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.
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