Euro compliance: IT systems are not enough

Businesses are failing to prepare their staff and suppliers for the euro and are not establishing their euro prices, according to...

Businesses are failing to prepare their staff and suppliers for the euro and are not establishing their euro prices, according to a survey by the European Accountants Federation (FEE).

The survey of 200 companies was published with less than three months to go before the currency is introduced to 12 European countries.

It found that 23% of the companies, primarily large organisations, had not yet established euro pricing. Half these companies will not announce prices before the 1 January 2002 compliance deadline.

Customers of non-compliant companies will only discover the new pricing levels when they receive their first invoice of the new year.

The FEE report stated: "Overall, these findings suggest that a substantial minority of companies do not see a need to prepare their marketplace; do not see a need to encourage their own staff and management to 'think' in euro terms even if the conversion is relatively simple, or are not in a position to prepare their marketplace because they themselves are not yet prepared."

However, Robin Bloor, chief executive officer of analyst organisation Bloor Research, said that the majority of companies in the UK would be able to cope when the euro comes into force. "Most European countries - for example, Italy - have been displaying euro pricing for the past 18 months," he stated.

"If you are a company that does business in Europe, then at the very least they should have a policy in place for the setting of pricing," he said.

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