Many UK businesses have not adapted to the introduction of the euro and are facing serious commercial risks from errors and fraud, industry experts have warned. The new currency will affect 62 per cent of UK firms and more than a quarter of these have yet to make the necessary changes to their accounting systems, according to financial software firm Coda.
"These firms will find themselves with invalid invoices and delayed payments," agreed Steve Humble, senior vice-president of financial software provider Scala.
It is not just a question of making your finance systems euro-compliant, said David McCullough, managing director of currency solution provider Deltek. "The euro will have a significant impact on how companies do pricing and accounting and how they revise pricing manuals and catalogues."
He warned that firms that fail to make the necessary changes will put their business under serious strain. "Without multi-currency software, firms will revert to manual operations for invoices, payroll, bank transfer and VAT records. They will find themselves firefighting," he said. Firms also risk data pollution if staff mix up currencies.
Ian Hamilton, managing director of the Construction Industry Computing Association, blamed the government for UK firms' lack of preparation for the euro. "The government...