Multi-Currency Accounting with Tempo

If you travel for business, you’ll probably have experienced the complication of currency conversion when recording your company expenses. With this in mind, Tempo has made life easier for jet-setting directors by allowing expenses to be recorded directly in Euros.

Simply keep all your receipts and enter the details as usual to your Tempo account and use the new 'Currency' drop down list to select Euros or Pounds accordingly.

You can now also invoice your customers in Euros if required - just change the currency option when creating a new sales invoice.

Tempo uses HMRC's default exchange rates to convert your invoices and expenses to the equivalent value in pounds sterling for VAT purposes, but later any foreign currency expenses can be attributed to an exact exchange rate when they appear on your bank statement.

Although Euros are the only foreign currency included on the site at the moment, Tempo is happy to respond to any requests for other currencies to be added to the system, so please get in touch to discuss your requirements.

Banking on the go with HSBC’s iPhone App

If your business is often conducted on the move, it’s now even easier to manage your bank account too. Most Tempo clients use HSBC for their business account and the bank recently launched a new free iPhone app, which offers secure access to a range of banking services.

This free app is great for business directors who have limited time and opportunity to do their online banking – which includes the typical Tempo customer. The app allows you to:

• Check payments have been received
• Make payments to yourself 
• Transfer balances between your accounts 
• Check recent transactions back to the date of your last statement

You’ll need to be an HSBC Business Banking customer and registered to use online banking, but the app is free to download via the app store. For more information about the HSBC Business banking app can be found here.

Remember that although apps do save time and keep you in touch with your company’s cash flow, the balances shown on the HSBC app and your Tempo account will only match if you ensure you record all transactions on your business bank account on your Tempo online account too.

For tips on how to keep everything up to date, visit our support centre.