Almost one in ten companies suffered some disruption as a result of the millennium date change, according to a survey by the government Office for National Statistics.
The poll of 1,144 companies found that 1,070 respondents suffered no adverse effect. However, 74 companies – or 7% – said their activities had been negatively affected since January 1.
The main factors quoted by those companies affected adversely were: in-house computers, 5%; increased wage demands, 1%; and other factors 1%.
The most frequent explanations given in the ‘other factor’ category related to low customer demand or longer than normal holidays. Some companies citedmore than one reason.
The largest negative effect, with 27% negatively affected, was in the retail trade. In terms of company size, the smallest negative impact was on companies with fewer than ten in employment, with 4% reporting an adverse effect.
Five companies, representing less than 1% of the sample in terms of employment, reported they had laid off staff as a result of millennium date change problems.
AccountancyAge.com Special: The bug bites back?Office for National Statistics
The numbers you crunch tell a story. Your expertis...
24yEmbracing 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 articleGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article