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Permissions & Access10 min readUpdated January 2025

Multi-Currency Support

Complete guide to multi-currency support in Asrify including automatic conversions, separate pay and bill rates, and international business management.

Multi-Currency Support

Manage global teams and international clients with comprehensive multi-currency support, automatic conversions, and flexible rate structures.

1 Overview of Multi-Currency Features

Asrify's multi-currency system supports global business operations with flexible rate management and real-time conversions:

Key Features

  • - Support for 150+ global currencies
  • - Separate pay rates and bill rates
  • - Real-time exchange rate updates
  • - Automatic currency conversions
  • - Multi-currency reporting and analytics
  • - Customizable base currency per organization

Business Benefits

  • - Simplified international team management
  • - Accurate cost and profitability tracking
  • - Streamlined client billing processes
  • - Compliance with local accounting standards
  • - Reduced manual conversion errors
  • - Enhanced financial transparency

Example: Pay your developer in EUR at 45 EUR/hour while billing your client in USD at $55/hour. Asrify automatically handles the conversions and tracks profitability in your organization's base currency.

2 Pay Rates vs Bill Rates

Asrify distinguishes between what you pay team members and what you charge clients, supporting different currencies for each:

Pay Rates (Cost Side)

What you pay your team members for their work

Configuration Options

  • - Set individual pay rates per team member
  • - Different rates for different projects or roles
  • - Hourly, daily, or project-based rates
  • - Regular and overtime rate distinctions
  • - Bonus and incentive rate tracking

Currency Flexibility

  • - Pay in team member's local currency
  • - Multiple currencies within same project
  • - Automatic conversion to base currency
  • - Historical rate tracking for accurate costing
  • - Support for cryptocurrency payments

Bill Rates (Revenue Side)

What you charge your clients for project work

Billing Structures

  • - Client-specific billing rates
  • - Project-based rate variations
  • - Service type differentiated rates
  • - Rush job and premium service rates
  • - Volume discount tier management

Client Currency Preferences

  • - Bill in client's preferred currency
  • - Multi-currency invoicing capabilities
  • - Fixed rate or current rate billing
  • - Currency hedging for long-term projects
  • - Automatic invoice currency conversion

Profitability Analysis

Real-time Margins

  • - Live profit margin calculations
  • - Currency fluctuation impact tracking
  • - Project profitability forecasting

Cost Analysis

  • - True cost per hour in base currency
  • - Resource allocation optimization
  • - Budget vs actual cost tracking

Revenue Optimization

  • - Rate recommendation engine
  • - Client profitability rankings
  • - Pricing strategy insights

3 Automatic Currency Conversions

Asrify automatically handles currency conversions using real-time exchange rates and intelligent conversion strategies:

Real-time Exchange Rates

Data Sources

  • - Multiple financial data providers
  • - Bank-grade exchange rate accuracy
  • - Updates every 15 minutes during market hours
  • - Historical rate archive for reporting
  • - Cryptocurrency exchange rate support

Conversion Options

  • - Real-time conversion (market rates)
  • - Fixed rate conversion (contract rates)
  • - Average rate over period
  • - End-of-month rate snapshot
  • - Custom rate override capability

Conversion Scenarios

Time Entry Conversion

When a team member logs time, pay rates convert to base currency immediately, while bill rates convert based on project settings.

Invoice Generation

Invoices are generated in client's preferred currency with conversion rates locked at invoice creation time.

Financial Reporting

All financial reports display in organization's base currency with detailed conversion breakdowns available.

