Digital agencies and shops today often operate without borders. They’re increasingly expansive, leveraging resources and talent across different regions and countries to deliver quality work and meet and exceed client expectations. 

This means that leaders need to be able to 1) efficiently manage employees across various locations and 2) accommodate several currencies. 

At Parallax, we understand that operating within various regions and across several currencies can slow down operations if leaders, resource managers, and project managers can’t easily see how financials change depending on location and currency. Have you ever had to manually calculate the difference between euros and dollars when using talent from Europe and the U.S. on a project? It’s exhausting, and it leaves too much room for human error. 🙅

Now, within the Parallax platform, customers have access to new Locations and Multi-Currency features, designed to enhance the user experience, unify global business operations, and ensure greater accuracy within the financial reporting process.

New Features and Functionalities 

Multi-Currency: This feature is designed to make operating across one or more currencies smooth and streamlined by automatically converting and displaying the accurate currency to enable more precise planning and reporting. 

You have the ability to set different currencies depending on how you do business. For a single location, you can establish a default currency, and for companies operating across different locations, you can establish a currency for each location and enter values in that currency. Parallax will handle the conversion for you when viewing reports.

For example, if an in-pipeline project uses a currency different from your default, the reporting currency will display near totals on the financial settings page to help leaders spot any financial issues in advance and plan with more confidence.

All Insights reports will display in your default currency, though you will be able to view each of these reports in any currency you have added to your Exchange Rate Table. 👇

Exchange Rate Table: There’s now a customizable Exchange Rate Table that allows you to establish the different currencies your organization will be working with and supply a point-in-time exchange rate for conversion into your default currency.

Locations: Locations are used to differentiate global areas from one another so those locations can be represented in their home currency. After creating a location and assigning it a currency, you’ll associate the appropriate people and rate cards to that location. If you are managing financial information for your Paris office, for example, you can enter values in EUR(€) instead of converting to USD($) first.

This helps optimize resource planning and management, allowing leaders, resource managers, and project managers to more efficiently and effectively allocate resources across different locations and currencies.

Role Currency: Employees can be assigned a home currency based on their location.  When viewing reports, their cost rate will then be converted to your default currency based on the Exchange Rate established in the Exchange Rate Table. This eliminates any manual calculation and ensures greater transparency and accuracy within reporting.

Holiday Calendars: In addition to being assigned a home currency based on location, customers now have the flexibility to add more than one holiday calendar to the platform to accommodate important dates and holidays from different countries and assign a primary location (and therefore primary holiday calendar) for employees to streamline operations. This new feature allows customers to build greater structure around their employees based on location and create a more precise, comprehensive view of capacity and resource planning that accounts for holiday time off.

Questions?

If you’re growing and expanding, we want to make it easier for you to manage everything and ensure financial accuracy no matter the location. These new features and functionalities within Parallax are designed to simplify multi-currency management and reduce day-to-day complexity. 🤝

If you have any questions or want a demo to see everything in action, get in touch: https://www.getparallax.com/book-a-demo.