Credit Managers Vote Against the Euro

We recently conducted research amongst 1,000 credit managers, finance controllers and finance directors from our UK customer database on their experience of the euro.

Research was conducted over a 5 week period to measure opinions and experiences, and to identify any changing trends over this period of time. The only notable changing trend was the amount of invoice transactions in euros, which actually declined.

The research results indicated that three months since the introduction of the euro, credit managers are yet to be convinced that it will have a positive effect on their credit control.

Responses indicated that the majority of our customers (77%) believe the euro will have a negative impact on their cashflow, and that it will increase their DSO (Days Sales Outstanding). Just 18% believe their credit control would benefit from the new single European currency with 4% of respondents failing to comment.

Interestingly, the amount of invoices being sent out in euros has dropped by c7%, between March 1 2002 and April 5 2002. Over two thirds of respondents use the euro in just 10% of their invoices.

5% of respondents indicated that 90% of their invoices were already in euros, indicating that for the minority of our customers, the euro has had a fundamental impact on financial transactions.

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