Enterprise Hub Network - Case History
Thames Valley Enterprise Hub
Susan Elliott
FISCAL Technologies Ltd
Company Background
FISCAL Technologies provides duplicate payment detection software and services to corporations, government and financial institutions. This reduces costs, improves fraud detection and optimises working capital.
FISCAL Technologies, of Old Wokingham Road, Crowthorne, is the only company in the UK that specialises solely in duplicate payment technology and once the software is installed it can identify and recover payments within an hour.
Its main market currently is the 6,000 companies in the UK with turnover of £100 million or more who, because of errors in accounting processes and systems, inevitably end up paying some invoices twice. The firm is now also expanding into the US.
The software offers clients the chance to pre-process upcoming payments so they should never pay a duplicate invoice again. It increases internal financial control on duplicate payments and can be used by anyone in accounts payable just before payment runs and prevent expensive recovery costs. Training and installation costs are minimal and it is designed to work straightaway to avoid paying large commissions to Recovery Auditors.
FISCAL Technologies, formally Montrose Financial, was bought by David Griffiths in March 2007 and re-launched in August 2007 with a new website and version of the software.
David had previously been working for five years as Head of Marketing for a NASDAQ-quoted global company providing financial process automation solutions. He recognised a gap in the market for a product concentrating on accounts payable solutions and went looking for a business that would enable him to develop new services in that area.
After 12 months of looking he discovered Montrose Financial (established 2002) for sale on a downward spiral and seized the opportunity. FISCAL now employs 12 people. Clients include Blackpool County Council, Allmercia Financial, Nordstrom, HFC Bank, Norfolkline, Pembrokeshire County Council.
Work with Enterprise Hub
The Thames Valley Enterprise Hub recognises the pressures of working in the fast-changing world of IT and has tailored its help to Fiscal to reflect that.
Other assistance has included:
- Assisting with business planning and forecasting.
- Introduction to commercial contracts
- Licensing advice via an intellectual property clinic
- Provision of networking events
- Peer group networking
David said: “The Enterprise Hub has given us key mentors such as Stephen Foale and Susan Elliott, who have been instrumental in bouncing ideas off, and giving us a reality check.
“They have provided us a range of tools to help plan our business and develop it further.
“When you are in a small, fast-paced technology business, this is vital. Their business acumen has been very helpful in packaging our business for a future investor point of view.
“They also provide a networking group of similar other companies – this has been invaluable as we can all share our problems and solutions. It is also nice to know other people are in the same boat. They provide a range of monthly seminars that have been very useful and a good gathering point to network further.”
He said: “We are a very lean organisation and nearly all our employees work remotely and use online technologies to co-ordinate our efforts.
“Our overhead base is very low allowing us to run rings around audit companies and offer great value to our customers. We are winning five or six customers every month and now it’s about scaling the organisation profitably.”
Susan Elliott, Director of Thames Valley Enterprise Hub said: “David is very focused and organised with clear direction but he welcomes external input to support his decision making. FISCAL has developed very rapidly in the past year - increasing the range of services, its client base and also by opening new offices in the US. It is both challenging and rewarding to be contributing to this business.”
What’s next
The company is growing rapidly in terms of turnover over and is aiming to quadruple its turnover, since last year, to £250,000.
It aims to expand substantially and has just set up an American office, working with the UKTI (UK Trade and Investment) to develop its brand in US market.
Lesley Reeve, Solution Development Director at FISCAL is working hard with her team to develop a suite of solutions for AP managers, including a managed service.
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