Lovat launches new multi-currency support to make tax filing
Edinburgh, May 24, 2024 – Lovat, a leading provider of tax filing software for e-commerce businesses, today announced the launch of its highly anticipated multi-currency feature. This innovative feature simplifies the tax filing process for businesses that sell internationally, eliminating the need for manual currency conversions and saving valuable time.
The global cross-border e-commerce market was valued at US $2,830.7 billion in 2023. With fast international shipping and the simplicity of online orders, choosing a product from overseas is not a big concern for online shoppers. Globally, 52% of online consumers order from both local and international websites. It is an opportunity for e-stores and a reporting headache. All overseas transactions must be converted into a single base currency for accounting purposes. It’s a complex process that involves currency conversion, reconciliation, and tax implications. It’s also prone to error when dealing with a large volume of transactions.
“We understand the challenges that e-commerce businesses face in a global market,” says Olga Maximova, CEO of Lovat. “The multi-currency feature simplifies tax calculation and reporting, allowing companies to focus on their core business and growth.”
Effortless currency selection for optimized tax returns
Lovat’s new multi-currency feature enables companies to:
- Choose their preferred currency for tax return filing: Whether you receive payments in USD but file your tax return in CAD or NOK, Lovat automatically applies the correct exchange rate to ensure accurate calculations and eliminating the need for manual conversions.
Minimize Errors: Say goodbye to the risk of inconsistencies caused by using different exchange rates for various transactions. Lovat ensures consistency in all your tax calculations.
Sell Anywhere, File Easily: Lovat supports 126 currencies, allowing businesses to reach a global audience without having to worry about complex currency conversions for tax reporting.
The multi-currency feature is immediately available to all Lovat users engaged in digital distance selling.
About Lovat
Lovat helps e-commerce businesses navigate the complexity of global tax regulations. Our user-friendly software simplifies the calculation, reporting and filing of VAT returns in over 111 countries. Lovat also provides expert advice on regulatory changes and additional services such as registration and audit support.