keeping track: closing out the year when you work with ... · keeping track: closing out the year...

Keeping Track: Closing out the year when you work with foreign currencies. As the year draws to a close, each accurate record you have at your fingertips makes it easier to pull

together your taxes, analyze your previous yearʼs finances, and create a sound budget for the year

to come.

Yet getting a clear picture of your finances isnʼt always easy, especially if your transactions routinely

involve converting foreign currencies, whether to pay overseas employees, buy raw materials, or accept

payment from international customers. While such transactions used to be the province of major

corporations, the realities of doing business in a global, Internet-connected economy mean that just about

any size company or institution can be an international enterprise.

When itʼs time to prepare your tax return, the last thing you want to be doing is furiously working with your

accountant to translate a yearʼs worth of international transactions from yen, euros, and pounds into

greenbacks. Well-organized files containing invoices, receipts, and other information can help you avoid

feeling frazzled at the end of the year.

Make sure that your paper files are well-organized and stored safely and securely, and that files on your

computer are fully backed-up.

But to truly understand how all of those transactions fit together as part of your overall budget requires a

big picture view. Are you getting all of the information you need, quickly, easily, and clearly? American

Express® FX International Payments is designed to make it easier to track your foreign payment. The

advanced reporting functions are comprehensive and customizable to give you the information you need,

when and how you need it.

For example, you can:

• Easily check the history of each payment transaction, including its status, date, the currencies

involved, and the currency exchange rate used. Transaction histories are automatically saved.

• Upload data in a variety of formats to suit your own accounting system.

• Reduce time spent re-entering data or correcting errors.

• Search via IBAN or country information to find a beneficiaryʼs correct bank address and

other details.

• Receive detailed confirmations.

With FX International Payments you can devote more of your time to the other needs of your business.

And when you end the business year on an organized note, it sets you up for a great year to come.

American Express is not providing you with legal, tax or financial advice. We recommend that you consult your own advisers to determine whether and how to use the FX International Payments service.