Efficient financial process management requires the use of accurate and up-to-date exchange rates when processing international transactions, payments and accounting operations. Manually entering and updating exchange rates on a daily basis is often time-consuming and increases the risk of errors that may affect a company's financial results and reporting accuracy.
To address these challenges, ITC Consult has developed an application for automated exchange rate creation and updates, fully integrated with ERP.net.
The application automates the process of retrieving, creating and assigning exchange rates within the ERP system. Every day, the system automatically obtains the latest data from the Bulgarian National Bank (BNB) and sets them as the standard exchange rates for the corresponding date.
This eliminates the need for manual data entry and updates, ensuring that all financial operations within the system are always performed using accurate and up-to-date exchange rates.
Through automation, organizations reduce administrative workload, minimize the risk of human errors and establish a reliable foundation for their day-to-day financial and accounting processes.
Key Highlights:
- Automatic retrieval of exchange rates from the official source – the Bulgarian National Bank (BNB);
- Automatic assignment of the exchange rate as the standard rate for the respective day in the ERP system;
- Elimination of manual intervention and reduction of human errors;
- Optimization of users' time and daily workload;
- Accurate and up-to-date exchange rates for all financial operations.
