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Solving a Problem Like SEPA

Time is now running out to ensure your business is SEPA-ready. The Single Euro Payments Area is new EU legislation devised to create a singular payment network. It will replace the existing legacy payment infrastructure across the 17 Eurozone countries.

The legislation is set to come into force on 1 February 2014. Yet research suggests that more than a third of companies are not in a position of being SEPA ready.

SEPA has the potential to cause serious disruption to SMEs. Day-to-day financial operations are at threat unless organisations introduce or update an ERP system to comply with the regulations.

Companies will have to ensure they have updated their processes, payments and direct debit mandates. If not, staff and suppliers may not be paid on time; payments from customers may also be delayed.

Despite the importance of the implementation of SEPA there remains a number of misconceptions around its introduction. SEPA doesn’t just affect Eurozone countries. Companies in the UK will have to ensure any European affiliates or similar accounts are compliant.

SEPA isn’t just an IT problem either. Supplier details, HR files and terms and conditions of payment methods will also need updating.

There is no hiding away from the importance of SEPA implementation. IIS specialises in business management software, services and support to SMEs — via SAP Business One. If you’d like further information on SAP Business One and its SEPA solutions in Ireland contact +353 (0) 1286 0200; in the UK +44 (0) 845 602 5804; or in The Netherlands +31 (0) 207 946 682 or emailinfo@beabetterbusiness.com.

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