Just because Y2K didn’t result in the expected crop of disasters, there’s a widespread feeling that the industry’s current call for action over the euro is nothing more than alarmist.
Accountants and managing directors must wake up! Anyone who trades in any way with Europe has a new crisis point on e-day – 01 January 2002.
Businesses have had so long to prepare that many made their initial changes and then hit the snooze button.
The final countdown to the euro is only three months away and few people appreciate that there are then only two months until all the EU currencies cease to be legal tender.
They do not full appreciate the actual impact of losing currencies such as the mark, franc and peseta. According to recent research by BASDA as many as 60% of UK businesses will have to face the harsh reality that they are not euro-compliant and will have to overcome systems and operational issues as the deadline approaches.
More than just a few UK companies are going to be affected by e-day.
Companies with parents or subsidiaries in Europe should be on their guard.
So should companies that buy and sell in continental Europe. Even if they currently get and receive all overseas invoices in sterling, they may soon find their European (or American) trading partners starting to insist on euro payments.
Getting ready to face the euro is going to cost money, but burying the corporate head in the sand could cost even more. Businesses risk lengthening payment cycles and getting hit where it hurts – in the cashflow!
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