Five days after the introduction of the euro only 13 per cent of companies consider themselves "euro ready", according to a new survey.
The survey by Amdahl DMR says this figure shows there is "much more to be done" before euro notes and coins are introduced in 2002.
Some 73 per cent of respondents stated the euro will be good for business, while 89 per cent of those surveyed said they have a specific euro changeover strategy. However, 31 per cent of those which have a strategy said it was still at formulation stage.
The survey was carried out in November/December with financial controllers, directors and managers in 100 of the Republic's top 500 companies ranked by turnover.
In terms of the euro's cost on their business, some 71 per cent of respondents said it would cost them less than 1 per cent of turnover. Some 13 per cent said it would cost between 1 per cent and 3 per cent of their turnover.
The impact of the euro on their business would be varied, according to the survey.
Around 42 per cent said the euro would have most impact on finance, while 36 per cent said it would impact on sales and 8 per cent said customer service would be most affected by the new currency.
The majority of those surveyed said price transparency and the elimination of currency risks are the most important potential benefits of the euro. Price transparency is also considered to be the most significant potential risk to Irish companies, said the majority of respondents.
When asked did they have a specific budget for their euro strategy 58 per cent said no, while 42 per cent said they did. Some 25 per cent said they would be using consultants when dealing with the euro, while the rest said it would all be done internally.
Asked when they would be changing their re-numeration system to the euro, 22 per cent said this would happen in 2001, with 11 per cent aiming to do it this year and 10 per cent in 2000. Some 38 per cent were still undecided or did not know when they would make this move.
In terms of the Government response in assisting Irish business prepare for the euro, most were either satisfied or were uncommitted.
Within the firms interviewed it was found that responsibility for euro strategy lies at the most senior level. Of the firms with a euro strategy, some 63 per cent said it was managed directly by the finance director/financial controller.
In terms of information, some 30 per cent said they were well informed about the euro, whereas some 17 per cent said they were not well informed. Only 1 per cent said they were "not at all well-informed".
The survey showed that sources of information about the euro are diverse.
Some 35 per cent said they got information from banks, 25 per cent said they got their information from seminars, while 16 per cent said they received it from the press.
