technology FISCAL Technologies: a hidden gem
Companies that ‘sell ice to the Eskimos’ are rightly acclaimed by the business world, yet that achievement by Reading-based FISCAL Technologies has gone largely unnoticed, writes John Burbedge
“We are one of very few ‘small’ companies selling enterprise software back to the Americans directly on their home turf, which has resulted in five years of significant sales growth and a profitable year end,” explained FISCAL’s CEO, David Griffiths.
That commercial element of ‘beating the experts at their own game’ has been largely hidden, despite winning recognition in the UK for fast-growth, innovation and a harmonious workplace environment*. Notably, FISCAL Technologies was awarded the UK’s highest business accolade in July with a Queens Award for Enterprise (for innovation).
“There are only maybe three other companies in the world that come close to what we do – financial forensic software solutions – all are American. We are the only European company,” Griffiths added.
“We have a superbly motivated and talented team that works very hard to deliver success to our clients. This drives a healthy referral business,” he said.
It’s a team performance that has underpinned 55% sales growth and record earnings within FISCAL’s EMEA and US markets in 2016.
Plainly, Griffiths sees his staff as the diamonds that make up the glittering yet hidden SME showpiece of the Thames Valley that is FISCAL Technologies.
Over the past 13 years, the now 50-strong FISCAL team has become a world- leading provider of accounts-payable forensic software. Today, FISCAL solutions process and safeguard over 50 million invoices per annum for more than 250 leading organisations, protecting a worldwide spend of £340 billion.
Griffiths added: “We have grown organically through the hard work and dedication of all the team, and with no outside investment, which is very rare for a rapidly growing software company.”
Breaking into the fast-moving software sector is difficult enough, but to become an established enterprise software supplier in the highly competitive US market, and now to be gaining a growing international customer base, is a justifiably proud achievement.
Admittedly, it has helped that FISCAL Technologies has developed innovative forensic software solutions that readily empower purchase-to-pay teams across the globe to reduce supply chain risk and protect their organisational spend.
FISCAL’s hi-tech solutions can be rapidly adopted, often a key criteria for product purchase: “Gone are the days where organisations accept a three- month implementation. Today, they want a quick start, low impact on internal resources, and a fast payback.”
The final jewel in FISCAL’s crown is its annual user conference where it engages, educates and entertains its customers over a fun-packed two days. “Our 2017 Conference in October will be particularly special as it marks our 10th conference year,” Griffiths said.
* FISCAL Technologies is now 8th in the Thames Valley SME Growth 100. It was 2016 Thames Valley Business Magazine Awards ‘Best Company to Work For’ third-placed.
fiscaltechnologies.com/empower2016/index.html 18
businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – FEBRUARY 2017
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