Most companies in Ireland are not prepared to handle the impact of Economic and Monetary Union (EMU) on accounting and financial software systems, a seminar was told yesterday, writes Madeleine Lyons.
"It is incorrect to assume that current multi-currency based software will be EMU compliant," Mr Pat Chambers, chief executive of software firm JBA Ireland, said.
Ideally, financial software capable of taking EMU should be in place, at the latest, by the end of next year if companies are to be able to deal with the consequences of EMU for their business. Mr Chambers was addressing a Small Firms Association seminar on EMU yesterday.
The strict rules of conversion set down for the operation of a single European currency will mean companies will have to change from pounds to euros and only then to another currency. "Financial software will not be able to carry out this process before the euro conversion table is set, which is due to happen mid-1998. This is only six months before the introduction of the euro on January 1st, 1997," Mr Chambers said.
A recent survey conducted by JBA found that just 10 per cent of Irish companies were prepared to replace their existing technology systems and invest in a new one, and more than half had no plans in place to deal with the onset of EMU.
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