NetSuite Exchange Rate Errors Fixed

About The Client 

The Client, a privately owned Australian firm established in 2005, has rapidly evolved from modest beginnings into one of the fastest-growing importers in the country. Renowned for its innovation and dynamism, the company has built a highly professional infrastructure encompassing sales, marketing, warehousing, and distribution of winter, summer, and Christmas seasonal products. As a result, the company is now well-positioned to serve both large operators and small independent retailers throughout Australia.

Client Since: 2023

Industry: Importation & Distribution

Country: Australia

Years: 19 Years

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The Challenge

As The Client expanded, they wanted to improve its relationships with international customers by optimizing its transaction reporting process. In particular, the focus was on enhancing the presentation of US dollar-denominated transactions to resolve inaccuracies caused by exchange rate fluctuations. Their system initially converted USD transactions to AUD at the latest exchange rate when the invoice was printed. 
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The Solution

Our solution was to display the invoice amount in the original USD rate instead of AUD. We did this by implementing a condition that validates the currency for each transaction, ensuring that if the currency is in USD, the exact USD value from the source transaction is pulled into the invoice printout, resolving the previous inaccuracies in the exchange rate. 

Drawing from our experience with similar projects, we offered suggestions to enhance the overall presentation of their invoice printouts, focusing on logo placement and spacing. We also recommended adding a QR code for customer payments, allowing customers to conveniently scan and process payments directly from the invoice. Additionally, we proposed sending a formal notification to their US customers, informing them about the new QR payment option and updated bank details.

The Results

By staying focused on resolving the issue and leveraging Atticus Solutions’ goal-oriented teams, The Client successfully addressed its challenges in transaction reporting with foreign customers. At the end of this project, sales and invoice management were streamlined without adding pressure to their processes or budgets. Additionally, the enhancements we suggested also improved the customer experience for their US clients. 

Conclusion

Together with The Client, Atticus provided cost-effective NetSuite system administration, streamlining invoice and sales management while ensuring accurate reporting and reducing operational costs. This collaboration allowed The Client to focus on business growth while optimizing processes and improving the overall payment experience for their international clients.

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