Original post: http://www.pymlo.com/this-accounting-platform-can-make-your-business-multinational/

Know more about Pymlo at www.pymlo.com