22 Nov 2011

Cloud computing to cut foreign exchange costs

7:02 am on 22 November 2011

A small New Zealand company is aiming to use cloud computing to help smaller firms manage their foreign exchange and interest rate transactions inexpensively.

Hedgebook hopes to fill a gap in the market that will prove popular with smaller importers and exporters who currently use spreadsheets to keep track of these transactions because existing software is aimed at large firms and costs too much.

Hedgebook hopes to target firms in New Zealand and Australia with turnover of between $5 - $100 million.

Founder Richard Eaddy says the system allows smaller companies to make more of the information they have in their spreadsheets and, because it uses the internet to store and manipulate data, the product is affordable.

Mr Eaddy says it allows companies to value their transactions, produce reports on their current situation and preview what impact other decisions may have on their business.

He says auditors are particularly interested in the product since they don't like working from spreadsheets.

"So anything to give more integrity around information is a plus from the auditor's point of view," he says.