FiREapps, a division of Rim-Tec Inc., launched FiREapps Enterprise, a new SaaS (Software as a Service) application suite that improves multinational companies' ability to manage foreign currency exposure by identifying and resolving foreign exchange data integrity issues. FiREapps Enterprise, which interacts with all existing ERP and G/L systems that support FX accounting, includes DataFX, a recently released module that lets companies view the raw data of currency transactions from a currency exposure perspective. “Providing an analytical framework for the data, along with a methodology, makes it easier to determine data validity and completeness,” explains Wolfgang J. Koester, CEO of FiREapps and Rim-Tec.

Once the quality of the data has been verified, FiREapps Enterprise can use its TransactionFX module to calculate the company's foreign currency exposure. TransactionFX “checks the data against company rules to identify missing exposure data, unexpected changes in exposures, potentially erroneous transactions and potential incorrect postings to the G/L,” says Koester. TransactionFX also can analyze and recommend steps to eliminate exposure risk based on how a company understands applicable accounting standards. “This allows the company to make sure that what they expect will happen actually happens” if it follows those recommendations, notes Koester.