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News

Duplicate payments a concern for Senior Finance Managers

Fiscal Technologies : 01 July, 2008  (Technical Article)
Survey of Financial Managers in the UK reveals continuing frustration of accounts payable packages with duplicate payment visibility remaining an issue
Fiscal Technologies has announced 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, 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. For more information on the results of this survey visit the Fiscal Technologies web site.
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