Should I have a Euro account
Discussion
The advantage is that you should be able to trace more easily payments received againsdt specific invoices issued.
Bank charges should be reduced in that there will be no currency conversion for each transaction. Obviously, there will be conversion at the point where you transfer money from the Euro Acount to the normal Sterling business account.
The main "hassle factor" is that your accountant will need to convert the Euro Account balance to Sterling whenever the accounts are drawn up (monthly, quarterly, annual etc). Any currency fluctuations will be reflected as a "Profit or Loss on Exchange" in the business profit and loss account.
Bank charges should be reduced in that there will be no currency conversion for each transaction. Obviously, there will be conversion at the point where you transfer money from the Euro Acount to the normal Sterling business account.
The main "hassle factor" is that your accountant will need to convert the Euro Account balance to Sterling whenever the accounts are drawn up (monthly, quarterly, annual etc). Any currency fluctuations will be reflected as a "Profit or Loss on Exchange" in the business profit and loss account.
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