Accounts Payable Audit Survey Sponsored by FISCAL Technologies.

BRACKNELL, UK. – June 27th, 2008 – FISCAL Technologies, providers of world class duplicate payment detection software and services announced today the summary results of the 2008 Accounts Payable Survey. This revealing survey, completed by senior finance managers, gave valuable insight into the current issues and areas that are affecting Accounts Payable and Treasury functions across the UK in 2008.

The survey had an excellent and enthusiastic response from a cross section of participants including public sector, industrial, commercial, retail and banking. It not only covered the technical aspects of Accounts Payable systems but the management, organization, support and future growth of this finance area.

The main results of the survey concluded that nearly 47% of the sample were dissatisfied with the high cost of adding extra functionality to their AP system, leading many finance departments to purchase external “best of breed technologies” to bolt into current AP/ERP Systems.  It also revealed that the most problematic areas within AP were duplicate supplier accounts, reconciliation of purchase orders with invoices, authorisation of supplier accounts, and duplicate payments. 

Worryingly the survey showed that 72.2% of Accounts Payable managers spend less than 5% of their working month proactively improving their AP systems and processes. Looking forward, more than 50% of the sample are considering online systems for all major AP tasks as long as these new technologies were secure, easy to use and integrate easily with their current systems. 

Finally a high proportion of participants were interested in joining an official non-profit support organization in the UK to keep them informed on what’s happening in the payments industry. For more information on the results of this survey visit http://www.fiscaltechnologies.com/e-report/edition3/index.html

About FISCAL Technologies
FISCAL Technologies Ltd, founded in 2002, provides world class duplicate payment software to corporations, government and financial institutions. They partner with their customers to move them from yearly recovery audit services to in-house prevention solutions. Organizations trust these solutions to meet their needs for cost reduction, fraud detection and optimization of working capital.

Duplicate Payment Finder™ locates duplicate payments and incorporates some of the industry’s best algorithms and pattern matching technology.  It has been used in Accounts Payable audits to scan hundreds of millions of payments across the globe.  For more information, please visit www.fiscaltechnologies.com

FISCAL Technologies, Duplicate Payment Finder and the FISCAL logo are trademarks of FISCAL Technologies Ltd. which may be registered in certain jurisdictions.  All other brand/product names are trademarks of their respective holders.

Media Contacts:
smarterpr [@]fiscaltechnologies.com
FISCAL Technologies  Ltd
+44 (0)845 680 1905                                                                                                                        

Cautionary Language
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors.  Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are competition, market demand, technological change, strategic relationships, recent acquisitions, international operations and general economic conditions.