The Finofo blog

Switching to multi-currency mode in QuickBooks is a straightforward process, designed to be user-friendly for businesses engaging in international transactions. QuickBooks provides excellent support to help customers make this transition smoothly, offering guidance through their customer service and comprehensive Knowledge Base resources.

Xero, a dynamic player in cloud-based accounting software, has rapidly grown its customer base, particularly among small and medium-sized businesses. It stands out for its flexibility and user-friendly interface, making financial management accessible and efficient.

Companies often rely on banks for international transactions, drawn by the trust and familiarity these institutions have built over years. Banks, seen as reliable partners, offer a sense of security in the complex world of global finance. However, while this traditional approach has its merits, it also comes with its own set of challenges. This article will delve into both the advantages and drawbacks of banking with traditional banks, exploring their role in international business dealings. So, what's your story? Are you satisfied with your bank's handling of currency conversions?

Sage Group, the parent company behind Sage Accounting and Sage Intacct, is a global leader in software solutions for businesses. What is Sage Accounting? Sage Business Cloud Accounting is a software tailored for small businesses, startups, and self-employed individuals. It offers intuitive and simple solutions for managing finances, including invoicing, cash flow tracking, and compliance management.

"It's a great tool, but not for everyone," is the candid feedback often heard when discussing Oracle NetSuite. Oracle, ranking as the third most popular software company globally, offers NetSuite – a cloud-based Enterprise Resource Planning (ERP) software that integrates various business functions.

Taking a leaf out of Benjamin Franklin's book, who famously said, "Time is money," this adage holds particularly true in the realm of small- and mid-sized businesses. At the core of their financial ecosystem lies accounts receivable - the lifeblood that keeps businesses thriving. However, the process of transforming these receivables into actual cash flow is not always smooth sailing. The primary hurdle? Customers often prioritize maintaining their own cash flow, resulting in delayed payments.

Unpacking the Credit Card Usage in North American SMBs-In North America, the reliance of Small and Medium-sized Businesses (SMBs) on credit cards for Accounts Payable and Receivable is significant. For instance, a report by Visa indicates that nearly 67% of small businesses in the U.S. use credit cards for operational expenses.

In Canada, non-bank FX brokers are entities that specialize in foreign exchange services, offering an alternative to traditional banking institutions. Their service offerings include currency exchange, risk management, and solutions for handling international transactions, primarily aimed at businesses. These brokers operate on a relationship-driven model, focusing on establishing and maintaining client relationships in the FX market.

When Canadian businesses look southward to the vast market of the United States, they're met with a web of banking complexities, the most tangled of which is the Taxpayer Identification Number (TIN). This isn't just a bureaucratic formality; it's a significant barrier. This guide cuts through the complexity, exploring what a TIN is, why it's a challenge, and how a fintech solution like Finofo is changing the game.

Today marks a significant milestone for Finofo. We are stepping out into the world to reveal what we've been passionately working on. But you may be wondering, what exactly is Finofo? Why are we working in this space? Allow me to share our story, so you can understand our mission and hopefully join us on this exciting journey.