An increasing number of our clients maintain an international customer base, and many of them accept payments in multiple currencies.
However, storing multi-currency sales figures in a backend database doesn’t always involve making on-the-spot conversions to a single currency. This can make it difficult to summarize or compare data because not all of the sales totals are in the same currency.
As a solution to this problem, we at RJMetrics are proud to announce our new Historical Currency Converter tool. We maintain a comprehensive database of 164 currencies and their historical daily spot rates over the last 20 years. Using this information, we can standardize any data set into a single currency, allowing for advanced apples-to-apples analysis of all data points across all time.
Since all conversions are made using the appropriate foreign exchange rate at the time of the transaction (typically a spot rate from within 24 hours), you can be sure that the output is a strong proxy for the actual, standardized revenue calculated by your accounting department.
If you’re interested in learning more about RJMetrics, check out our website where you can learn more and try out a free demo.