Gravity Software Adds Multi-Currency Accounting Tool

Cloud-based company Gravity Software has launched a new program to ensure businesses have the right tools to deal with multi-currency needs, according to a press release.

The release of Version 5.1 of the Gravity application has added multi-currency management, enhanced multi-entity reporting and other features.

With the new multi-currency features, users can set up multi-currency at three different levels,. They can enact a single currency for consolidations, set up a base currency for each company, and do business with different currencies.

A business could use the feature to receive a vendor invoice in a different currency from its own, for example. Gravity, the release states, automatically handles the conversion.

Gravity focuses largely on that kind of integration, combining different entities on a singular database or platform. The program is on the Microsoft Power Platform, or Dynamics 365. Users are allowed to customize the app if they wish, adding modules that conform to individual needs.

The software, according to the release, aims at doing away with redundant tasks by combining everything on the same platform. By doing so, users are able to make business decisions that better benefit them. The software can also help businesses that are experiencing growth pains and are in need of more complex software.

Gravity President and CEO John Silvani said the new software would be a boon for people looking for upgrades on other software like QuickBooks or Xero. He said around 80 percent of Gravity’s customers fit the mold of people looking for an upgrade on other software. He promised better efficiencies for those looking for certain multi-currency needs.

Multi-currency cards, which are able to travel and work with currencies around the globe, have become popular as of late. Visa collaborated with Revolut on one, and with Airwallex on another.

“Today, cross-border B2B payments remain a cumbersome and costly affair, which can impact small businesses and corporates who are time-starved and need to keep a close eye on their cashflow,” said Chris Clark, regional president, Asia Pacific, Visa at the time of the Airwallex partnership.