One of the latest features of the Opal Wave SAP BPC Cloud solution enables a seamless integration of ECB currency conversion rates. Fouad El Hage, Managing Consultant, tells us more…

Throughout my career as an international financial analyst, consultant or auditor I’ve had to rely on currency conversion rates that I’ve either researched online, or that have been sent direct from the client to submit to the reporting system. Closing rates were used to calculate average rates and then updated to ensure IFRS currency conversion compliance.

It might not have been a laborious task, but it’s not one I’m going to miss much at all thanks to one of the latest features to be added to all current and new installations of the Opal Wave SAP BPC Cloud.

If, like me, you’re working across multi-currencies then I’m sure you’ll be keen to find out more…

Our SAP BPC Cloud solution now includes the ability to retrieve daily updated currency conversion rates from the European Central Bank (ECB) – which are refreshed from the ECB website after 4pm each day – automatically in the BPC Cloud Rates input schedule as well as calculating average rates.

The fully automated extraction, submission and average calculation process enables a seamless integration of ECB currency conversion rates which are essential to any financial reporting and consolidation system as they will enable these systems to convert from the local currency to any of the group reporting currencies such as GBP, USD or EUR.

The same web automated extraction technique could also be used with any data you may need to get from an online source – your BPC Excel template can be linked to virtually any web source – which can help save time and reduce the risk of manual errors.

If you’d like to know more about this and other features of the Opal Wave SAP BPC Cloud then please get in touch. You might also be interested in reading more about When Excel stops excelling for your business.