Multi-Currency, Cost Feature
Wednesday, July 6, 2022
For multinational Owner organizations that execute projects in various locales around the world, there exists a need for e-Builder to support the tracking or management of more than a single currency for projects.
Instead of relying on a single Capital Improvement Project (CIP) management software for their project information, owners are relying on Enterprise Resource Planning (ERP) systems alongside spreadsheets to generate portfolio summary reports on projects that operate in currencies other than their primary account currency. Having to review CIP information in multiple systems can be a major inconvenience for these organizations.
Having the multi-currency cost feature in e-Builder allows for easy reference of project financial data for owners with multinational projects and stakeholders.
To help our customers achieve their financial management goals for projects operating in various currencies, we have launched a Phase I of our Multi-Currency Cost feature that allows organizations to view project financial data in the project currency. Phase I allows beta customers operating in varying currencies to benefit from e-Builder’s cloud-based construction management software.
Here are some of the benefits owners can expect from the Multi-Currency Cost feature integration:
- Supports Customers Operating in Various Countries or Currencies
Remove currency hurdles such as the need to improvise by creating external spreadsheets that allow for a conversion from the organization's primary account currency to the project currency. With e-Builder’s Multi-Currency Cost feature, owners are able to accurately track and forecast their financials using the applicable project currency for each project.
- Accurate Financial Information
With a fully centralized system to track project financial information, owner organizations can more accurately track crucial project financial data, and rely on e-Builder’s internal reporting tools.
- Customizable Currency Conversion Rates
Admins have the ability to enter exchange rates into e-Builder matching their organization’s official exchange rates.
- Budget and Budget Exchange Rates
The original budget and each subsequent budget change has the ability to have a new exchange rate based on the date the budget is approved. Alternatively, the owner’s account admin can opt to have e-Builder lock the exchange rate on Budget Changes to match the original approved budget exchange rate.
- Project Cost Controls Based on Project Currency
Project budgets are established in the Project Currency and all Cost Controls are based on the Project Currency.
- View Costs in Desired Currency
Users can toggle project cost pages from project currency to account currency—for example, from Euro to US Dollar. The conversion will be based on the latest live exchange rate, i.e., the exchange rate uploaded by the owner’s account administrator for the current date.
Having this multi-currency cost feature allows for easy reference of project financial data for owners with multinational projects and stakeholders.
With e-Builder’s Multi-Currency Cost feature, owners can expect these capabilities:
- Manage capital improvement projects across currencies and countries with e-Builder’s trusted cloud-based construction management software
- Track project financials in project currency
- Toggle between project currency and account currency for easy reference
- Streamlined reporting in project or account currency for advanced decision-making
- Owner-defined conversion rates, set at specified times and tracked throughout the project
Will the Multi-Currency Cost Feature Work For Me?
While this feature is currently in Phase 1 and offered to select beta customers, interested existing customers can expect additional roll-out phases for the e-Builder Multi-Currency Cost feature to be available later this year.