The Euro and your Business

From 1st January 1999, the euro was introduced as the single currency unit of European Economic and Monetary Union (EMU). Initially the euro will be used for cashless transactions, but euro notes and coins will be available from the early part of 2002. The introduction of the euro as the single European currency will affect the way you do business with your customers and suppliers. Sage Line 50 makes the transition to trading with the euro as smooth and trouble-free as possible.

The euro and the UK

Although the United Kingdom is not participating in the initial entry to the euro, trading will still be effected. For example, some large UK companies have announced that they will trade in euros. This will work its way down the supply chain affecting many smaller businesses. UK exporters and importers may also be required to deal in euros. There will also be many indirect effects on UK businesses as the euro becomes a major world currency and as more and more companies within the EMU start to expand their trading areas.

Using Sage Line 50 provides you with the ability to trade in this new European currency. All you need to do is enter your currency rates.

The euro and Ireland

Ireland is in the first wave of entrants to the euro and is subject to full membership rules. Irish businesses trading with other Economic Monetary Union (EMU) participants must use the rules of triangulation when converting currency between denominations of the euro. Sage Line 50 handles this triangulation for you automatically. All you need to do is enter your currency rates.