Microsoft Corp. has been using The Rolling Stones' song "Start Me Up" to hype its Windows 95 software, but most corporate controllers would probably use another memorable Stones' classic, "(I Can't Get No) Satisfaction" to describe their existing computer systems.
Some 74% of the corporate controllers representing 420 firms said their financial and accounting information systems were not up to par in a poll conducted by The Institute of Management Accountants, a trade group based in Montvale, NJ. Major improvements were needed for the systems of 28% of the respondents.
How banks' accounting systems stack up compared to other corporations wasn't clear from this survey. Most of the companies surveyed were from other industries.
The sorry state of these computer installations could turn into good news for banks that sell cash management services, a business where banks collect fees for essentially running clients' accounting departments.