Ruddr has launched two important features for multinational customers: multicurrency and regional formatting. With the launch of our new multicurrency feature, Ruddr now supports over 180 currencies across the globe. This long-awaited feature allows our customers to configure projects to use the local currency of each country in which they operate. The London office can manage engagements in Great British Pounds, the Paris office can use Euros, and the New York office can use US Dollars. Similarly, each office can set its labor costs, overhead costs, and project expenses in their local currency.
While managing and evaluating engagements in the local currency is vital for regional offices, the corporate office still needs to analyze the entire portfolio of work in a single currency. Ruddr facilitates this with real-time conversion from project currencies into the workspace's home currency. Reports that show monetary values will automatically handle foreign exchange conversion to show those values in the home currency. Ruddr maintains decades of daily currency exchange rates between all supported currencies and new rates are stored on a daily basis.
Regional Formatting
In addition to the new multicurrency capabilities, Ruddr now also supports dozens of regional formats. As workforces continue to become more global, it is important to present information in the standard format for each user's region/country. Users now have the ability to select their preferred regional format which controls the formatting of dates, times, numbers, currency amounts, and percentages. The example below shows how these data types would be shown for a user in Germany.
When a user chooses their preferred regional format, the screens, dashboards, and reports in Ruddr display information using the appropriate format.
Client and Project Currency
When the multicurrency feature is enabled in Ruddr, each client and project has a stated currency. The client currency is used for all monetary values shown on the Client Dashboard. If there are multiple project currencies within a client, the client dashboard will handle currency conversion from those currencies to the client currency.
Projects in Ruddr can use any currency and it can be different than the client currency. The project currency is used as the default currency for all information shown on the Project Dashboard. Also, the project currency is used for all project expenses and invoices.
Labor Costs
Each labor cost period in Ruddr can have its own currency. This allows for workspace members to be configured for the currency in which they are paid. Also, if a member transfers from one country to another, a new labor cost period can be added with the new currency. In the example below, a member was paid in US Dollars up until April 30th, 2023 but as of May 1, 2023 the member is paid in British Pounds. Members can have any number of labor cost periods and Ruddr will automatically handle all foreign exchange conversions on financial reports.
Financial Reporting
The financial reports in Ruddr will default to showing monetary values in the workspace's Home Currency. All project currencies will be converted to the home currency automatically. If you prefer to evaluate the financial performance in another currency, you can select any workspace currency in a dropdown at the top-left of the report. In the example below, the Performance by Project report has been converted in real-time to Japanese Yen.
Revenue Recognition and Currency Conversion
It is important to point out that Ruddr handles currency conversion on the date of revenue recognition. So, rather than convert all values into a currency based on today's exchange rates, Ruddr will convert using the exchange rate on the date that the revenue is recognized. For example, if there are time entries on 25 different days during the month, the revenue and labor cost will be converted to the home currency on the date of each time entry using the exchange rate for the given day.
