7 posts tagged with "Multi-currency"

As we wrap up 2024, we're taking a moment to reflect on an extraordinary year of growth, innovation, and reliability at Fiskl. Our dedication to building a powerful multi-currency accounting platform has yielded remarkable results, positioning us for an even more exciting year ahead as we continue to evolve and expand our platfrom.

2024: A Year of Strategic Growth​

This year has been transformative for Fiskl as we solidified our standing as an AI-supported, multi-currency accounting and invoicing platform. Our unwavering commitment to delivering comprehensive financial tools to businesses globally has shaped every decision and feature we’ve introduced. This momentum will carry forward into next year as we continue to innovate and empower businesses with smarter, more reliable solutions.

Major Achievements​

Powerful New Reports​

We introduced several significant reporting capabilities this year that have transformed how our users manage their finances. These reports are designed to offer flexibility and insight, allowing users to toggle between cash and accrual accounting methods, compare performance across different periods, and switch seamlessly between Unrealized and Realized FX gain and loss views. They can be exported effortlessly to CSV, Excel, or even directly to Google Sheets, and each report can be customized to display either a detailed breakdown or a high-level summary, ensuring that businesses have the insights they need in the format that works best for them. Here's a glimpse of what's new:

• A comprehensive General Ledger with advanced multi-currency support
• Detailed Client and Vendor Aging Reports for better receivables and payables management
• Transactions by Account reporting with triple currency view
• Statement of Cash Flows for enhanced cash management

AI Innovation​

The introduction of Fi, our AI advisor, marked a significant milestone in making accounting expertise accessible 24/7. Fi has become an invaluable resource, answering thousands of accounting questions monthly as users discover its capabilities. Recently upgraded with the latest Anthropic models, Fi provides totally private, secure assistance for both Fiskl features and general accounting concepts.

Enhanced Banking Integration​

We've substantially improved our banking connections, including:

• Advanced internal transfer matching with customizable tolerance levels
• Enhanced Stripe integration for seamless multi-currency reconciliation
• Integration with emerging neo-banks like WIO

Platform Reliability​

We're particularly proud of our platform's reliability this year:

• Maintained an impressive 99.99% uptime
• Delivered consistent performance across our web, Android, and iOS applications
• Achieved stable operation with only minor issues throughout the year

Global Accessibility​

Understanding the diverse needs of our global user base, we introduced:

• Regional pricing to make Fiskl more accessible in regions with weaker currencies
• Enhanced mobile experience across Android and iOS
• Improved performance for users worldwide

Looking Ahead: 2025 Roadmap​

As we enter 2025, we're excited about what's coming:

Q1 & Q2 2025​

• Advanced Currency Management: Early Q1 will bring enhanced control over exchange rates, including rate override capabilities for specific periods
• Accountant-Focused Features: Following successful partnerships with accounting firms, we're implementing specialized tools to support professional accountants

Throughout 2025​

• Integration Evolution: Rather than building traditional imports/exports, we're focusing on creating connectors with platforms like Make.com and Airbyte, embracing the no-code architecture movement
• Global Performance: Continued investment in regional infrastructure to ensure faster performance worldwide
• AI Enhancement: Expanding Fi's capabilities and introducing new AI-powered features
• Further Regionalization: Making Fiskl even more accessible and performant across different regions
• Feature Enhancement: Further accounting features and improvements to our invoicing and existing capabilities

Thank You to Our Community​

As a small team delivering full accounting capabilities across web and mobile platforms, we're incredibly grateful for our users' trust and support. Your feedback and enthusiasm have been instrumental in shaping Fiskl's evolution.

The achievements of 2024 have positioned us strongly for the year ahead, and we're excited to continue this journey with you in 2025. Whether you're a solo entrepreneur, small business, or accounting firm, we're committed to making multi-currency accounting more accessible and efficient for you.

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Have thoughts or feedback about our 2024 achievements or 2025 roadmap? We'd love to hear from you at support@fiskl.com!

We're excited to announce a significant improvement to our internal transfer matching feature in Fiskl. This update addresses the evolving needs of our users, especially in light of the increasing popularity of neo-banks and multi-currency accounts.

What's New: Refined Internal Transfer Matching​

Internal transfers are critical for maintaining accurate financial records, particularly with the rise of neo-banks like Revolut, WIO, Wise, and others that offer virtual currency accounts. These services have made moving money between currencies more common than ever before.