Conversion Accuracy & Tracking

Audit Trail

  • - Complete conversion history
  • - Exchange rate snapshots per transaction
  • - Source rate provider tracking
  • - Conversion timestamp recording

Error Prevention

  • - Rate validation against multiple sources
  • - Unusual fluctuation alerts
  • - Manual override approval workflows
  • - Conversion accuracy reporting

4 Setup & Configuration

Configure multi-currency support for your organization, projects, and team members:

Organization Setup

  1. 1. Base Currency Selection - Choose your organization's primary currency for reporting
  2. 2. Supported Currencies - Enable currencies used by your team and clients
  3. 3. Exchange Rate Preferences - Configure automatic vs manual rate updates
  4. 4. Conversion Rules - Set default conversion behaviors for different scenarios
  5. 5. Financial Permissions - Define who can modify rates and currency settings

Team Member Configuration

Individual Settings

  • - Default pay currency preference
  • - Hourly, daily, or salary rate structure
  • - Overtime and bonus rate configurations
  • - Tax and deduction considerations

Project-Specific Rates

  • - Different rates for different projects
  • - Role-based rate variations
  • - Client-specific billing adjustments
  • - Time period rate changes

Client & Project Setup

Client Configuration

  • - Client preferred currency
  • - Billing rate structure
  • - Invoice currency settings
  • - Payment terms and conditions

Project Settings

  • - Project budget currency
  • - Cost tracking preferences
  • - Profitability calculation method
  • - Reporting currency options

5 Multi-Currency Reporting & Analytics

Comprehensive reporting and analytics across multiple currencies with intelligent aggregation and analysis:

Financial Reports

Revenue Analysis

  • - Revenue by currency and client
  • - Currency exposure analysis
  • - Exchange rate impact on revenue
  • - Forecasted currency effects

Cost Analysis

  • - Cost breakdown by currency
  • - Team cost in local currencies
  • - Currency hedging opportunities
  • - Cost optimization recommendations

Profitability Analytics

Project Margins

  • - Real-time margin tracking
  • - Currency impact on margins
  • - Margin trend analysis

Client Profitability

  • - Client ranking by profitability
  • - Currency preference impact
  • - Long-term value analysis

Team Efficiency

  • - Cost per hour analysis
  • - Currency arbitrage opportunities
  • - Resource allocation optimization

Custom Reporting Features

  • - Multi-currency dashboard widgets
  • - Currency-specific performance KPIs
  • - Exchange rate trend visualization
  • - Automated currency impact alerts
  • - Export reports in multiple currencies
  • - Historical currency performance analysis

6 Best Practices & Use Cases

Real-world scenarios and best practices for implementing multi-currency support:

Common Use Cases

Global Development Team

Pay developers in their local currencies while billing clients globally

  • - Developer in Ukraine: 800 UAH/hour
  • - Designer in UK: 45 GBP/hour
  • - Client in USA: Billed at $65/hour
  • - Reports in EUR (base currency)

Multi-Region Consulting

Regional teams with local rates and global client billing

  • - APAC team: Various local currencies
  • - EMEA team: EUR standardization
  • - Americas: USD and CAD mix
  • - Unified global billing in client currency

Implementation Best Practices

Setup Guidelines

  • - Choose stable base currency for reporting
  • - Set up automated rate updates
  • - Define clear conversion policies
  • - Train team on currency procedures
  • - Regular rate accuracy audits

Risk Management

  • - Monitor currency exposure regularly
  • - Set up fluctuation alerts
  • - Consider fixed-rate contracts
  • - Review rates quarterly
  • - Document currency policies

Advanced Strategies

  • - Currency hedging for long-term projects
  • - Natural hedging through balanced exposure
  • - Regular rate benchmarking against market
  • - Automated profitability alerts for currency changes
  • - Strategic currency selection for competitive advantage
  • - Integration with accounting systems for seamless reconciliation

Multi-Currency Quick Tips

Getting Started

  • - Choose a stable base currency
  • - Enable currencies you actively use
  • - Set up automatic rate updates
  • - Test with a small project first

Rate Management

  • - Review exchange rates weekly
  • - Set up unusual fluctuation alerts
  • - Document rate override decisions
  • - Keep historical rate records

Best Practices

  • - Separate pay and bill currencies
  • - Use real-time conversion for accuracy
  • - Regular profitability reviews
  • - Train team on currency features

Ready to Go Global?

Multi-currency support opens up global opportunities for your business. Explore these related features:

Time Tracking Basics User Roles and Permissions Projects and Organizations Team Time Tracking