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, organisation, 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 organisation in the UK to keep them informed on what’s happening in the payments industry.
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, financial institutions and banks. Organisations trust these solutions to meet their needs for cost reduction, fraud detection and optimisation of working capital.

Duplicate Payment FinderTM locates duplicate payments and incorporates some of the industry’s best algorithms and pattern matching technology. It has been used to scan hundreds of millions of payments across the globe.
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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.