Legislative pressures are driving users to upgrade and enhance their financial and accounting systems more frequently.
A survey by PMP Research on behalf of procurement website Evaluationcentre.com found that half of the companies polled have replaced or significantly updated their financial and accounting systems over the last couple of years.
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The survey found that 28% of firms had updated their financial systems within the past six months, 9% within the past year, and 12% over a one to two-year timeframe.
The main reason for doing so was the need to respond to changes in business processes and procedures, which was cited as a reason by 46% of respondents.
There have been a number of recent government measures, such as those to combat VAT “carousel fraud”, which have had a substantial impact on how some companies operate.
Having to upgrade systems to cope with new working practices was viewed as a much more pressing concern than more traditional drivers, such as software obsolescence (17%), the need to fix bugs in the system
(12%) or the desire to keep up with the competition (2%).
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