PayTraq Multi-Language Support
Posted in accounting, Financial statements, business, financial analysis, updates
Do you know that PayTraq can be used in many languages? Users can view the accounting software interface in the chosen language in just one click.
With PayTraq, you can send invoices (orders, proformas, packing lists, etc.) in national language to your local customers and in English to your international customers.
Every country has its own localized version of the service. Chart of accounts, financial statements and tax reports are provided in the local language by default.
Currently we are adding a new feature specifically designed for businesses from non-english speaking countries - support for financial statements in English.
While most accounting programs support only one language, imagine you get a foreign partner who wants to see a standard set of financial statements of your company, such as balance sheet, profit and loss statement, and cash flow statement. This is when your accountant has to become a translator for a while to translate all those statements into English. It’s unlikely they will do it well as such documents may contain a lot of tricky terminology and are not easy to translate.
You can use financial statements in English to attract investments, present to foreign shareholders, open a bank account abroad and obtain EU funding, participate in international tenders, etc.
Luckily, PayTraq users no longer have to translate those confusing account lines and names, but can take advantage of the English versions of their financial statements in just a few clicks.
The following financial statements in English are available for printout:
- Balance Sheet
- Profit & Loss Statement
- Cash Flow Statement
- Detailed Balance Sheet
- Detailed P&L Statement
- General Ledger Summary
- Trial Balance
- Chart of Accounts
You can save any of these statements in English any time, as well as print them out or send by email.
All default account names and reports lines are already translated. In case you have added some new accounts, or if you have changed default account names or the lines of your balance sheet or profit and loss statement, all you need to do is add the translation in the corresponding field in the settings just once.
Furthermore, a new report has been added to PayTraq called Business Summary. It is a summary of key financial indicators and statistical information for five different periods showing a general picture of business dynamics to company management, investors and business partners.