One Month until e-Day
19th August 2014
Chambers Ireland has today reminded businesses that there is just one month left until e-Day. Set for September 19th 2014, e-Day is the date from which Government Departments and offices, local authorities and State agencies will no longer issue or accept cheques in their dealings with businesses.
Speaking this morning, Ian Talbot, Chief Executive, Chambers Ireland said, “The move from cheque to electronic payment methods is a positive one which will save money for both the Government and businesses alike, in fact it estimated that the economy will save €1 billion per annum by a comprehensive move to electronic payments. This move will allow businesses to save money by eliminating the use of expensive cheques, reducing administration costs and also improving cash flow as funds will move more rapidly between accounts.”
A Central Bank report released today shows that 80% of all business cheques are issued by SMEs, while 78% are received by SMEs. A move away from cheque usage to e-payment would benefit day-to-day cash flow which has been an issue for many SMEs in recent years.
“We urge all businesses to ensure they are fully prepared for e-Day by making sure they have alternative payment methods in place and are fully up to date with the new procedures,” he concluded.
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