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Nearly two-thirds of all respondents do not authenticate vendors prior to adding them to the vendor master for payment

Greensboro, North Carolina - December 12, 2003 - Nearly two-thirds of all respondents to a new study conducted by Greensboro, N.C.-based APEX Analytix, a provider of recovery auditing services and software to Fortune 500 companies, do not authenticate vendors prior to adding them to the vendor master list for payment.

APEX Analytix' 2003 Top Gun Survey polled 42 of the world's leading corporations, which collectively processed in excess of 90 million invoices and $275 billion in disbursements annually. These companies rank among the best-managed organizations in the world and typically represent the early adopters of financial best practices, said Jim Arnold, president and founder of APEX Analytix. The benchmarking survey delivers a numerical ranking to each organization based upon how successfully they utilized best practices to streamline invoice and payment operations while maintaining a proper level of internal controls within accounts payable.

Regarding payables controls, here is a sampling of findings: · 60 percent utilize statistical sampling to measure and track invoice processing errors

· 22 percent have a system in place to prevent or track after-the-fact purchase orders

· 61 percent do not have a post enterprise resource planning search for sales tax errors prior to releasing payment

· 33 percent do not have a post enterprise resource planning search for duplicate payments prior to releasing payment

· 61 percent are not able to flag missed cash discounts before releasing payment

"Companies run the risk of losing millions of dollars annually as a result of inadequate controls prior to payment release, which in the long run can cost them as much as 50 cents on the dollar to recover," Arnold said. "It's crucial to have an internal control methodology that detects errors, recovers those funds and prevents the same errors from occurring time and time again."

"These internal control weaknesses can cost corporations significant sums of money, and could be perceived as non-compliance with the stringent requirements of Sarbanes-Oxley," Arnold continued. "At APEX Analytix, we have the audit expertise, the technology, and a proven track record of helping large organizations discover the source of these losses and prevent them from ever happening again. There is no need to recapture money by placing bucket after bucket to catch a leak when you can simply plug the hole for good."

Other findings of interest among all respondents include: · 72 percent operate as Shared Services Centers

· 82 percent report monthly operating metrics to their senior management

· 50 percent of companies use email remittances to support their migration to electronic payments.

· 80 percent issue payments on a daily basis versus weekly or other interval

· 52 percent performed external benchmarking with other companies within the prior twelve months

· 37 percent of companies offer Vendor Self-Service, enabling vendors/suppliers to inquire regarding invoices and payments over the web 24/7.

· 42 percent of the companies polled track Days Payable Outstanding as one of their critical operating metrics

Anyone wishing to participate in this benchmarking study should contact Jim Arnold at APEX Analytix at (800) 284-4522 x212, or visit the company's Web site at www.apexanalytix.com. The Top Gun survey can be completed online by selecting "Take An A/P Benchmarking Study" under the Best Practices heading. Benchmarking scores and summary results will be delivered via email within five business days.

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About APEX Analytix

Headquartered in Greensboro, N.C., APEX Analytix is a leading provider of professional services and software to help organizations manage their spending from purchase to payment. The APEX customer base includes 25 of the Fortune 100 companies. APEX Analytix is the only recovery audit services and technology provider that focuses on prevention as well as detection. For the past 15 years, APEX Analytix has delivered effective business solutions in the end-to-end procure-to-pay realm, enabling the detection, recovery and prevention of errors. APEX Analytix allows its customers to go beyond standard annual recovery auditing to actual error prevention - stopping problems once and for all, rather than simply accounting for them. Services include Recovery Audits, Vendor Verification/Cleansing, Contract Compliance, Spending Analysis, Vendor Analysis and more. Technology Enablers include iAPEX® Real-Time Audit Software, iInquire®, iRemit®. For more information call 1-800-284-4522 or e-mail info@apexanalytix.com

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