Tenon gives warning on euro date
Tenon Technology is to issue a euro warning to UK and international businesses with European trade links.
Tenon Technology is to issue a euro warning to UK and international businesses with European trade links.
The firm will be helping FDs and accountants assess whether their organisations are prepared for 1 January 2002, when the euro becomes the European Union?s legal currency.
According to research by the Business Application Software Developers’ Association (BASDA), up to 60% of UK businesses will have to face the harsh reality that they are still not fully euro-compliant and will have to overcome systems and operational issues.
Tenon?s managing director, David Rankin, says: ‘Accountants must wake up. Anyone who trades in any way with Europe has a new crisis point on 1 January. Just because Y2K had no sting in its tail does not mean that the birth of the euro will be painless.
‘Many will need pain relief. Businesses have had so long to prepare that many made their initial changes and then hit the snooze button. They have not considered fully the impact of losing the mark, franc and peseta etc.’
Although the deadline was set three years ago, initial preparation was for the euro as an additional currency. The basis change on 1 January removes all the existing legacy currencies and Rankin warns this will have unforeseen issues for many businesses.
Links
The numbers you crunch tell a story. Your expertis...
23yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleIn the midst of political flux, potential UK entrepreneurs are hesitating to launch new businesses, primarily due to the uncertainty brought about by ...
View article61% say providing financial support for their family is of importance to them, with 77% currently doing so Read More...
View articleStartups face unique financial challenges, such as cash flow volatility and equity-based compensation complexities. Innovative strategies and technolo...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleIn 2019, the a survey conducted by the FRC highlighted that only 17% of women held partner-level positions Read More...
View articleDains believes a corporate structure is the best way to maximise the benefits of its growth strategy Read More...
View articleBoth employer and employee will benefit from flexibility and cost-saving Read More...
View articleThere are nine key areas that accounting practices must get to grips with as client expectations and technological developments rise, while team membe...
View article