Friday Pro Tip: Forex
Stepwise approach to mitigation Forex risk on longer term projects:
Include language in your customer contract templates allowing for price adjustment for significant Forex fluctuation.
Extra tip- Forex language for reimbursable expenses should reflect how your financial system actually converts such expenses.
State the baseline Forex rates in project agreements.
State the amount of project fees subject to the various Forex rates (few do this).
Automate steps 2 and 3 in your pricing tool outputs (even fewer do this).
I can't think of a time when managing Forex wasn't important, and now is no exception (trailing 12 month view as of Thursday night EST):