How would the euro affect your business?

The economic and political debates over whether adopting the euro would be in Britain's best interest have abated. However, some commentators believe that the UK's eventual membership of the eurozone is inevitable.

Whichever side you stand on, pro or anti-euro, you need to start thinking about what the practical implications for your business will be, should Britain decide to say goodbye to the pound sterling. Here are some of the issues you may need to consider:

Your systems

Financial and accounting systems, tills, vending machines, credit card machines and IT equipment will need to be able to deal with making and receiving payments in euros. If your systems are due for a periodical update, you may want to make sure that your software can deal with multi-currency transactions. Staff might need to be trained to deal with conversion rates and to recognise counterfeit currency.

Company literature

Company documentation, including sales literature, catalogues and invoicing documents will need to be brought up to date to reflect new markets and revised pricing systems.

Your sales and marketing strategies

The single currency allows customers to easily compare prices across the eurozone. You should explore the export opportunities offered by a hugely expanded market, and keep an eye on what your competitors are doing. If handled in good time, the changeover could be used as an opportunity to increase your market share.

Customers and suppliers

Customers will need to be informed about any new procedures. You should also liaise with your suppliers. With the euro they might make savings on imports: make sure they are passing these savings on to you. If they are not, consider shopping around.

Tax and legal issues

Considering the above measures now will help to stand you in good stead should 'not yet' become 'yes', but be sure to seek professional advice about any legal implications that may arise in the event of Britain joining the eurozone.

We like to help your business look ahead. We would be pleased to advise you on any tax or financial implications. Be sure to call us when you need advice.

Easy Accountancy

Easy Accountancy is the UK’s only national specialist accountancy firm for freelancers, sole traders and small businesses

If you’ve just started out as a freelancer or run a small business, you’ll definitely need a small accountant and there are plenty of options out there! However, most accountants will charge you every time you get in touch with them; for every phone call, email or meeting.

We don’t want our clients to be scared to contact us and potentially lose out on valuable tax saving advice. It's even more important when you first start out as you really need to set your business up in the best way possible. As a start up you’ll probably have loads of questions and will really appreciate the fact you can call your accountant as many times as you like without the fear of racking up large bills.

Our low cost, all-inclusive fixed-fee accountancy service includes unlimited access to your own accountant throughout the year, so you never need to worry about picking up the phone and then receiving a bill afterwards for the privilege, and covers all your business and personal tax affairs needs. All clients additionally receive:

Help to run your business in the most tax efficient way possible
Help so you can understand the taxes you need to pay
Advice on the best ways to manage your business
Updates and reminders so you'll never miss a deadline
Help to ensure you maximise your tax allowances
Provide proactive tax advice throughout the year

We’ve saved our clients up to half on their accountancy bills – if you’d like a quote, click on the quote me button to the right of this page. Alternatively, call us on 0500 234111 / 01442 275767 or email jessica@easyaccountancy.co.uk

We also have a money-back service guarantee - all of your telephone calls and emails will be answered on the same day, or we will refund your monthly fee (another first within the accountancy world).

To appoint us as your accountants, please fill in our Client Agreement Form online.

If you are a contractor working through a limited company then visit SJD Accountancy (our sister company) who specialise in providing tax advice and accountancy services for Limited Company contractors. You can also keep up to date by following the SJD Accountancy Twitter

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