PracticeConsultingBusiness – SMEs must prepare for euro

Business - SMEs must prepare for euro

Owners of small and medium-sized businesses were urged by the Liberal Democrats’ finance spokesman Malcolm Bruce to start preparing accounting systems for the euro, despite the government’s decision not to adopt it yet.

Bruce told a fringe meeting at his party’s Brighton conference on Monday that SMEs would be hit by the euro – whether the UK was in or out. The new currency is due to come into effect on 1 January for 11 European Union member states.

He said: ‘Polls of small businessmen suggested a majority are opposed, but would not be able to stop it any more than the tide. If you have a small business which has dealings with Europe, you will be deluding yourself if you think you will escape the euro by being in the UK.’

Some small firms would ‘almost certainly find foreign visitors in their shop asking to make credit card payments in euros’, claimed Bruce. ‘And other firms would find it convenient to maintain accounts in the euro to accept and make payments while avoiding foreign exchange charges.’

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer