Press Releases

Leading Accounts Payable Audit Software Provider Reports 46% YOY Growth

FISCAL Technologies Continues Momentum With Strong First Half Growth

Reading, UK – 17 June 2010: FISCAL Technologies, provider of world-class accounts payable audit software AP Forensics®, today reported strong first half year results, showing impressive year-on-year growth of 46% and continuing the momentum built up over the past six quarters. With a solid existing customer base in the public sector, FISCAL Technologies’ exciting growth over the past six months has also been driven by an equally strong growth in the corporate sector.

The secret to FISCAL’s growth is the instant ROI delivered by its powerful, simple to use and cost-effective audit software solutions. The AP Forensics® suite delivers immediate cost savings by detecting duplicate payments, invoicing errors, compliance issues and supplier fraud. It also helps organisations to make process improvements to prevent the same errors happening again, and FISCAL is dedicated to working with its customers to help them establish best-in-class accounts payable teams.

To support its growth and future development plans, FISCAL has been steadily growing its headcount over the past year, strengthening in particular its customer development, customer services and communications capabilities. This strategic approach puts FISCAL in a strong position to implement its ambitious development plans for the next few years and to firmly establish its leadership position. FISCAL also moved to larger, more central premises in Reading earlier this year to accommodate anticipated growth over the next few years.

David Griffiths, Director of Customer Development, added: “FISCAL continued to grow throughout the economic downturn and in particular over the past six months, demonstrating that organisations are looking for ways to cut costs and protect their working capital without making cuts to other areas of their business. The fact that AP Forensics® offers an instant ROI is therefore proving extremely compelling to hard-pushed finance and accounts payable managers.”

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About FISCAL Technologies

FISCAL Technologies Ltd, founded in 2002, provides world-class accounts payable audit software for corporations and government agencies to detect duplicate payments, fraud, invoicing errors and compliance issues. Organisations trust these solutions to meet their needs for cost reduction and increased control and protection of their working capital.

About AP Forensics®

AP Forensics works by analysing accounts payable transactions, processes, people and suppliers to avoid accidental duplicate payments, invoicing errors, compliance issues and supplier fraud. Most accounting systems are designed to carry out only basic checks, leaving a need for additional specialist software like AP Forensics to prevent organisations losing sometimes hundreds of thousand

For more information, please visit www.fiscaltec.co.uk or www.fiscaltec.com.