Pastel Evolution now includes multi-currency functionality

Softline Pastel has launched its Multi-Currency module for Pastel Evolution as of May 2005. Pastel Evolution was launched to the South African SME market in 2003 to address the need for a business management solution that provided full accounting and CRM/business activity management functionality from the same central database.

As a result, Pastel Evolution is a solution that is ideally suited for one to 250 user organisations that are looking for a holistic application, offering an automated business and financial view of a company.

"We have developed a Multi-Currency module for Pastel Evolution, as there is certainly a local demand for a cost-effective and easy-to-use business software application that also caters for the import and export market," says Steven Cohen, MD of Softline Pastel. "While this is a niche market, currently there are no other market solutions available that support the processing of foreign transactions for the SME sector."

Now, through Pastel Evolution, companies that require multi-currency capabilities will be able to maintain these currencies at a specific rate with their buy and sell rates. This means they will be able to track rates and gain an automatic view of exposed risk areas or be given the opportunity to set a fixed rate.

Additionally, customer or suppliers can allocate a particular rate (dollar, pound or euro-based, for example) and track orders from the time placed to the receiving of those goods. "This is an important aspect, as SA is still an emerging market, even with our current rand strength and stability, we continue to be a growing economy and therefore companies need to be given the tools to help them track trends, volatility and possible business risk," adds Cohen.

"Through our module, businesses can determine whether they are exposing themselves to higher customer prices and less profitability due to fluctuating exchange rates. Companies can then take proactive steps to secure forward cover from banks based on specific rates to help safeguard their importing or exporting of goods. Our system has built-in functionality to track and provide an exchange rate history report to form an opinion on market trends that will help businesses gain this kind of security from financial institutions."

Additionally, Pastel Evolution Multi-Currency ensures that all reports (age analysis, transaction listings, etc) and inventory documents can be printed in any foreign currency. With Pastel Evolution Multi-Currency, when a company receives payment or pays a supplier, the profit or loss on the exchange rate will automatically be posted to the General Ledger, eliminating all the manual administration that accompanies foreign transactions.

"As Pastel has spent the last year on the research and development of this module, companies can be assured that it caters for over 80% of their requirements. While new features and functionalities will evolve, Pastel Evolution is certainly a cost-effective, reliable and powerful business application to support foreign transactions in a customers accounting system," concludes Cohen.