Adaptation of IT systems
The introduction of the euro affects all IT systems that operate with currency units, for example invoicing and billing, payroll, management information and ticketing systems, purchasing software, stock-control applications as well as systems processing financial information, such as cash registers and other point-of-sale terminals.
Ensuring that such systems are adapted to the new currency in good time can be a time-consuming operation. The more IT applications are concerned, the earlier the preparations should start. While the euro changeover date is not named yet, companies can develop detailed action plan including measures related to the euro changeover.
At national level preparation for the euro changeover has been started already. Latvia's National Euro Changeover Plan has been developed and scenario stages and requirements have been defined binding for all companies. The government will name the euro changeover date at least two years before the planned euro changeover.
To ensure timely awareness of necessary measures companies shall consider timely development of their own internal euro changeover projects putting great emphasis on IT systems and their adaptation.
SMEs should begin by establishing an inventory of IT systems which will be affected by the changeover. In addition, any hardware that might need to be upgraded or replaced should be identified (e.g. keyboards, printers, cash registers, vending machines).
The necessary adaptations of IT systems with respect to the euro include ensuring that the systems can process two currencies (national currency and euro), cope with the requirements of the dual display of prices, implement conversions between the national currency and the euro according to the conversion rules, and process a large number of decimals.
Where an enterprise's IT systems are connected with the systems of business partners, suppliers, etc., continued compatibility after the changeover will need to be ensured.
Any new software which SMEs acquire during the process of preparing for the changeover should already be euro-compatible, thus avoiding the need for later adaptations.
In order to ensure the proper functioning in euro of all IT systems as from €-day, all applications which have been adapted should be carefully and repeatedly tested as early as possible to avoid shortcomings and to enable any necessary improvements before they have to be operational.
More detailed information on IT adaptation and preparing your company to work in euro can be found in the brochure of the European Commission.
Comparative analysis
Practical preparation for the euro changeover in Slovakia:
Download: Practical preparation for the euro changeover in Slovakia (experiences in IT sector) (PDF, 445.74kb)
