AIB has introduced a quarterly bulletin, Euro Day Countdown, to assist its business customers in preparing for the changeover to the euro.

The first issue asserts that it is never too early to start preparing, and highlights 10 areas to be addressed before the changeover. These include accounting, bank accounts, cash handling, competition, computer systems and software, cross-Border payments, dual display of prices, e-commerce, marketing and sales, and training.

With 14 months to go before the introduction of the currency, businesses which have addressed seven of the 10 areas are on their way to becoming euro-ready, the bulletin says.

For firms yet to begin implementing a euro strategy, there are several recommendations.

These include deciding how to manage the dual currency period; devising procedures to handle dual currency; preparing and implementing a staff training programme; establishing the practical implications of the euro on equipment such as cash registers and POS systems; establishing whether computer systems are euro compatible and if they need to be upgraded; and comparing prices with suppliers/competitors across the euro zone and taking appropriate action to remain competitive.

Future issues of Euro Day Countdown will provide news on the euro, updates on progress towards the changeover, as well as advice to assist customers in their preparations.