The Challenge​

While Fiskl has always provided a robust matching solution for transactions, including those in different currencies, we faced a dilemma:

• A wide tolerance was necessary to catch matches across different currencies.
• This wide tolerance sometimes produced too many potential matches for some users.
• For others, the tolerance wasn't wide enough, especially when banks charged fixed fees, percentages, and used poor exchange rates for cross-currency transfers.

Our Solution​

We've tackled this challenge head-on with a two-pronged approach:

We're thrilled to share our latest updates that further cement Fiskl's position as one of the best multi-currency accounting platforms for individuals and small businesses. This September brings exciting new features that will enhance your financial management experience.

What's New in September 2024​

We've been hard at work improving Fiskl, and we're excited to introduce three major updates:

1. Fi - Your AI Advisor: Meet Fi, our new generative AI designed to help you navigate Fiskl and understand accounting concepts with ease.

2. General Ledger Report: Our new General Ledger report provides a comprehensive view of all your financial transactions, perfect for detailed analysis and auditing.

3. Transactions by Account Report: The Transactions by Account report offers an in-depth look at your financial activities across different accounts, ideal for multi-currency businesses.

Video Walkthrough​

To give you a closer look at these exciting new features, we've prepared a short video demonstration. Watch as we walk you through Fi, our AI advisor, and showcase the powerful new accounting reports:

Why These Updates Matter​

• Fi AI Advisor: Fi brings the power of AI to your fingertips, helping you navigate Fiskl, understand accounting concepts, and make informed decisions about your finances. It's like having an accounting expert available 24/7.

We're excited to introduce the latest addition to Fiskl's powerful reporting suite: the General Ledger report! This feature takes financial analysis to the next level, offering unprecedented flexibility and detail, especially for businesses managing multiple currencies.

What's New: General Ledger Report​

The General Ledger report provides a comprehensive view of your financial activities with advanced grouping options and multi-currency support. Here's what makes it special:

🌍 Comprehensive Multi-Currency Support​

• Triple Currency View: See transaction amounts in original currency, account currency, and your base accounting currency - all in one place!
• Detailed Breakdown: View gross, net, and tax amounts for each transaction across all currencies.
• Exchange Rate Tracking: FX rates are included for easy currency conversion monitoring.

🔍 Flexible Grouping Options​

Group your transactions by:

• Ledger Account
• Transaction Type
• Date
• Year
• Quarter
• Month

This flexibility allows for deeper insights and easier analysis of your financial data.

The Multi-Currency Reconciliation Challenge​

As a business owner dealing with multiple currencies, you know the headache of reconciling Stripe payouts. With payments, subscriptions, refunds, and fees in various currencies, it's a complex puzzle that can leave you frustrated and potentially overpaying on taxes. But what if I told you there's now a solution that makes this process a breeze?

Introducing Fiskl's Enhanced Stripe Integration​

We're thrilled to announce a major upgrade to our Stripe integration that will revolutionize how you handle multi-currency transactions and reconciliations. 🎉

We're thrilled to announce a powerful new addition to Fiskl's reporting suite: the Transactions by Account report! This feature is designed to revolutionize how you view and analyze your financial data, especially if you're managing multiple currencies.

What's New: Transactions by Account Report​

The Transactions by Account report offers an unprecedented level of detail and flexibility in tracking your financial activities. Here's what makes it special:

🌍 Comprehensive Multi-Currency Support​

• Triple Currency View: See transaction amounts in original currency, account currency, and your base accounting currency - all in one place!
• Detailed Breakdown: View gross, net, and tax amounts for each transaction across all currencies.
• Exchange Rate Tracking: FX rates are included for easy currency conversion monitoring.

🔍 Unparalleled Transaction Detail​

Get a granular view of your finances with information on:

Get ready to take your multi-currency accounting to the next level with these game-changing updates! 💪​

• Our enhanced Chart of Accounts now offers unparalleled support for all your multi-currency needs.
• Experience the power of seamless cross-currency matching, splitting, internal transfers, and more with our revamped accounting transaction screens.
• Take full control of exchange rates at the transaction level, putting you in the driver’s seat.
• Say goodbye to manual adjustments with our new auto FX adjust functionality, saving you time and effort!