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Thames Valley Hub Company Takes First Step in US market

Fiscal head 2 copy

A small specialist financial applications software company, based in Crowthorne and supported by Thames Valley Enterprise Hub, has taken its first steps into the United States, winning 15 new US clients and setting up a local office just outside Washington DC.

FISCAL Technologies founded in 2002, is fast becoming one of the world’s leading experts in duplicate payment technology. It provides software solutions & applications to finance departments in medium to large organisations around the world. Over the last three years Fiscal has had growing interest from US companies that are struggling to cope with a wave of increased regulation and compliance leading from the Sarbanes Oxley Act 2002.  

The Sarbanes Oxley Act makes company officers potentially responsible if a company has a problem with duplicate supplier payments. Company officers may unknowingly be committing a criminal offence by failing to investigate and disclose the issue, even if they are unaware of its existence. With this pressure, US based finance officers have reached out for cost-effective solutions to cover and reduce the risk of duplicate payments. So far FISCAL Technologies have won 15 large US based customers. These sales have been based around the fact that FISCAL’s Duplicate Payment FinderTM solves this problem very quickly with little training or on-going overhead and paid for on an annual subscription basis, so no large upfront costs. It allows finance staff to prevent duplicate supplier payments and improve their internal audit processes without having to use an external recovery auditor.  

FISCAL’s next move was to set up an office in Herndon, West Virginia. Herndon was chosen because of its east coast location 10 miles west of Washington DC and next to its main international airport. Also the fact it sits in the heart of the hi-tech corridor in this region, the local population is highly educated and works mainly in IT, telecoms and scientific industries, which allows easier recruitment and growth.  

FISCAL Director Lesley Reeve commented, “We are delighted with our first steps in the US: opening a local office has let our US customers know that we are committed to them, and to satisfying their requirements locally. The next stage of our plan is to establish a legal entity, review intellectual property rights and start a proactive marketing process as we do in the UK.”

Contact: Stephen Foale
Publish Date: 27th February 2008

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